【International Observation】ICE hit a new high in the past decade Textile enterprises called for an increase in the issuance of sliding quasi-tax quotas

China Cotton Network News: Since late September, ICE cotton futures have begun to soar continuously, the main contract after the "five consecutive Yangs" approached 100 cents / pound, less than a week ICE rose to 12.27%, not only some cotton companies, trade and speculators hedging was "locked", and a certain amount of on-call point price plate was forced to postpone or even cancel.

A medium-sized cotton enterprise in Huangdao said that in the past two days, ICE has broken through 95 cents / lb, 98 cents / lb and other resistance levels, 100 cents / lb is close at hand, the cotton futures market bullish sentiment is higher than a wave, traders bonded, customs clearance cotton tray and domestic cotton textile enterprises, middlemen inquiry / procurement at the same time, "selling refuses to sell, buy no intention to buy" has become the main feature of the foreign cotton market in the past two days.

On September 27-28, the bonded M 1-5/32 Indian cotton quotations in Qingdao, Zhangjiagang and other major Chinese ports were concentrated at 100-102 cents/lb (specific indicators and warehouses vary); M 1-1/8 Brazilian cotton quoted 108.20-109.20 cents/lb (basis difference 10-11 cents/lb); while 31-3/31-4 36/37 US cotton quoted as high as 111.70-112.70 CENTs/lb, and the price difference between Indian cotton and US cotton shrank to 10 cents/lb. Around the pound, competitiveness is down from July/August.

According to the analysis of cotton spinning mills in Zibo, Dezhou and other places in Shandong, the current quotation of Brazilian cotton M 1-1/8 in the port has risen sharply to 19750-20000 yuan / ton (including a price, traders), slightly higher than Henan, Shandong and other inland warehouses "double 28" Xinjiang machine cotton mining 300-400 yuan / ton (public weight quotation 19200-19400 yuan / ton), so the competitiveness of bonded cotton, customs clearance cotton has been improved.

Some cotton-using enterprises and traders believe that ICE and Zhengmian have jointly risen in a spurt, coupled with the fact that some provinces have opened the "double limit + double control" mode to have a greater impact on the spinning terminal order/order and delivery, cotton spinning mills and weaving enterprises have encountered the extreme market of "upper pressure and lower top", so they call on relevant departments to issue another 300,000-500,000 tons of general trade slip quasi-tax cotton import quota in 2021, so that textile enterprises can effectively reduce raw material costs and tide over the current difficulties.