Domestic trend: Zheng cotton 1501 contract oscillated higher on the 6th, opened at 15320 yuan/ton, and closed at 15,450 yuan/ton, up 125 yuan/ton from the previous trading day, and the trading volume decreased slightly, and the position decreased by 8094 to 173704 hands. .
External disk trend: US cotton futures fell on the second consecutive day on Thursday, as traders and investors set aside an encouraging weekly export sales data and instead turned their attention to the news that the recent drop in temperature in Texas, Texas, may help crop growth. The most actively traded ICE-7-month cotton contract settled down 0.58 cent, or 0.7%, to 85.50 cents per pound.
Message surface:
1. As of June 5, 2014, there were 15 provinces and districts in the cotton year of 2013. 1789 cotton processing companies processed cotton according to the requirements of the cotton quality inspection system reform program and conducted notarization inspections. The inspection volume reached 32,682,486 bags, 7,407,713 tons. .
2. During the week from May 23 to May 29, the U.S. contract sales of U.S. cotton in 2013/14 was 29,824 tons, a sharp increase from the previous week and an increase of 2% from the average value in the recent four weeks.
In terms of spot, the price of cotton index 3128B was RMB 17,389/ton, which was RMB 1/ton lower than the previous day.
Summary of Views: The domestic cotton spot price remains weak and the Zheng cotton futures price is bearish. However, the decline in cotton planting area will support the future contract price. Technically, the Zheng 1501 contract has shown signs of oversold in the short-term. Some short-term profit-taking effects have shown signs of a rebound in the next-period price. In operation, it is advisable to wait and see.
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