[Weaving Ribbon News] Domestic commodity futures fell overall on July 11, of which cotton fell significantly, and the market was affected by the overall decline of the international market overnight. Industry insiders pointed out that at present, the international and domestic macroeconomics remain weak, and the outlook for commodity futures is weak.

　　After the European debt storm swept through Greece, Ireland, Portugal and other countries, it intends to include Italy, the third largest country in the euro zone. As the European sovereign debt crisis spread further to other countries in the euro zone, the euro bulls' confidence collapsed, and the euro plunged more than 300 points against the dollar yesterday (11th). Affected by this, the US and European stock markets suffered a "Black Monday".

　　In terms of major commodity trading, due to the rise in market risk aversion, investors bought a large amount of gold on the 11th, and the international gold price surged that day. However, due to the pessimism in the external economic expectations of the future, it is believed that the demand for crude oil will decrease, causing the international oil price to fall on the same day. , Futures of other commodity raw materials also fell.

　　The latest data from the US Commodity Futures Trading Commission (CFTC) shows that investors’ bullish commodity positions have fallen to their lowest level in a year at the end of June. Since early April, positions betting on rising commodity prices have fallen by 37%.

　　The existing domestic macro policies may continue to be maintained, and China's economic growth in the second half of the year may slow down and lead to a decline in demand, which will have a significant impact on the commodity market. By then, commodity trends will continue to diverge. Most industrial products may continue to fall, while agricultural products may rise simultaneously with the US dollar.

　　Copper futures continued to strengthen recently, and it seems to be challenging the previous high. From the perspective of foreign markets, the positive price difference between LME copper contracts fell rapidly in the second quarter, and the performance of contracts in recent months has become stronger, indicating that spot demand has rebounded. LME copper canceled warehouse receipts have rebounded rapidly recently, further reflecting the improvement in spot market demand. Therefore, whether from domestic or foreign, the demand of the copper market in the later period has been stable.

　　Cotton has continued to decline recently, and spot quotations have fallen into a reasonable range considered by industry insiders. However, the prices of cotton yarn and grey cloth in the cotton spinning market have continued to fall recently, and the transaction volume has remained stable. At present, textile enterprises are still facing the plight of inventory backlogs, and price reductions have not significantly improved the situation. Funding pressure and tight monetary policy have led to the prevalence of private lending, but high interest rates and poor sales have put many SMEs in desperation. According to market participants, many enterprises go through the cancellation procedures every day, and textile enterprises that have stopped production or even closed down may have reached a high proportion.

　　A quarterly report released by the US Department of Agriculture at the end of June stated that the actual planted area of ​​US cotton in 2011/2012 was 13.725 million acres, significantly higher than the 12.57 million acres predicted in the March Planting Intention Report, compared to 10.974 million acres in 2010/2011 An increase of 25%. ICAC's July supply and demand forecast report estimated that the global cotton production in 2011/2012 will be 27.42 million tons, up from 24.77 million tons in 2010/2011.

　　In June, China Manufacturing Purchasing Managers Index (PMI) was 50.9%, a decrease of 1.1 percentage points from the previous month. Reflects that the current economy continues to grow, but the decline in growth rate continues. However, the textile industry PMI is already below 50%, while the new orders index continues to decline, indicating that the entire textile industry is still in a weak state. In addition, a research report pointed out that under the background of current losses and production restrictions, with the tightening of bank repayments in July and August, the phenomenon of dumping of low-cost cotton companies to return capital may still occur.