According to feedback from cotton trading companies in Zhangjiagang, Qingdao, Guangzhou and other places, the main contract of ICE cotton futures has exceeded 90 cents/pound and 92 cents/pound in recent days, and the main contract of Zheng cotton has rebounded from 17235 yuan/ton. to 17,975 yuan/ton, not only the foreign cotton shipments and bonded cotton inquiries/transactions quoted in US dollars in August/December have slowed down compared with the beginning of August, but also the shipping activity of port customs clearance of US cotton, Brazilian cotton, Indian cotton, etc. has declined. , the enthusiasm of cotton textile mills and middlemen to receive goods peaked and fell.
A medium-sized cotton import company in Huangdao said that the CF2201 contract price exceeded 17,500 yuan/ton, and the basis sales and order prices gradually weakened. Driven by the epidemic, some cotton companies raised the “fixed price” of customs clearance foreign cotton by 300-400 yuan/ton, triggering resistance and wait-and-see sentiment among buyers. The entire port cotton spot market showed a pattern of “buyers don’t want to buy, and sellers don’t want to sell.” Stalemate market.
From the survey, the net weight quotation of Brazilian cotton M 1-1/8 (strong 28GPT) cleared by Qingdao Port on August 11-12 was 18,400-18,500 yuan/ton; M 1-5/32 (strong 28GPT) 28GPT) net weight quotation is 18,600-18,700 yuan/ton; while the RMB quotation for bonded Brazilian cotton M 1-1/8 is 16,300-16,500 yuan/ton (the purchaser brings its own 1% tariff cotton import quota for customs clearance); while China’s main port customs clearance is 31 -3/31-4 37 (Strength 28~30GPT) The net weight of US cotton is quoted at 18,800-19,000 yuan/ton. The price difference between Brazilian cotton and US cotton of the same quality and grade narrows to 200-300 yuan/ton. The current quotation of Xinjiang machine-picked cotton for the 2020/21 “Double 28” in Henan, Shandong, Jiangsu and other mainland warehouses is 18,050-18,250 yuan/ton. Taking into account the conversion of gross weight and net weight, it continues to be “closer” to the quotation of Brazilian cotton at the port. “In line”, under the premise that traders do not adjust the basis, the price difference between port bonded cotton and inland warehouse Xinjiang cotton is difficult to widen and “bundled” together. </p
