The expectation of production reduction is good, and the confidence of the cotton market is boosted
In the first half of August, the policies of dumping reserves and quotas were implemented one after another. With the demand not yet increasing, the pressure on the supply side has eased. However, under the expectation of production reduction in the new year, as the country’s measures to restore and expand consumption are announced, market confidence has been boosted, which has provided certain support for cotton prices, and the market has fluctuated at a high level. The domestic supply is slightly tight. Although there is a sale of reserve cotton, it is difficult to alleviate the tension on the supply side in a short period of time. The adjustment of cotton prices will be limited until the end of September when the new cotton is listed. The demand side has not improved significantly, and the downstream order situation is general. The market’s expectation of "Golden September and Silver October" has increased.
More negative factors, nylon filaments weaken at high levels
As the raw materials fluctuate slightly downward at high levels and inventory increases, the price of nylon filaments weakens at high levels. The market price of PA6, the upstream direct raw material of nylon filaments, fell from its highs this week, down 100 yuan/ton from last week. The demand for PA6 may not be as expected at this stage. In addition, there is a plan to put 160,000 tons of new production capacity of PA6 into production at the end of August. The overcapacity situation in the industry may be aggravated, which has a great negative effect on the market mentality. At the same time, the nylon industry is expected to add 100,000 tons of production capacity from August to September, and there is no maintenance plan for the nylon industry at present. The supply of the nylon industry may increase significantly. There are many negative factors in the fundamentals. It is expected that the nylon filament market will be weak and volatile in the short term.
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