According to Jinshi, the Zhengzhou cotton futures price fell under pressure last week and then rebounded. The futures price closed at 15,135 yuan/ton last Friday. Recently, Europe and other major economies have successively cut interest rates, which has provided some support to the commodity market. However, for the United States, the current economic indicators are good, but the inflation rate is still a certain distance from the target value. It is expected that the high interest rate level will continue in the medium and short term, which may put some pressure on the commodity market. At present, the fundamentals of Zhengzhou cotton are running steadily as a whole. There is not much contradiction on the supply side of the domestic cotton market, and new crops have certain expectations of high yields under good weather conditions. Downstream demand remains sluggish in the context of the off-season market. The start-up of textile enterprises and weaving mills continues to decline, finished product inventories accumulate, and market sentiment is general. In summary, Zhengzhou cotton may continue to fluctuate and weaken in the short term.
