At this stage, the continued spread of epidemics in countries and regions outside of China has caused market concerns, and the huge fluctuations in global financial markets have even increased panic. Zheng Mian continued to bottom out due to the impact of fundamentals. At the end of February, commercial inventories decreased slightly by 0.78% month-on-month and increased by 8.9% year-on-year. Demand side According to the statistics of Cotton Information Network, in January 2020, the United States imported textiles and apparel from China down by 31% year-on-year. The United States, as one of China's important importers of textile and apparel, is currently affected by the spread of the epidemic, and it is expected that demand will continue for some time. By the drop. According to the current domestic textile companies, there are fewer new orders received, and shipments have slowed down. Both domestic and foreign demand have been affected, and it is difficult to support Zheng cotton. Yesterday, Zhengmian 05 contract opened lower and weakened. The futures price fell again. It closed below the Bollinger Channel for two consecutive days. It ended at 11435 yuan / ton, down 340 yuan / ton. The moving average system continues the short arrangement; the MACD green bar volume is in a weak area below the 0 axis, the KD line fits to form a dead fork arrangement, and the technical indicators are in a weak position.
The current US EMOT M arrival price is 71.95 cents / lb, India S-6 1-1 / 8 is 68 cents / lb, and Brazil M is 72 cents / lb. The foreign cotton arrival price is higher than the previous one. The Japanese collective rose 0.75 cents per pound. US stocks opened on Monday and the Dow closed down about 3,000 points, the largest single-day drop in history. The market is still focusing on outbreak response measures by global policymakers. Earlier, the Federal Reserve lowered interest rates to zero and launched a $ 700 billion QE plan, but failed to dispel market concerns about the epidemic and its economic consequences. US President Trump acknowledges that the outbreak could plunge the U.S. economy into recession. The VIX panic index rose 43% to a record high. According to the United States Commodity Futures Trading Commission (CFTC), as of the week of March 10, the commodity index fund net long order was 69,621, a decrease of 3,424 showing the short-term market sentiment is more pessimistic. Affected by this, the ICE cotton futures 05 contract continued to bottom, falling to a low in the past 6 months, the futures price fell 1.55 cents / lb, closing at 58.95 cents / lb, MACD green column volume, technical indicators are weak. Pay attention to the changes in the future positions, the recent price range is 57-63 cents / lb.
At this stage, the continued spread of epidemics in countries and regions outside China has caused market concerns and increased panic. Zheng Mian continued to bottom out due to the impact of fundamentals. At the end of February, commercial inventories decreased slightly by 0.78% month-on-month and increased by 8.9% year-on-year. On the demand side, according to statistics, in January 2020, the United States imported textiles and clothing from China, which fell by 31% year-on-year. The United States, as one of China's important importers of textiles, is currently affected by the spread of the epidemic, and it is expected that demand will decline for a period of time. China is facing the same predicament. At the current stage, according to textile companies, there are fewer new orders received, and shipments have slowed down. Both internal and external demand has been affected, and it is difficult to form a support for Zheng Cotton. Yesterday, Zhengmian 05 contract opened lower and weakened. The futures price fell again. It closed below the Bollinger Channel for two consecutive days. It ended at 11435 yuan / ton, down 340 yuan / ton. The moving average system continues the short arrangement; the MACD green bar volume is in a weak area below the 0 axis, the KD line fits to form a dead fork arrangement, and the technical indicators are in a weak position. Positions increased by 974 hands to 402,000, the futures price fell sharply but the positions did not decrease, showing that the long and short sides are greatly divergent, paying attention to changes in future positions, the short-term range is 10500-12500.
