Focus On The Market: Pessimism Eased, Zheng Cotton Shock Rebound Higher

2021/12/6 12:33:00 0

Overnight, OPEC + agreed to increase 400000 barrels of crude oil per day as planned in January, but if the market changes, it can temporarily adjust the production policy, crude oil bottoms up, the market pessimistic atmosphere has eased, Zheng Mian rebounded and strengthened, cf2205 contract opened 19235 yuan / T, the lowest 18935 yuan / t, then reduced the position and recovered the decline, continued to increase the warehouse in the afternoon, the highest was 19540 yuan / ton, and closed at 19425 yuan / ton, Up 105 yuan / ton.

As of November 30, Xinjiang cotton had processed 3.5 million tons of cotton, a decrease of 5.05% compared with last year's 3.68 million tons. Market sentiment eased, futures prices stopped falling, and spot prices remained stable. The atmosphere of downstream trading is weak, and the purchase intention of textile enterprises is not strong. At present, the inventory of yarn and cloth continues to accumulate, and the production and sales of textile enterprises are hanging upside down, which leads to insufficient confidence in the later stage. On the whole, the upstream high-cost resources are reluctant to sell, and the downstream acceptance is limited. Zheng Mian falls into a shaken pattern and remains on the sidelines for the time being.