Turnover Of Cotton Is Reduced, Optional Supply Is Limited.

According to several international cotton traders and importers, since the end of April, the price of Port Bonded, spot and customs quotations outside cotton has been softer than that in 2-4 months. In addition to S-6, Mexico cotton, Ukrainian cotton and Greek cotton, there were occasional deals and strong accidents. Cotton, Brazil cotton and a few "super cold" Australian cotton products were seen and compared.

On the one hand, there is no timetable for the Sino US trade consultation, and the 800 thousand sliding tariff quotas will not be timed. Therefore, spinning enterprises and traders are increasingly cautious about the risk of "overdraft" import quotas. On the other hand, the domestic started 1 million tons of cotton reserves since May, although the pressure is limited, but the results can be seen. With the Zhengzhou CF1909 contract breaking 16000, 15800, 15600 and other integer juncture, the price of spot resources of ginning factories and traders, "base purchase" and "spot price" will fall down comprehensively, and the price difference between domestic and foreign cotton will continue to narrow, and the competitiveness of domestic cotton will be improved.

山东、江苏、广东等地的用棉企表示，目前中国各棉花主港澳棉数量少且报价高；巴西棉品质低、指标价，不好用；西非棉、墨西哥棉等保税量不足、不同加期、不同批次棉花差异比较大，采购要看运气；而印度棉虽然抵港、保税量比较大，S-6、MCU5的品质可纺性要高于国储棉、地产棉，但CNF、CIF等报价偏高，纺40S及以下支数棉纱利润并不高甚至“倒挂”（纺40S以上棉纱需要加入一定比例的新疆棉、澳棉、美棉或高品质巴西棉、乌棉），因此目前实际可较大量满足需求和纱线品质指标的只有2017/18、2018/19年度美棉，目前形势下只能等待：一是期待中美谈判双方能尽快达成共识，签署协议，取消对美棉进口加征25%关税；二是等待储备棉轮出启动，希望能较大比例的轮出新疆棉、中高品质地产棉，切实为用棉企业“排忧解难”。

Judging from the survey, although the main contract of ICE futures has reached 78 cents / pound a week, the cotton prices of the US cotton, Australia cotton, India cotton and so on have increased again, but the price quotas for the port customs clearance cotton are not in line with each other.

On the 25-28 th of April, Qingdao port S-6 1-5/32 quoted 15200-15400 yuan / ton stabilization; SM 1-1/8 Brazil cotton quotes 15500-15600 yuan / ton; SM Mexico cotton quotes 15100-15300 yuan / ton, although the 1 million tons of cotton reserves are more worried about shipments to the outside cotton, but by the import cost, external support and national cotton production quality, spinnability or unable to meet the needs of the small and medium-sized mills, the short-term trade volume will not be strong.