New York futures expanded gains. The December contract rose 59 points to close at 84.14 cents, while the March contract rose 74 points to close at 82.51 cents. 
Although the market is technically overbought and needs to be adjusted, the market has refused to withdraw this week, and the performance is still quite impressive. There are a few days close to 84 cents, so the market should alleviate overbought pressure to a certain extent, although the market remains at a high level.
Compared with last week, volume fell to less than half of last week. In the last four trading days, the highest single-day volume was only 13'186 hands. However, the open interest this morning steadily increased to 210'295 contracts, an increase of 52,000 lots since July 20. Hedges are squeezed into long positions, and trades are hedging against spot purchases, or they can be sold at any time through short-term cotton lock-in.
If we look at the latest commodity **Committee's report, including options, we will notice that speculative longs and trading shorts have increased a lot. Between July 20 and August 10, trade increased 46,000 net short contracts to 1.28 million bales. Since this report does not include the positions of recent trading days, we estimate that today's trade net short position is approximately 15 million bales, of which the index and hedge funds hold a relative amount of net long positions.
Today's US export sales report is good, and the number of sales reports is growing at an alarming rate. These all provide support to the bull market and hopefully make the adjustment market more hopeless. Last week, U.S. Upland Cotton and Pima cotton export commissions increased by 461'900 bales. Therefore, the total number of commissions for this year's market increased to 6.4 million statistics, of which less than 500,000 bales have already been shipped. Sales are very fast, accelerating the shortage of existing supply in circulation channels. The mills seem to be planning to order cotton for the first and second quarters because they fear that if they wait too long, they will find it difficult to buy quality cotton and determine the date of shipment.
When textile mills are fighting for supplies, they are unwilling to lock prices at this time. Therefore, they continue to buy mainly unpriced sources. Last week, the number of unpriced sales to be sold was an alarming net increase of 838'600 bales to 8.8 million bales. The large number of growth is beneficial to the market from two aspects. First, it shows that last week US and foreign cotton sales exceeded 1 million bales. In addition to these unpriced sales, there are also some pricing sales, such as China, which in the past did not like to purchase unpriced sources. Second, the increase in the number of unpriced pending sales means that more demand to be released supports the market. Due to such a huge market to suppress the market to adjust to a larger market, so textile mills themselves disrupted their own purposes. At present, if the market wants to break through the layers of support, it needs a considerable external market factor as a promoter.
In spite of the unusually tight inventory and the expected output gap this year, the bullish market will continue. We need to pay attention to those factors that may undermine the bullish situation. The most likely factor to undermine the bullish market is that the economic recession in the United States and Europe has deepened, leading to an unexpected drop in consumption.
The recent news in the United States is not encouraging. The housing market is once again weak and there is no sign of recovery in employment. Many US consumers have cash shortages on hand, and taxation in 2011 will increase significantly, affecting all levels of income levels, so cash disposables will continue to decrease. Most Americans do not seem to know how much taxation to raise, but we believe that consumers' disposable spending next year will be greatly reduced. As European consumers have to tighten their belts due to tightening policies, we may see an unpleasant decline in GDP in 2011. It remains to be seen whether Asia will again make up for the weakness of the Western economy.
So where do we go from here? As long as the Northern Hemisphere cotton has not yet entered the market, we expect that the cotton market will not face any significant pressure. The shortage of existing supplies, the continued purchase of textile mills, and the large number of unsold-for-sale quantities all provide tremendous support to the market. The question is whether the market stays in the near-term trading range, or whether we see the market approaching 90 cents or breaking 90 cents. If the weather cooperates, the market may maintain a range of shocks, but if the output decreases, it may activate short covering and further push up prices. Therefore, the current sea-level temperature anomaly gives us some worry that the temperature in the Pacific Ocean is low and the temperature in the Atlantic Ocean is high, which may lead to extreme weather in the cotton picking season.
Once the new cotton enters the market, we need to revisit the supply and demand situation, but we are likely to see that prices remain at current levels for the full year.
