The Prospect Of A Rebound In Cotton Is Poor. Experts Say "One Step At A Time".
In May 11th,
Zhengzhou
Cotton futures on the commodity exchange advanced at a low level, and the main 1109 contract rose 1.68% to 25180 yuan per ton compared with the previous trading day.
It is noteworthy that, recently, Zheng cotton trading positions rose sharply.
In May 10th,
Zheng cotton
The main contract reached 3 million 200 thousand hands trading volume, positions also jumped to 487208 hands.
In May 11th, Zheng cotton's main contract continued to show a huge volume of pactions, reaching 2 million 610 thousand hands and holding 445664 positions.
Liu Qing, an analyst at new lake futures, said: "from the price point of view, the price of Zheng cotton does not match its huge volume. This shows that the sharp rise in turnover and position reflects not only unilateral power, but also serious disputes.
From the trend of Zheng cotton's high and low position, the bears are more dominant.
Shanghai futures analyst at the medium term saw that there was not much change in the fundamentals of Zheng cotton.
In May 8th, snowfall occurred in Hami, Yili, Aletai and other places in Xinjiang, but this had little effect on cotton growth and would not endanger the future supply of cotton.
He further pointed out: "as long as it is not catastrophic weather, the impact on cotton will not be great.
Moreover, the weather has not yet entered the period of speculation, in previous years, after August, cotton began to Blossom Peach Peach, this time the weather has a fundamental impact on cotton yield and quality.
Except for the weather, cotton
market
The downstream demand is also changing little.
Liu Qing pointed out that "the price of yarn in the downstream of the cotton market is still weak, and the proportion of textile enterprises in various places is still increasing."
"Because of the strict control of inflation in China, the tightening of regulatory policies is expected to increase, and the cost of credit has risen sharply. At the same time, the pace of RMB appreciation has accelerated, labor costs have been rising steadily, and sales of textile enterprises have been sluggish. All these factors have led enterprises to dare to take longer orders and have weak demand for upstream raw materials."
A clothing industry pointed out.
See the thunder, said: "cotton price rebound can only take one step to see one step, the height of the rally may be more limited."
Liu Qing said that the main contract price of Zheng cotton did not break through the 10 day moving average, and the price fell back to the low point.
If it falls below the price level of 24200 yuan per ton, the overall price center will once again move to 21000 yuan per ton.
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