SunSirs: At the Early Stage of the Listing of New Cotton, Cotton Prices Were Mainly Consolidating
October 12 2022 10:14:49 SunSirs (John)
Price trend
According to the monitoring of SunSirs, the price of 3128B lint cotton on the 11th was 15,516 RMB/ton, up 0.20% from the previous trading day and down 28.54% year on year.
Analysis review
Cotton spot market was consolidating. The peak harvest season is coming, but the epidemic situation has brought greater uncertainty to the subsequent stages of cotton picking, acquisition, public inspection, warehousing and transportation. The current market is waiting for new cotton to come into the market. The game between ginning enterprises and cotton farmers is intensified, and cotton farmers cannot sell across regions, which makes ginning plants have more power in pricing, and the purchase price of new cotton is difficult to rise significantly as in previous years. After the centralized listing of domestic new cotton, combined with the high carry over inventory, the pressure on the supply side will continue to rise, and the downstream demand will not improve. The poor connection of subsequent orders will suppress the rebound of cotton. The production of American cotton in the new year in the international market is seriously reduced, and the cotton in the ICE period is rising sharply, waiting for the guidance of this week's USDA supply and demand report.
Market outlook
At present, the cotton market has entered a critical period. In the short term, the cotton price may fluctuate with the weakness of American cotton, and the market is mainly volatile.
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