US cotton futures edged lower slightly on Tuesday. The ICE indicator March cotton futures CTH2 closed down 0.29 US dollars at 86.80 cents per pound with a trading range of 86.45-88.14 cents. The trading range is only 169 points, which is not much different from the 160-point trading range of 85.90-87.50 cents on Monday.
Zheng Cotton 1205 contract finished lower today. It opened higher at 20725, the highest at 20780, and the lowest at 20690. It closed at 20715, a 5 point or 0.02% drop from the previous trading day. Cotton (20685, -35.00, -0.17%) index lighten up 4234 hand positions, trading volume of more than 50,000 hands.
In the spot market, on December 21, China's cotton price index (328) was 19,101 yuan/ton, up 24 yuan/ton. On December 20, the imported cotton price index (FCIndex S) was 104.28 cents/lb, up 0.41 cents; the 1% customs duty was 16,864 yuan/ton, up 68 yuan/ton; the discounted sliding tax was 17,343 yuan/ton, up 65 percent. Yuan / ton.
Domestically, last week the Ministry of Finance adjusted the calculation formula for the import tariff rate of cotton. According to the new calculation formula, the tariff within the 50.2-100.16 US sub-division of imported cotton prices will be higher than the previous calculation method, up to more than 500 yuan/ton. Therefore, the price of cotton rose sharply on Friday. The main factor supporting the rise of cotton prices is the State Reserve's policy of supporting the market. As of the end of this week, the accumulative turnover of cotton in 2011 was 1,16,030 tons, in Xinjiang, 1,095,800 tons were sold, and 520,230 tons were traded in the mainland. The State Reserve's collection and storage changed the domestic supply and demand balance sheet, absorbed a large amount of surplus cotton, and raised the domestic cotton price. Although the State Reserve has retained the cotton price and ensured the interests of farmers, domestic textile companies have to use high-priced cotton to increase their costs. Especially in recent years, domestic labor costs have increased, and the current cost of raw materials has been higher than that of foreign competitors, and the overall competitiveness has fallen. In the face of weak demand in Europe and the United States, domestic textile companies have had a harder time and demand for cotton has slackened. As a result, domestic textile companies have low stocks of cotton, but due to the accumulation of product stocks, they will not be willing to make up the stock, which may limit domestic cotton. Price rebounded.
Judging from the trend of the disk, today Zhengweng 1205 opened higher, once after the opening began to pull up, but soon rebounded, and then despite a rebound, but the overall downward shocks, positions appear to shrink. After the unsuccessful continuous impact of 20800 cotton, the short-term may be adjusted. At present, it is recommended that the early stage of the long position can continue to hold.
The above views are for reference only and do not serve as a basis for market participants to enter the market. ** Risky, investing carefully.
Zheng Cotton 1205 contract finished lower today. It opened higher at 20725, the highest at 20780, and the lowest at 20690. It closed at 20715, a 5 point or 0.02% drop from the previous trading day. Cotton (20685, -35.00, -0.17%) index lighten up 4234 hand positions, trading volume of more than 50,000 hands.
In the spot market, on December 21, China's cotton price index (328) was 19,101 yuan/ton, up 24 yuan/ton. On December 20, the imported cotton price index (FCIndex S) was 104.28 cents/lb, up 0.41 cents; the 1% customs duty was 16,864 yuan/ton, up 68 yuan/ton; the discounted sliding tax was 17,343 yuan/ton, up 65 percent. Yuan / ton.
Domestically, last week the Ministry of Finance adjusted the calculation formula for the import tariff rate of cotton. According to the new calculation formula, the tariff within the 50.2-100.16 US sub-division of imported cotton prices will be higher than the previous calculation method, up to more than 500 yuan/ton. Therefore, the price of cotton rose sharply on Friday. The main factor supporting the rise of cotton prices is the State Reserve's policy of supporting the market. As of the end of this week, the accumulative turnover of cotton in 2011 was 1,16,030 tons, in Xinjiang, 1,095,800 tons were sold, and 520,230 tons were traded in the mainland. The State Reserve's collection and storage changed the domestic supply and demand balance sheet, absorbed a large amount of surplus cotton, and raised the domestic cotton price. Although the State Reserve has retained the cotton price and ensured the interests of farmers, domestic textile companies have to use high-priced cotton to increase their costs. Especially in recent years, domestic labor costs have increased, and the current cost of raw materials has been higher than that of foreign competitors, and the overall competitiveness has fallen. In the face of weak demand in Europe and the United States, domestic textile companies have had a harder time and demand for cotton has slackened. As a result, domestic textile companies have low stocks of cotton, but due to the accumulation of product stocks, they will not be willing to make up the stock, which may limit domestic cotton. Price rebounded.
Judging from the trend of the disk, today Zhengweng 1205 opened higher, once after the opening began to pull up, but soon rebounded, and then despite a rebound, but the overall downward shocks, positions appear to shrink. After the unsuccessful continuous impact of 20800 cotton, the short-term may be adjusted. At present, it is recommended that the early stage of the long position can continue to hold.
The above views are for reference only and do not serve as a basis for market participants to enter the market. ** Risky, investing carefully.
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