SunSirs: Analysis of the Supply and Demand Situation of Bulk Agricultural Products in August 2024 (Regarding Cotton)

https://www.chemnet.com   Sep 14,2024 SunSirs

Cotton: At the end of the 2023/24 cotton market year, the average price of 3128B grade cotton in China is 16,692 yuan per ton, and the average price of Cotlook A index was 91 US cents per pound, both within the estimated range. This month, the import volume for 2023/24 will be increased by 200,000 tons to 3.2 million tons, and the ending inventory will be increased to 8.24 million tons, mainly due to the impact of the price difference between domestic and foreign cotton, resulting in higher than expected cotton imports.

This year, the comprehensive meteorological conditions in cotton producing areas across the country are suitable, with mild occurrence of pests and diseases. The overall growth of cotton is better than last year, and the expected yield is expected to increase. This month, the production for 2024/25 will be adjusted to 5.72 million tons, an increase of 1.8% compared to the previous year. Currently, new cotton is sporadically listed in some regions, with a lower opening price than last year. It is expected that the concentrated listing time in Xinjiang will be advanced to the end of September. With the traditional peak season of the cotton textile market approaching, cotton demand is expected to rebound.

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