300 Thousand Tons Of Dumping Storage Chen Cotton Rumor Is "Groundless."

Disk trend:

today

1209 the contract opened at 18690 yuan / ton, closing at 18855 yuan / ton, up 270 yuan / ton compared with the previous trading day, or 1.45%, and the turnover dropped to 224 thousand and 200 hands, and the position decreased 9492 to 265 thousand and 500 hands.

1. The area of new flowers planted in the northern part of India has reached 2/3. The sowing work is expected to end in mid June. The planting work in other main cotton producing areas will begin before the onset of monsoon rainfall.

Under the influence of poor cotton growers in this year and frequent changes in India's cotton policy, it is estimated that the total cotton planting area in India will be reduced by 10% over the same period.

On 2 and 23, the price of China's main port of import cotton continued to decline. Due to the closing of ICE futures, the US cotton, Australia cotton and Central Asia cotton were significantly affected, the quotations fell by 3 cents, and the other varieties dropped 1-2 cents.

Because cotton has been on a downward track, textile mills are reluctant to make purchases, and foreign businessmen are worried that contracts signed before high cotton prices are difficult to fulfill. Analysts say that with the gradual arrival of cotton and port inventory, the supply pressure will weaken the rebound force of cotton prices.

On the spot:

The cotton index 328 was priced at 18888 yuan / ton, down 17 yuan from the previous trading day.

Warehouse Receipt Inventory:

The exchange registered 3341 warehouse receipts, 11 fewer than the previous trading day, and 611 effective forecasts.

(each corresponds to 40 tons of cotton).

Conclusion:

ICE cotton hit a new low in two years and three months, sparking speculation in eurozone debt concerns.

According to the domestic department, 300 thousand tons of Chen cotton rumours have been dropped recently, and market sentiment has eased. Cotton spot prices continue to fall, both inside and outside.

Poor maintain high, textile enterprises yarn and cloth inventory high, purchasing power is weak.

Zhengmian 1209 contracts have been reduced, and the short-term 5 day line pressure is expected to resume.

Operation, temporarily traded in 18000-19000 intervals.