Sti cinesi son dei gran furboni, qualche settimana si erano rimangiati gli acquisti di soia brasiliana perchè l'avevano pagata troppo rispetto a quello che sono i prezzi attuali dei beans. Ora spunta fuori la notizia che rifiutano il cotone americano arrivato ai loro porti e non pagano per problemi economici e per il solito fatto che gli rode aver prezzato troppo qualche mese fa
ODJ Nybot Cotton Pre-Open: Struggle Still Lies Ahead
-- Market Could Continue To Move Lower
By Alison Guerriere
New York, July 6 (OsterDowJones) - Cotton futures at the New York Board of
Trade could continue to struggle on Tuesday after reaching new contract lows
last week, according to sources.
Traders said continued fears of cancellations hang in the market, but
there are also cancellations that have already taken place.
"Shipped cotton (to China) is getting cancelled with buyers refusing the
goods and that is a huge problem," said a desk trader. This refusal of cotton
was sparked by the current low price of cotton mixed with the tightening of
China's credit, he added.
"The mills are not getting letters of credit and that cycle has taken
prices from 65 cents to 49 cents," the trader said.
The cotton shipments that have been refused at Chinese ports are then put
into storage or sent somewhere else, he said.
"I expect to see a continued struggle unless we have seen the worst of
it," the trader said.
Cotton settled lower on Friday after breaking new contract lows on fierce
speculative selling and options play. Dec settled off its contract low of
49.21 cents a pound at 49.56 cents, down 68 points on the day.
"The technical condition has steadily deteriorated over the last five
trading sessions. Yet this market still does not show any signs of turning,"
said David Moore, cotton analyst at Harvey Price Cotton Co. "This suggests
more new lows can be expected."
Resistance is seen at 49.89 cents while support is at 48.88 cents, he said.
Beneficial rains in West Texas added to the bearishness of the market last
week, said Jim Nunn of Nunn Cotton Co.
The weight of a 102 million-bale-plus world crop and the current situation
in China with payments and potentially with new sales hangs negatively over
the market in a way not seen in three years, he said.
"The hope for a bounce in our market has not occurred and the fact that
trade selling has pushed our market lower while the spec has seemed to take
profits is even more discouraging," Nunn said. "There are no real crop
problems in the cotton world, even though many areas of the Delta and the
Southeast are suffering from too much water."
Seven Jly cotton notices were posted Tuesday, totaling 1,182 since June 24.
