Weekly Report: The Weather is Favorable for Cotton Planting, and the Price of Cotton at Home and Abroad is Rising

1. The Weather is Favorable for Cotton Planting

After the Qingming festival, cotton in Xinjiang, Gansu, Henan, Hunan and other places entered the sowing and seedling stage. The light and heat conditions in most cotton areas in China are generally conducive to spring cultivation and seeding. At present, cotton planting in Xinjiang has been planted one after another. The weather in southern Xinjiang is relatively warm. Sowing in most areas began in early April; planting time in northern Xinjiang is slightly later than that in southern Xinjiang, and planting generally begins around April 6. According to a survey by the Cotton Farmers Branch of the China Cotton Association, as of April 12, the spring sowing of cotton in Xinjiang reached 51%, of which the spring sowing of the Corps reached 44%, the progress of local sowing of spring reached 55%, and the spring sowing of North and South Xinjiang is expected to end around 25th. Last week there were strong winds and dust in some areas of Xinjiang. Some cotton fields were covered with plastic film and drip irrigation belts, which had a certain impact on the spring sowing work, because in the early stage of sowing, the remedial measures were appropriate and the overall impact was not significant.

2.The Price of Cotton at Home and Abroad is Rising

Last week, the spread of the COVID-19 slowed, OPEC and non-OPEC oil-producing countries initially agreed to reduce production, the overall price of international commodities rebounded, and both domestic and foreign cotton prices rose. The weekly average price of the China Cotton Price Index CC Index (3128B) was 11,338 Yuan / ton, up 179 Yuan from the previous month; the weekly average price of the Cotlook A index was 63.3 cents / lb, up 2.58 cents from the previous month, and 1% tariff reduction was RMB 11,004 / Ton, which is 334 yuan lower than the China Cotton Price Index (3128B) and 13228 Yuan per ton under sliding tax, which is 1890 Yuan higher than the China Cotton Price Index; the weekly average price of the imported cotton price index FC Index M is 65.03 cents / Pounds, up 2.26 cents from the previous month; the weekly average contract price of CF009, the main contract of Zhengzhou Commodity Exchange, was 11,435 Yuan / ton, up 569 Yuan from the previous month; the average weekly contract price of ICE cotton futures was 53.54 cents / lb, up 3.30 cents from the previous month.