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ICE Cotton Futures Even Break Three Pass Rumors Are Only "Fuse".
Following the April 22nd V trend, the ICE cotton futures also rebounded. The main contract broke even 55 cents / pound, 56 cents / pound, 57 cents / pound and so on. The strength and intensity made the bears somewhat unprepared.
First, as China takes the lead in getting out of the shadow of the new crown pneumonia epidemic and the US government announces the three step plan to gradually restart the US economy, the first stage trade agreement between China and the United States will accelerate to the ground and implement it fully. China has signed a contract to buy us agricultural products into the "fast lane" (including 2019/20 cotton).
Two, crude oil futures rebounded strongly after the killing of many bullets, stimulating ICE futures to go up. On April 22nd (Wednesday), WTI crude oil futures closed up 22.99%, closing at $14.23 / barrel, rising from a low point. Brent crude oil rose 5.67%, to 24.43 U.S. dollars / barrel;
Three, the epidemic situation in Europe and the United States has entered the platform stage. The "storm eye" is gone. In May, the economic activities will be gradually restored and the social life and order will be resumed. Of course, since March, Chinese enterprises have been speeding up the resumption of production and production, and the rising demand for cotton is also an important reason for increasing domestic and foreign cotton futures.
Some institutions and cotton companies believe that ICE has continued to approach and recover 60 cents / pound from the technical side and market sentiment. Although the industry generally judges that the ICE bottom is over, it will rely on 50 cents / pounds to test up again and again. 4/5 month is on the top of 55 cents / pound, 60 cents / pound. But in the global consumption cliff clipping and the new crown outbreak turning point is not obvious, and the economic and trade and transport restart are still under consideration, ICE suddenly "derailed" rise, some people expected.
Why does ICE even have 55-57 cents / pound "Three Customs"? The author's view is that market rumors that China may increase imports of US cotton. The other three factors can not underestimate the ICE's massive rebound.First, as China takes the lead in getting out of the shadow of the new crown pneumonia epidemic and the US government announces the three step plan to gradually restart the US economy, the first stage trade agreement between China and the United States will accelerate to the ground and implement it fully. China has signed a contract to buy us agricultural products into the "fast lane" (including 2019/20 cotton).
Two, crude oil futures rebounded strongly after the killing of many bullets, stimulating ICE futures to go up. On April 22nd (Wednesday), WTI crude oil futures closed up 22.99%, closing at $14.23 / barrel, rising from a low point. Brent crude oil rose 5.67%, to 24.43 U.S. dollars / barrel;
Three, the epidemic situation in Europe and the United States has entered the platform stage. The "storm eye" is gone. In May, the economic activities will be gradually restored and the social life and order will be resumed. Of course, since March, Chinese enterprises have been speeding up the resumption of production and production, and the rising demand for cotton is also an important reason for increasing domestic and foreign cotton futures.
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