According to cotton (14690, - 40.00, -0.27%) trade enterprises feedback that although the main contract of ICE cotton season has fallen below 70 cents/pound again in recent trading days, Zheng Mian has continued to fall in shock since the end of November, and the main CF2505 contract has continued to fall, some unexpected things are that the RMB resources for port customs clearance are due to the lack of bills and quotations (high-quality cotton with high indicators is relatively scarce), coupled with cotton textile mills The surplus cotton import quota in the hands of traders is obviously insufficient and shows a strong bearability.
A cotton merchant in Huangdao said that since the middle of November, the inquiry and transaction of port bonded cotton, spot and far month shipments have been relatively weak. Except for a small number of export-oriented and just needed enterprises to make regular replenishment (mostly with 1% tariff quota or sliding tariff quota for customs clearance), most small and medium-sized textile enterprises with demand for imported cotton directly purchase port RMB resources (Brazilian cotton, American cotton, and a small amount of Australian cotton), It plays a supporting role in the high quotation of port non bonded cotton.
From the quotation of some cotton enterprises, on December 9-10, the net weight quotation of Brazilian cotton M 1-3/16 (Qiangli 29-31GPT) in China's main ports was concentrated at 16780-16880 yuan/ton; M 1-5/32 (Qiangli 29/30GPT) net weight quotation 16565-16665 yuan/ton; Meimian 31-3/31-437 (Qiangli 30/31GPT, At present, the quotation of Brazilian cotton resources that have been cleared by the port is 1100-1500 yuan/ton higher than that of Xinjiang cotton in the same index.
According to the survey, because the internal and external cotton prices are still relatively high under the 1% tariff, the sliding tariff quota can also be extended to use before the end of February 2025, so cotton using enterprises and traders are waiting for the issuance of the 1% tariff quota of 894000 tons in 2025, which can alleviate the pressure on some textile enterprises to purchase foreign cotton; On the other hand, it plays a role in reducing the cotton base difference outside the port customs clearance and diluting the traders' sentiment of carrying the price.
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Post time: 2024-12-13 09:31