Deep Cotton Support Is Still In Good Condition.

Nearly two days were affected by monetary tightening. Stage cotton There has been a deep correction in the market. At present, the current cotton price spreads are gradually returning to normal. Technically, Zheng cotton futures are still in the adjustment market in the short term. However, the phased rapid adjustment has also provided a good opportunity to build positions for the market bulls. Under the basic situation of supply shortage, cotton prices still have the opportunity to fight back.

The US financial market closed for 21 days on the presidential day. The sharp fall in the first two days of the ICE cotton market led to a sharp fall in the price of China's main port of import cotton. Most varieties fell by about 7 cents, and Central Asian cotton fell by more than 9 cents. On the basis of the latest forecast of the national weather service, the dry weather in half of the cotton producing areas in the southern part of the United States will be dry in the 3-5 months of this year, and the total rainfall will be below average. At present, drought has occurred in most cotton fields in the southern part of the United States. It is expected that later weather will not be conducive to the germination and early growth of cotton plants, and cotton yields may be reduced and the total output will be threatened. According to statistics, the volume of cotton arrived on October 1st -2 20, an increase of 4.7% to 22 million 200 thousand bales compared with the same period last year.

Affected by China's high deposit reserve ratio and the continuous drop of foreign exchange futures, the domestic cotton futures market has also undergone a deep adjustment, and the market mentality has changed slightly. At present, the spot quotation is strong, but some cotton enterprises are reluctant to sell their mentality and have begun to sell at a small price. On the morning of 22, Zheng cotton continued to open sharply, and the price shock increased at the end of the opening period. However, the rally did not last. The intraday price fell sharply and fell to the lowest point in the day. Analysts believe that although the current cotton prices have been sharply adjusted under the monetary tightening, but from the perspective of global cotton fundamentals, the cotton gap factor is still there, so the latter cotton price will not rule out the possibility of exploring new heights.

Summary of relevant data: spot quotes, February 21st, USA C/A cotton The price quoted is 230.30 (cents / pound, the same below). The general port trade delivery price is 38642 yuan / ton (calculated according to the sliding tax, the same below). Australia cotton quotation is 231.80, discount general port trade port delivery price 38892 yuan / ton. The quotation is 242.10, and the average port trade delivery price is 40572 tons. West African cotton The quotation is 232.60, and the general port trade delivery price is RMB 39026 yuan / ton. The national cotton price A index was 31372 yuan / ton, up 125 yuan; the B index was 30452 yuan, up 153 yuan.

The 21 session of the Political Bureau of the CPC Central Committee held a meeting. The meeting stressed the need to deal with the relationship between maintaining stable and rapid economic development, adjusting the economic structure and managing inflation expectations, and preventing major fluctuations in the economy.

According to China Weather Network, in the next three days, there will be small to moderate rain in most parts of Southwest China, Jianghan, Jianghuai, Jiangnan, Western and northern parts of the Yangtze River. There are small to moderate snow in the north and West, east of the East, northeast and northeast of China.

On the whole, the demand for market enquiries has increased significantly as China's textile mills start up continuously. On the whole, the supply and demand of global cotton will continue to be tight this year. Analysis of Zhai Naigang said that nearly two days by the impact of monetary tightening, the cotton market continued to appear deep callbacks. At present, the current cotton price spreads are gradually returning to normal. Technically, Zheng cotton futures are still in the short-term market adjustment. However, the phased rapid adjustment has also provided a good opportunity to build positions for the market bulls. Under the basic situation of supply shortage, cotton prices still have the opportunity to fight back.