The cotton picking in 2022/23 will enter the final stage. According to the data of the national cotton market monitoring system, as of November 3, the progress of new cotton picking in China will be 85.4%, 2.6 percentage points higher than that of the previous year, including 85.6% in Xinjiang, 3.0 percentage points higher than that of the previous year.

Since the planting of cotton in this year, the comprehensive meteorological conditions in the national cotton regions are generally suitable, and the cotton growth is better than expected. This month, it is predicted that the output will increase by 170000 tons to 6.03 million tons in 2022/23.

Influenced by the continuous tightening of monetary policies in developed economies such as Europe and the United States, domestic epidemics and other factors, the orders of textile enterprises fell short of expectations, the terminal consumption of cotton textiles continued to be sluggish, and the inventory was high. This month, China's cotton consumption in the new year was reduced by 150000 tons to 7.7 million tons.

Considering that the trend of international cotton prices continues to be stronger than that of domestic cotton prices, it is expected that the import will remain weak this year. This month, the cotton import volume will be reduced by 200000 tons to 1.85 million tons, and the ending inventory will be increased to 7.28 million tons.

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