Report Summary Core View - The report presents the average prices, price changes, and spot-futures spreads of various non-ferrous metals and related products on August 14, 2025, including copper, aluminum, lead, zinc, tin, nickel, silicon, and lithium carbonate [1]. Summary by Metal Copper - SMM 1 electrolytic copper average price was 79,435 yuan, down 40 yuan; SMM flat copper spot-futures spread was 160 yuan, down 5 yuan [1]. Aluminum - SMM A00 aluminum average price was 20,710 yuan, down 50 yuan; SMM A00 aluminum spot-futures spread was 10 yuan, up 30 yuan; Alumina (Shanxi) price was 3,240 yuan, unchanged; Australian alumina FOB average price was 370 dollars, unchanged [1]. Lead - SMM 1 lead ingot average price was 16,700 yuan, down 50 yuan; SMM 1 lead ingot spot-futures spread at 10:15 was -50 yuan, up 60 yuan; Recycled refined lead average price was 16,725 yuan, down 25 yuan; Scrap refined lead price difference was -25 yuan, down 25 yuan [1]. Zinc - SMM 0 zinc ingot average price was 22,510 yuan, down 50 yuan; SMM 0 zinc ingot spot-futures spread at 10:15 was 0 yuan, up 35 yuan [1]. Tin - SMM 1 tin average price was 269,500 yuan, down 700 yuan; SMM 1 tin spot-futures spread at 10:15 was 1,400 yuan, up 800 yuan; 40% tin concentrate (Yunnan) average price was 257,500 yuan, down 700 yuan; 40% tin concentrate (Yunnan)/SMM 1 tin ratio was 95.55% [1]. Nickel - 1 imported nickel average price was 122,700 yuan, down 450 yuan; 1 imported nickel spot-futures spread was 400 yuan, unchanged; 1 Jinchuan nickel average price was 124,400 yuan, down 400 yuan; 1 Jinchuan nickel spot-futures spread was 2,100 yuan, up 50 yuan [1]. Silicon - Oxygenated 553 (Xinjiang) average price plus 800 yuan (with regional discount of 200 yuan and quality impurity removal) was 9,800 yuan, unchanged; 553 silicon spot-futures spread at 10:15 was 1,045 yuan, up 70 yuan; 421 silicon (Kunming) average price was 10,000 yuan; Polysilicon dense material average price was 0 yuan; Granular silicon average price was 0 yuan; N-type polysilicon material average price was 47 yuan [1]. Lithium Carbonate - Battery-grade lithium carbonate average price was 82,000 yuan, up 1,000 yuan; Battery-grade lithium carbonate spot-futures spread at 10:15 was -4,000 yuan, down 640 yuan; Industrial-grade lithium carbonate average price was 79,750 yuan; Battery-industrial grade lithium carbonate price difference was 2,250 yuan, up 50 yuan [1].

Report Industry Investment Ratings - Copper: ★☆☆, indicating a bias towards short - term bearish sentiment but limited trading opportunities on the current market [1] - Aluminum: ☆☆☆, suggesting a relatively balanced short - term trend with poor market operability [1] - Alumina: ☆☆☆, showing a relatively balanced short - term trend with poor market operability [1] - Zinc: ☆☆☆, indicating a relatively balanced short - term trend with poor market operability [1] - Lead and Stainless Steel: ☆☆☆, suggesting a relatively balanced short - term trend with poor market operability [1] - Tin: ☆☆☆, showing a relatively balanced short - term trend with poor market operability [1] - Lithium Carbonate: ☆☆☆, indicating a relatively balanced short - term trend with poor market operability [1] - Industrial Silicon: ☆☆☆, suggesting a relatively balanced short - term trend with poor market operability [1] - Polysilicon: ☆☆☆, showing a relatively balanced short - term trend with poor market operability [1] Core Views - The prices of various non - ferrous metals are affected by factors such as supply - demand relationships, inventory changes, and macro - economic data. Different metals show different price trends and investment suggestions [1][2][3] Summary by Category Copper - The main contract of Shanghai copper dropped below 79,000 yuan. Copper prices may adjust to 78,500 yuan under the resistance above. The spot copper price was 79,435 yuan, with the premium in Guangdong expanding to 60 yuan and in Shanghai to 210 yuan. SMM social inventory decreased by 6,000 tons to 125,600 tons. High - position short positions are recommended to be held [1] Aluminum & Alumina & Aluminum Alloy - Shanghai aluminum slightly declined, and the spot in East China turned to a premium of 10 yuan. Aluminum ingot social inventory slightly increased by 0.1 million tons, while aluminum rod social inventory decreased by 0.9 million tons. The peak of inventory accumulation in the off - season may occur in August, and the inventory is likely to be at a low level this year. Shanghai aluminum will mainly fluctuate in the short term, with resistance at 21,000 yuan. Cast aluminum alloy follows the fluctuations of Shanghai aluminum. The supply of scrap aluminum is tight, and the profit of the aluminum alloy industry is