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    Recently, Zheng cotton fell sparked concern. July 1 to 11, Zheng Cotton 1501 contract Masukura heavy volume after another fell, from 15,370 yuan / ton below the 15,000 yuan / ton integer mark, continue dropping to 14,230 yuan / ton, the cumulative decline of up to 7.66%, 9 Only two days trading day gains across the board, which is relatively rare in the past two years.
    "Cotton prices have fallen, there are two main reasons: First US cotton yield by the impact of rapid downstream, domestic cotton loses support; Second, the new cotton year, the state will be changed to purchasing and storage subsidies, the cotton market pricing environment faced . "Huang Shanghai Yangtze River Futures said that as China's cotton consumption reduction, the State Reserve huge inventory, resulting in market supply and demand imbalance is expected spot prices will be significantly down, from a logical point of view, the current round of downward reasonable.
    Publicly available data, as the world's largest cotton supplier, the United States may appear to increase cotton acreage, increase production, ending stocks increase, the market pessimism is strong, so that the Intercontinental Exchange (ICE) December cotton prices the cumulative decline in nearly a month up to 15%, which is considered recent domestic cotton prices fell fuse.
    At the same time, this year, the accelerated pace of price reform, the original cotton purchasing and storage system substituted subsidy policy, the policy is no longer directly support the market, market dominant force in return, the State Reserve cotton massive stock of cotton a tremendous pressure on the spot price. Three-year total more than 16 million tons of cotton purchasing and storage, the current treasury of cotton reserves are still about 12 million tons, China's annual production of cotton but also new about 600 million tons. To 10 million tons of cotton a year to digest the most to count, but also the treasury of nearly three years of cotton to basic digested.
    From the demand point of view, the current consumption of the traditional textile industry into the off-season, coupled with cotton subsidies have not yet introduced the relevant rules, textile manufacturers are taking a cautious state orders, the purchase of raw materials are buy with use, cotton yarn sales are sluggish overstock serious, urgent need to inventory the current textile enterprises and revitalize the capital.
    Sluggish spot market fully reflected in the rapid decline in prices. 2011 --2013 national cotton purchasing and storage policy implementation, cotton purchasing and storage price from 19,800 yuan / ton to 20,400 yuan / ton, but the international cotton prices are way down, inside and outside the price difference in 2013 reached 4,420 yuan / ton. As of mid-July, the domestic cotton merchants in the hands of 4128, 3128 Cotton prices in 15700-16600 yuan / ton, 16500-17200 yuan / ton. Purchasing and storage system for domestic and foreign prices have support, and now the domestic purchasing and storage were canceled subsidies, it is reflected in prices return to normal levels.
    With the gradual fade policy factors, the domestic cotton prices continued to fall, domestic cotton price spread down to about 1600 yuan / ton, the industry pointed out that this is precisely reflects the domestic cotton prices began docking the international market.
    As for the impact of subsidy policy, the industry believes that the subsidy policy objective is to reduce administrative intervention, so that prices better reflect market supply and demand, and therefore may have affected the market sentiment around the policy announcement, but the impact of major cotton factor is due to supply and demand.



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