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Positive signals from China-US trade talks boost cotton market
Date:[2019/11/29]    Clicks:[67]
    

According to the monitoring of the price of the business agency, as of November 27, 2019, the average price of 3128B lint in the domestic spot market was 13,114 yuan / ton, which was basically flat from last Wednesday (1120). Zheng Mian's main contract 2001 contract price closed at 12,830 yuan / ton, up 70 yuan / ton (closing price) from Monday's price.

In mid-November, due to Trump ¡¯s tough remarks, the market generally believed that it was difficult for China and the United States to sign related trade agreements during the year, and the international cotton price fell significantly. However, the domestic new cotton output and quality have suffered setbacks, and the Material Reserve Bureau has begun to turn into Xinjiang cotton, and spot prices have steadily increased. Affected by the international cotton price reduction, the domestic spot price dropped and adjusted last week. Last weekend, U.S. officials said that it is still possible to reach a first-phase agreement before Christmas. China announced that it would seek to improve the protection of intellectual property rights. Both China and the United States expressed their willingness to end the trade war and positive signals boosted the cotton market. . In October, the number of foreign yarns arriving in Hong Kong was relatively large and shipments were average, so the pressure on port inventory rose again. Due to the previous downturn in cotton prices, although prices rebounded in October, the recent cotton price shocks have stabilized, and domestic cotton yarn manufacturers' prices have remained basically stable. Large stocks generally have discounts.

Business analysts believe that the market is concerned about the signing of the China-US trade agreement, international cotton prices may be lower, and domestic spot risks are falling.

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