Zheng cotton futures this week narrow adjustment, failed to continue the rally last week, the high and low prices, the downward trend of prices, the downward trend of prices, and the poor market fundamentals, which is not conducive to the rise in cotton prices. This week, the market fundamentals are mainly manifested in the following aspects: first, the macro level is not good enough; the downward pressure on China's economy is still large, the stock market has fallen, the commodity prices have been falling down, and the cotton prices have also been dragged down to a certain extent. Two, the spot price is weak, and the turnover is light. In July, 31 cotton prices in China on Friday, 13138 3128B, the cotton price index of China, fell 20 points compared with last Friday, and spot prices continued to fall slightly.

The weakness of the downstream market has restrained the demand of the textile enterprises for cotton. On the whole, the purchasing of textile enterprises has been insisting on the purchase and purchase according to the needs. There is no new news stimulus in the market, and the weak structure of the fundamentals has no support for cotton prices.

In 2015, the sale of cotton reserves came out for 256 thousand and 900 weeks and the actual sales volume was 3 thousand and 900 tons, compared with last week's sales of 3 thousand and 900 tons, a decrease of 7 thousand and 900 tons compared with last week, and the turnover rate of 1.52% tons, a decrease of 3.06% tons. The turnover of domestic cotton 3 thousand and 300 tons decreased by 6 thousand and 900 tons, the turnover of imported cotton was 600 tons, and the turnover of imported cotton decreased by 600 tons. The turnover continued to decline, indicating that the market demand was flagging. Some textile enterprises still prefer to purchase cotton spot in the market. First, they worry about the quality of reserve cotton. cotton The textile market is now in the low season. Textile enterprises Not yet received a large number of autumn orders, enterprises rely on old customers and loose maintenance. yarn The speed of the goods dropped, the price was weak, the market confidence was sluggish, the overall start-up rate decreased, the inventory of textile enterprises increased, and the product sales were in arrears, and the funds were tight. The price of domestic yarn and imported yarn continued to shrink and the market was in the off-season, which also affected the sales of imported yarn. Traders' inventory consumption was slow and sales pressure increased.

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　　ICE棉花期價收陰下跌，這是連續(xù)第五周表現(xiàn)為陰跌，價格跌至區(qū)間調(diào)整低位63美分附近，本周主要利空點(diǎn)：一是宏觀面影響負(fù)面，外圍市場利空，美聯(lián)儲加息預(yù)期升溫，美元走強(qiáng)，中國股市周一大幅下跌8.5%，創(chuàng)近八年半最大單日跌幅，再現(xiàn)千股跌停，這也顯示了中國經(jīng)濟(jì)成長放緩慢，道瓊工業(yè)、標(biāo)準(zhǔn)普爾等歐美股指以及日經(jīng)都出現(xiàn)較大幅的下跌，大宗商品普遍遭遇拋售，棉價也跟隨回落;二是棉花供應(yīng)過剩，這是壓制棉價下跌的根本原因，數(shù)據(jù)顯示，2014/15和2015/16全球棉花年末庫存分別為1.1096億包和1.0814億包，庫存量有增無減，中國庫存增加較大，目前全球最大的棉花需求國中國儲備棉庫存在1000萬噸以上，自7月開始的國儲棉輪出成交緩慢，顯示其去庫存所需時間仍需要相當(dāng)長的時間，對棉花的進(jìn)口需求在未來年度難有增長，東南亞國家需求雖有所增長，但在中 In the case of a decrease in demand, there was also no bright spot. Three, the weekly sales data released by the US Department of agriculture showed that in the week of July 23rd, cotton exports in the US 2014/15 were sold by 23300 packages, and the main importing countries were Vietnam and Indonesia, 75% lower than the previous week, 63% lower than the previous four weeks. 7 countries have cancelled some contracts and exported 168500 packages, mainly shipped to Vietnam, Turkey and Indonesia, a decrease of 3% over the previous week, a decrease of 10% compared with the previous four weeks, three of the excellent cotton longevity in the United States and an increase in cotton cultivation in India. The weekly growth report of the US Department of agriculture showed that in the week July 26th, the growth rate of cotton in the United States was 57%, compared with 57% in the previous week, 54% in the same period last year, and 85% in the previous week, 76% in the previous week, 87% in the same period last year, 88% in the five year, 44% in the previous year, 33% in the previous week, 47% in the same period last year, and the average in the 47% year. The growth rate of American cotton is better than that of the same period last year, and the indicators are gradually improving. If the weather is not abnormal, the yield per unit area is expected to increase. The sowing area of India has increased significantly. According to the Ministry of agriculture of India, by July 23rd, the new sown area of India increased by 995.2 hectares (149 million mu), which was 31% higher than that of 761.33 hectares (114 million mu) in the same period last year. The India Cotton Association said that by October, the cotton stocks in India increased 25% to 7 million 390 thousand packages (170 kg per pack) than the 5 million 890 thousand packages in the same period last year, and the output will probably be close to a record 40 million pack next year. Poor macro face, high inventory carrying stock and excellent growth of new cotton continue to suppress cotton prices.