Jinpeng Futures: The Cotton Market Is Low And The Downlink Is Compressed.

[market review]

　　 Electronic matching Aspects: in April 15th, the cotton trading market of the national cotton market continued to decline in the electronic matching market, and opened up a concussion. The intraday contract once fell below 28000 yuan, and the final trading volume rose to 28000 yuan, and the contracts fell by 200-300 yuan; the closing price of the main MA1108 contract was 28120 yuan, or 300 yuan; in the past month, the MA1104 contract closed at 27955 yuan, or fell 248 yuan; the transaction volume was relatively reduced, and the order volume decreased significantly.

Futures: external: ICE cotton futures On Friday, it fell for fourth consecutive days, continuing its downward trend from $2 a pound. Goldman Sachs once again released bad interest, which is expected to suppress market sentiment. According to preliminary data, total turnover amounted to 15742 hands, which was about 40% lower than the 30 day regular turnover. Inside: last Friday, Zheng cotton's CF1109 contract opened, and the early morning shock followed by the reverse. After that, it fell down under the pressure of multi position liquidation, and the center of gravity moved down in the afternoon. The end of the session was lowered, and the day line formed a negative line. The volume of intra day trading remained at a high level, and the position was slightly down.

On the spot side: last Friday, China's cotton price index (CCIndex) was 29311 yuan / ton, down 42 yuan, and the average price of 527 cotton to plant was 26642 yuan / ton, or 35 yuan. Domestic and international electronic disk continues to shake down, and domestic stock is still hard to sell, and spot traders are beginning to worry that they should actively contact the lower reaches to find bags for security. Although the textile mill knows that the new stock is tight before listing, it is still a wait-and-see view when the market is in a bad atmosphere. According to feedback, textile factories in Changde, Yueyang, Yiyang, Changsha and other places in Hunan are in poor condition, and some big factories are willing to cut down their prices in order to grab orders.

News tip: the people's Bank of China has decided to increase the deposit reserve ratio of deposit financial institutions by 0.5 percentage points from April 21, 2011.

[operation suggestion], from the message side, it is mainly depressed by the disadvantage of the American cotton export and the weakness of the domestic cotton price, which makes the market plunge. At present, the market atmosphere is more panic, and spot enterprises' willingness to cut cotton is decreasing. Because of the large losses, the yarn price has declined somewhat, and the decline has been decreasing recently. Technically, the downward trend has not yet stopped, and the weekly line is seen for 10 weeks. Averaging suppression On the other hand, there are many bad news about the adjusted reserve requirement ratio and so on at the weekend.