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On July 27, China National Cotton Reserves Corporation planned to auction 8,022.3060 tons of reserve cotton from its挂牌 inventory, with the actual成交 volume reaching 8,022.3060 tons and a 100%成交 rate. The成交 average price was 17,275.33 yuan per ton, up 58.29 yuan per ton from the 24th, equivalent to 17,944.37 yuan per ton for Grade 3128B cotton. The highest成交 price was 17,970 yuan per ton, while the lowest was 16,630 yuan per ton. On that day, the average成交 price for imported cotton was 17,407.05 yuan per ton, equivalent to 18,072.01 yuan per ton for Grade 3128B, with an average premium of 1,897.01 yuan per ton. For Xinjiang cotton, the average成交 price was 16,875.89 yuan per ton, equivalent to 17,557.32 yuan per ton for Grade 3128B, with an average premium of 1,382.32 yuan per ton.
Key Insights
Cotton futures on the Intercontinental Exchange (ICE) edged higher on Monday, supported by technical buying following a previous session's pullback and a weaker U.S. dollar. The ICE December cotton futures contract rose 0.9 cents, or 1.10%, to settle at 80.88 cents per pound. In the domestic market, port inventories of imported cotton declined. According to a survey by Mysteel, imported cotton port inventories fell by 0.5% to 591,000 tons. On the consumption side, yarn inventories at major textile mills continued to increase week-on-week, while downstream grey fabric mills showed a weak willingness to restock, and operating rates declined relatively. Additionally, as of July 27, a cumulative total of 48,132.1590 tons of reserve cotton had been auctioned from挂牌 inventory, with a 100%成交 rate to date. The current reserve adjustments are primarily aimed at addressing supply tightness during the transition between old and new cotton seasons, temporarily alleviating supply constraints. The strong成交 activity in the short-term reserve cotton auctions provides some support to the market. Continued monitoring of reserve cotton成交 trends is warranted.
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