At The Present Stage, The Supply Of Reserve Cotton Is Abundant, And The Price Of Foreign Yarn Is Showing Signs Of Decline.

This week, domestic cotton spot prices remained stable, and although there was a big fluctuation in Zheng cotton futures, there was no major change in the price center of gravity. Cotton yarn prices fell slightly and polyester staple prices continued to decline; the international cotton price oscillation was adjusted, and the price of cotton yarn dropped slightly, and the difference between cotton and cotton yarns inside and outside was narrowed.

(1) cotton prices

This week, domestic cotton spot prices remained stable and weak, Zheng cotton futures fluctuated sharply, international cotton spot prices were strong, ICE cotton oscillation adjustment (Table 1).

This week, domestic cotton yarn prices dropped, polyester staple prices continued to be weak, and international cotton yarn prices fell slightly (Table 2).

1, the price difference between inside and outside cotton continues to shrink.

In March 24th, the import cost of the international cotton index (M) was 15650 yuan / ton (1% customs duties, customs rates, the same below), which was lower than the domestic standard of 301 yuan / ton, the price difference narrowed 98 yuan / ton last week. The cost of import of S-6 cotton in India was 15002 yuan / ton, which was lower than the domestic 949 yuan / ton, the price difference narrowed 163 yuan / ton last week, and the import cost of Pakistan standard grade cotton discount RMB was 14115 yuan / ton, which was lower than domestic 1836 yuan / ton, and the price difference narrowed 129 yuan / ton last week (chart 1).

2, inside and outside

The price differentials narrowed.

In March 24th, Vietnam's 32 pure cotton yarn of 23928 yuan / ton (the cost of imported RMB) was 128 yuan / ton higher than that of China's domestic 32 pure cotton yarn. The price difference narrowed by 219/ tons compared with last week. India's 32 cotton plain cotton yarn was 25499 yuan / ton, 1699 yuan / ton than the 32 cotton combed cotton yarn in China, the price difference was reduced by 53 yuan / ton compared with last week, and the 32 cotton yarn in Indonesia was 23847 yuan / ton, which was higher than that of domestic domestic pure cotton yarn.

3, the domestic yarn cotton price difference narrowed, polyester cotton spreads continue to expand.

This week, the difference between domestic yarn and cotton price was 7849 yuan / ton (32 cotton and pure cotton yarn -328B cotton price), which was reduced by 7 yuan / ton compared with last week, and the difference of polyester cotton price 8201/ ton (328B cotton price polyester staple fiber price) increased 77 yuan / ton compared with last week (see Figure 3).

On the 20-24 th of March, the turnover of cotton reserves was 107 thousand and 100 tons, with a turnover rate of 69.86%. The average price was 14732 yuan / ton, a decrease of 51 yuan / ton compared with the previous week, and the average price of the cotton trade was 3128 yuan, 15941 yuan / ton, which was 22 yuan / ton lower than the previous week.

Spot sales of commercial cotton are still slow and sales are relatively active within the territory. According to the survey data of the national cotton market monitoring department, in March 24th, the spot sales volume of cotton in the whole country was 97 thousand tons, of which 18 thousand tons in the mainland and 79 thousand tons in Xinjiang.

Downstream cotton yarn market overall stable, some kinds of yarn prices slightly lower, raw material inventory remains low.

As of March 16th, the US 2016/17 net sales volume of cotton in the year of 2016/17 has been 97% of the USDA export forecast, which is higher than that of the same period last year.

The new cotton market in India decreased year by year, and cotton imports reached a climax. Only 80 thousand tons of new cotton were sold in Pakistan's ginning factories, and the supply of high-grade cotton was tight, and cotton prices in both countries remained strong.

Trump's health care reform plan was blocked, and the dollar weakness remained unchanged this week.

Many officials voicing support for the fed to raise interest rates again this year, the US Markit service industry PMI initial value of 52.9 in March, less than expected.

The initial PMI values of France and Germany in March were 57.6 and 57 respectively, all of which exceeded expectations, driving the euro zone's comprehensive PMI, services and manufacturing PMI in March to a 71 month high, indicating strong recovery in the manufacturing sector in the euro area.

This week the real estate regulation and control upgrade, strictly control the excessive flow of credit funds to real estate, the central bank through the open market operation net invested 80 billion yuan, Shibor rose for three consecutive days, the end of the season MPA assessment nearly, the capital side is tight.

The RMB exchange rate appreciates slightly.

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