Cotton prices rebound slightly inside and outside the spread narrowed

Core Abstract: Last week (March 4-March 8), during the National Two Sessions, the domestic macro atmosphere was warm, but the new orders in the textile market were less than expected, and short-term orders were the main ones. The confidence of enterprises in the market outlook was weak. In addition, cotton prices are relatively high at this stage, raw material purchases are cautious, and the method of buying as you use.

1. inside and outside cotton spread upside down range narrowed

Last week (March 4-March 8), during the National Two Sessions, the domestic macro atmosphere was warmer, but the new orders in the textile market were less than expected, and short-term orders were the main ones. The price of cotton is relatively high, the purchase of raw materials is cautious, and the method of buying as you use is used; in the international market, the Fed's interest rate cut is expected to increase again on Monday, and the US dollar index fell sharply, leading to a correction of commodity prices, however, driven by factors such as tight U.S. cotton supply and good export data, cotton prices rose in the middle of the week. Over the weekend, high cotton prices led to a growing wait-and-see sentiment in the market. ICE cotton futures market fell again, and the upside-down range of domestic and foreign cotton prices narrowed. The weekly average price of China's cotton price index (CCIndex 3128B) was 17210 yuan/ton, down from 29 yuan month on month. The weekly average price of Cotlook A index was 102.3 cents/pound, down 1.8 cents/pound from the previous month. The 1% tariff was reduced to 17837 yuan/ton (including 200 yuan/ton port charges), 627 yuan higher than China's cotton price index (CCIndex 3128B) and 306 yuan lower than last week; ICE cotton futures recent contract average price of 98.1 cents/pound, down 1.9 cents month-on-month; Zhengzhou futures main contract CF405 average price of 16052 yuan/ton, down 180 yuan/ton month-on-month.

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Cotton prices rebound slightly inside and outside the spread narrowed

2024-03-14