Cotton Price Decline Postponed Economic Weakness May Play A Role Of "Trader"

China's domestic market is most concerned about the delivery of cotton reserves.

The heat of the paction shows that the raw material inventory of cotton mills and traders is much lower than that of the parties, and the right cotton can not be found in the spot. The reserve cotton will gradually fill these demands, and the demand can not be sustained continuously. With the completion of the replenishment of textile enterprises, the turnover rate of cotton reserves will decrease significantly in the off-season.

ICE cotton futures: the most active July contract, which opened at 61.81 cents on Monday, closed at a low level of 0.59 cents, closing down to 62.06 cents, the highest point of the week; Tuesday's high opening and closing down, 0.20 cents lower; Wednesday's small drop in height, continued to go down, down 0.47 cents; Thursday rebounded slightly, rising 0.07 cents; the low recovery rate rose 0.10 cents, the lowest intraday price to 60.25 cents, the lowest point this week.

Friday's closing of 60.83 cents, this week dropped 1.09 cents, 99196 hands increased 5475 hands, holding about 101 thousand hands to reduce 8110 hands.

Futures: the main force 1609 month contract slightly opened at 12370 yuan on Monday, opened up and left low, 185 yuan in the shade, and the lowest in the intraday price to 11865 yuan. This is the lowest point this week. On Tuesday, it went up and up 75 yuan; on Wednesday, it went up and up 95 yuan; Thursday continued to go up, up 195 yuan, and the highest price to 12695 yuan in the market. This is the highest point this week.

On Friday, it closed at 12300 yuan. This week, the total dropped 50 yuan. About 3 million 73 thousand hands were increased by about 877 thousand, and about 35346 hands were held at about 259 thousand hands.

1, the macro level.

The US side: April employment market index -0.9, expected -0.1, the former value of -2.1; last week, the number of jobless claims was 294 thousand, expected 270 thousand, the former value was 274 thousand; in May, University of Michigan's consumer confidence index was 95.8, expected 89.5, the former value 89; April retail sales rate of 1.3%, significantly higher than that of April.

0.8%, and the largest monthly increase since March last year, the core retail month growth rate was 0.8%, significantly higher than the market expected 0.5%.

Euro area: Sentix confidence index of the euro area in May was 6.2, expected 6, the former value was 5.7; Germany's industrial production rate in March was 0.3%, and the industrial production monthly rate was -1.3%; the April business climate index was 99, 100 was expected, and the former was 99; the annual industrial output rate in France was -0.3%, the annual rate of -0.8% was significantly lower than expected; the annual industrial production rate of -0.2% in Britain was expected to be -0.4%, the former value was -0.5%; the euro area March industrial production rate 0.2%, the monthly rate -0.8% was not as good as expected; the initial value of the first year GDP rate in the first quarter of Germany (not quarterly) 1.2%, expected 1.2%, the former value 2.1%; the euro area first quarter GDP annual rate correction value was 2.1%, the quarterly rate was lower than expected and the previous value.

China: RMB loans increased by 555 billion 600 million in April, and the scale of social financing loans was 751 billion, all of which were significantly lower than expected and pre value. In 1-4, the industrial added value of above scale was 5.8%, the rate of fixed assets investment was 10.5% in April, the rate of retail sales of urban consumer goods was 0.8, the annual rate of 10.1% was 10.1%, the monthly fixed assets investment rate was 0.72 in April, and the industrial value added rate in April was 0.47%.