With the main contract approaching and once broken 14000 yuan / ton, the cotton market attention and activity continued to rise, Zheng Mian day volume and position also slowly increased. Some institutions and cotton companies believe that Zheng cotton will continue to go ahead with the good news from the leaders meeting of the G20 Osaka summit and the easing of the monetary policy of other countries. The short-term trend of cotton futures is external factors, rather than the fundamentals of supply and demand, cotton regulation and control policies.

The author believes that the possibility of stabilizing 14500 yuan / ton can not be ruled out. Of course, there are many factors restricting the uplink of Zheng cotton, and the key point is the Sino US meeting of the G20 summit. The author briefly summarizes the following points: first, the "Sino US leaders' meeting" has high expectations ", and the outcome of bilateral talks directly determines the trend of Zheng cotton.

Two is the downstream textile clothing exports, gauze consumption and not much improvement, but finished products to achieve effective inventory. From the survey point of view, since the middle of May, some cotton textile enterprises in China have been reducing and postponing the procurement of raw materials, increasing the intensity of selling yarn and grey cloth, and at the same time taking the risk of reducing production and shutting down to reduce the risk of capital breaking.

Three, the supply of domestic cotton is adequate. In 2019, cotton grew better and there was no hype theme. According to the data released by the China Cotton Association, as at the end of June, the total turnover of the national commodity cotton stocks is at least 3 million tons (of which the stock is not less than 2 million 150 thousand tons), plus about 600000 tons of cotton production plan and the import volume of 400 thousand tons (6-9 months, according to 100 thousand tons per month).