儲備棉投放結束，累計上市總量152 0173 3840.89萬噸，累計總成交265.40萬噸。上周河北、山東棉區有農民開始零星采摘新棉，從目前情況來看， 新棉質量較好。上周中國棉花價格指數CC Index 3128B周均價16996元/噸，較前一周下降53元。近期外棉價格受紡織廠買盤支撐略有反彈，但國內人民幣報價仍小幅下跌。

　　二、市場動態

　　1、儲備棉投放：累計總成交265萬噸

　　儲備棉投放*后一周成交9.38萬噸，較前一周增加0.62萬噸。雖然距離新棉上市仍有一段時間，但企業并沒有明顯增加競拍量，據了解，企業為 避免風險仍不敢增加庫存，有企業表示庫存能維持到新棉上市，但更多企業表示會采用壓縮產能，增加使用外棉或者使用化纖替代品等方式來維持生產到新棉上市。

　　截止到8月29日，儲備棉投放累計上市總量152 0173 3840.89萬噸，累計成交總量265.40萬噸，成交比例20.25%。其中，國產棉累計上市 1231.62萬噸，累計成交249.14萬噸，成交比例20.23%。進口棉累計上市79.28萬噸，累計成交16.26萬噸，成交比例20.51%。

　　2、現貨掛牌交易：均價漲跌不一 軋花廠觀望情緒較重

　　當周現貨掛牌交易周成交130670噸，較前一周增加58700噸，成交放量。其中MA1411、MA1412以及MA1502成交較好，其余 合同相對清淡。截止上周訂貨量27110噸，較前一周增加1920噸， 其中MA1501為主要訂貨合同，訂貨13850噸，此外，MA1412訂貨7670噸。截止上周現貨掛牌交易業務棉數量15671噸，較前一周增加 1960噸。

　　從價格上看，當周現貨掛牌交易各合同漲跌不一，其中MA1409周末收盤價漲125至16645，MA1410跌235至15185，MA1411跌110至14500，其余合同變化不大。

　　本周直補細則仍未公布，目前市場觀望情緒較重，軋花廠普遍決定在9月中下旬開始收購，新棉上市進度要較往年推遲。

　　3、現貨市場：河北、山東已有采摘

　　山東德州地區新棉8月15日開始吐絮，較往年提前5天左右，如后期無連續陰雨天氣，棉花的質量和產量情況較為樂觀。目前當地已有棉農零星采摘。 河北近期天氣良好，邢臺、滄州、冀州等地棉農也開始少量采摘。有企業表示近期將開秤小批量收購、試軋，同時看看現貨市場情況如何。

　　相對內地，新疆棉花成熟略晚，目前未有采摘。近日南疆阿克蘇等地的一些農業部門、種子公司技術人員紛紛到沙雅、阿瓦提、新和、柯坪等地棉區測 產，預計一周左右結束。目前看來，阿克蘇、喀什等地大部分棉區棉花長勢與去年持平甚至稍好，如果9-10月下旬前不出現大的天氣災害，農民豐收的預期較 強。

　　4、紡織市場：純棉紗市場無起色 我國進口越南棉紗增多

　　上周純棉紗整體價格仍較低沉，大部分盡力保價維穩，但規模廠家不斷下調價格，拋貨清理庫存，市場無明顯起色。但是有企業反應，在寧波一帶，部分 規格棉紗貨源較少，甚至有部分加價現象。8月29日中國紗線價格指數CY Index OEC10S為15680元/噸，CY Index C32S為24425元/噸，CY Index JC40S為29090元/噸。

　　這半年來中國進口棉紗市場的格局也發生了明顯變動，7月份，對越南棉紗進口量超越印度成為中國進口紗第二大來源國，進口量達3.43萬噸，占中 國進口棉紗總量的22%。之前印巴兩國棉紗平分天下的日子也變成了印巴越三分天下。進口棉本周詢盤繼續好轉，8月29日進口棉紗價格指數FCY Index C21S港口提貨價21085元/噸，FCY Index C32S港口提貨價23380元/噸，FCY Index JC32S港口提貨價25590元/噸。

　　5、國際市場：期棉反彈受阻 印度棉全額通關量增加

　　上周ICE期棉反彈受阻，新年度供應寬松格局基本形成，美國干熱的南部將迎來降雨，這將緩解市場對干燥天氣的擔憂，同時印度季風帶來了更多的降 雨有利于棉花生長，雖然新一期美棉出口銷售數據利好，周四期棉價格承壓下挫。至8月13日，印度種植面積在1.84億畝。同比增加9.77%。至8月26 日美棉新花坐果率為90%，吐絮率19%。8.15-8.21一周美國凈簽約出口本年度陸地棉56177噸;裝運21931噸。

　　近期外棉價格受低價紡織廠買盤支撐從62美分反彈到66美分，但是國內棉價一直處于偏弱狀態，國內大型棉商美金報價反彈，配額價值下滑，而且價 格繼續下落趨勢，國內人民幣報價繼續小幅下跌，尤其印度棉40%通關量加大。印度棉中期花一般質量的價格為16300元/噸左右，質量較好的價格在 16600-16700元/噸。

　　三、宏觀要聞

　　1、1-7月份，全國規模以上工業企業實現利潤總額33491.6億元，同比增長11.7%，增速比1-6月份提高0.3個百分點;實現主營活動利潤31257.4億元，同比增長11.2%，增速比1-6月份提高0.4個百分點。

　　7月份，規模以上工業企業實現利潤總額4823.3億元，同比增長13.5%，增速比6月份回落4.4個百分點。

　　1-7月份，在41個工業大類行業中，34個行業利潤總額同比增長，3個行業持平，4個行業下降。其中紡織業增長10.4%。

One, market overview

Cotton reserves put an end, has listed a total of 152 0173 38408900 tons, the total turnover of 2654000 tons. Last week Hebei, Shandong cotton farmers began sporadic picking cotton, from the current situation, the new cotton quality is better. Last week China cotton price index CC Index 3128B week the average price of 16996 yuan / ton, compared with the previous week, down 53 yuan. The cotton textile factory price by buying support rebounded slightly, but the domestic currency price is still slightly lower.

