Zhengzhou cotton prices unlikely to rebound

ICE cotton by the impact of price movements Zhengzhou cotton prices opened high-oscillation. Analysts believe that domestic demand remains weak, and other factors, Zhengzhou cotton prices unlikely to rebound sharply.

Nov. 13 ICE cotton futures prices rose slightly, the main force in March contract rose 11 points, the settlement price of 41.86 cents / lb. November 14 Mr Cotton prices opened higher oscillation, 901 contracts opened 10,690 yuan, to close at 10,750 yuan more than in the previous settlement price rose 230 yuan / ton, from a technical point of view, the price of cotton at 5 above average , 10,930 yuan tons Department under pressure to suppress line.

According to the latest Customs statistics show that in October 2008, China’s cotton imports to 96,200 tons, 32,800 tons reduction from the previous month, or 25.4 percent, year-on-year reduction of 40,800 tons, or 29.8 percent, 2008/09 Year, China imported a total of 225,300 tons of cotton, 146,300 tons reduction in the same period last year, or 39.4 percent. In October 2008, sales of textile products difficult, raw material procurement initiative decline in inventories of raw materials are compressed, according to the National Cotton Market Monitoring System survey showed that as at November 5, the sample of cotton companies to use stock average number of days is about 30.8 days (Including Hong Kong, to replace imported volume) than early October fell by 7.4 percent, according to the 2008/09 national cotton spinning with 11,680,000 tons, with daily average of 32,000 tons of cotton is estimated that the national cotton industry inventory of about 985,000 tons, representing a Early in October dropped by 7.0 percent, year-on-year drop of 16.8 percent.

In short, the domestic cotton industry stocks sharply year-on-year decline in domestic demand still weak, and other factors, Zhengzhou cotton prices unlikely to rebound sharply.