On October 8, the price of 3128B cotton lint was 15,474 RMB/ton, down 1.95% month on month.
Analysis review
During the National Day, the spot cotton trend in the domestic market became stable. The picking and selling of seed cotton in Xinjiang was slow, and the price was significantly lower than the same period last year. During the holiday, the purchase price of Xinjiang machine picked cotton was concentrated at 5.1-5.5 RMB/kg, a small increase compared with that before the festival. At present, it is in the early stage of acquisition, and there is no relatively uniform price in the market.
ICE cotton futures rose sharply and fell sharply. As of October 7, the main December contract closed at 84.23 cents, down 1.11 cents or 1.3% from September 30. New cotton is about to be listed in a centralized way, and the fundamentals are difficult to support a sharp rebound in cotton prices. The trading atmosphere of downstream cotton yarn is weak, and the market holds a cautious wait-and-see attitude towards the future market.
Market outlook
Cotton prices are expected to remain to be under pressure in the short term.
