According to feedback from several cotton trading companies in Qingdao, Zhangjiagang and other places, due to the main ICE cotton futures contract clocking in at 90 cents/pound last Friday; and the impact of Zheng cotton’s shock and fall in the past two trading days, domestic and foreign cotton prices under the 1% tariff The range of “sequential listings” continues to narrow, and the inquiries/orders for bonded and September/December cargoes from cotton-using enterprises and middlemen have significantly weakened (quotations in US dollars); while the fixed-price RMB resources have slightly better transactions following the pullback of Zheng Cotton. US cotton, Australian cotton, Brazilian cotton and Indian cotton account for the majority.
A cotton company in Jiangsu said that since September 4, the daily listing volume of reserved cotton has increased to 20,000 tons, and the proportion of imported cotton remains high; in addition, the transaction price of reserved imported cotton and the quotation of customs clearance foreign cotton are 400- The price difference is 600 yuan/ton (taking into account the difference in public weight and net weight settlement, and not considering the color grade), so the enthusiasm of cotton-using enterprises to participate in the reserve cotton auction is still very high; while the inventory of bonded and customs-cleared US cotton at ports is relatively sufficient, but China There are too many resources with low indicators and low spinnability, which are not suitable for bulk and centralized procurement. Compared with reserved imported cotton, there is almost no advantage. In addition, traders are highly motivated to raise prices and there is not much room for discounts. Therefore, US cotton exports The decline in goods was slightly obvious compared with July and August.
Judging from traders’ quotations, the net weight quotation of Brazilian cotton M 1-1/8 (strong 28-30GPT) cleared by Qingdao Port on September 5-6 is 18,650-18,850 yuan/ton; M 1-5/32 (strong 29/30GPT) ) The net weight quotation is 18,900-19,050 yuan/ton; while the current “double 28” (or single 29, main grade 31) Xinjiang machine-picked cotton quotation in Shandong, Jiangsu, Henan and other inland warehouses is 18,700-18,900 yuan/ton, taking into account the net weight , net weight settlement is different, Xinjiang cotton is 300-400 yuan/ton higher than bonded Brazilian cotton; while the current bonded Brazilian cotton M 1-1/8 (strong 28/29GPT) net weight fixed price is concentrated at 100-101 cents/pound. The import cost under a 1% tariff is about 17,800-18,000 yuan/ton, which is about 1,000 yuan/ton lower than the Xinjiang cotton in the mainland.
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