Ice Cotton Futures Surge, Zheng Cotton Price Active

Since the first ten days of May, ice cotton futures have fallen sharply, with the main contract in July falling sharply from 155.95 cents / pound to 139.05 cents / pound. There are no obvious signs of domestic cotton yarn, grey cloth, clothing and other consumer terminals to stabilize and rebound. The U.S. government's implementation of the import ban on cotton products in Xinjiang has become more stringent, and the pressure of domestic epidemic prevention and control is greater, Zheng cotton cf2209 contract diving in late May increased, cotton futures market pessimism, air atmosphere dominated.

The contracts of zhengmian have been fluctuating downward continuously. The cotton traders and futures companies with high proportion of hedging or 100% hedging are very active, and the operation of "selling spot goods and flat and empty orders" is easy, which forms a contrast with cotton processing enterprises with low hedging rate in Xinjiang.

Cotton traders said that they had recently sold more than 2200 tons of machine picked cotton in Northern Xinjiang (mainly produced in Changji, Kuitun and Tacheng), among which the resources of the supervision Library in Xinjiang accounted for more than 85%. Different from the "double 29" resources purchased by cotton textile mills and middlemen in March and April, the proportion of "double 28" resources in inquiry transaction continued to rise, The buyer has lowered the standard of taking the goods.

Some cotton ginning plants in Aksu, Kashgar and other places have judged that since May, cotton textile and middlemen in the mainland have actively adopted the "basis point price" method to purchase from traders and futures companies (including warehouses inside and outside Xinjiang), and the sales cycle for cotton processing enterprises in Xinjiang has been further shortened, and the pressure has been rising Cotton enterprises with serious lag in lint sales progress are facing more risks.