According to feedback from cotton traders in Zhangjiagang, Qingdao, Shanghai and other places, the main ICE cotton futures contract continued to consolidate around 80 cents/pound and the Zheng cotton CF2105 contract rebounded from the annual low of 14,285 yuan/ton to 14,800 yuan/ton. Influenced by the above and other factors, some foreign businessmen and cotton importing companies are rushing to withdraw funds in order to speed up shipments. The quotation basis of US dollars and RMB has declined slightly (especially low-grade, low-quality, low-spinnability foreign cotton), stimulating cotton textile mills. , The mood of middlemen to replenish their stocks.
A medium-sized cotton company in Huangdao said that although the growth of bonded + customs cleared cotton stocks at ports has slowed down in the past week, the pressure on the bonded warehouses + transit warehouses in Qingdao, Shanghai and Zhangjiagang is still under pressure Relatively large, some bonded warehouses continue to be in a state of “liquidation”. Some international clothing brands’ Xinjiang cotton was strongly resisted by China, which triggered market concerns about the cotton market. Therefore, not only did cotton trading companies’ enthusiasm for basic price difference sales rebound significantly compared with before late March, but also Brazilian cotton, US cotton, and Indian cotton The profit margin for cotton has increased compared with the previous period, and foreign cotton spot inquiries and transactions have gradually improved.
Regarding the recent trend of ICE, several cotton companies generally believe that this round of bottoming has basically come to an end. Stabilization and oscillatory rebound are high possibilities. The long and short sides will be at 80 cents/ After repeated battles at the Pound Pass, it entered the upward channel. </p
