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The cotton yarn market has improved slightly, and companies are still cautious in destocking the main market

by:Chengyi     2021-03-15
The overall trading of the cotton yarn market improved slightly, with prices mostly stable. At present, the performance of the pure cotton yarn market is somewhat differentiated. Carded yarns are relatively acceptable. The inventory of spinning enterprises is gradually digested. The combed yarns are still significantly weaker than the carded varieties. The high-count yarns are improving but the prices are difficult to rise. Textile enterprises have suffered serious losses, and their orders have not improved significantly, so they have mostly maintained low start-ups. The market is still more cautious about the market outlook, and textile companies mainly destock.   [Market Overview]    Cotton spot trading is light today, and most pending orders are around CF2101 contract 12800-12900. Today, Zheng cotton futures fell far flat, CF2009 closed at 12,315 yuan/ton, down 10; CF2101 closed at 12,985 yuan/ton, closed flat. Jiangsu direct spinning polyester short semi-gloss 1.4D mainstream 5400-5600 yuan/ton, Hubei pure polyester sewing thread Dayouguang 40S/2 pine cone factory mainstream 14000-14300 yuan/ton, Jiangxi polyester-cotton yarn is stable, TC65/35 32S The mainstream is 13600-13800 yuan/ton.   The trading atmosphere of the rayon yarn market is fair, 1.2D sticky short is 8,820 yuan/ton; the mainstream viscose market in the market is 8,700-8900 yuan/ton.   Today, the price of CY R30 except for rayon yarn is 11,850 yuan/ton, an increase of 50. The prices of the remaining yarns remained stable, and the yarn prices remained unchanged.   The spot market for imported yarns is generally traded, and the prices are mainly stable, and the shipments from traders are acceptable. There are occasional price increases in the market, but sales are not fast after the price increase. The main reason is that the inventory is still large and the market has failed to form a unified response to the price increase. The price of the external disk rose and the price difference between the internal and external prices narrowed, forming a certain support for the spot price.   Today, the external price of imported yarn remains stable, and the order situation of foreign yarn mills is divided. Domestic imported yarn traders and downstream cloth factories mainly maintain stable purchase transaction prices, and there is no significant increase for the time being. India’s external quotations are chaotic, and carded yarns have only a small amount of transactions at lower prices. The external price of C21S is US$1.99-2.04/kg, and the RMB after tax is about RMB 165-1169 million/ton. Vietnam’s external disk prices remain stable. C32S can be floated at USD 2.3/kg, and RMB 18,400/ton after tax. Pakistan’s external disk prices remain stable, and Siro Textile’s C10S US price is at US$350/piece, and RMB 15,400/ton after tax.   The price of grey cloth CG C32S today was 6.31 yuan/meter, down 0.01, while the prices of the remaining grey cloths remained unchanged.   China Textile City market transaction volume statistics show that the total sales volume of grey fabrics today is 6.3 million meters, an increase of 580,000 meters from yesterday. Among them, chemical fiber cloth sold 4.38 million meters today, accounting for 59.5% of total sales, cotton cloth sold 350,000 meters, accounting for 5.6% of total sales, and rayon cloth sold 450,000 meters, accounting for 7.1% of total sales. [Spread structure and arbitrage analysis]    As of August 27, the domestic CY C32 price is 18,440 yuan/ton (0), the Indian C32S price is 18,300 yuan/ton (0), the spread is 140, and the Vietnamese jet C32S price is 18,450 yuan/ton (0) , Spread -10, no arbitrage opportunities.   [Technical Analysis]    On August 27, the contract price of cotton yarn 01 rose slightly. The highest price of the day was 19,745 yuan/ton, the lowest price was 19,600 yuan/ton, and the closing price was 19,600 yuan/ton, which was 125 lower than the previous transaction, and the open interest was 8555, an increase of 134 lots from the previous trading day. From a technical point of view, the cotton yarn 01 contract price is under pressure on the Bollinger Middle Rail, which is in the weaker region of Bollinger Middle Rail and Lower Rail, and the MACD indicator speed line is below the 0 axis, and the short-term price is weak. [Operational suggestions]    cotton yarn spot transaction has improved, and the operating rate has been slightly increased to 41.7%. Companies mainly destock. Focus on whether the price can rebound in the peak season of September. Technically, the CY101 contract price is weak, ranging from 19000-20150 yuan/ton ; Spinners wait for the price to rebound to above 20150 to sell an appropriate amount of inventory to maintain value. Speculative customers rely on the lower edge of the interval to support around 19000, short-term participation, break 18900 stop loss, position within 20%, profit-loss ratio: 3:1. (For reference only) Key words of the article:  Cotton Yarn Market
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