The downstream will continue to turn on, and cotton prices will continue to be under pressure

Golden Ten Futures on June 17, the main contract of cotton in the night market fell by nearly 2%. According to the analysis of Guotai Junan Futures, the domestic cotton spot transaction was light, and the spot price followed the futures fluctuation, and the basis was relatively strong. Domestic cotton consumption entered the off-season, and the industrial sentiment was relatively pessimistic. The start-up decline of textile enterprises accelerated, the inventory of textile enterprises rose, and the downstream raw material procurement remained on-demand. In addition, in terms of new crops, the weather in Xinjiang was good. Generally speaking, domestic cotton was not driven by the rise for the time being. The domestic and foreign textile industry sentiment was weak. In the short term, the internal and external cotton futures were affected by technical selling pressure and fell inertia. It is necessary to wait for new bullish factors to appear in order to stabilize the price. In operation, it