Speaking of ICE cotton: Exports are sluggish and cotton prices are volatile

Exports slump US cotton fell for two consecutive days The US cotton export weekly reported on Thursday showed that as of the week of February 23, US cotton contracted exports of 17,282 tons of cotton this year, which was 57% lower than the previous week, but shipments reached 71,033 tons, and exports were shrinking. The US cotton fell for two consecutive days, the main May contract fell 0.77 cents to 89.67 cents / lb, to maintain the pattern of weakness does not change. However, the low-level factory buying appeared, while US cotton shipments were in good condition. ICE cotton futures increased for the fourth consecutive day and was not pessimistic about the correction. It is concerned about the 89-cent/lb support level for the May contract.

The ICE May contract closed lower on Thursday for two consecutive days. The May contract settled below the short-term moving average and once again challenged 89 cents/lb. support. The current average system maintains a good bearish fall order. The MACD indicator continues to fall short order, the weak will be continue. However, the KD indicator has formed a bullish uptrend at the low level, the MACD indicator continues to shorten the green bar, and the cotton price trend has slowed down, focusing on the May contract's support of 89 cents/lb. If the support falls, the downside target will reach 84 cents / pound line, otherwise ICE futures cotton is expected to gradually stabilize, once again rebounded to challenge 95 cents / pound support.

Downstream domestic cotton polyester and cotton prices continued to decline due to weak demand prices. China's cotton prices are significantly higher than international cotton prices, causing export orders to fall. Spinning mills mainly use imported cotton, and domestic cotton is facing tremendous sales pressure. Zheng cotton is significantly higher than the domestic spot and international cotton prices, registered stocks continued to increase substantially, arbitrage and hedging selling became the main pressure facing Zheng cotton. Although the government announced the next year's purchase and storage policy of RMB 20,400/ton, it has little impact on the market. With the lack of funds and popularity, Zheng Cotton will maintain a weak pattern and continue to hold empty orders, focusing on 1209 contracts of RMB 22,000/ton. The pressure level, traders rallies continued to increase holdings of 1205 contracts to maintain a short position. (Wanda ** Urumqi Sales Department Du Ying)

The price of cotton was volatile and there was no upward momentum for the short term. ICE Cotton fell slightly on Thursday. The May contract fell 77 points to close at 89.67 cents. The market of ICE cotton ** is still in the technical adjustment market, and the upward resistance is relatively large. The US Department of Agriculture’s sales report released on Thursday shows that the US cotton exports are weak and have fallen sharply from the previous week’s sales. Or the technical side is still bearish, the current price is below 90 cents, below the respective MA. The market is expected to see some bargain-hunting and factory demand trade buying, which will cause prices to rebound, but it is still difficult to have strength. With a breakthrough in prices, a monthly supply and demand report will be issued next week. It is expected that this report will not be conducive to cotton as a good stimulus. In the short term, ICE cotton ** will maintain a range-bound shock.

Zheng Cotton ** rallied low yesterday, the technical surface of the 20 SMA pressure, intraday high, trading volume increased, lighten down, ending the three consecutive days of rebound. Cotton stocks were traded 12,000 tons yesterday, and the cumulative turnover has reached more than 2.7 million tons. The overall performance of cotton spot prices is still weak. The lack of high-grade cotton in some parts of the country, and the high cotton prices, the market is bearish psychological Weakened, some local textile companies have increased their purchase of high-grade cotton. The relevant part of the country released the 2012 cotton interim storage and storage plan yesterday. It was determined that the interim purchase and storage price of cotton in 2012 was 20,400 yuan/ton, which was 600 yuan/ton higher than the 2011 annual reserve price, but the reserve price was still slightly lower. In the market expectation, this is to adjust the bottom line for 2012 new cotton prices, but the support stimulus for the current cotton market is limited, the future trend of whether the price of cotton needs to see the improvement of consumer demand. Zheng Cotton ** continued to rebound after a weaker trend yesterday, coupled with cotton continued to fall overnight, cotton prices continue to widen both inside and outside, Zheng cotton is expected to fall slightly today, the overall trend will continue to range. (Haitong ** Zhengzhou Sales Department: Zhang Jianwei)

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