People Say ICE Cotton: Transverse Dish Finishing &Nbsp; Whether Bottom Success?
Cotton prices bottomed up, weather becomes a rising factor
Due to flooding in parts of the US Delta and the dry weather in Dezhou, the largest cotton growing area, the weather has become a theme of market speculation. American cotton Another rebound, the main contract in July closed up 3.06 cents to 157.51 cents / pound; new cotton December contract rose 1.31 to 128.37 cents / pound, cotton prices on the first 4 days of the initial fall into the horizontal stage, the July contract low rise in turn, the current cotton prices have been far away from 143 cents / pounds support position, there are signs of stabilization.
But downstream consumption is still weak. Meanwhile, the new cotton market in the southern hemisphere will put pressure on the weak cotton price. In this case, it is expected that the probability of ICE cotton will not rise directly, and cotton prices will be bottomed out.
Technically, overnight cotton rebounded and small cotton closed down, and cotton prices had a tendency to challenge short-term average pressure. Although the EMA system maintained a good short alignment, the current ICE cotton was a long term downward trend of short-term rebound, but the KD index showed signs of adhesion formation and rising trend. Meanwhile, MACD index green column continued to shorten, and market rebound kinetic energy increased, such as cotton prices could break through the short-term average pressure, rebound would be established, otherwise the weak will continue, otherwise the weak will continue, and 143 cents / pound support will continue to accept challenges.
Downstream demand is unfavorable. Cotton price Will continue weak shocks
ICE cotton futures rose sharply on Tuesday. The July contract rose 306 points to close at 1.5751 U.S. dollars, and the ICE cotton futures contract fell to around 1.5 U.S. dollars in July. This critical price has certain support. More importantly, the abnormal weather conditions support the price and rebound steadily. The weather of the largest cotton producing area in Texas continues to be dry, while the delta area has a near record high level of flood. Weather factors are less favorable points in the current weak market, but this factor has so far been only a step to prevent cotton prices from falling down. On the short term, the ICE cotton futures contract in July will show a concussion market near $1.5, and will continue to remain weak.
Domestic Zheng cotton futures are temporarily supported by 26000, but the downward trend of technology has not changed. On the basic level, the negative factors in the downstream still exist. The May 1 holiday has passed, the demand for lint remains low, the price of cotton yarn continues to fall, and the textile enterprises are faced with two major problems. One is the serious backlog of textile products, while the demand for yarn is still light, and the two is capital turnover. In the Canton Fair, textile price increases are more difficult, and textile enterprises are afraid to pick up the whole thing. Although Zheng cotton futures technology stabilizes above 26000, and the US cotton also stabilizes and rebounded, Zheng cotton futures are supported or rebounded slightly, but the unfavorable situation in the downstream is hard to sustain.
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