Turnover Of Cotton Is Reduced, Optional Supply Is Limited.

According to several international cotton traders and importers, since the end of April, the price of Port Bonded, spot and customs quotations outside cotton has been softer than that in 2-4 months. In addition to S-6, Mexico cotton, Ukrainian cotton and Greek cotton, there were occasional deals and strong accidents. Cotton, Brazil cotton and a few "super cold" Australian cotton products were seen and compared.

On the one hand, there is no timetable for the Sino US trade consultation, and the 800 thousand sliding tariff quotas will not be timed. Therefore, spinning enterprises and traders are increasingly cautious about the risk of "overdraft" import quotas. On the other hand, the domestic started 1 million tons of cotton reserves since May, although the pressure is limited, but the results can be seen. With the Zhengzhou CF1909 contract breaking 16000, 15800, 15600 and other integer juncture, the price of spot resources of ginning factories and traders, "base purchase" and "spot price" will fall down comprehensively, and the price difference between domestic and foreign cotton will continue to narrow, and the competitiveness of domestic cotton will be improved.

山東、江蘇、廣東等地的用棉企表示，目前中國各棉花主港澳棉數量少且報價高；巴西棉品質低、指標價，不好用；西非棉、墨西哥棉等保稅量不足、不同加期、不同批次棉花差異比較大，采購要看運氣；而印度棉雖然抵港、保稅量比較大，S-6、MCU5的品質可紡性要高于國儲棉、地產棉，但CNF、CIF等報價偏高，紡40S及以下支數棉紗利潤并不高甚至“倒掛”（紡40S以上棉紗需要加入一定比例的新疆棉、澳棉、美棉或高品質巴西棉、烏棉），因此目前實際可較大量滿足需求和紗線品質指標的只有2017/18、2018/19年度美棉，目前形勢下只能等待：一是期待中美談判雙方能盡快達成共識，簽署協議，取消對美棉進口加征25%關稅；二是等待儲備棉輪出啟動，希望能較大比例的輪出新疆棉、中高品質地產棉，切實為用棉企業“排憂解難”。

Judging from the survey, although the main contract of ICE futures has reached 78 cents / pound a week, the cotton prices of the US cotton, Australia cotton, India cotton and so on have increased again, but the price quotas for the port customs clearance cotton are not in line with each other.

On the 25-28 th of April, Qingdao port S-6 1-5/32 quoted 15200-15400 yuan / ton stabilization; SM 1-1/8 Brazil cotton quotes 15500-15600 yuan / ton; SM Mexico cotton quotes 15100-15300 yuan / ton, although the 1 million tons of cotton reserves are more worried about shipments to the outside cotton, but by the import cost, external support and national cotton production quality, spinnability or unable to meet the needs of the small and medium-sized mills, the short-term trade volume will not be strong.