Zheng Cotton Price Station Stands At Tens Of Thousands Of Two Pass, Volume Reduction

Domestic disk The Zheng cotton main contract increased by 2009, the price continued to rebound, closing 12025, compared with the previous trading day +0.75%; the highest reported 12045, the lowest reported 11895; turnover 287377, position 350834, +1625; CF9-1 month price difference 425, -155. CY2009 closed 19440, compared with the previous trading day +1.12%; the highest reported 19440, the lowest reported 19210; turnover 8826, positions 8604, -29.

Outward trend The market for Intercontinental Exchange (ICE) is closed on the independence day.

News aspect 1. By the year July 5, 2020, at 24 o'clock in the year, 962 cotton processing enterprises in the whole year of 2019 cotton processed cotton according to the requirements of the cotton quality inspection system reform plan, and carried out notarization inspection. The inspection volume reached 23435186 packs and 5 million 289 thousand and 428 tons. 2, according to the announcement of the Ministry of Finance and the Ministry of finance of People's Republic of China (2020 No. first), the formula for calculating the selling base price of central cotton reserves was issued, and the selling price was 11895 yuan / ton (the standard level 3128B) in the second week (July 6th -7 10), up 58 yuan / ton compared with the previous week.

Spot aspects The cotton price index 3128B is 12053, up 50 from the previous day's spot price, and the cotton yarn price index C32S is 18600, down 50 from the previous day's spot price. (unit: yuan / ton)

Warehouse Receipt Inventory Zheng cotton warehouse receipt 20410 sheets, -151, effective forecast 2115.

Position analysis On the day of the Zheng cotton contract, 20 bulls held 286116 positions, +9213; short positions were 371162 hands, +4620, net short positions were 85042 hands, compared with the previous trading day -3883 hand. On the same day, the first 20 cotton contract holders held 7758 positions, compared with the previous trading day -112 hand; short positions for 8232 hands, compared with the previous trading day -41; net short positions for 474 hands.

Summary of viewpoints The total output of 500 thousand tons of state-owned cotton stores will increase domestic supply, and the outgoing cotton resources will be mostly old resources in 2012/13, which will impact more heavily on the middle and low end markets, and the supply side will be more relaxed. In particular, the downstream textiles will be affected by the epidemic. Some enterprises will reduce the quality of cotton yarn and turn to the production of low count yarn, which will lead to the favor of national cotton stores. Commercial inventories are still at a high level, and the supply of cotton will still be abundant. 。 At present, cotton textile demand is in the off-season, yarn enterprises are starting to decline synchronously, and finished product inventory is maintained for more than 30 days. Orders for downstream terminal demand are seriously lacking, and inventory is continuing to accumulate. In the short term, the price is limited by the capital and the national cotton reserve price. On the operation, it is suggested that the 2009 contract of zhengmian main contract will be sold at a high price of 11600-12200 yuan / ton in the short term. Cotton yarn futures 2009 contract homeopathic transactions.