From the feedback of cotton spinning enterprises in Jiangsu, Henan, Hubei and other places, although the Zheng cotton CF2109 contract has plunged sharply from 16,355 yuan/ton in the past week, domestic cotton spot prices have generally fallen by 600-800 yuan/ton. The market price of Zheng cotton yarn CY2109 also fell from 24335 to 23170. However, it is worth noting that due to the too rapid price reduction of cotton, textile enterprises are worried about affecting the performance of early contracts and gauze is still in a period of booming production and sales, and there is little pressure on finished product accumulation. In addition, Cash flow can still maintain operations, so most cotton yarn quotations have not followed the correction of Zheng Cotton and Zheng Cotton Yarn, but have stabilized and waited. The atmosphere in the downstream and terminal markets is relatively calm, and the willingness to chase short positions and sell down is not strong.
From the survey, the current quotations for C32 cotton yarn in Jiangsu, Zhejiang, Guangdong and other markets are concentrated at 25,200-25,500 yuan/ton (due to different cotton mixes and different quality indicators) The price difference of cotton yarn is quite different, for reference only), but the market price of Zheng cotton yarn CY2109 contract is only 23,200-23,500 yuan/ton, and the surface price difference between the two is about 2,000 yuan/ton (not considering financial costs, warehousing and transaction delivery fees) wait).
Why don’t weaving companies, clothing companies, etc. directly receive Zheng cotton yarn warehouse receipts “more quickly, more cost-effectively”? The author believes that there are mainly the following reasons:
First, cotton yarn delivery is different from cotton. Cotton can be delivered using other grades. Cotton mills of high, low and medium grades can use and spin yarn; however, cloth factories have clear requirements for cotton yarn count when receiving orders, and cannot be careless about various quality indicators. If the cotton yarn warehouse receipt is issued in C32S , cotton yarn matching 21S, 40S or other indicators instead of delivery is simply unacceptable to weaving factories and buyers;
Second, cotton yarn is more likely to change color than cotton in storage. It turns yellow and all indicators decrease. Therefore, the longer the storage period, the less attractive the warehouse receipt will be to buyers; in addition, cotton yarn delivery adopts a “factory warehouse” model, and storage conditions, loading and unloading capabilities, personnel and equipment configuration, etc. may not be comparable to professional warehouses;
Third, the quality indicators of cotton yarn warehouse receipts of some textile companies are mostly close to the offline quality requirements and do not match the actual needs of downstream companies. Some yarn mills register warehouse receipts for cotton yarns in stock, trial spinning, and that do not meet customer standards;
Fourth, the number of warehouse receipts is small, lacks sustainability, and cannot be guaranteed Quality stability requirements for weaving, fabrics, clothing and other enterprises. Under normal circumstances, a fabric factory may need to purchase 100-200 tons or more of cotton yarn for an order. In order to ensure stable yarn quality and high consistency, it is usually produced by a cotton spinning mill according to the contract, but the warehouse order is likely to be matched by several For products from several companies, different batches, and different production periods, it is difficult to guarantee supply stability and quality consistency.
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