Cotton Quotes Fall, Brazil Cotton Leads The Whole World

From the survey point of view, with the opening of the ICE cotton futures diving mode in the past week (the main contract in December opened the previous lows 64.70, and then hit a new low of 62.84 since mid June 2016), and the USDA monthly report predicted that the profits of 2019/20 increased (the global cotton consumption decreased and the end inventory increased).

Compared with the 2019 Brazil cotton, American cotton, India cotton and other quotations in the month of 2019, the drop rate and space of the bonded 2019/20 and 2018/19 spot are much smaller, with the price of RMB only down 100-200 yuan / ton. July, 11, 12, Qingdao, Zhangjiagang, Shanghai and other port bonded 2018/19 M 1-1/8 Brazil cotton, SM 1-5/32 Brazil cotton, S-6 1-5/32 India cotton, SM 1-5/32 West Africa cotton (mainly Benin, Mali, Zambia, etc.) RMB quoted price is 13750-13800 yuan / ton, 13900-13950 yuan / ton, 14000-14100 yuan / ton, 14100-14150 yuan / ton (ask the buyer to bring 1% quotas for cotton import quotas).

Some cotton mills and traders said that since July, the volume of Port Bonded and Brazil cotton on the spot has increased significantly (including a small amount of 2017/18 cotton), almost occupying the "half of the market resources". Traders have accelerated the pace of shipment and the withdrawal of funds. In July, the United States cotton not only had little customs clearance, but also had very few quotations for bonded cotton and American Cotton (100% using CNF and CIF quotations), and India had made an inquiry and made a slow turnover because of the high price, large impurities and strong decline in the latter part of the market. Brazil cotton has seized the attention and import share for half a month.

According to the analysis of the industry, first, Brazil cotton harvesting, processing and listing has been increasing continuously (2019/20). Most of the international cotton traders and importers have been selling new cotton in 2019/20 in June. Compared with Chen cotton, the price and quality of new cotton in Brazil have some advantages. Therefore, bonded cotton and cotton at the spot are only one way to reduce the price of running goods; two, this week, Zhengzhou dived again, and the CF1909 contract not only broke 13000, but also almost opened the previous low point of 12720. Xinjiang cotton sold no matter on the basis of sales or "one price", the shipment went down sharply, and the price difference between inside and outside cotton was enlarged, and the competitiveness of outer cotton was weakened. At present, the price of the "double 29" machine pick up cotton is quoted at 13800-13900 yuan / ton. The SM 1-5/32 Brazil cotton trader's net weight is quoted at 15000 yuan / ton (cleared), and the difference between the two is over 500 yuan / ton.