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Source: Jintou.com
According to the trade agency’s monitoring, the domestic price of 3128B cotton was 15,600 yuan / ton on the 23rd, down 105 yuan / ton from last week and 2.21% from the previous month.cottonThe average price of the 3128B price index was 15,615 yuan / ton, down 113 yuan / ton from last week.
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The USDA supply and demand report for September increased production of new cotton crops and US closing stocks as expected, and global cotton closing stocks also increased significantly. global cotton supply and demand pattern is expected to become more slack.
Cotton shipments mount in the United States 2022/23 are 52,700 tons, mainly to China (16,500 tons), Vietnam, Mexico, Turkey and Bangladesh.
On a national level, due to the impact of the epidemic, the opening hours of the gin are generally after the 11th or during the 11th public holiday. New cotton will be available soon and the supply is sufficient. The recovery on the demand side limited support for cotton prices as a whole. Textile companies buy cotton at a low level. Downstream businesses mainly exclude stocks and at the same time wait and watch with caution.
In summary, there is limited support for demand and short-term cotton prices may still be under pressure.
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Responsible editor: Zhang Jingdi
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