baccaratvega| The average price of imported cotton arriving in Hong Kong is US$82.70/pound: global cotton production is expected to increase to 16 million bales, and demand in the Chinese market is limited

News summary

Global cotton production is expected to increase to 16 million balesbaccaratvega, the United States and Brazil are important exporters. China's demand is limited, and exports and demand are under pressure, and international cotton prices are facing downside risks. Zheng cotton's price rebound encountered resistance of 15475.

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[Imported cotton prices rise, domestic cotton market is tight]

On May 21, the M index showed that the average price of imported cotton arriving in Hong Kong rose to 82baccaratvega.70 cents/pound, an increase of 0.00 from the previous daybaccaratvega.18 cents/pound, equivalent to 1% tariffbaccaratvegaThe import cost of 14256 yuan/ton, while the import cost under the sliding tax is as high as 15046 yuan/ton. At the same time, the domestic average price of 3128 cotton, or the B index, also climbed from 16267 yuan/ton on the 20th to 16319 yuan/ton, an increase of 52 yuan/ton.

The global cotton market is expected to increase significantly in production in 24/25, surging to 16 million bales from 12.1 million bales in the previous year. As major cotton exporters, the increase in production capacity in the United States and Brazil contrasts sharply with weak demand in the Chinese market. Increased export pressure and weak demand are likely to drag down international cotton prices.

As the textile industry enters the off-season, the operating rate of textile companies has declined, the market has become cautious about purchasing new products, and market confidence has also appeared insufficient. Zheng cotton prices are facing a pressure rebound point of 15475 yuan/ton, and the market closely monitors its price trend to seek possible investment opportunities.