The quality of new cotton is better than last year and the price of seed cotton has stabilized
Since sowing this year, the climate has been generally conducive to the growth and development of cotton. Most cotton across the country is growing well and the quality is better than last year. According to data from the China Fiber Inspection Bureau, as of the end of October, the average length of cotton inspected nationwide was 29.05 mm, an increase of 0.92 mm year-on-year. The proportion of 29 mm and above accounted for 54.78%, an increase of 38.78 percentage points year-on-year. Among them, the average length of Xinjiang cotton was slightly Long, the average length is 29.07 mm, an increase of 0.92 mm year-on-year. In terms of color type, white cotton accounts for 98.41% of the total cotton in the country, mainly Xinjiang cotton. In terms of micronaire value, B2 is the main category, with A+B accounting for 62.8%, a year-on-year increase of 21.0 percentage points, and C2 level accounting for 37.2%, a year-on-year decrease of 21.0 percentage points. The “short and thick” problem of cotton last year has been improved.
Entering November, snowfall and strong winds occurred in northern Xinjiang, resulting in significant cooling. In southern Xinjiang, there was a windy and sandy climate, which slightly affected cotton harvest. At present, cotton picking in the northern Xinjiang cotton area has basically been completed, while cotton picking in southern Xinjiang is at an advanced stage. Sorting companies are worried that the quality of seed cotton will decline in the later period due to the impact of climate, so they have stepped up their purchases. As of November 4, Xinjiang’s professionally supervised warehouses have actually accumulated 1.5585 million tons of lint cotton, and the cumulative amount of lint cotton sorted is 1.7815 million tons. The purchase price of seed cotton is basically stable, with Xinjiang grade 3129 machine-picked cotton remaining at 6.3-6.5 yuan/kg and hand-picked cotton at 7-7.4 yuan/kg. The price of cottonseed has increased, from 2.5 yuan/kg in late October to the current 2.6 yuan/kg. As a result, the lint finishing costs of cotton companies have dropped slightly.
Last week (October 31st to November 4th), the domestic lint spot market price remained stable. Most fabric companies continued to wait and see, and actual market transactions were scarce. On November 4, China’s cotton price index CCIndex (3128B) closed at 15,369 yuan/ton, up 4 yuan for the whole week.
During the same period, affected by factors such as the pressure for new flowers to be launched, expectations that the Federal Reserve will raise interest rates, and the strength of the U.S. dollar, international cotton market prices fell. On November 4, the recent contract of ICE cotton futures closed at 68.53 cents. / pound, down 2.29 cents for the whole week, and the CotlookA index closed at 77 cents / pound, down 2.15 cents for the whole week.
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