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Zheng Cotton: Continue Downtrend

2011/4/28 16:04:00 43

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Zhengzhou

Cotton futures continued to decline in April 28th, the main contract opened 1109 yuan 26215 yuan / ton, noon closed at 26420 yuan, compared with the 27 day settlement price fell 390 yuan.

Due to the short term fundamentals and bad atmosphere around the ICE, cotton continued to limit.

At home,

Shandong

A large textile enterprise once again lowered cotton prices, exacerbated the panic in the spot market, most of the 328 cotton has dropped to below 28000 yuan / ton, the paction is still in the doldrums.

Besides, worries about raising interest rates during the May 1 holiday also put pressure on commodities.

Under the influence of internal and external factors, Zheng cotton may continue to be vulnerable.

At the time of the cotton spring sowing season, the Cotton Research Institute of Chinese Academy of Agricultural Sciences recently released the progress monitoring report. By April 15th, the national cotton sowing (planting) area accounted for 24.5% of the estimated total area, 5.7 percentage points faster than the same period last year, but 10 percentage points slower than that of the whole year.

It is estimated that domestic cotton production and demand gap will be around 4 million 280 thousand tons in 2010/2011.

Shandong Wei Qiao lowered the purchase price of lint again 500 yuan / ton, adjusted 329 level 26500 yuan / ton, 429 class 26200 yuan / ton.

This is the fourth time since April that the company has cut down the purchase price of lint, the cumulative decrease has reached 2000 yuan / ton, and the peripheral delivery enterprises are also becoming scarce. Frequent price cuts have increased the market wait-and-see atmosphere.

Internationally, ICE

cotton

Futures closed sharply on the 27 day, and the benchmark cotton contract in July reached a limit. Although FED basically did not change its policy, the price of the whole market fell and the high price suppressed demand, forcing prices to bear pressure before Wednesday's close.

The cotton contract fell 7 cents or 4.36% in July, closing at $1.5339 per pound and reaching limit.