SunSirs: Zheng Cotton and Cotton Yarn Futures Rose by More Than 3%, and the Spot Market Stabilized
August 12 2022 09:52:49 SunSirs (John)
Price trend
On the 11th, the price of 3128B lint cotton was around 15,666 RMB/ton, up 0.20% from the previous trading day and down 12.31% year-on-year.
Analysis review
Recently, the cotton spot market has stabilized, and the enthusiasm of textile enterprises to purchase has rebounded. Under the pressure of inventory, orders were still mainly small and short. The cotton futures market is improving. On the 11th, the Zheng cotton futures market rose by more than 3%. With the market's increasing concerns about the reduction of US cotton production and the sharp drop in the US dollar, the price of ICE cotton futures broke through and rose sharply for two consecutive days. At present, cotton prices are still showing a pattern of external strength and internal weakness.
Downstream cotton yarn futures rose with Zheng cotton, but the spot trading was still light. The operating rate of textile enterprises was low, and the inventory of yarn and cloth was high, the actual demand had not been improved, and the downstream replenishment was cautious.
Market outlook
On the whole, cotton prices are not out of weakness, mainly concerned about the order situation in late August, and it is expected to mainly fluctuate in the short term.
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