Standard "(GB1103-1999) stipulates that sawtooth processing is adopted, and the quality is in Grade 4.

On (including grade 4), the length is more than 28 mm (including 28 mm), and the micronaire value is a.

Grade A and B, standard packed serrated fine wool white cotton.

It is determined that serrated fine wool white cotton is the main reason for sending cotton. Roll it out with a leather roller first.

High impurity content in cotton; Secondly, at present, this is absolutely true except that long-staple cotton is still processed by leather rollers.

Most high-quality cotton is processed with sawtooth.

1July 2, 999, the State Bureau of Quality and Technical Supervision issued a new cotton (fine

Wool and cotton) national standard (GB 1103-1999), and started from1September 19991.

Implement. According to the new national standard, 328B is the standard grade of refined cotton, so cotton futures contract.

Deliverable results based on domestic 328B.

Cotton Professional Committee of Fiber Branch of China Standardization Association 1998/99 Original

The investigation results of cotton quality show that 78. 1% is above grade 3, 3.

The average length of first-class cotton is 28.58 mm. The micronaire values of five-grade cotton are grade A and grade B.

Cotton accounts for more than 77%, and the maturity of grade 3 and above cotton is obviously better than that of grade 3 and above cotton.

Five grades, so the percentage of cotton with micronaire values of A and B is higher. With the near

In recent years, the improvement of cotton planting technology and the introduction of new technologies and varieties have consolidated cotton in China.

Physical fitness has been continuously improved, especially in Xinjiang cotton. At present, China's high-quality cotton

The proportion of flower production to total output is much higher than in previous years.

According to the above analysis results, the grade is above Grade III (including Grade III) and the length is 28 mm.

Cotton with micronaire values of a and b above 28 mm can fully meet the requirements.

Demand for futures delivery.

Nevertheless, four levels of cotton are added to the delivery level to allow delivery: ① Reference.

American experience shows that the cotton inspection of futures delivery is stricter than that of spot market; ② new york.

Futures exchanges use 427 cotton as the benchmark for delivery, and five-grade cotton can be used in futures exchanges.

Cut; (3) The delivery of Grade 4 cotton is allowed to avoid the occurrence of Grade 3 or above cotton in special years.

The proportion decreased, and the quantity available for delivery decreased, resulting in forced warehousing events. Therefore, the fourth grade cotton is

The "safety valve" of the delivery quantity.

There is also a certain yield of cotton with a grade below grade 4 and a micronaire value of grade C.

Market share, but in order to meet the needs of cotton planting structure adjustment, reflect high quality.

Price principle, enhance the certainty of futures contract delivery, and stipulate that the level is below level 4 (not

Including grade 4), the length is less than 28 mm (excluding 28 mm), and the micronaire value is grade C.

Cotton cannot be used for futures delivery.