On the 28th, the ICE cotton main contract opened slightly higher in the morning and then hit the daily limit under the support of technical buying. It later pared some gains and losses and significantly increased; the spot price of Cotlook Upland cotton rose steadily, and contract performance difficulties remained. It is the focus of the market.
I. ICE cotton futures on the 28th Although Italy’s long-term government bond auctions triggered market concerns, the US dollar index was higher and US stocks overall lower. However, ICE cotton futures rose in full under technical buying support. The market has changed the previous week's downturn, and the trading volume has increased significantly.
On the same day, the market opened slightly higher, with the main 1203 contract oscillating in a narrow range around 89.00 cents/lb; after the influx of technical buying, the contract was supported up to the daily limit (91.91 cents/lb); buying was profitable at the end of the session. Withdrawing some gains, the contract ended sharply higher. On the same day, the external markets were mixed, corn, wheat, and corn increased. Soybeans and crude oil fell.
Analysts pointed out that the euro fell to an 11-month low yesterday, which brought the market focus back to the troubled European financial system. Although cotton futures are higher under the technical buying support, it is expected that the upward trend will be difficult to continue due to the negative economic outlook and continuous improvement of the consumption side.
Second, the spot review on the 28th CotlookA index 93.15 cents / lb, up 25 points. The imported cotton price index (FC Index) was 104.92 points per pound, up 52 points; the M level was 100.82 cents per pound, up 53 points; the SLM level was 100.28 cents/lb, up 72 points.
The spot cotton spot price rose steadily on that day, Pima cotton held steady. Excluding a small amount of transactions for Indian cotton and Pakistan's low-grade cotton (Type 1467 and below), market transactions were generally light. Japan contracted thousands of new flowers last week, and China Taiwan has not generated new deals. The difficulty of contract performance is still the focus of the market.
According to the Statistics of India's State-owned Cotton Corporation (CCI), last week, India purchased about 1.12 million bales (190,000 tons) of seed cotton, and by December 25, it had accumulatively acquired 8.18 million bales of new flowers (1.498 million tons). ), about 25% year-on-year.
As the Pakistan Trade Company (TCP) is expected to acquire Xinhua, the Pakistani domestic market is bullish.
According to Dow Jones report, Brazil’s Finance Minister Guido Mantega disclosed on Tuesday that in response to unfair competition from foreign cheap textiles, Brazil is about to change the taxation system for imported textiles, that is, from the current ad valorem levy to the levy tax. .
According to statistics from the Egyptian Exporters Association, Egypt has accumulatively registered 25,000 tons of long-staple cotton exports this year, including 16,000 tons of Giza, 86,9026 tons of Giza 88 and 10 tons of Giza 70, and another 217 tons of “export-oriented†cotton.
I. ICE cotton futures on the 28th Although Italy’s long-term government bond auctions triggered market concerns, the US dollar index was higher and US stocks overall lower. However, ICE cotton futures rose in full under technical buying support. The market has changed the previous week's downturn, and the trading volume has increased significantly.
On the same day, the market opened slightly higher, with the main 1203 contract oscillating in a narrow range around 89.00 cents/lb; after the influx of technical buying, the contract was supported up to the daily limit (91.91 cents/lb); buying was profitable at the end of the session. Withdrawing some gains, the contract ended sharply higher. On the same day, the external markets were mixed, corn, wheat, and corn increased. Soybeans and crude oil fell.
Analysts pointed out that the euro fell to an 11-month low yesterday, which brought the market focus back to the troubled European financial system. Although cotton futures are higher under the technical buying support, it is expected that the upward trend will be difficult to continue due to the negative economic outlook and continuous improvement of the consumption side.
Second, the spot review on the 28th CotlookA index 93.15 cents / lb, up 25 points. The imported cotton price index (FC Index) was 104.92 points per pound, up 52 points; the M level was 100.82 cents per pound, up 53 points; the SLM level was 100.28 cents/lb, up 72 points.
The spot cotton spot price rose steadily on that day, Pima cotton held steady. Excluding a small amount of transactions for Indian cotton and Pakistan's low-grade cotton (Type 1467 and below), market transactions were generally light. Japan contracted thousands of new flowers last week, and China Taiwan has not generated new deals. The difficulty of contract performance is still the focus of the market.
According to the Statistics of India's State-owned Cotton Corporation (CCI), last week, India purchased about 1.12 million bales (190,000 tons) of seed cotton, and by December 25, it had accumulatively acquired 8.18 million bales of new flowers (1.498 million tons). ), about 25% year-on-year.
As the Pakistan Trade Company (TCP) is expected to acquire Xinhua, the Pakistani domestic market is bullish.
According to Dow Jones report, Brazil’s Finance Minister Guido Mantega disclosed on Tuesday that in response to unfair competition from foreign cheap textiles, Brazil is about to change the taxation system for imported textiles, that is, from the current ad valorem levy to the levy tax. .
According to statistics from the Egyptian Exporters Association, Egypt has accumulatively registered 25,000 tons of long-staple cotton exports this year, including 16,000 tons of Giza, 86,9026 tons of Giza 88 and 10 tons of Giza 70, and another 217 tons of “export-oriented†cotton.
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