Since Greece once again ushered in the election, the results may have an important impact on the future trend of the commodity market. Last Friday, the price was lightened again and the market price gradually stabilized. Zheng cotton jumped higher at 19,200 yuan/ton under the influence of storage and India's rising purchase prices on Friday. The interim price rushed to 19,400 yuan/ton on the spot and ended at 19,280 yuan/ton. As of Friday, the top 20 members of the main contract positions, the main short positions of 102,232 hands, long positions 78,105 main hands, the main position of the empty side is still dominant.
In terms of spot, China's cotton price index (CC Index 328) closed at 18,346 yuan/ton on Friday, with a weekly decline of 127 yuan/ton. The China Cotton Import Index (FC Index M) closed at 83.5 cents per pound, the discounted slip tax was approximately 13,992 yuan per ton, and the weekly decline was 247 yuan/ton, which was 4444 yuan/ton less than the real estate cotton price at the same level (not considered Quota price). The average price of pure cotton yarn C32S carded was RMB 25,640/ton, which was a weekly decrease of RMB 160/ton; the price of 32 cotton twill was quoted at RMB 6.34/meter, and the weekly decline was RMB 0.02/meter.
The market’s rumors of resumption of storage were rumors on Thursday that the State Reserve’s addition of 300,000 tons of Xinjiang cotton made the price of cotton stronger during the day. At the same time, it was rumored that three large cotton companies in China have received government support, giving subsidies on interest and storage fees, and 300,000 tons of cotton were stored; on the 15th, the Bloomberg News website reported that China is seeking to buy 1 million tons of new cotton from the United States to supplement government reserves. All kinds of news, whether true or false, reflect from the side that the current situation of cotton consumption is not good, and the market is expected to stimulate the cotton price through news stimulus or government procurement. However, from the perspective of downstream demand, cotton prices, and China’s huge ending stocks, even if the rumors are true, it is expected that the boosting effect on cotton prices will also be limited.
At the same time, the results of the Greek election in macroeconomic terms have a huge impact on the market. The preliminary statistics of the parliamentary election announced by the Greek government late on the 17th show that in the parliamentary election held on that day, the New Zealand Communist Party, which supports austerity measures, ranked first, followed by the left-leaning political parties that oppose austerity measures. The possibility of Greece’s “withdrawing†from the euro area in the short term has been drastically reduced, which has created a relatively modest operating environment for the international market in the short term.
From a technical point of view, in the second half of last week, under the trend of risk aversion, bearish strength has eased, and price volatility upwards recovered from the early gap. The Greek election showed a relaxation of the debt problem, and cotton prices will continue to maintain its slightly stronger momentum in the short-term. The short-term shock of the 15EMA at the front line of 19,200 yuan will provide the underlying support, and the price will fluctuate gradually based on the support of the underlying support. It is recommended that the operation of wet storage should be performed within a short period of time.
In terms of spot, China's cotton price index (CC Index 328) closed at 18,346 yuan/ton on Friday, with a weekly decline of 127 yuan/ton. The China Cotton Import Index (FC Index M) closed at 83.5 cents per pound, the discounted slip tax was approximately 13,992 yuan per ton, and the weekly decline was 247 yuan/ton, which was 4444 yuan/ton less than the real estate cotton price at the same level (not considered Quota price). The average price of pure cotton yarn C32S carded was RMB 25,640/ton, which was a weekly decrease of RMB 160/ton; the price of 32 cotton twill was quoted at RMB 6.34/meter, and the weekly decline was RMB 0.02/meter.
The market’s rumors of resumption of storage were rumors on Thursday that the State Reserve’s addition of 300,000 tons of Xinjiang cotton made the price of cotton stronger during the day. At the same time, it was rumored that three large cotton companies in China have received government support, giving subsidies on interest and storage fees, and 300,000 tons of cotton were stored; on the 15th, the Bloomberg News website reported that China is seeking to buy 1 million tons of new cotton from the United States to supplement government reserves. All kinds of news, whether true or false, reflect from the side that the current situation of cotton consumption is not good, and the market is expected to stimulate the cotton price through news stimulus or government procurement. However, from the perspective of downstream demand, cotton prices, and China’s huge ending stocks, even if the rumors are true, it is expected that the boosting effect on cotton prices will also be limited.
At the same time, the results of the Greek election in macroeconomic terms have a huge impact on the market. The preliminary statistics of the parliamentary election announced by the Greek government late on the 17th show that in the parliamentary election held on that day, the New Zealand Communist Party, which supports austerity measures, ranked first, followed by the left-leaning political parties that oppose austerity measures. The possibility of Greece’s “withdrawing†from the euro area in the short term has been drastically reduced, which has created a relatively modest operating environment for the international market in the short term.
From a technical point of view, in the second half of last week, under the trend of risk aversion, bearish strength has eased, and price volatility upwards recovered from the early gap. The Greek election showed a relaxation of the debt problem, and cotton prices will continue to maintain its slightly stronger momentum in the short-term. The short-term shock of the 15EMA at the front line of 19,200 yuan will provide the underlying support, and the price will fluctuate gradually based on the support of the underlying support. It is recommended that the operation of wet storage should be performed within a short period of time.
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