Domestic cotton prices continue to weaken

On the 22nd, domestic cotton prices continued to weaken, and once entering the month of August, textile companies waited cautiously and sentimentally waited for the mood to increase after the stockpiling was not implemented.

Disposal of deposits continued. During the customs clearance stage, the enthusiasm of companies for bidding did not increase significantly. Excluding high-grade cotton and cotton, there was still little interest in cotton in the Mainland. The downstream yarn prices remained basically stable, and the rate of unsalable sales was slightly higher than that of the previous period. There is a turn for the better.

The price of imported cotton in China's main port continued to rise sharply, and each category rose again by 0.75-1.5 cents from last weekend. Sources said that US cotton export sales were very active last week, when ICE** was below 84 cents during most of the week, attracting large purchases from international buyers. According to feedback from cotton traders and import companies, Chinese companies also had a lot of purchases last week. In addition, rumors that China may issue tens of thousands of tons of processing trade quotas have played an important role in the recent two-day increase.