Editor's note: The Cotton Industry Association disclosed today that relevant state departments have issued the “2012 Preliminary Interim Storage and Storage of Cotton†and determined that the 2012 temporary cotton storage price is 20,400 yuan/ton, which is 600 yuan more than the 2011 storage price of 19,800 yuan/ton. Ton, an increase of 3%, at the same time, the scope of collection and storage and cotton grade requirements can be adjusted under special circumstances after research by relevant departments.
The Cotton Industry Association disclosed today that the relevant national authorities issued the “2012 Preliminary Interim Cotton Storage and Storage Plan†and determined that the 2012 temporary cotton storage price was 20,400 yuan/ton, which was 600 yuan/ton higher than the 2011 storage price of 19,800 yuan/ton. The margin is 3%. At the same time, the scope of collection and storage and the requirements for cotton grades can be adjusted after research by relevant departments under special circumstances.
comment:
The introduction of the purchasing and storage system helps to clarify the bottom of the cotton price and prevent the price of cotton from plummeting: We always believe that the three key factors affecting cotton prices are capital, supply and demand, and policies.
The recovery of demand in 2009, supply and demand is the most critical factor affecting the cotton price of the year; 2010 funds are the most critical factor affecting the soaring cotton price; in 2011, the supply of cotton increased significantly, making the cotton market oversupply, supply and demand is the impact of cotton prices in 2011 The most critical factor. In 2012, we believe that insufficient demand has become the most critical factor affecting the price of cotton this year and that the price of cotton has risen. However, national policy is the core factor in supporting cotton prices. Today's purchase and storage system is clear, and it helps to clarify 12 years of cotton. At the bottom of the price, the price of cotton is prevented from plummeting and the enthusiasm of cotton growers is increased. The new purchase and storage prices reflect the current market downturn and are lower than the market expectation: due to the slow recovery at home and abroad and insufficient demand, the implementation from September 11 to present, the country has 11 years Storage and storage have completed storage and storage of 2.69 million tons, which is a key factor in the stabilization of cotton prices above 19,000 yuan. In 2012, domestic and international demand remained at the bottom. The domestic cotton price was higher than the foreign cotton price by more than 2,000 yuan, which seriously affected the operation of the cotton spinning industry chain. Actual cotton prices experienced considerable downward pressure, but taking into account the soaring and plunge of cotton prices. Serious consequences, and in order to protect cotton planting enthusiasm and ensure the supply of cotton as a strategic material, the country comprehensively considered (including the price comparison with other economic crops) and determined the price of 20,400 yuan. We believe that the price is reasonable, and it is not yet a serious blow to the cotton textile industry chain; and before the market has an expected price of more than 21,000 yuan, we believe that excessively high storage and storage prices will seriously affect the operation of cotton spinning companies, and the price of cotton will plummet. The consequences are not much different.
The promulgation of the plan helps maintain the relatively stable prices of textile raw materials: Around the Spring Festival, under the support of recovery expectations, under the support of rumors that cotton purchase and storage prices may increase significantly, prices of textile raw materials rose by a wave, but due to lower than expected demand, last week The price of viscose staple fiber began to decline, and today's cotton procurement and storage price competition has basically come to an end. In the future, raw material prices are expected to remain stable, and in the short term it is impossible to rule out a slight decline.
Investment advice We always think that before the advent of the traditional peak season is a time window for interventions in chemical fiber stocks. However, the recent price adjustment of the viscose glue and the introduction of the storage and storage system have indicated that raw material prices will hardly rise in the first half of the year, which will constrain the performance of the viscose and spandex sectors. Their next price rise window is August, and there is an intervention opportunity from June to July.
We still continue to optimistic about Taihe New Materials. Although the proportion of the company's spandex business is still large, we are optimistic about the company's aramid business. As a high-performance fiber, the demand for aramid has maintained rapid growth. The price fluctuations are mainly related to the global industrial economy. There is no correlation with viscose and spandex prices.
The Cotton Industry Association disclosed today that the relevant national authorities issued the “2012 Preliminary Interim Cotton Storage and Storage Plan†and determined that the 2012 temporary cotton storage price was 20,400 yuan/ton, which was 600 yuan/ton higher than the 2011 storage price of 19,800 yuan/ton. The margin is 3%. At the same time, the scope of collection and storage and the requirements for cotton grades can be adjusted after research by relevant departments under special circumstances.
comment:
The introduction of the purchasing and storage system helps to clarify the bottom of the cotton price and prevent the price of cotton from plummeting: We always believe that the three key factors affecting cotton prices are capital, supply and demand, and policies.
The recovery of demand in 2009, supply and demand is the most critical factor affecting the cotton price of the year; 2010 funds are the most critical factor affecting the soaring cotton price; in 2011, the supply of cotton increased significantly, making the cotton market oversupply, supply and demand is the impact of cotton prices in 2011 The most critical factor. In 2012, we believe that insufficient demand has become the most critical factor affecting the price of cotton this year and that the price of cotton has risen. However, national policy is the core factor in supporting cotton prices. Today's purchase and storage system is clear, and it helps to clarify 12 years of cotton. At the bottom of the price, the price of cotton is prevented from plummeting and the enthusiasm of cotton growers is increased. The new purchase and storage prices reflect the current market downturn and are lower than the market expectation: due to the slow recovery at home and abroad and insufficient demand, the implementation from September 11 to present, the country has 11 years Storage and storage have completed storage and storage of 2.69 million tons, which is a key factor in the stabilization of cotton prices above 19,000 yuan. In 2012, domestic and international demand remained at the bottom. The domestic cotton price was higher than the foreign cotton price by more than 2,000 yuan, which seriously affected the operation of the cotton spinning industry chain. Actual cotton prices experienced considerable downward pressure, but taking into account the soaring and plunge of cotton prices. Serious consequences, and in order to protect cotton planting enthusiasm and ensure the supply of cotton as a strategic material, the country comprehensively considered (including the price comparison with other economic crops) and determined the price of 20,400 yuan. We believe that the price is reasonable, and it is not yet a serious blow to the cotton textile industry chain; and before the market has an expected price of more than 21,000 yuan, we believe that excessively high storage and storage prices will seriously affect the operation of cotton spinning companies, and the price of cotton will plummet. The consequences are not much different.
The promulgation of the plan helps maintain the relatively stable prices of textile raw materials: Around the Spring Festival, under the support of recovery expectations, under the support of rumors that cotton purchase and storage prices may increase significantly, prices of textile raw materials rose by a wave, but due to lower than expected demand, last week The price of viscose staple fiber began to decline, and today's cotton procurement and storage price competition has basically come to an end. In the future, raw material prices are expected to remain stable, and in the short term it is impossible to rule out a slight decline.
Investment advice We always think that before the advent of the traditional peak season is a time window for interventions in chemical fiber stocks. However, the recent price adjustment of the viscose glue and the introduction of the storage and storage system have indicated that raw material prices will hardly rise in the first half of the year, which will constrain the performance of the viscose and spandex sectors. Their next price rise window is August, and there is an intervention opportunity from June to July.
We still continue to optimistic about Taihe New Materials. Although the proportion of the company's spandex business is still large, we are optimistic about the company's aramid business. As a high-performance fiber, the demand for aramid has maintained rapid growth. The price fluctuations are mainly related to the global industrial economy. There is no correlation with viscose and spandex prices.
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