futures market 。 Zheng cotton opened all the way down last Tuesday, down 3 days, and the expected 15500 yuan / ton market is expected to die in an instant. After 3 days of continuous fall, the air kinetic energy failure of the empty side occurred on Friday, and the situation rebounded slightly. The main contract 1501 received 15450 yuan / ton, and the week fell 260 yuan / ton. In the later stage, it was expected to fluctuate around 15500 yuan / ton, and the probability of breaking down 15000 yuan / ton was smaller.

　　 American cotton Under the influence of bad news that China's demand is declining and output is expected to increase, the Chinese market has fallen in July. The contract in July closed 84.78 cents / pound, and fell 118 points. December contract closed at 78 cents / pound, the week rose 72 points, the near future will still be in the near future platform consolidation, the recent 75 cents line support is obvious, later cotton area weather, target price rules, dumping and storage policy will affect its trend.

Spot market. Large reserves and low prices occupy the main channel of spot supply, and the volume and price are relatively stable. With the support of quotas, India cotton has been able to recover the lost market, and the price has quickly closed to the reserve price. Last Friday, the central price of the cotton trade was 17300 yuan / ton, 200 yuan / ton lower than the previous week. It is expected that this week will continue to close to the dumping price, and the other imported cotton will also have a reduction of 200 yuan / ton.

　　 New cotton Before entering the market, the total price of imported cotton will still be close to the cost of throwing and storing. Under the situation of difficult sales and serious losses, the cotton mill should pay more attention to the cost, and the cotton with higher price will be easily abandoned by the cotton mill. Under insufficient demand and fine cotton and cotton dragging, the price of long staple cotton continued to decline slightly. The weight of the 137 grade long staple cotton has been shifted to 30500 yuan / ton line, and the low grade and poor purity already has a turnover of less than 30000 yuan / ton.

Pima cotton because of the high cost of customs clearance, spot clearance is very few, in a price free market, the quotation is also loose, the actual turnover of around 31000 yuan / ton, if the cotton mill situation can not be improved, the price still has room to fall.

State reserves. On the 2-6 day of June, 65163 tons were traded on the 4 day, a decrease of 8055 tons, a 11% decrease from last week, a total turnover of 1 million 810 thousand tons, and a cumulative increase of 881 in the reference mill, 2 more than last week. Xinjiang cotton is still the main variety.

Demand side. It is more difficult to sell cotton yarn in the cotton mill. The price of substitute products such as polyester and viscose is still low. The substitution effect on cotton is increased. The viscose staple fiber consumption has increased by more than 30% in the past three years, and this year the dosage is expected to exceed 4 million tons. Although the difference between domestic and foreign cotton prices is shrinking, in recent three years, the emerging markets such as India, Pakistan and other emerging markets have been unable to recapture the domestic and foreign markets in a short time, and cotton demand is increasing in the short term.