From July 16th to 19th, the quotation price of machine-picked cotton in Xinjiang for the 2020/21 “Double 28” Xinjiang machine-picked cotton in Henan, Jiangsu, Shandong and other inland warehouses was 17,150-17,350 yuan/ton (some may vary due to different specific indicators and warehouses) Difference), regardless of color grade, quality and other factors, the spot price is only 250-400 yuan/ton higher than the state reserve Xinjiang cotton.
At present, the CF2109 contract price is 16,700-17,000 yuan/ton, which is in line or inverted with the transaction price of Xinjiang cotton from the state reserve, and is lower than the “Double 28” Xinjiang machine-picked cotton from the mainland warehouse 200-500 yuan/ton, but the Zheng cotton warehouse receipt corresponds to 3128B grade, and the warehouse receipt is 100% for 2020/21 cotton.
According to statistics, as of July 16, there were 15,198 Zheng Cotton warehouse receipts, a decrease of 1,445 from June 30, indicating that although the outflow of Zheng Cotton warehouse receipts has accelerated in the past month, Compared with the state reserve Xinjiang cotton, the attention is still lower. The author believes that three factors still restrict textile companies from receiving warehouse receipts of Zheng cotton:
First, the price of Zheng cotton corresponds to the 3128B level of the warehouse point in Xinjiang. If transportation, In terms of outbound, insurance and other expenses, the sales price of the warehouse in the warehouse is still 400-500 yuan/ton higher than the state reserve Xinjiang cotton; secondly, the grade and quality indicators of Xinjiang cotton in 2020/21 have declined. Cotton traders, Futures companies and ginners are hedging a large amount of low-quality cotton (as long as it meets the warehouse receipt generation standards, the discount is generally high). Textile enterprises are worried that the quality and spinnability of the matching warehouse receipts for delivery are low and they cannot meet the spinning requirements. Third, the hedging orders of cotton companies are deemed sold by most lending banks and are included in the loan repayment progress. It does not affect the credit qualification application for 2021/22. Therefore, the basis difference of cotton trading companies and futures companies is relatively high, and procurement negotiations There is not much room for price. </p
