Zheng Cotton Prices Surging Success?

On the 7 day of May, the night plate was the second night disk since the night market was reopened. According to Wen Hua financial data, the volume of Chinese commodity index tracking the domestic commodity futures market in May 7th (including 6 nights late night) volume was 19 million 461 thousand hands, representing 3 million 105 thousand growth compared with the previous day, indicating that the night plate is gradually returning to the heat.

Zheng cotton rose sharply on the 7 day of May, becoming one of the second gold varieties in the night market. Zheng cotton main contract 09 opening price 11600, the highest price 11830, the lowest price 11560, closing price 11685. Technically speaking, cotton has the potential to break through the long range interval between 11700-10700, and whether it constitutes an effective breakthrough remains to be seen.

Fundamentally speaking, according to the US Department of agriculture, 4.24-4.30 has signed 83979 tons of cotton sales in the United States during the week of 2019/20, a decrease of 15% compared with the previous week, but the average contract volume has increased significantly over the past four weeks, and has increased support for ICE.

On the macro level, the US Labor Department announced that the number of initial jobless claims applied last week, though still 3 million 169 thousand, is the lowest in nearly 6 weeks. Therefore, in the face of the grim situation of more than 33 million unemployed people over the past 7 weeks, the increase is still seen as a signal of the trend of improvement.