SunSirs: Zhengzhou Cotton Rushes Higher at Night, Cotton Spot in the Chinese Market Rises Accordingly
July 05 2021 08:29:44 SunSirs (Linda)
1. Price quotes
The cotton market fluctuated and rose last week. On June 28, the price of 3128B lint was around 16,156 yuan/ton, and on July 2, the price was 16,299 yuan/ton, an increase of 0.88%, and a month-on-month increase of 2.71%.
2. Market analysis
On July 2nd, China's cotton price index was 3128B level 16264 (+173), Zheng Cotton rose in the night trading, ICE cotton rebounded, and the cotton spot market rose with futures. At the end of May, the country’s total cotton turnover inventory was about 2,689,400 tons, a month-on-month decrease of 540,300 tons. Inventory consumption was rapid. The early futures drove cotton companies to lower their sales quotations, and downstream textile companies were more willing to replenish their inventory. The textile industry is in the off-season, and the downstream goods have dropped significantly compared with May, and the inventory of cotton textile enterprises has increased compared with before. In the short term, the benefits of lint are limited, and the shock is the main factor.
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