Cotton Traders Are Still Reluctant To Sell, While Textile Companies Are Temporarily Watching.
Futures market
Disk performance
Yesterday, the domestic commodity futures market was mixed.
Among them,
Zheng cotton
Following the sharp rise of the day before, stimulated by the trading limit of the United States and cotton, the market rose sharply again.
At the same time, rubber, PTA and other varieties also showed strong.
Zheng cotton 1109 contract opened at 32630 o'clock, closed at 32970 points, or 4.32%.
Rubber 1105 contract opened at 39490 points, closing at 39365 points, or 1.39%.
Operation suggestion
Zheng Xinran, an analyst at Guan Tong futures, said that cotton prices continued to rise in spot.
As of March 2nd, China
cotton
The price index closed at 30467 yuan / ton, up 154 yuan / ton compared with the previous day.
Cotton merchant
The spirit of selling is still strong, and the textile enterprises are waiting for a while. The overall sales situation is stable.
Downstream, cotton prices are strong support, cotton prices remain stable.
On the data side, the Ministry of textiles of India reduced the domestic cotton output forecast by 5% this year, and the output estimate was reduced to 31 million 200 thousand packets (170 kilograms per pack).
As a result of the reduction in production, the total carry over inventory of next year may be reduced to 2 million 750 thousand packages, which will aggravate the shortage of domestic supply and will not be conducive to increasing the export volume of India's cotton exports.
Zheng Xinran analysis, technically, the main contract 1109 in the 33000-34000 interval there is a certain resistance, through the disk and empty initiative to increase the position can be verified.
Shanghai Rubber yesterday opened slightly after a small open to maintain a weak concussion until the close, affected by the rebound of the Japanese rubber, Shanghai Rubber again came to the 40000 integer pass, ready to go.
Zheng Xinran introduced that the fundamentals have not changed much. It is expected that before the new glue will be opened, there will be more trend in the middle line.
In terms of operation, it is recommended that most of them should be held separately.
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