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SunSirs: After the Ching Ming Festival, China's Cotton Starts to Rebound
April 08 2021 08:36:49SunSirs(Linda)

1. Price Quotes

After the Ching Ming holiday, the spot price of cotton rose, and the price of 3128B on the 7th was around 15,389 yuan/ton.

2. Market analysis

China: It is reported that China's cotton price index 3128B on the 7th was 15,383 yuan/ton. According to data from the National Cotton Market Monitoring System, as of April 2, the national new cotton sales rate was 85.1%, an increase of 2.9 percentage points from the previous month, of which Xinjiang cotton sales were 85.0%, an increase of 3 percentage points from the previous month; the nation’s cumulative sales of lint cotton was 5.058 million tons, A month-on-month increase of 169,000 tons. The increase in sales figures on a weekly basis indicates that the market demand is still there, especially now in the peak production season of textile enterprises, and downstream demand is supported.

International: On the 6th, the ICE futures cotton market closed up substantially. The main May contract settlement price was 79.22 cents, an increase of 134 points; the July contract settlement price was 80.47 cents, an increase of 129 points; the December contract settlement price was 79.41 cents, an increase of 154 points; other contracts rose 91-138 points.

Futures: On April 6, the 2105 contract of Zheng cotton's main contract rose 2.13%. On April 7, Zheng Mian's main contract 2105 contract rose 0.37%.

3. Downstream industry chain

Recently, after a round of decline in cotton prices, companies’ purchasing confidence is lacking, and procurement efforts have declined. As cotton prices have gradually stabilized, raw material inventories have gradually decreased, and the production peak season has been superimposed, and corporate procurement will gradually start. At present, the trading of cotton yarn and grey cloth market remains thin, and the pure cotton yarn market is generally poor. The cotton yarn inventory of yarn mills continues to accumulate, but it is still at a low level, and the load is mainly stable.
According to statistics, the output of chemical fiber, yarn, cloth and clothing of enterprises above designated size increased by 32.5%, 45.9%, 24.1%, and 38.4% year-on-year from January to February, and the growth rate was 46.1, 85.3, 60.1, and 75.0 percentage points higher than the same period of the previous year. From January to February, my country's textile and apparel exports reached 46.1 billion U.S. dollars, a year-on-year increase of 55.0%. The data of the first two months show that the export growth rate of the textile industry has increased significantly. The current cotton fundamentals maintain a healthy operation. As of the end of February, the national cotton commercial inventory is 5.0472 million tons. It is expected that the position of cotton will fluctuate upward in the future.

If you have any questions, please feel free to contact SunSirs with support@sunsirs.com.

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