China'S Cotton Price Index Rose 30 Yuan/Ton Compared With The Previous Trading Day

On Wednesday, Zhengzhou cotton futures prices fluctuated. The closing price of Zheng cotton's May contract was 13590 yuan/ton, down 10 yuan/ton, or 0.07%, from the previous trading day.

In terms of spot goods, China's cotton price index (CCIndex) 3128B Xinjiang machinery picking price was 14140 yuan/ton, 30 yuan/ton higher than the previous trading day, and the basis difference between 3128B Xinjiang machinery picking price and Zheng Mian's main contract (CF2505) was 550 yuan/ton.

As the Spring Festival approaches, textile enterprises mainly need to make up inventory.

In terms of external market, the futures price of American cotton fluctuated on Wednesday. The March contract of American cotton closed at 67.77 cents/pound, up 0.3 cents/pound, or 0.44%, from the previous trading day.

According to data released by ICE, the inventory of No. 2 cotton futures contracts deliverable by ICE fell to 218 bales as of January 14, compared with 20113 bales the previous trading day.

The January supply and demand report released by USDA raised China's output by 390000 tons to 6.53 million tons, and slightly reduced imports by 10000 tons to 1.74 million tons; US output increased by 30000 tons to 3.14 million tons, export decreased by 70000 tons to 2.4 million tons, and inventory consumption ratio increased by 3.78 percentage points to 37.6%; Global production increased by 1.4 million tons to 26.01 million tons, consumption increased by 450000 tons to 25.23 million tons, and inventory consumption ratio increased by 2.11 percentage points. As of the week of January 2, the cumulative export contract of American cotton in this year was 1.8142 million tons, a year-on-year decrease of 244600 tons, or 11.88%.

The USDA report in January significantly increased China's production and global production, but according to the export volume of American cotton estimated in the report in January, it is still optimistic. There is still room for downward adjustment in the future, and the bad news has not been completely released.

In the context of loose supply and demand in the global balance sheet, the data released by ICE on operational maintenance before the second quarter of 2025 shows that the inventory of No. 2 cotton contract deliverable by ICE has dropped to 218 bales as of January 14, compared with 20113 bales on the previous trading day. In addition, we need to pay attention to the marginal change of tariff policy after Trump officially took office.