Recently, global COVID-19 cases have continued to hit new highs, but commodities have performed stably, showing a volatile upward trend. Among them, Zheng cotton performed strongly, with the CF2101 contract rising to around 14,500 yuan/ton. It seems that the impact of the new crown epidemic is limited. As the vaccine approaches, Zheng cotton is expected to still have room for growth.
As of November 21, there were more than 58 million confirmed cases of COVID-19 globally, and more than 1.38 million deaths. At least 27 countries, including the United States, Brazil, India, Russia and other countries, have more than 1,000 new confirmed cases in a single day. Judging from the above data, the global COVID-19 epidemic is still increasing rapidly, and foreign control and isolation measures have not achieved good results in recent times.
According to the current market trend, cotton will maintain a range-bound trend in the short term and will not perform well. In the absence of significant improvement in demand, the upside space will be limited, but with cost support, the depth of decline will also be limited. limited. With the continuous benefits of the new crown vaccine at home and abroad, the bullish atmosphere in the market has become stronger, and the industry has predicted that cotton will perform well next year. In addition, once next year is entered, the market will see a significant increase in speculation opportunities, and bullish factors will have the upper hand, especially in the context of a better macro environment in the future. The global economy will rebound after bottoming out, which is conducive to cotton’s rise.
Although the result of the U.S. presidential election has not yet been determined, judging from recent news released by the U.S. media, China and the United States will repair their relations to a certain extent in the future, which will boost the economy and trade between the two countries. There will still be tensions in the future. Some expectations.
In short, under the current circumstances of the overall decline of the domestic textile market, the decline of corporate orders, the narrowing of yarn profit margins, and the widening of the price difference between domestic and foreign yarns, the upward resistance of cotton prices is greater, and it is necessary to Longer adjustment. </p
