SunSirs: Both Supply and Demand Were Bad, and the Domestic Cotton Market Was Weak and Down
November 03 2022 09:46:17 SunSirs (John)
Price trend
According to the monitoring of SunSirs, the price of 3128B lint cotton on November 2 was 15,320 RMB/ton, down 0.28% from the previous trading day and down 32.20% year on year.
Analysis review
The purchase price of domestic seed cotton fell after the low opening and rising, and the price was significantly lower than that of the same period last year. The market's expectation for the future market was generally low. With the gradual listing of new cotton, the pressure on domestic cotton supply increased greatly, and the enthusiasm of cotton enterprises for sales increased greatly, and the quotations of most enterprises decreased.
The downstream cotton yarn market remained weak, the operating rate of textile enterprises declined slightly, the finished goods inventory continued to rise, the demand side downturn pattern was hard to change, and the terminal textile and clothing sales were also weakening.
Market outlook
The traditional peak season of textile industry was less than that of previous years, the number of orders of enterprises showed a decreasing trend, the willingness of textile enterprises to purchase raw materials declined, and the market pessimism increased under the shrinking demand. It is expected that the cotton market will remain weak in the short term.
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