SunSirs: ICE Cotton Climbs back to 60 cents, Zhengzhou Cotton Breaks through to 13,000
September 16 2019 20:11:25 SunSirs (Linda)SunSirs: Sep 16
According to SunSirs’ price monitoring, the average price of domestic spot 3128B ginned cotton is 13,074RMB/t on Sep 16, 0.34% higher than that of the last Monday (Sep 9).
Last week, the US delayed the imposition of tariffs, and China began to inquire for US agricultural products, which boosting the market confidence. ICE cotton rose sharply on last Friday (Sep 12). The December contract is 62.21 cents per pound, 284 points higher. Domestic spot cotton has continued to rise, the prices of Zhengzhou cotton break through to 13,000 RMB/t (the resistance level). However, the prices of Zhengzhou cotton futures rise slightly lower, prices increase cautiously and slowly.
The average transaction price of reserve cotton has continued to rise, and the international cotton prices rise sharply, providing strong support to the domestic spot. On the other hand, the contradiction between supply and demand and consumption has not changed substantially, market worries are difficult to eliminate, and the psychological struggle between the general trend and the short-term positive trend. Zhengzhou Cotton may have an upward trend in short term.
If you have any questions, please feel free to contact SunSirs with support@sunsirs.com.
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