East Asian Futures: Zheng Cotton Is Exploring The 20 Day Line, Suggesting That The Bull Should Withdraw Temporarily.

2011/2/21 17:43:00 60

Last Friday, the US cotton was highly volatile, hitting a limit of 215.25 cents during the session, but then plunged to a limit. The ICE-3 cotton contract CTH1 closed at $1.9702 a pound, down 3.43%. Cotton prices plummeted after a new high.

Today, Zheng Mian 1109 contracts low and low.

Low opened at 33060, the highest 33210, the lowest 32450, closed at 32710, compared with the previous trading day fell 1355 points (-3.98%).

Cotton index decreased by 3864 positions, turnover of more than 640 thousand hands.

Spot market, February 18th China

cotton

The price index (328) was 30326 yuan / ton, up 75 yuan / ton.

In February 21st, the import cotton price index (FCIndex S) was 231.54 cents / pound, up 6.5 cents / pound; 1% tariff 38584 yuan / ton, up 1078 yuan / ton; discount sliding duty 38848 yuan / ton, up 1067 yuan / ton.

From the current situation, most of the domestic

Cotton mill

Due to the fact that the atmosphere of the Spring Festival has not yet dissipated, it is still in the downtime. The overall supply of lint is relatively small, and the manufacturers are generally optimistic about the future market, and the willingness to raise prices is stronger.

Domestic cotton Fundamentals

supply and demand

The situation is still relatively tight. The domestic spot price has been rising continuously in recent years, which has exceeded 30 thousand yuan, which is close to the high point in November.

Under the support of spot and import costs, the domestic cotton price trend is still excessive, and it is expected that the latter will continue to operate at a high level.

Judging from the trend of the disk, today's cotton prices were lower than those of the US cotton market on Friday. After opening, cotton prices continued to fall, stabilizing near the 20 day line, to a minimum of 32450. Most of the time in the market were in a low concussion, and positions were also reduced.

After the domestic cotton prices have reached a high level, there has been a continuous pullback, and the pattern of short-term bull market has changed.

The operation suggests that the bulls can quit temporarily.