Yesterday, India, the world’s second-largest cotton exporter, issued an export ban, which was boosted by the news. During the period, cotton futures rebounded and rebounded sharply. Experts said that India's ban on exports of cotton will cause tight market conditions in the short term, while domestic textile companies have strong demand for imported cotton, and future cotton prices may fluctuate upward.
India’s export ban directly favored US cotton’s midday break yesterday, and market sources said that India has issued a ban on cotton exports. The Indian government issued an announcement on March 5 that it will ban the export of cotton of the tariff numbers 5201 and 5203, including export orders already registered with the government. According to Indian cotton traders, yesterday's cotton ready for shipment at the port was no longer available for declaration.
After the news was issued, the price of US cotton electronic discs rose sharply by 3 cents. After the afternoon's opening, Zheng cotton also fell 100 points from the morning to 300 points higher, accumulating 400 yuan/ton. Zheng cotton rose 1.29% to 22040 yuan/ton during the close. As of the press release, the US cotton price was 91.92 cents/lb, up 3.84%.
Lin Shujuan, an analyst with Guotai Junan Securities, said: "Yesterday the cotton market was still weak and fluctuating in the morning. Affected by emergencies, the price of cotton rose sharply in the afternoon."
Experts believe that the news of India’s ban on exports has the greatest effect on the bullishness of US cotton. Chen Ping, an analyst with China International, told reporters that India is the second largest exporter of cotton except the United States. The annual export of cotton is about 1.5 million tons. In the international market, Indian cotton is a strong competitor to US cotton. India The biggest feature of cotton is its low price. The US cotton will become the biggest beneficiary after the ban on the export of cotton in India. It is expected that the US cotton will start a rally in the latter period.
The reporter learned that the United States and India are the world’s major cotton exporters. Among them, the contracted volume of US cotton exports has exceeded its estimate. At the time of new cotton planting, the cotton market is very little. If Indian cotton is banned from exporting, it will cause tight market supply in the short term.
Domestic textile companies have strong demand for imported cotton. From the perspective of the domestic market, China is the main importer of Indian cotton. From 2011/12 to the present, domestically accumulatively imported cotton exceeds 2 million tons, of which nearly half come from India. It can thus be seen that after the halt of export of Indian cotton, it also has a certain impact on the supply of the domestic cotton market.
It is worth noting that domestic textile companies have relatively strong demand for relatively cheap Indian cotton. Xu Zhou, an analyst from East Asia, believes that because of the domestic policy of temporary purchase and storage of cotton in the current year, domestic cotton prices are supported by the reserve price and remain at around 20,000 yuan/ton, which is higher than the import price. At present, domestic cotton storage has accumulated more than 2.7 million tons, accounting for nearly 40% of domestic production. At the onset of the downstream consumption season, there is a demand for supplementary storage in the market, especially for cheap imported cotton. Therefore, in the short term, domestic Cotton may have a tight supply pattern.
Shanghai's mid-term analysts saw the thunder introduced, said that China imports almost 3.7 million tons of cotton every year, this year has imported 800,000 tons from India, the rest are from the United States, Uzbekistan, Australia and so on. This year, Indian cotton prices are much lower than domestic cotton prices, so they are very popular with traders and textile companies. Under the pressure of Indian cotton, the prices of US cotton and domestic cotton in the early period remained weak, and their sales were not good.
India's textile industry has been challenged why India issued a ban on cotton exports at this time? In this regard, Bao Chen ** analyst Chen Dong introduced that this is mainly the Indian government in order to protect the interests of the country's textile companies.
With the appreciation of the Indian Rupee against the US dollar and the rise in the price of means of production, Indian textiles are also experiencing difficulties in the global market, and the survival environment of textile companies is facing challenges.
In order to safeguard the interests of the industry, the Indian Textile Association proposed to the government that due to the low price of Indian cotton, it was heavily transported to the international market, including such textile competitors as China and Pakistan. This is actually using their own resources to strengthen their opponents. It is unfavorable for the development of Indian textile companies. Therefore, the Indian Textile Association proposed that the government prohibit cotton exports, or at least increase the zero tariff on cotton exports to 4%-5%. In this way, the country can not only increase tax revenue, but also protect Indian textile competitiveness to some extent.
