Phase ICE Cotton: Cotton Continues To Adjust Slightly.
Basic and financial support for cotton prices, bull market unchanged
ICE
Cotton futures
Thursday fell slightly.
The most active December contract fell 10 points to 90.46 cents.
ICE cotton futures opened insipid, the trend showed a weak narrow shock, the afternoon plate strength up and down intense, but ultimately did not maintain the increase, with a small fall to close.
On the one hand, the general decline trend of peripheral commodities has dragged down the ICE cotton futures price, but the cotton trend is still stronger than the surrounding commodities. On the other hand, on Friday, the US Department of agriculture will announce the September supply and demand report, which will announce the forecast of cotton production and consumption data. The news and reports are very important to the current cotton prices at historic highs.
domestic
Zheng cotton
Futures prices are high, although the domestic peripheral commodities and the stock market performance bleak yesterday, Zheng cotton was also shown to fall, but the final recovery is still the strongest variety of the market.
Recently, cotton production areas are mostly cloudy and heavy rainfall, and now is the critical period of cotton growth. The weather conditions will determine cotton production and quality, and basically face good. In addition, funds, Zheng cotton has adjusted for two days, but the number of positions and volume has not been reduced, and multi funds are still in the market. The cotton market is still in a bull market, and the market is not over yet.
(Haitong futures Zhengzhou Sales Department: Zhang Jianwei)
Cotton futures are down, investors are in
USDA
Adjust positions before reporting
According to New York's September 9th news, US cotton futures fell slightly on Thursday, and were heavily affected by the moderate sell-off of investors.
Brokers say market participants will adjust their positions before tomorrow's key crop report of the US Department of agriculture (USDA).
Cotton futures in NYBOT12 fell 0.10 cents, at 90.46 cents a pound, and the trading range was 89.95-91.62 cents. On Tuesday, the contract closed at 91.18 cents, the highest in the next month's cotton contract since March 2008.
Atlanta First Capitol Group cotton expert Sharon Johnson said the volume was low and could not hold the top.
She said that most market participants were waiting for the September USDA report to be released on September, and the market was most concerned about global cotton production and consumption data.
Traders expect the US Department of agriculture to cut cotton production again in Pakistan, which will further tighten global supply because of floods in the country.
The market also pays close attention to the change of heavy rainfall in China and the expected cotton production in India.
Dealers also expect that the supply and demand report in September will slightly reduce US cotton production forecast.
Market leaders believe that demand will remain strong, especially outside the US.
But market bears argue that the unreliable global economic outlook will eventually drag down cotton prices.
Traders say it is still difficult to determine whether the cotton contract can go up through the psychological barrier at $1 a pound.
In the past 50 years, prices have broken through the pass only once.
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