First, price quotes

According to data, May cotton shock down, monthly, the first market is 15897 yuan / ton, the month is 15760 yuan / ton, falling 0.86%, up 33.38% year-on-year.

Second, the market analysis

Domestic: In the early days, the quota increased message on April 30th, the number of cotton imported sliding tax quotas is 700,000 tons, all of which are non-national trade quotas. As soon as this news, it is conducive to the receiving orders for textile and clothing foreign trade companies, reducing raw materials procurement costs, improving product competitiveness, and rising cotton quotes. In the mid-month, the State Council executive meeting requires that "effective should increase the price of bulk commodities and its joints", the exchange has implemented a number of measures such as the proportion of multiple futures varieties, ensuring smooth operation, domestic cotton price The commodity market rushed to fall, and the market in the end of the month remained weak down.

my country's cotton imports were 230,000 tons, which increased by 92% year-on-year, 20/21 annual imports of imports of 2.17 million tons, an increase of 90% year-on-year. At the end of April, the total amount of cotton turnover inventory is about 32.297 million tons, down 446,300 tons from the previous month, and the decline is expanded from last month, less than 210,300 tons in the same period last year.

International: US inflation data has risen sharply to 12 years, and the stacked conflicts caused oil prices to fall and the weather in the US, dragging the international cotton price decline. 7-day international cotton price index (SM) 98.76 cents / lbs; 28-day international cotton price index (SM) 94.84 cents / lbs, down 3.92 cents / lbs; 7-day international cotton price index (M) 94.98 cents / Pounds, 28th International Cotton Price Index (M) 91.47 cents / lbs, down 3.51 cents / lbs. ICACMACMAGM currently pre-test Purdo

Futures: May 6, Zheng cotton main contract 2109 contract settlement price of 15800 yuan / ton, 31, main contract settlement price 15430 yuan / ton, down 370 yuan / ton.

Third, downstream industrial chain

Recently, cotton current futures market fell, market-seeking and sentiment, current cotton yarn companies are still in low inventory, quite wishes. Summer cotton consumption is coming, trader and rolling mill shipments increase, import cotton yarn increases, the downstream textile enterprise orders are general, the gray cloth market is in the early stage, and the orders are "green yellow", the cotton spinning is missing, Stabilized, followed by the text textile orders. According to statistics, as of May 28, the national spinning enterprises in the country was 10.2 days, down 0.6 days from last week, down 5.6% from the previous week. Data show that China's cotton textile boom index is 49.20 in April, and the geostate declines in March. April The raw material inventory index is 48.67, and the March index dropped 1.52.

With the recovery of the epidemic and orders, it is possible to support cotton out of the volatility, and the pre-production of cotton affected has not been reflected in the cotton futures market. In the short term, the cotton price is under the lack of well-supported or sustainable vulnerability, long-term Europe and the United States Other orders in Japan, the possibility of overflowing again in the third quarter, cotton or a wave will form a wave.