On the 19th, domestic cotton spot prices continued to remain weak. The current spot market has reached a stalemate. First, most cotton processing companies require cash settlement and refuse to pay back. The second is that the countryâ€™s purchase and storage has exceeded 2.9 million tons. Under the support of the policy, cotton enterprises are not willing to cut prices easily. Third, the downstream cotton spinning enterprises are generally confused about the cotton market. In addition, cotton yarn and grey cloth stocks in the textile market have risen since March, and cotton spinning companies have been more cautious in purchasing cotton lint. Fourth, the recent arrival of low-priced foreign cotton to Hong Kong has taken a larger share of the market share of domestic cotton.
Import prices of imported cotton in China's main port have changed little. Most varieties rose slightly by 0.25 cents. The value of long-staple cotton continued to weaken. After the Indian cotton export policy was adjusted, the market had no future quota for Indian cotton. Due to the lack of import quotas, foreign cotton transactions have been significantly restricted recently. The focus of all parties has focused on when import quotas are being pursued. The shortage of quotas has made the imported cotton market awkward. Analysts believe that domestic and international demand after the end of China's purchase and storage is worrying. If there are no other favorable factors, cotton prices will remain weak.
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