Recently, after the international cotton market experienced a brief rebound and sideways, ICE cotton futures have weakened again, and the main March contract has returned to below 80 cents. The latest US cotton export weekly report shows that as of November 23, the amount of land cotton swabs in the United States this year was 49,400 tons, a decrease of 32% from the previous week and a decrease of 42% from the previous four-week average. From the data point of view, although the number of signings is significantly less than the previous few weeks, it is still tolerable.

In the last six weeks, the cumulative contract volume of the United States cotton is nearly 2 million bales, but the United States cotton shipment is less than 650,000 bales, the demand situation is still far less than expected, the market needs the United States cotton export data to increase significantly and maintain for a long time.

At present, most of the cotton gin acquisition has entered the final period, the cost of new cotton has been solidifying, a large number of imported cotton has arrived in Hong Kong recently, but the willingness of textile enterprises to purchase is weak, the port inventory continues to accelerate, the domestic supply is abundant, and the downstream consumer side of the negative feedback phenomenon continues, the terminal market is dominated by short orders, the downstream conventional varieties of cotton yarn warehouse speed has not improved, and the cotton price above the hedging pressure is larger. Insufficient upward momentum, cotton rebound space limited, December 5, Zheng cotton main contract closed at 14,945 yuan/ton, up 0.27%.

Sluggish willingness to spend

The demand of the international cotton textile industry is still weak, still in the destocking cycle, the recovery of import demand in the United States still needs time, and the final consumption of global textile and clothing on the demand side is moving from weakness to deterioration. According to industry insiders, in the past week, the global textile factory inquiry procurement is still based on prompt shipment. Although cotton prices have fallen significantly, textile mills in various countries are generally operating at a loss, and at most can only maintain a flat profit and loss, because the downstream retail end and consumer demand have not improved. In the absence of a boost from consumption, ICE futures are having a hard time getting back on their feet.

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