The off-season atmosphere in the downstream market is strong, and the Zheng Mian 09 contract may continue to fluctuate and weaken

Golden Ten Futures, June 10, last week, Zheng cotton futures prices first came under pressure and then rebounded. Last Friday, the futures price closed at 15135 yuan/ton. On the macro side, the recent interest rate cuts in Europe and other major economies have formed a certain support for 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 in the short and medium term or will still maintain a high interest rate level, or will form a certain pressure on the commodity market. At present, Zheng cotton's fundamentals are generally stable. There is little contradiction in the supply side of the domestic cotton market, and new crops are expected to produce a certain amount under good weather conditions. Downstream demand remains sluggish in the context of the off-season market. Textile enterprises and weaving mills continue to decline, finished product inventories accumulate, and market sentiment is average. Overall, Zheng Mian may continue to experience a weak trend in the short term.