Tongzhou Cotton Market Brief, Week 4 of October 2024

I. Zhengmian (China's cotton futures contract)
(1) Positive Factors
1) Positive expectations of domestic macroeconomic policies are continuously being realized, and the most pessimistic phase of macroeconomic sentiment and the worst period for the industry have passed.
2) Currently, the downstream inventory structure is healthy, with both yarn mills' raw material inventories and finished goods inventories being relatively low, and yarn mills are currently profitable.
3) From the perspective of absolute prices, the price of cotton around 14000 is considered to be in a low to mid-range valuation.
(2) Negative Factors
1) The true implementation of current macroeconomic policies needs to wait until January, and there will be fluctuations between short-term expectations and reality.
2) Entering November, the downstream sector enters the traditional off-season, and the marginal performance of the downstream sector deteriorates.
3) Listing pressure and processing pressure will concentrate in the next two weeks.
II. US Cotton
(1) Positive Factors
1) Currently, US cotton entering CCC inventory is close to 800,000 tons, which is a relatively large amount in recent years, and this has restricted the liquidity of US cotton spot.
2) Judging from recent demand and orders at home and abroad, the overseas market is better than the domestic market, so Southeast Asian buyers are actively purchasing at prices below 70 cents.
3) From the adjustment of the balance sheet, the most stressful period globally has passed, and the price at 67 cents has already reflected this.
(2) Negative Factors
1) Recently, spot prices in various countries have been falling, indicating that the upward pressure on cotton is greater during the concentrated listing period.
2) In the stage of increasing supply pressure, the contradiction of lack of demand will be magnified, which is not conducive to price increases.
3) There are currently no signs of concentrated inventory replenishment by US wholesalers and retailers.
Focus: Domestic acquisition prices

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Tongzhou Cotton Market Brief, Week 5 of October 2024

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Tongzhou Cotton Market Brief, 3rd week of October 2024

Leaders from Xiamen C&D Group visited Tongzhou for investigation and guidance

Leaders from Xiamen C&D Group visited Tongzhou for investigation and guidance

On March 3, Wang Yongqing, Vice President of Xiamen CNOOC Group, visited Tongzhou Group for investigation and guidance. Wei Gangmin, Chairman of our company; Huang Hongyu, President; Li Tao, Vice President; and Zhang Zhiyan, Director of the General Office, met with and participated in a symposium.

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Leaders from Xiamen C&D Group visited Tongzhou for investigation and guidance
Tongzhou Cotton Market Brief, Week 1 of March 2025

Tongzhou Cotton Market Brief, Week 1 of March 2025

1) This week's National People's Congress and the Chinese People's Political Consultative Conference (NPC & CPPCC) in China boosted market expectations for steady growth. In February, the Purchasing Managers' Index (PMI) for manufacturing stood at 50.2%, up 1.1 percentage points from the previous month, indicating a significant improvement in the manufacturing sector.

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Tongzhou Cotton Market Brief, Week 1 of March 2025
In 2024, China's exports of dyed and printed fabrics to Vietnam and Bangladesh increased significantly.

In 2024, China's exports of dyed and printed fabrics to Vietnam and Bangladesh increased significantly.

In 2024, China's dyeing industry saw rapid export growth to ASEAN and RCEP member countries, exceeding the overall export growth rate. However, this growth was accompanied by a decline in prices. From January to December, China's exports of eight major dyeing products to ASEAN totaled 7.908 billion meters, a year-on-year increase of 12.14%, 4.61 percentage points higher than the overall export growth rate, accounting for 23.58% of total exports. The average export price was US\$1.19 per meter, a year-on-year decrease of 2.75%, 0.64 percentage points lower than the overall decline. Exports to RCEP member countries totaled 8.431 billion meters, a year-on-year increase of 11.35%, 3.82 percentage points higher than the overall export growth rate. The average export price was US\$1.17 per meter, a year-on-year decrease of 2.79%, 0.60 percentage points lower than the overall decline.

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In 2024, China's exports of dyed and printed fabrics to Vietnam and Bangladesh increased significantly.
President Huang Hongyu was invited to attend the 2025 Zhangjiagang Cotton Industry Development Conference

President Huang Hongyu was invited to attend the 2025 Zhangjiagang Cotton Industry Development Conference

On February 28, Mr. Huang Hongyu, President of our company, was invited to attend the 2025 Zhangjiagang Cotton Industry Development Conference and, as a guest speaker at the "Xiangshan Roundtable," shared his views on the cotton market and trading opportunities.

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President Huang Hongyu was invited to attend the 2025 Zhangjiagang Cotton Industry Development Conference

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