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Seed cotton market experienced stalemate, purchasing processed slowly

Seed cotton market experienced stalemate, purchasing processed slowly Source: www.chinatexnet.com
Date: 13-11-2013
Visits: 225
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Last week (14th/18th October), weather in most cotton regions was fine for picking and drying. More ginners entered the market and raised seed cotton buying price slightly higher, though the buying processed still in slow pace. Price of downstream products was stable, domestic cotton spot price climbed slightly. 
 
Last week, most cotton nationwide was ready for picking. The fine weather in Xinjiang and Yellow River regions was fine for harvest. The moderate rain on 13/15th suspended the process temporarily. In Yangtze region, cotton harvest was also blessed with positive weather.
 
Recently, cotton seed price increased slightly, encouraging more ginners into the market with slightly higher buying price. According to CCA Cotton Processing Industry Branch, weekly buying price for Xinjiang local seed cotton of type 2119 equivalent was 9.42 Yuan per kilo, 0.02 Yuan up over the week; inland type 3128 equivalent has weekly price of 8.62 Yuan per kilo, 0.03 Yuan up over the week. In Xinjiang the increased textile capacity asked for more raw materials and the reduced yield make the competition even fiercer.
 
For the new season, seed cotton buying price increased in general at the same time reserve requirement on quality was strict, narrowing the margins of ginners, which became more cautious at buying. While the growers expect higher price for their reduced yield this year, which slowed the seed cotton selling even further.
 
Since October, temporary reserve trade has daily transaction volume of 30,000 ton. By 18th October, cumulative reserve trade for the season was 401,760 ton, comprising of 298,560 ton of Xinjiang cotton, 74.3% of the total.
 
The seasons shift encouraged demand for cotton clothes, the cotton yarn price was stable and domestic cotton spot price was stable. On 18th October, under new national cotton quality system, CC Index3128B settled at 19,592 Yuan per ton, 68 Yuan up over the week, ZCE futures nearby contract settled at 20,150 Yuan per ton, 140 Yuan down over the week.
 
As for import cotton price, on 18th October, FC Index settled at 94.06 cent/lb., 2.96 cent down over the week.
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