Two, the market dynamics

1, cotton reserves put: total turnover of 2650000 tons

Cotton reserves put last week sold 93800 tons, an increase over the previous week 6200 tons. Although the distance Xinmian listed still have a period of time, but the enterprise did not significantly increase the amount of the auction, it is understood, the enterprise in order to avoid risk is not increased inventory, the enterprise that inventory can maintain Xinmian listed, but more enterprises will use compression capacity, increase the use of cotton or chemical fiber substitutes to maintain production to the listing of new cotton.

By the end of August 29th, the cumulative total market cotton reserves put 152 0173 38408900 tons, accumulative total turnover 2654000 tons, turnover ratio of 20.25%. Among them, domestic cotton has listed 12316200 tons, the cumulative turnover 2491400 tons, turnover ratio of 20.23%. Imported cotton has listed 792800 tons, the cumulative turnover 162600 tons, turnover ratio of 20.51%.

2, spot transactions fold rise: not a gin wait-and-see mood is heavy

When the week spot trading week sold 130670 tons, an increase over the previous week 58700 tons, the transaction volume. The MA1411, MA1412 and MA1502 were better, the rest of the contract relative light. By the end of last week the order quantity of 27110 tons, a 1920 increase over the previous week tons, and MA1501 is the main contract, order 13850 tons 7670 tons, in addition, MA1412. By the end of last week the spot listing of transactions cotton 15671 tons, an increase over the previous week 1960 tons.

From the price point of view, when the week spot transactions the contract price is not a weekend, the MA1409 closing price 125 to 16645, MA1410 fell 235 to 15185, MA1411 fell 110 to 14500, the rest of the contract change.

This week the direct subsidy rules have not been announced, the market wait-and-see mood is heavy, cotton ginning factory generally decided to purchase in the mid to late 9, Xinmian listed schedule to relatively in former years later.

3, the spot market: Hebei, Shandong has been picking

Shandong Dezhou area began in August 15th compared with the previous year cotton boll, 5 days in advance, such as the late without continuous overcast and rainy weather, quality and yield of cotton is more optimistic. At present, the local has been sporadic picking cotton. Hebei's recent good weather, Xingtai, Cangzhou, Jizhou and other places also started a small cotton picking. Enterprise has said it will begin business acquisition, small batch trial rolling, at the same time, have a look how to spot market situation.

Compared with the mainland, Xinjiang cotton mature late, at present no picking. Recently in Akesu to some agricultural sector, The Seed Company and technical personnel have to Shaya, Awati, and the new, and cotton yield, expected a week end. Currently, Akesu, Kashi and other places most cotton growing flat with last year even slightly better, if there are no major weather disasters 9-10 month ago, farmers harvest expected a strong.

4, the textile market: pure cotton yarn market no improvement in China increased Vietnam imports cotton yarn

Last week, pure cotton yarn overall price is still low, most try to price stability, but the scale manufacturers continue to cut prices, goods market clearing inventory, no significant improvement. But the enterprise response, in the Ningbo area, some specifications of cotton goods less, even some increase phenomenon. In August 29th China yarn price index CY Index OEC10S for 15680 yuan / ton, CY Index C32S is 24425 yuan / ton, CY Index JC40S for 29090 yuan / ton.

In the first half of this year to China imported cotton market structure has also undergone a significant change, in July, the Vietnam cotton yarn imports beyond India to become the second largest source country Chinese import yarn, the import volume of 34300 tons, accounting for 22% of the total import of cotton yarn. Before India and Pakistan cotton shared world day has become more of the three parts of India and pakistan. The import of cotton this week inquiry continues to improve, in August 29th imports of cotton price index FCY Index C21S port delivery price of 21085 yuan / ton, FCY Index C32S port delivery price of 23380 yuan / ton, FCY Index JC32S port delivery price of 25590 yuan / ton.

5, the international market: cotton futures rebounded blocked India Cotton Full clearance volume increased

Last week ICE period cotton rebounded blocked, the new annual supply loose pattern is formed basically, USA dry South will usher in rainfall, which will ease the fears of dry weather, while India monsoon brought more rain is conducive to the growth of cotton, although a new US cotton export sales data is good, Thursday cotton price pressure fell. To August 13th, planting area of 184000000 acres in India. An increase of 9.77%. In August 26 the new cotton flowering and fruit setting rate is 90%, boll opening rate 19%. 8.15-8.21 a week USA net signed this year cotton export shipment of 21931 tons of 56177 tons.

The cotton price by buying support low-cost textile factory from 62 cents to 66 cents a rebound, but the domestic cotton prices has been in a weak state, domestic dollar large cotton bidding rebound, quota to decline in value, and the price continues to fall, domestic prices in Renminbi continued to decline slightly, especially India cotton 40% clearance volume increased. The mid India cotton flower quality for the price of 16300 yuan / tons, quality good price in the 16600-16700 yuan / ton.

Three, the macro news

1, 1-7 month, the above scale industrial enterprises realized profits