Source: Jinqiao Textile Network
Zheng Mian's rebound continuescryptogamesplaytoearnlist, the main 2409 contract once again stood at the 15500 yuan mark, breaking through a two-week high of 15570 yuan, and ended the session up 1.1%.cryptogamesplaytoearnlist.07%, rising for the sixth consecutive day. As market sentiment warmed up, short funds voluntarily left the market, but the fundamentals still lacked bullish driving.
Recently, the weather and temperature in Xinjiang have been relatively high, domestic cotton seedlings are growing well, and commercial inventories have continued to decline. However, the sales progress of lint cotton is still slower than last year. Cotton yarn continues in the off-season market, and spinning profits have not improved. Most textile mills purchase lint cotton in order to maintain production. Continue to buy as you want.
The Ministry of Agriculture and Rural Affairs released a monthly report on the supply and demand situation analysis, saying that in the domestic market, the sales progress of lint cotton is slow, the total amount of new cotton for sale is high, cotton imports have increased significantly, and domestic supply is generally sufficient. Textile mills have insufficient new orders, and the domestic and external demand markets have not seen significant improvement. Domestic cotton prices are expected to weaken and fluctuate in the near future. In the international market, cotton production exceeds demand, supply is generally loose, and the global economy is slowly recovering, but economic growth is still lower than the pre-epidemic level. Cotton consumption demand is weak. International cotton prices are expected to be weak and volatile in the short term.
Hongye Futures said that domestic spot trading is light, downstream purchasing willingness is not good, and some large cotton companies are reluctant to sell and close orders. At the same time, internal and external price differences are exerting pressure on domestic cotton prices. The market is waiting to pay attention to whether sliding tax quotas will be issued; the overall cotton yarn market is weak. After Zheng Mian rebounded, the profits of textile companies deteriorated again. The operating rate was lowered, inventories increased, and production enthusiasm declined. Cotton overall lacks upward drive and is expected to rebound to a limited extent. Keep an eye on orders and weather.