According to the feedback of cotton trade enterprises in Qingdao, Zhangjiagang and other places, since the first ten days of February, due to the impact of the main force of ICE cotton futures contracts in March falling nearly 65 cents/pound and the Trump government's imposition of 10% tariff on Chinese imports (basically consistent with the expectations of all parties before), the basis difference of port bonded, immediate and March off schedule cotton quotations has slightly increased, including American cotton Australia cotton has a little more room for adjustment.
From the quotation of some cotton enterprises, the main port of China on February 9-10:
March March shipping period Brazil cotton M 1-5/32 (strong 28/29GPT, horse value 3.7-4.9), the basis difference is concentrated at 7.5-8.5 cents/pound (benchmark ICE2503 contract);
The basis difference of Brazil cotton M 1-5/32 (strong 30/31, horse value 3.7-4.9) during the shipping period from February to May will reach 9-9.5 cents/pound (benchmark ICE2505 contract);
The basis difference of Meimian 31-3 36/37 (strong 28/28GPT, horse value 3.5-4.9) during the shipping period from February to April rose to 13-14 cents/lb.
On the whole, the difference between the US dollar quotation of American cotton resources and the price of Brazilian cotton of the same index is slightly larger than that before the Spring Festival.
On February 10, Qingdao Port bonded Brazilian cotton M 1-5/32 (Qiangli 28/29GPT, horse value 3.7-4.9) net weight quotation is about 74.06-75.46 cents/pound, and the direct import cost under 1% tariff is about 13120-13365 yuan/ton; However, 3129B (breaking specific strength 28-30CN/TEX) Xinjiang machine-made cotton in Henan, Shandong, Jiangsu and Zhejiang provinces and other inland warehouses is priced at 14900-15150 yuan/ton (including warehouse receipts, and the seller bears the delivery fee). Considering the difference in net weight and public weight settlement, the current cost of customs clearance of Brazilian cotton is 1800-2200 yuan/ton, a slight increase of 100-200 yuan/ton compared with that of Xinjiang cotton before the Spring Festival, However, in the past week or more, the number of goods picked up by the port bonded warehouse was relatively small, and the total cotton inventory remained high.
Post time: 2025-02-12 18:01