According to feedback from some cotton spinning companies in Jiangsu, Zhejiang, Shandong and other places, the Zheng cotton CF2309 contract has continued to rise sharply in recent trading days, with the intraday low of 15,385 yuan/ton on May 28 and the early trading high of 16,885 yuan/ton on June 5. , in just one week, the main force rose by 1,500 points, an increase of nearly 10%, and the spinning spot has suffered a large loss; the accumulation rate of cotton yarn inventory is still below the “warning line”, and the capital flow is relatively sufficient. Therefore, since last weekend, some The ex-factory price of cotton yarn in textile companies has generally increased by 500-1,000 yuan/ton (high-count yarns and high-matching yarns have increased slightly) to alleviate the cost pressure caused by the surge in raw materials. A medium-sized cotton mill in Jiangsu said that on the one hand, cotton futures have rebounded strongly, resulting in textile companies having to choose between reducing production suspensions or significantly raising cotton yarn prices; on the other hand, cotton prices have risen by more than 1,000 yuan/ton, according to textile companies and downstream companies. According to the customer’s agreement, it is natural to increase the yarn price, and most purchasers also express their understanding.
Judging from the survey, Zheng cotton has skyrocketed by nearly 1,500 points since last week, making most cotton spinning companies feel confused and overwhelmed. In particular, small and medium-sized spinning companies mostly buy raw materials as needed and have relatively low inventory levels, making it difficult to accept high cotton prices. , difficult to digest, and receiving and arranging orders are also greatly affected. Textile enterprises in Zhengzhou, Henan, Tai’an, Shandong and other places reported that they have no plans to restock raw materials in the short term, and procurement has come to a standstill. Because such high cotton prices cannot be smoothly transmitted to downstream gray fabrics, fabrics, clothing and other terminals, textile enterprises have no plans to replenish their stocks. The risk is high. On June 5, the quotations of “Double 28” (or Single 29) Xinjiang machine-picked cotton in Henan, Shandong and other inland warehouses have risen to 17,500-17,700 yuan/ton, an overall increase from the quotation at the end of May to 1,000-1,200 yuan/ton. tons, making cotton-using companies feel unable to “parry” and can only reduce or postpone cotton replenishment.
A large cotton enterprise said that since June, shipments in basis spreads, biddings and basis-locked transactions have all declined significantly. Although processing enterprises, traders and other pending orders are relatively sufficient and they are shouting hard, cotton textile mills are not ” “Buy it”, not only hold the currency and sell, but the enthusiasm for inquiry has also cooled down rapidly. The “special offer” and the transaction of 2021/22 Chen cotton have also encountered resistance, and the entire cotton spot market has fallen into a state of “price but no market”.
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