Although the market is technically overbought and needs to be adjusted, the market has refused to withdraw this week, and the performance is still quite impressive. There are a few days close to 84 cents, so the market should alleviate overbought pressure to a certain extent, although the market remains at a high level.
Compared with last week, volume fell to less than half of last week. In the last four trading days, the highest single-day volume was only 13'186 hands. However, the open interest this morning steadily increased to 210'295 contracts, an increase of 52,000 lots since July 20. Hedges are squeezed into long positions, and trades are hedging against spot purchases, or they can be sold at any time through short-term cotton lock-in.
If we look at the latest commodity **Committee's report, including options, we will notice that speculative longs and trading shorts have increased a lot. Between July 20 and August 10, trade increased 46,000 net short contracts to 1.28 million bales. Since this report does not include the positions of recent trading days, we estimate that today's trade net short position is approximately 15 million bales, of which the index and hedge funds hold a relative amount of net long positions.
Today's US export sales report is good, and the number of sales reports is growing at an alarming rate. These all provide support to the bull market and hopefully make the adjustment market more hopeless. Last week, U.S. Upland Cotton and Pima cotton export commissions increased by 461'900 bales. Therefore, the total number of commissions for this year's market increased to 6.4 million statistics, of which less than 500,000 bales have already been shipped. Sales are very fast, accelerating the shortage of existing supply in circulation channels. The mills seem to be planning to order cotton for the first and second quarters because they fear that if they wait too long, they will find it difficult to buy quality cotton and determine the date of shipment.
When textile mills are fighting for supplies, they are unwilling to lock prices at this time. Therefore, they continue to buy mainly unpriced sources. Last week, the number of unpriced sales to be sold was an alarming net increase of 838'600 bales to 8.8 million bales. The large number of growth is beneficial to the market from two aspects. First, it shows that last week US and foreign cotton sales exceeded 1 million bales. In addition to these unpriced sales, there are also some pricing sales, such as China, which in the past did not like to purchase unpriced sources. Second, the increase in the number of unpriced pending sales means that more demand to be released supports the market. Due to such a huge market to suppress the market to adjust to a larger market, so textile mills themselves disrupted their own purposes. At present, if the market wants to break through the layers of support, it needs a considerable external market factor as a promoter.
In spite of the unusually tight inventory and the expected output gap this year, the bullish market will continue. We need to pay attention to those factors that may undermine the bullish situation. The most likely factor to undermine the bullish market is that the economic recession in the United States and Europe has deepened, leading to an unexpected drop in consumption.
The recent news in the United States is not encouraging. The housing market is once again weak and there is no sign of recovery in employment. Many US consumers have cash shortages on hand, and taxation in 2011 will increase significantly, affecting all levels of income levels, so cash disposables will continue to decrease. Most Americans do not seem to know how much taxation to raise, but we believe that consumers' disposable spending next year will be greatly reduced. As European consumers have to tighten their belts due to tightening policies, we may see an unpleasant decline in GDP in 2011. It remains to be seen whether Asia will again make up for the weakness of the Western economy.
So where do we go from here? As long as the Northern Hemisphere cotton has not yet entered the market, we expect that the cotton market will not face any significant pressure. The shortage of existing supplies, the continued purchase of textile mills, and the large number of unsold-for-sale quantities all provide tremendous support to the market. The question is whether the market stays in the near-term trading range, or whether we see the market approaching 90 cents or breaking 90 cents. If the weather cooperates, the market may maintain a range of shocks, but if the output decreases, it may activate short covering and further push up prices. Therefore, the current sea-level temperature anomaly gives us some worry that the temperature in the Pacific Ocean is low and the temperature in the Atlantic Ocean is high, which may lead to extreme weather in the cotton picking season.
Once the new cotton enters the market, we need to revisit the supply and demand situation, but we are likely to see that prices remain at current levels for the full year.
Lace Wedding Dress,Ball Gown Wedding Dress,Sexy Wedding Dress,Wedding Gowns
Wedding Dress,Evening Dress Co., Ltd. , http://www.shweddinggown.com