According to the “Announcement on Relevant Arrangements for National Reserve Cotton Rotation†(No. 9 of 2016) issued by the National Development and Reform Commission and the Ministry of Finance, the calculation formula for the sales reserve price of reserve cotton wheels, and the 18th week of reserve cotton wheels for 2016/2017 (7 On the 3rd to the 7th of the month, the reserve floor price of reserve cotton was 15167 yuan/ton, which was 30 yuan/ton higher than the 17th week. The price of “double 28†Xinjiang hand picking cotton in Zhangzhou and the surrounding areas was 16,300 yuan/ton (gross weight, tax inclusive, since mentioning), and the price was stable; the price of “double 30†Xinjiang hand picking cotton was 16,800 yuan/ton.
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international market
India: According to the forecast of the Indian Cotton Association (CAI), India's lint production in 2016/17 was 33.625 million bales, down from the previous month's forecast. The forecasted increase in consumption was 30.50 million bales; the annual total supply was 40.625 million bales, excluding export volume and the remaining 10.125 million bales. On Thursday, India's S-6 gin mill's pick-up price continued at 43100 rupees per square meter, and Punjab's J-34 was also stable at 4,600 rupees/moend, with 85.30 cents/pound and 86.70 cents/pound respectively.
Australia: In April, Australia exported 21,600 tons of cotton, a year-on-year decrease of 10.98%, mainly exported to Bangladesh with 6,232 tons, an increase of 73.3%; China's 6,203 tons, an increase of 2,6.58%; Indonesia, 2,924 tons, a year-on-year decrease of 33.28%; Vietnam, 2,546 tons , year-on-year increase of 487.59%; India 2025 tons, a year-on-year decrease of 30.42%. From January to April, Australia exported 49,100 tons of cotton, a year-on-year decrease of 40.86%, of which China's cotton exports were 16,100 tons, a year-on-year decrease of 11.24%; Indonesia, 8,792 tons, a year-on-year decrease of 49.9%; Bangladesh, 8711 tons, a year-on-year decrease of 8.49%; Vietnam has 5,159 tons, a decrease of 66.79% year-on-year.
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US: According to the report issued by the US Department of Agriculture on June 30, the actual area of ​​US cotton broadcast in 2017 was 12.05 million acres, which was a year-on-year increase of 20%. Upland cotton area is 11.8 million acres, an increase of 19%, and Pima cotton area is 252,000 acres, an increase of 30%. Before that, the market expected the United States to have a live broadcast area of ​​12.28 million acres.
Outlook
The reserve reserve price for reserve cotton round 2016/17 was 15,167 yuan/ton (standard level), up 30 yuan/ton from last week, although the import value of cotton import VAT was reduced from 13% to 11% from July 1. %, but this week did not use the new value-added tax rate, but will wait until next week to adopt a new tax rate, so the auction base price this week increased slightly. Today, reserve cotton turns out a total of 29,600 tons of resources, among which Xinjiang cotton has a listed volume of 10,000 tons, and Xinjiang's cotton stocks in the reserve cotton stocks have basically maintained around 10,000 tons. The transaction rate of reserve cotton in the morning reached 74%.
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In recent days, the speed of warehouse receipts has slowed down, and the enthusiasm of purchase orders by textile companies has declined. At present, a large number of high-rise and low-strength cotton warehouse receipts have become less attractive to textile companies. As a whole, the cotton market still has more resources to choose from. The warehouse receipts volume is still at a relatively high level, and downstream consumption has entered the off-season. Zheng cotton fundamentals are still weak. The actual planting area of ​​US cotton announced by the USDA today is lower than the market expectation. Zheng cotton prices have risen sharply. However, after the end of the reporting period, the market is expected to return to fundamentals. It is suggested that the market may be considered for building short positions and the cotton trend may be taken into consideration.
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