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Zheng Cotton Rebounded Cotton Spot Market Is Still Waiting.

2019/6/18 13:35:00 158

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Last week (10-14 June), Zheng cotton started to rebound after opening low, and CF1909 rebounded to 13665 yuan / ton after the new low of 12720 yuan / ton. The spot price spanaction has been greatly reduced, and traders will take the opportunity to increase their shipments. Cotton yarn is still in decline in inertia, shopping cotton raw materials generally wait and see. Cotton substitute polyester stabilizes, viscose continued to fall. The futures rebound reflects the recovery of market confidence and helps stabilize market sentiment. Encouraged by the rebound in futures, the volume and price increase were also seen. Cotton price B index 14207 yuan / ton, weekly fell 27 yuan / ton, compared with Zheng cotton futures CF1909 contract, spot premium 782 yuan / ton, week reduced 520 yuan / ton, facilitate warehouse receipt registration.

Futures. Zheng cotton's main contract CF1909 closed on 13425 yuan / ton last Friday, set a new low of 12775 yuan / ton in the market, rose 490 yuan / ton, traded 3101286 hands, increased 779346 hands, increased 33.6%, held 507008 positions, reduced 56824 hands, increased volatility and increased turnover. As of June 14th closing, the top 20 seats in the position, more than 242168 hands, an increase of 10143 hands, an increase of 4.4%, empty 275319 hands, 3347 hands reduced, 1.2% reduction, 33151 hands empty, weekly reduction of 13490 hands, clearance significantly reduced, after a continuous decline in some of the empty single profit closed, rebounding, multi forces gathered. As of the end of June 14th, buying 1687 sets of holding positions, reducing 634 hands, selling insurance policy 49213 hands, an increase of 5690 hands, increased sales package insurance, reflecting the spot market is not optimistic about the market outlook. As of June 14th, 17122 registered warehouse receipts decreased by 405. Futures fell, and spot prices were better than warehouse receipts, warehouse receipts continued to flow out. The warehouse receipt effective forecast 1022, increased 132 pieces, the current discount greatly reduces, is advantageous to the warehouse receipt registration. Trade wars did not turn out well, and sales of cotton yarn were difficult after that, and prices dropped. This week, the bottom price was lowered by 357 yuan / ton, and the spot market was bad. From the supply point of view, the domestic cotton prices in the negative countries were blocked by the 20 day moving average last week.

US trading: the trade war is still in progress. The bottom of the disk is waiting for consolidation. The July contract closed at 66.01 cents / pound on Friday and fell 11 points weekly. The Sino US trade war has begun to affect the purchase of US cotton by Vietnam, Palestine, Bangladesh and Indonesia. The bottom of the US cotton market will be a big probability event and will continue to pay attention to the progress of Sino US trade war.

On the spot. The rebound in futures did not stimulate the increase in spot trading, but helped to stabilize market confidence. Futures rebounded after the spot price spanaction reduced, the upper cycle only 96 hands, 816 less than the previous week. As futures prices rebounded, spot quotes increased, but less than futures. Cotton mill is still digesting flower and yarn stock, and sporadic purchase is the main. Due to the drop in freight rates, the price of the mainland library and the Xinjiang library is basically close, and the spanaction is mainly concentrated in the point price resources of the inland Treasury. The "double 28" machine is quoted at 13900-14000 yuan / ton, and the "double 28" hand picking cotton price is 14500-14600 yuan / ton, and the 27-28cN/tex picking cotton is 14100-14200 yuan / ton. The imported cotton with hedging is fluctuating with futures, and the main spanaction price is close to Xinjiang cotton. The advantage is not large, and sales difficulties are difficult.

Operation suggestion. The backlog of funds is likely to happen, but the difficult fundamentals are still worrying. Pay close attention to weather, trade and war related information.