Since Monday night, the strong appreciation of the dollar, agricultural products, the suppression of prices, ICE cotton open positions subjected to more pressure and a single profit down, the main force in July contract settled 0.90 cents to 83.23 cents / pound, fully taking Friday night rose, 84 cents / pound fall support, technical correction may continue. Overall, however, after the moratorium on the export of cotton in India, U.S. cotton stocks continue downward trend will not change, and the U.S. cotton may maintain low inventory levels for two consecutive years, if the consumer is still strong in China in May, then the tension will increase China's resources large purchases of American cotton, in this case, although the short-term profit ICE selling of cotton subjected to long suppression, but the Fund will not change its long basic idea, after adjusting holdings of the Fund is expected to continue to bargain over a single.
Technically, ICE Cotton closed at 84 cents / lb under the support and moving average, although the average system to maintain good long up arrangement. However, continuation of KD and MACD indicators fell short order, while MACD indicator green column on the rise, short-term demand for cotton prices have continued to pullback is expected in July contract will challenge the 80 cents / pound first-line support, proposed to maintain the long-term rise short-term thinking is appropriate callback.
Zheng cotton to slightly higher in Friday, outperformed ICE Cotton. Domestic yarn prices still remain high level, although the market worried about the length of a single switch in May of domestic pressure, but the pressure has not yet appeared, the textile business for more than 10% of the profits will attract textile industry efforts to increase production. Moratorium on the export of cotton in India, the demand will remain stable up to promote domestic cotton prices. ICE therefore can not be pessimistic about the decline of cotton, the domestic cotton price proposal carefully and hold 1009,1101 call more than one contract, interest in early May Fair three textile and garment export orders.
Monday ICE Cotton July contract opened 84.13 cents, in the range of 83.12-84.30 cents fluctuations due to speculative profit taking more than one, resulting in the increase of cotton fell, down 0.90 cents, a rate of 1.07%, closing at April 19 the lowest since. U.S. cotton in July received a Yinxian, parallel with the Friday rally, covering rally the day before, a strong pattern of increase to balance the situation, but always close to the upper edge of box, short-term sideways the possibility of finishing too large. Fundamentals, the U.S. cotton fundamentals have not changed much, good export situation, the Indian side to stop the export of U.S. cotton is now the largest supplier, China and other countries are required to purchase U.S. cotton in China has not completed a large Before some of the import orders, U.S. cotton is difficult to decline.
Domestically, the Bank of China announced in May 2, 10, decided to raise deposit-taking financial institutions from the RMB deposit reserve ratio by 0.5 percentage points, the adjustment of large institutions deposit reserve ratio will reach 17%, from 2008 17.5% in June only one step, and the freezing of funds is expected to more than 300 billion yuan. Prior to this, last week the central bank issued 90 billion 3-year central vote, a move expected to make to the market will not raise short-term reserve ratio, but the central bank unexpectedly popular and line up in one week, and this once again countries have a very clear acceleration of monetary tightening, which is very unfavorable commodity market trends.
Friday Zheng trend of cotton in January contract on the strong side, low open lighten up, and finally closed flat at 16,935. In the May 1 holiday in the United States cotton rose Friday, but Monday declined, losses greater than gains, and then there are up to prepare payment rate, I believe will be a small pullback today Zheng cotton, the possibility of continued volatility is too large. I am a professional editor from Chinese Manufacturers, and my work is to promote a free online trade platform. http://www.chinaqualitycrafts.com/ contain a great deal of information about vertical wind tunnels , wakeboard tower rack welcome to visit!
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