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Zheng cotton main contract closed at 17,430 yuan/ton on Wednesday, a daily increase of 0.98%. Support from supply concerns offset the impact of a higher dollar, and ICE cotton closed almost flat overnight. Domestic fundamentals are intertwined, and market sentiment fluctuates repeatedly, focusing on selling storage transactions, downstream demand, new cotton production and prices.
Domestic factors are mutually restrictive. Xinhu Futures said that at this stage, Zheng cotton long and short factors interwoven, more in the harvest expectations and opening prices, empty in the downstream industry chain less than expected, the policy end of the supply increment and cotton yarn channel inventory. In the short term, as far as the time is concerned, the market attention is more focused on the former, according to anecdotal reports, Bachu machine has opened 8.2 yuan/kg, sweater points 42%, cottonseed price is measured at 3.2 yuan/kg, folding cotton processing cost of about 18,300 yuan/ton, pan upside down over 1000 yuan/ton, more pan, but the rumor to be examined, has not yet seen the relevant bills. In terms of hand-picking cotton, 13 processing plants of the first division announced that 43% of the cotton separation weighing price was 9 yuan/kg. With the new flower listing is imminent, northern Xinjiang will start the scale at the end of the month, and southern Xinjiang will start the scale later in early October, and it is necessary to pay attention to the opening price, the collection situation and the bank lending policy.
For the evolution of the market logic, Huarong Rongda futures said that the current long and short game is fierce, the market is waiting for the new cotton listing price and market sentiment changes, cotton prices or still continue to fluctuate widely. Zhongtai Futures said that under the structural contradiction between the gradual increase in supply and the pressure of spinning losses and the demand season and the expected production reduction, the cotton price range is oscillating in the waiting direction.
(Source: Asian Textile Alliance)
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