March 9-13, 2020 is the fifteenth week of Xinjiang cotton rotation in 2019. China Cotton Reserve Management Co., Ltd. has listed a total of 75,000 tons of Xinjiang cotton for purchase. The maximum price for Xinjiang cotton inbound bidding is 13,144 yuan/ton; the price difference between domestic and foreign cotton is between 447-753 yuan/ton.
As of March 13, a total of 590,000 tons have been listed for purchase, and the cumulative average transaction price is 13,555 yuan/ tons, the highest transaction price was 14,197 yuan/ton, and the lowest transaction price was 12,879 yuan/ton.
Last week, the domestic epidemic was basically under control, but the new crown epidemic spread and escalated in many countries around the world. Financial markets collapsed, stock and futures prices plummeted, and Zheng Mian hit twice during the week. It fell to the limit, with the lowest level breaking to 11,690 yuan/ton. The plunge in Zheng cotton has promoted futures pricing and Xinjiang cotton transactions. In order to ease market panic and expand consumer demand, the daily listing of Xinjiang cotton wheels continues to increase to 15,000 tons. In terms of textiles, as the domestic epidemic gradually eases and production resumes in an orderly manner, further expansion of domestic demand is just around the corner. However, the widespread spread of the epidemic outside China may continue to hinder my country’s textile and apparel exports, and delays and cancellations of overseas orders may be inevitable. Judging from the market reaction this Monday, Zheng Cotton’s decline has not stopped. At a time when the epidemic has brought many uncertainties to the market, cotton companies should pay attention to the timing of delivery to avoid missing sales opportunities.
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