Ruida Futures: Zheng Cotton To Explore 20 Thousand Storage Pressure

Domestic trend: 26 days Zheng cotton 1309 contract receives a long shadow line Yang K line. The opening price was 19830 yuan / ton, closing at 19910 yuan / ton, up 105 yuan / ton compared with the previous trading day, the highest price 20030 yuan / ton, the lowest price 19830 yuan / ton. Trading volume has shrunk, and positions have been reduced by 8934 to 137982 hands.

Outward trend: Intercontinental Exchange (ICE) Cotton futures Thursday's rally triggered a buy over after falling to technical support. Besides, sales data to the good us suggest that demand for cotton is still strong despite speculation that the price growth momentum continues to cool. The most active July contract rose 0.28 cents, or 0.3%, at 83.23 cents a pound. Spot contracts now contract up 0.23 cents, or 0.3%, at $81.33 a pound in May. The May contract will expire in May 8th.

Message side:

1, as of April 25th, most of the cotton farmers in southern Akesu and Kashi had been planted, and the sowing time reached 90%. The two group and three regiment of the first agricultural division were near the end. The sowing of the southern Xinjiang is coming to an end. The corps and the local cotton fields have gradually become clear. The emergence and budding of the cotton fields are relatively good.

2. in the central and Southern cotton region of the United States, there is continuous rainfall in Memphis cotton area. The local cotton farmers have not started spring sowing. The seeding rates of the same period and five years in the same period last year were 19% and 23%, respectively. Wet soil was not conducive to sowing and field preparation. Precipitation along the Gulf and southern Dezhou is urgently needed to alleviate extreme drought conditions, and severe drought continues along the Gulf and central part of the state.

On the spot: Cotton index 328 the price was 19365 yuan / ton, down 1 yuan / ton compared with the previous trading day.

Summary of Views: Domestic Cotton spot Continue to decline slightly, which is a drag on the price. Technically, the Zheng cotton 1309 contract has been going down after the 20 thousand pass test, and its positions and trading volume have shrunk. The first day of the May 1 holiday is back up to boost the price, but it is still under pressure. In general, it is still running at a range of 19800-20500 yuan / ton. Operation, still in the 19800-20500 yuan / ton large interval of high and low suction.