Heavy Profits Set Off Huge Waves, Cotton Prices To Create A New Low Of Four Years
Last weekend was doomed to "unquiet". First, Italy, Iran, the United States and other European new crown pneumonia outbreaks were completely out of control. Following the collapse of the OPEC negotiations with Russia, the plan significantly increased oil production, and Saudi Arabia lowered the official price of crude oil to all destinations in April (OSP).
On Monday (March 9th), the stock market and commodity futures market once again became "live for a long time". Brent crude oil plummeted 31% in a few seconds, Dow futures dropped more than 1000 points, U.S. stock futures melting, Middle East stock market melting, oil producing countries' currency derogatory to the weakest since last century, and Huang Jinda's rise to $1700!
Under the precondition of peripheral finance, stock debt and commodity futures, the ICE cotton main contract has dropped to 60 cents / pound without any suspense. The support position is at stake. Some agencies, investment banks and traders even pessimistic believe that with the outbreak of the new crown pneumonia epidemic in the world, once the joint epidemic prevention and control fails, the global financial crisis is likely to recur in 2008. The ICE main force has the possibility of opening a low 58.84 cents or even 54.53 years low four years ago.
An international cotton trader reflects that although the ICE break 64 cents / pound, 62 cents / pound will lead to a large number of ON-CALL spot price contracts, and some buyers will be able to absorb the money, and theoretically, the shipping and capital pressure of traders can be alleviated. But if the main points of the ICE main contract are broken down by 60 cents / pound, then the high price contracts signed in 12/1 will be postponed and destroyed. High risk (ICE has fallen by nearly 10 cents / pound). In addition, with the rapid spread of the epidemic in the world, shipping, warehousing, logistics, road transport and so on are not only rising costs, but also timely performance.
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