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There Is Too Much Supply Outside China In The Cotton Market
In recent week, spot transactions in the international market are still weak. Pakistan and Vietnam are slightly interested in low price Brazilian cotton, but the transaction is very difficult. Bangladesh textile mills are busy opening letters of credit for early contracts, but the process is very slow. Countries are complaining about the poor yarn market, yarn prices did not follow the rise of ice futures, China's demand for imported yarn is also very low.
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The biggest problem in the cotton market is that there is too much supply outside China. There will be a large number of new cotton coming into the market in the northern hemisphere. India CCI holds 2 million tons of inventory and 35 million bales of new cotton to be harvested. Brazil has 2 million tons of new cotton to export, and half of old cotton has not been sold. There is a large cotton backlog in the ports of West Africa and East Africa. All this cotton is now out of the market.
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KIO cotton futures are still weak in KIO and KIO, such as 1 500-1 600 in West Africa. Now the production of cotton mills is increasingly turning to low count, and the demand for combed yarn is getting weaker and weaker. All mills are looking for cheap cotton.
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Ice futures will be based on the U.S. cotton export dynamic changes. The only cotton that can be sold to the United States now is a large quantity of cotton. If this situation continues, ice futures will remain at a high level.
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