Today, Zhengzhou cotton futures fell back, indicating that the upward momentum is obviously insufficient. The main contract CF04 1 1 opened higher at 12850 yuan/ton, and the futures price once touched 12975 yuan/ton when the bullish sentiment was stimulated. However, near the integer mark of 13000 yuan, the market still chose to go down. Since then, the bulls have taken the initiative to lighten their positions and prices have fallen all the way. It has bottomed out at 12755 yuan/ton and finally closed at 12830 yuan/ton. Today's trading volume has shrunk, while the positions have been greatly reduced, indicating that the market sentiment is difficult to condense and the recent weakness is difficult to change.

The New York Mercantile Exchange July cotton futures opened at 47.50 cents per pound on Tuesday, trading at 45.00 cents to 47.50 cents and closing at 46.50 cents; The 65438+ 10 month contract opened at 49. 10 cents/pound, with the transaction price ranging from 48.60 cents to 49.50 cents and the closing price being 49.49 cents. The CIF A index of Northern Europe (about 328-grade cotton in China) is 58.65, which is the same as that of July 5, and is equivalent to the delivery price of general trading ports 12503 yuan/ton. According to the latest report of the United States Department of Agriculture (USDA), as of July 4th, the growth of cotton in the United States was better than in previous years, which formed resistance to the rebound of futures prices. In addition, as the demand in China has not recovered, the bottom line of the 65438+February contract is unknown, and the new york futures price is expected to maintain a small consolidation pattern.

In terms of domestic spot, on the one hand, the shortage of funds in cotton enterprises leads to sluggish demand, on the other hand, statistics show that the supply this year has increased a lot compared with last year. According to the forecast of Gansu Provincial Agricultural Transfer Team, the cotton planting area in Gansu Province is expected to reach1022,500 mu in 2004, breaking through the million mu mark for the first time. The sharp increase in planting area still stems from the sharp increase in cotton consumption last year and the almost crazy increase in cotton prices last year. The change of supply and demand determines the trend of cotton price to a considerable extent.

Today, due to the excessive decline in the previous period, the price of the domestic electronic supporting market rebounded today, with the increase in the distant month being greater than that in the recent month, but it fell back after the high, closing slightly higher, and there was insufficient motivation to continue to rise. The ups and downs of the market and Zhengzhou cotton futures are still due to shocks. In the case of insufficient market sentiment, long and short can not last, and the consolidation trend should be the keynote in the near future.

Spot reference price: 14067 yuan/ton (down 236 yuan/ton from yesterday, national standard 328 cotton)

12862 yuan/ton (down from yesterday 188 yuan/ton, national standard 527 cotton)