Domestic: Last week, the domestic cotton spot price index was basically flat, and the difference between domestic and foreign cotton spot prices fell to 448 yuan/ton. 42,000 tons were sold every week, 100% of which were sold at an average price of 11,608 yuan/ton (up 34 yuan from last week). The turnover of textile enterprises accounts for about 43% of the total turnover of the week. According to the survey, the current raw material inventory of textile companies is about one month on average. Last week, Zheng Mian's 2009 main contract weekly increase was flat. As of July 31, Zheng Mian had 19,621 warehouse receipts plus effective forecasts (approximately 784,800 tons). In 19/20, 18,014 warehouse receipts (approximately 720,600 tons) were registered, and the warehouse receipts continued Outflow. According to China Cotton Net, cotton in the Korla area of Xinjiang has entered the peak period of boll spitting. It has grown well, with 5-6 peaches per plant. Drought resistance in Hutubi, with an average seedling height of about 75 cm and 4-5 peaches per plant. The recent epidemic has limited impact on Xinjiang cotton field management.
International: Last week, current cotton prices in the United States rose. On July 31, the average spot price in the seven major markets in the United States was 58.01 cents/lb, an increase of 4.2% from last week; cotton futures on the Intercontinental Exchange rose more than 4% on a weekly basis. Compared with last week, domestic and foreign cotton futures The price difference narrowed. As of July 26, the emergence rate of U.S. cotton was 84%, the same as the previous year. The condition of seedlings in Texas has improved and the rate of unhealthy seedlings has declined. In the week ending July 23, US cotton export contracts increased significantly in 19/20. In 19/20, the total contract volume of US cotton was 4.0208 million tons, accounting for 123.11% of the annual export forecast of 3.266 million tons (US Department of Agriculture forecast in July). In 19/20, the total shipment of cotton in the United States was 3.2321 million tons, and the shipment completion rate was 80.38%.
Summary and outlook: Last week, the fundamentals of domestic cotton did not change much, and the current cotton price is stable; supported by the improved US cotton export data, the current US cotton price has risen sharply compared with last week, and the difference between domestic and foreign cotton prices has narrowed.