Ice Cotton Market To Maintain The Upward, And Eventually Closed With A Sharp Rise

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In March, the contract opened flat and went low. Due to the lack of clear direction guidance, the contract was in a narrow range after opening. Later, under the influence of buying, the trading center of gravity rose slightly, but then fell back under pressure due to the lower peripheral US stocks and grain markets. At 114.70 cents, the trading center of gravity rebounded and surged higher. Then to the closing point to maintain the upward trend, and finally closed with a sharp rise.

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Although the US cotton export this week was lower than expected again, the land cotton contract picked up slightly in that week, the Pima cotton contract increased by two times compared with the previous week, and the overall recovery increased significantly compared with the previous weeks; In addition, the non point price contract volume remains high, forming support for the disk.

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The dollar index of peripheral markets rose; Soybean, wheat and corn futures fell. The three major U.S. stock indexes rose and fell, while the Dow and the S & P closed lower, while the NASDAQ hit a new closing high. International oil prices fell significantly, with both U.S. oil and bu oil falling.

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On the 19th, the total turnover was about 2.55 million hands. As of the 18th, the contract positions in December were 5946, 3978 less than the previous trading day; The contract position in March was 155517, 1011 less than the previous trading day; The contract position in May was 41044, 462 more than the previous trading day; The total position was 265028, 4273 less than the previous trading day. Ice registered inventory of 194 packages, the sixth consecutive trading day remained unchanged.