[ICE cotton futures technical graphics worsen, cott]
Release date:[2019/7/11] Is reading[108]次

On July 9, ICE cotton futures fell sharply after the opening bell. The US cotton new flower grows well, the technical graphics deteriorate and the weather is good to put pressure on the market.

According to the latest report, as of the end of last week, the proportion of excellent new cotton in the United States reached 54%, an increase of 2% from the previous month, an increase of 13% compared with the same period of the previous year, and an increase of 5% over the same period of the past five years. The excellent proportion of Texas reached 48%. Increased by 4%, the proportion of good seedlings in Georgia is 60%, an increase of 2%.

On the same day, ICE futures hit a new low, the decline was more clear, the market was firmly controlled by speculative shorts, and the December contract fell below the June low of 64.70 cents, triggering a large number of stop-loss selling, with a total volume of more than 57,000 contracts. Finally closed at a new low of 63.28 cents. As short positions hit a new high, there will be no signs of a bullish recovery in the short term.

In terms of weather, the situation in western Texas is significantly improved. Last weekend, heavy rain in the core cotton area of ​​Texas, and this week will maintain sunny weather, which is very beneficial to the growth of new cotton. At present, the weather in the entire cotton-producing region of the United States is very ideal, with alternating rainfall and warm weather.

After several days of decline, the technical graphics of ICE futures have been severely damaged. The market needs a longer time and more clear fundamentals to recover. Focus on this week's US cotton export weekly and USDA monthly report.

At present, the market's concerns about the global economic recession have begun to increase, the EU's economic growth has begun to decline, and the United States has imposed tariffs on Asian countries. Although China and the United States have resumed economic and trade consultations this week, it is believed that the Sino-US negotiations will be a protracted process, and the real possibility is that the two sides cannot reach any agreement.

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