In May, The Procurement And Auction Of Cotton By Textile Enterprises Were Still Large.

In May, the National Bureau of statistics data showed that China's April industrial added value, total retail sales of social consumer goods and fixed asset investment all fell down, and real estate data only improved. Private investment continued to slow down, indicating that the momentum of further stabilization of the economy was insufficient, and economic stabilization still depended on traditional industries, especially real estate. Economic power Lack. In May, the domestic stock market plummeted, and the domestic futures market was led by the previous black line, iron ore and screw thread. The Fed releases interest rate signals again, pressure on commodities and volatility in the RMB exchange rate.

China's official manufacturing PMI50.1 in April dropped 0.1 percentage points from last month, and continued to expand in the expansion area. China's April inflation data (CPI) was flat for China's CPI in April, reporting 2.3%, meeting the expected 2.3%; PPI compared to -3.4%, expected -3.7%, the previous value -4.3%. China's generating capacity in March was 444 billion 400 million kwh, down 1.7% compared to the same period last year. In 1-4 months, the investment in real estate development in the whole country increased by 7.2% compared to the previous year, reaching a new high, 6.2% higher than the previous value. In April, China's M2 growth rate decreased from 13.4% to 12.8%, and +13.5% was expected. Among them, exports of 4 trillion and 137 billion 360 million yuan, down 2.1%; imports of 3 trillion and 29 billion 740 million U. s.dollars, down 7.5%.

Profits of steel and coal and other overcapacity industries have improved rapidly. Structural The problem is still serious. Debt and other issues have not yet been well resolved, but on the other hand, the leverage of real estate loans has increased. Although the short-term stimulus has made the domestic economy recover slightly, especially the real estate economy, structural reform has not yet seen effective implementation and improvement. The short-term policy stimulus for the economy is like a little medicine after the serious illness of life, and it is a temporary solution. Downward pressure on economy No reduction.

In the international market, the global cotton production increased in 2016/17, and the global cotton inventory decreased, especially in China. The cotton prices in the ICE period shifted downward. The new cotton flower sowing condition is good, and the contract volume and loading capacity increase as the export is expected to be lowered. Cotton prices in India are strong, and new flowers are widely planted in the north.

Domestic cotton (13070, 30, 0.23%), supply side, as of the end of April, the domestic cotton business inventories of 1 million 180 thousand tons, there is a big gap in domestic cotton, cotton turnover was hot, the proportion of imported cotton was 100%, while the proportion of domestic cotton reached 98%. On the one hand, due to the lack of cotton in the short term in China, on the other hand, due to the concentration of imported cotton warehouse, the actual auction of the reserve cotton is not much in the market, so although the reserve cotton price is low, the domestic cotton spot price is slow down. In terms of demand, May is also a small peak season for textiles. Moreover, due to the anticipation of dumping and storage, the inventory of enterprises remains low, while the national storage cotton is difficult to get. Therefore, the purchasing and auction of cotton enterprises by textile enterprises in May are still large.