The spot has been lower than the forward since the second of 2021

The spot has been lower than the forward since the second of 2021. Arrivals of cotton yarn have continued to decline since Oct, and that in Oct and Nov was the lowest for the whole year, down 11.19% and 11.64% respectively year-on-year. However, the arrivals in December is estimated at 137,000tons, so there is a big decline in cotton yarn arrivals in Oct-Dec. After slow destocking within several months and underselling of some traders in order to withdraw funds at the end of December, the overall spot inventory of traders was at a low level at the beginning of 2022. Just at this time, Indian cotton price has risen sharply, and the price of Indian cotton yarn has followed up. At the same time, the quotation of Vietnamese yarn, Indonesian yarn and Uzbekistani yarn has also risen to varying degrees, so traders were reluctant to undersell goods and those with low stocks withheld offering or quoted up.