What is the source of the different performance of cotton futures?

It is understood that although the average daily transaction price of cotton reserves has dropped by 400-500 yuan/ton in the past two weeks, the price difference between bonded C/A, EMOT and 'double 28' Xinjiang cotton spot has widened to 800-1200 yuan/ton. However, in Xinjiang, the price of Xinjiang cotton in 2016/17 fell only symbolically by 100-150 yuan/ton. Several cotton processing enterprises and traders in Xinjiang reported that since mid-May, the focus of inquiries by inland cotton enterprises and the delivery of goods by trucks has been 3128/3129 and 2128/2129 (breaking specific strength 26.5-27.5CN) hand-picked cotton , Can be matched with high-strength, three-filament-free American cotton or Australian cotton yarn with 40S and above counts. As of early June, there are very few high-quality cottons such as “Double 28/Double 29/Double 30” in 2016/17, and they need to be purchased from multiple manufacturers and cotton merchants. There are large differences in lint quality, grade and ginning quality. Conducive to stable yarn quality. In addition, the price of 3129/2129 (breaking ratio lower than 27.5CN/tex) is lower than 'Double 28/Double 29' by 300-400 yuan/ton, which effectively reduces the raw material cost of textile enterprises. According to the survey, as of the end of May, about 85% of cotton processing enterprises in Xinjiang have cleared lint cotton, and the focus of attention has shifted to the 2017/18 seed cotton purchase, price increase and sales. Some cotton companies have begun to update and repair processing equipment (there are more companies with new skin cleaning machines and three-wire cleaning machines). Due to high and unstable labor costs, 'automatic flower feeding machines' in Aksu, Korla and other places have gradually become the mainstream. A large cotton processing factory in Bachu said (five production lines) that cotton companies and traders are now increasingly demanding lint quality, and high-quality cotton and high-priced prices are gradually gaining popularity. At present, the price difference between 'Double 28' hand-picked cotton and grade 3127/2127 (breaking ratio strength lower than 27CN/tex) has reached more than 1,200 yuan/ton. Therefore, through the use of new equipment and new technology, while strictly managing the procurement and processing of seed cotton, High-quality cotton can be processed completely. Some cotton enterprises believe that the current inventory of cotton that reaches the 'Double 28' and the upper quality in Xinjiang is relatively scarce, and the purchasers of textile enterprises have withdrawn one after another. Although there is a certain amount of high-quality and circulated southern Xinjiang hand-picked cotton in the inner base, 85% The above control is in the hands of traders, and it is not surprising that the performance of futures is out of sync or even deviates. Article Keywords: 　Cotton Cotton Yarn