tomdwan| Cotton-Supply is still abundant, and yields are expected to increase

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ICE cotton futures tumbled on TuesdayTomdwanDue to good planting progress and improved weather conditions. The July cotton of ICE, the most actively traded, closed down 3 cents or 3%.Tomdwan.86%, settlement price quoted 74Tomdwan.63 cents per pound. The United States Department of Agriculture released its first estimate of global cotton supply and demand for 2024 in May. Global cotton production in 2024x25 is forecast to be 25.92 million tons, an increase of 1.193 million tons over the same period last year. Global consumption increased by 762000 tons to 25.443 million tons compared with the same period last year, and global final inventory increased by 551000 tons to 18.073 million tons. Global cotton production, consumption and final inventory all increased year-on-year in 2024, and the increase in output was greater than consumption. In the domestic market, most of the new cotton is in the process of emergence and growth, the weather in the producing area is good for growth, the per unit yield and yield are expected to increase, and the negative sentiment in the market is dominant. On the supply side, the commercial inventory of cotton is still higher than that of the same period last year, and imports have increased, and supply is still abundant. The inventory of textile enterprises showed an increasing trend, mainly with a decline in startup. However, the enthusiasm of picking up goods downstream continues to weaken, and the enterprise inventory pressure is expected to show gradually in the later stage. On the whole, yarn processing profits are meagre, and supply is greater than demand, short-term positive support is insufficient, the future cotton yarn price is still weak operation.

ResearcherTomdwanCai Yuehui

tomdwan| Cotton-Supply is still abundant, and yields are expected to increase

Futures qualification number: F0251444

Futures investment consulting certificate number: 20013101

Assistant researcher: Li Qiurong

Futures qualification number: F03101823

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