Summary:

Recent foreign cotton prices have continued to decline, and the domestic spot prices have been relatively stable. As a result, the difference between domestic and foreign cotton prices has further widened. Incomplete statistics have led to a slight increase in the volume of domestic cotton and cotton yarn imports, and the profit margin of textile companies has also increased. To the squeeze. According to the data from the National Cotton Market Monitoring System, on June 27th, the spot price of 3128 in the Hebei-Luyu region was 15,962 yuan/ton, the 3128 level in the middle and lower reaches of the Yangtze River was 15,820 yuan/ton, and the local price in Xinjiang, 3128 was 15,940 yuan/ton. Xinjiang XPCC's 3128 prices were slightly higher at 16,044 yuan/ton. On the same day, the US cotton M 1-3/32 "class price is 13,800 yuan / ton, US cotton SM 1-1/8" grade price is 14,059 yuan / ton. From the point of view of the data, the difference between cotton prices inside and outside China has been widened to around RMB 2,000/ton, and the sequelae are gradually emerging.

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内外棉价差进一步拉大 后遗症正在逐渐显现

On June 27th, the cotton spot market price in major domestic regions first increased as the number of imported cotton increased. According to customs statistics, in May 2017, China’s cotton imports amounted to 85,400 tons, an increase of 9.2% year-on-year; the average import price was 1,932 US$/ton, which was the same Rose 17.6%. In the first five months of 2017, imports totaled 565,200 tons, a year-on-year increase of 58.1%. Since 2017, the difference between domestic and foreign cotton prices has gradually narrowed and gradually overtaken. In May, the average cotton spot price in the Mainland was around 16,000 yuan/ton, and that of the US cotton was 15,000 yuan/ton. The spread between the two prices was around 1,000 yuan/ton, but by June the spread between the two widened to 2,000 yuan/ton. Although the data for June has not yet come out, according to the statistics in May, it is very likely that the cotton imports will continue to increase.

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On June 27, the quoted price of imported cotton in China's main port also increased. According to customs statistics, China imported 14.2 million tons of cotton yarn in May, a slight increase of 0.63% over the previous month. From January to May 2017, China's cumulative import of cotton yarn was 831,100 tons, an increase of 1.19% over the same period of last year; as the gap in foreign cotton prices further widened, the advantages of foreign cotton yarn gradually emerged. However, due to the slow process of downstream cotton yarn price transmission, the price of imported yarns did not decline as the cotton price dropped sharply. On the contrary, domestic cotton yarn prices have been declining since the reserve cotton came out. As of today, the price of C32s per ton has fallen by about RMB 400/ton. In addition, the use of reserve cotton by textile companies has reduced the cost, so there has been no significant increase in the number of imported yarns. . If the current cotton market continues, wait until the external yarn prices and domestic yarn prices close, then the increase in imports may be further increased.

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Since the middle of May, Zheng Cotton has started the decline mode, the cotton price has been falling all the way, and the spot price has been affected less by the supply gap of high-grade cotton in China, and the main cotton basis has gradually expanded to around 800 yuan/ton. In the middle of June, Zheng Cotton began to oscillate, and at this time ICE cotton was affected by the increase in the international cotton planting area and the expected increase in production. There was a 10 consecutive drop between June 9 and 22, and the ICE futures cotton contract was 73.1 cents. The fraction fell to 66.72 cents, the lowest point of June 22, a fall of 8.73%. According to statistics, the average spot price of cotton in the Mainland in May was around 16,000 yuan/ton, and that of the US cotton was 15,000 yuan/ton, and the price difference between the two was around 1,000 yuan/ton. On June 27th, the prices of 3128-grade lint on the mainland were monitored at the price of 15944.76 yuan per ton, and the price of US-made cotton M1-3/32" was 13,800 yuan per ton, while that of the US-made SM 1-1/8" was. 14,059 yuan / ton, cotton price difference between inside and outside has been widened to 2,000 yuan / ton. The gap between the domestic and foreign cotton prices has widened, and the export pressure of the downstream textile enterprises has become evident.

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