India’s export ban directly favored US cotton’s midday break yesterday, and market sources said that India has issued a ban on cotton exports. The Indian government issued an announcement on March 5 that it will ban the export of cotton of the tariff numbers 5201 and 5203, including export orders already registered with the government. According to Indian cotton traders, yesterday's cotton ready for shipment at the port was no longer available for declaration.
After the news was issued, the price of US cotton electronic discs rose sharply by 3 cents. After the afternoon's opening, Zheng cotton also fell 100 points from the morning to 300 points higher, accumulating 400 yuan/ton. Zheng cotton rose 1.29% to 22040 yuan/ton during the close. As of the press release, the US cotton price was 91.92 cents/lb, up 3.84%.
Lin Shujuan, an analyst with Guotai Junan Securities, said: "Yesterday the cotton market was still weak and fluctuating in the morning. Affected by emergencies, the price of cotton rose sharply in the afternoon."
Experts believe that the news of India’s ban on exports has the greatest effect on the bullishness of US cotton. Chen Ping, an analyst with China International, told reporters that India is the second largest exporter of cotton except the United States. The annual export of cotton is about 1.5 million tons. In the international market, Indian cotton is a strong competitor to US cotton. India The biggest feature of cotton is its low price. The US cotton will become the biggest beneficiary after the ban on the export of cotton in India. It is expected that the US cotton will start a rally in the latter period.
The reporter learned that the United States and India are the world’s major cotton exporters. Among them, the contracted volume of US cotton exports has exceeded its estimate. At the time of new cotton planting, the cotton market is very little. If Indian cotton is banned from exporting, it will cause tight market supply in the short term.
Domestic textile companies have strong demand for imported cotton. From the perspective of the domestic market, China is the main importer of Indian cotton. From 2011/12 to the present, domestically accumulatively imported cotton exceeds 2 million tons, of which nearly half come from India. It can thus be seen that after the halt of export of Indian cotton, it also has a certain impact on the supply of the domestic cotton market.
It is worth noting that domestic textile companies have relatively strong demand for relatively cheap Indian cotton. Xu Zhou, an analyst from East Asia, believes that because of the domestic policy of temporary purchase and storage of cotton in the current year, domestic cotton prices are supported by the reserve price and remain at around 20,000 yuan/ton, which is higher than the import price. At present, domestic cotton storage has accumulated more than 2.7 million tons, accounting for nearly 40% of domestic production. At the onset of the downstream consumption season, there is a demand for supplementary storage in the market, especially for cheap imported cotton. Therefore, in the short term, domestic Cotton may have a tight supply pattern.
Shanghai's mid-term analysts saw the thunder introduced, said that China imports almost 3.7 million tons of cotton every year, this year has imported 800,000 tons from India, the rest are from the United States, Uzbekistan, Australia and so on. This year, Indian cotton prices are much lower than domestic cotton prices, so they are very popular with traders and textile companies. Under the pressure of Indian cotton, the prices of US cotton and domestic cotton in the early period remained weak, and their sales were not good.
India's textile industry has been challenged why India issued a ban on cotton exports at this time? In this regard, Bao Chen ** analyst Chen Dong introduced that this is mainly the Indian government in order to protect the interests of the country's textile companies.
With the appreciation of the Indian Rupee against the US dollar and the rise in the price of means of production, Indian textiles are also experiencing difficulties in the global market, and the survival environment of textile companies is facing challenges.
In order to safeguard the interests of the industry, the Indian Textile Association proposed to the government that due to the low price of Indian cotton, it was heavily transported to the international market, including such textile competitors as China and Pakistan. This is actually using their own resources to strengthen their opponents. It is unfavorable for the development of Indian textile companies. Therefore, the Indian Textile Association proposed that the government prohibit cotton exports, or at least increase the zero tariff on cotton exports to 4%-5%. In this way, the country can not only increase tax revenue, but also protect Indian textile competitiveness to some extent.
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