Weekly Report: Reserve Cotton Transaction Restarted with Increasing Deals

Source:China Cotton Association  Date: 10/March/2020

For the fourteenth weak (2nd-6th March), cotton price difference home and abroad narrowed to 614 Yuan/ton(less than 800 Yuan/ton) on 3rd March, therefore, reserve purchase restarted the next day, at the daily target of 15,000 tons. Around 32,600 tons of cotton was sold to reserve at rate of 72.36% over the week, 8.08% higher than last week. By 6th March, a total volume of 186,400 tons of cotton was purchased by reserve at rate of 36.2%, at the top price of 14,197 Yuan/ton, and the bottom price of 12,879 Yuan/ton.

According to the formula of calculating the maximum bidding price limit for central reserve cotton set by National Food and Strategic Reserves Administration and Ministry of Finance (No. 3, 2019) , the maximum bidding price for the 15th week (9th-13th March) of 2019 seasonal Xinjiang cotton is 13,144 Yuan/ton (3128B), 421 Yuan down by last week.

Application for Tariff exemption on US cotton has started since 2nd March, and some companies were granted after applying.

Weekly average price

Domestic price (Yuan/ton)

International price (cent/Lb.)

CC Index(3128)

ZCE Futures Contract CF005

FCIndex M

Cotlook A

ICE2003 contract

2.24-2.28

13316

12744

76.70

74.95

64.72

3.2-3.6

12969

12577

73.39

71.95

63.14

Change

-347

-167

-3.31

-3.00

-1.58


 

 


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