Main cotton daily limit, Pakistan's new flower purchases increased 17.5% year-on-year

The 3rd day was the first trading day of 2012. As a result of better-than-expected multinational economic data to boost market sentiment, the ICE cotton futures rose in an all-round manner, the main contract closed at a four-week high; the Cotlook Upland cotton spot price was mostly stable, and the contract The issue of compliance remains a concern.

First, ICE cotton back to the market due to better than expected economic data to boost market sentiment, Europe and the United States stock markets and external commodity markets in the New Year's first trading day overall higher, ICE cotton futures also received strong gains, the main 1203 month contract settlement price of 95.80 Cents/lb, up 400 points, other forward contracts also generally rose sharply. Investors changed their pre-election downturn and their trading volume increased significantly.

On the same day, the market opened slightly higher, with the main 1203 contract fluctuating in a narrow range between 91.57-92.50 cents/lb in the morning; the stock market and external commodities markets rose sharply after the mid-afternoon, and the cotton finally rose sharply during the mid-afternoon session. The contract ended for the first time since mid-November. It closed at a daily limit and reached a four-week high.

Analysts pointed out that economic data such as the United States, Germany, and China were better than expected, which increased the market’s expectation of a steady increase in global economic activity and helped the stock market and commodity markets rise. Fundamentally, according to the latest forecast of the US Department of Agriculture (USDA), India’s total cotton production this year was 5.8315 million tons, a decrease of 163,500 tons from the previous month, which also boosted the cotton futures.

Second, the spot review on the 3rd CotlookA index 96.80 cents / lb, up 15 points. The import cotton price index (FCIndex) was 108.30 points per pound, up by 15 points; the M level was 104.14 cents per pound, up 9 points; the SLM level was 103.56 cents/lb, up 3 points.

Most of the spot price quotes remained unchanged on the day. Although there was a small amount of inquiries in the market, it was difficult for sellers to accept lower prices. At present, the inventory of textile enterprises is generally small, and the expectations of a steady increase in global economic activity have increased. Orders in the downstream market are expected to increase. At the same time, the previous issue of high-price contract performance remains a concern.

According to statistics of the Pakistan Cotton Processing Association (PCGA), by January 1st, the purchase of balanese cotton accounted for approximately 12,030,000 bales (2.04 million tons), an increase of 17.5% over the same period of last year.

Yesterday, the domestic cotton price in India rose slightly. The Shankar-6 gin factory pick-up price was about 35,500-35,700 rupees/candy, which was an increase of 750 rupees compared with Friday; the Punjab J-34 new flower trade price was about 3,570 rupees/maund, up 10 rupees.

The recent rainfall in Zambia is less than average, and its expectation of a significant increase in new flower production this year has weakened.

4. According to the speculative position report released by the Intercontinental Exchange, the net long speculative ratio of ICE cotton futures until December 30th was 5.5%, which was an increase of 4.9 percentage points from the previous week. As of the week, there were 8327 long speculative net positions, an increase of 7412 over the previous week. The cumulative number of outstanding contracts was 152,144, an increase of 968.

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