India Paper Ban &Nbsp; US Cotton Futures Closing Limit

Monday (3.05) ICE Intercontinental Exchange in New York Cotton futures The end of the continuous downward trend, closing price limit, March contract closed at 92.71 cents, up 5.25 cents from the previous trading day; May, the contract opened at 88.70 cents, the highest 92.23 cents, the lowest 88.42 cents, and finally closed at 92.23 cents, up 4 cents from the previous trading day, 11730 hands in turnover, 92210 hands in the open position; July contract closed at 93.59 cents, up 4 cents. ICE Intercontinental Exchange data show that on Monday volume of nearly 24 thousand hands, compared with the 30 daily average reduction of nearly 1%.

Market analysts pointed out that today Cotton closed All of the sudden stops were announced by India. The May contract rose 4.5%, the biggest one-day gain in a month. The situation that cotton has surged to more than 2 dollars seems to have a great comeback. India abruptly announced the ban on export of cotton and retained adequate supply of cotton for the textile industry, because India's domestic textile industry accounted for 4% of the country's GDP. Once the India ban was lifted, the short answer came to the surface. At the same time, the CFTC's position report released last Friday showed that the net term of ICE cotton held by institutional investors in 2012 turned into a net short for the first time, which upset investors' position. However, some industry experts say that the India export ban will not push cotton prices up to $2 / pound, because cotton prices soared last year because of all the advantages, and the market situation is different this year.

Monday US stock market Fall. China's downward adjustment in economic growth has made the market tense. The US ISM service index in February was better than expected, but investors still found some worrying problems. The US Department of Commerce announced that US factory orders fell by 1% in January, still better than expected. Factory orders fell 1% in January. China has set this year's growth target at 7.5%, less than the most marked 8% in the past 8 years. Chinese Premier Wen Jiabao announced this goal to the delegates at the opening ceremony of the five session of the eleven National People's Congress on Monday, and said the Chinese government will focus on the high quality economic growth of domestic demand and services.