poor. The spot - AL cross - variety spread may narrow. The operating capacity of alumina is at a historical high, the total industry inventory has increased, and the warehouse receipts on the Shanghai Futures Exchange have risen above 50,000 tons. There is adjustment pressure on the alumina futures market [2] Zinc - The fundamentals of supply increase and demand weakness establish the logic of short - selling on rebounds in the medium - to - long - term. The 08 contract is approaching delivery, and long positions are being reduced. The term structure of Shanghai zinc is flattening, which helps to make hidden inventory visible. SMM zinc social inventory has continued to rise to 129,200 tons. LME zinc inventory is as low as 78,500 tons, and the proportion of cancelled warrants is 42.1%. The fundamentals are stronger overseas than in China, and it is difficult to open the import window. The import concentrate TC has room for further rebound. As the peak season of "Golden September and Silver October" approaches, the downward adjustment space of zinc is limited. It is recommended to wait for short - selling opportunities above 23,500 yuan/ton [3] Lead - Smelter maintenance and restart coexist, demand is insufficient, and short positions are increasing. As delivery approaches, the spot - futures spread is narrowing. Refined - scrap lead price is inverted by 25 yuan/ton, and downstream buyers' willingness to purchase at low prices has improved, with a preference for primary lead. There is limited downward space for Shanghai lead under cost support. It is recommended to hold long positions with a stop - loss at 16,600 yuan/ton, focusing on the implementation of regular smelter maintenance in late August [5] Nickel and Stainless Steel - Shanghai nickel has rebounded, and market trading is active. As the "anti - involution" theme in the domestic market comes to an end, nickel with relatively poor fundamentals will return to its fundamentals more quickly. The premium of Jinchuan nickel is 2,350 yuan, the premium of imported nickel is 350 yuan, and the premium of electrowon nickel is 50 yuan. The price support from the upstream has weakened recently. Ferronickel inventory remains basically unchanged at 33,000 tons, pure nickel inventory has decreased by 1,000 tons to 39,000 tons, and stainless steel inventory has decreased by 0.1 million tons to 966,000 tons, but the overall inventory level is still high. It is recommended to actively enter short positions as Shanghai nickel is in the middle - to - late stage of the rebound [6] Tin - The intraday decline of Shanghai tin has widened to below 268,000 yuan. It is recommended that downstream and mid - stream enterprises choose low - price points for pricing. The spot tin price has been reduced by 700 yuan to 269,500 yuan. Short - term long positions can be considered [7] Lithium Carbonate - The futures price of lithium carbonate fluctuates, and market trading is active. There is no clear trading theme in the market, and there are significant long - position profit - taking orders. The issue of September delivery limits the upside space. The spot price is 81,000 yuan. Downstream inquiries are active, and spot market transactions have improved. The total market inventory has slightly declined to 142,000 tons, smelter inventory has decreased by 3,000 tons to 52,000 tons, downstream inventory has increased by 3,000 tons to 46,000 tons, and trader inventory has decreased by 1,000 tons to 44,000 tons. There is an obvious transfer of cargo rights, and downstream enterprises are increasing their replenishment efforts as prices decline. The latest quotation of Australian ore is nearly $1,000 [8] Industrial Silicon - Industrial silicon has reduced positions and closed at 8,675 yuan/ton. It is difficult to achieve capacity self - discipline and clearance, and market sentiment is mainly affected by the linkage of "anti - involution" varieties. On the spot side, the price of Xinjiang 421 silicon remains stable at 9,150 yuan/ton. Against the background of increased production by large enterprises in Xinjiang and in Sichuan and Yunnan, the inventory in delivery warehouses has increased significantly, and there is still hedging pressure in the high - price range of the futures market. SMM expects the polysilicon production schedule to exceed 130,000 tons, with a clear marginal increase in demand. Supported by photovoltaic policy expectations, there is strong support below the futures market. It will mainly fluctuate in the short term [9] Polysilicon - Polysilicon has closed down above 50,000 yuan/ton. The recent correction is partly due to the sentiment transmission from the coking coal variety. On the spot side, according to SMM, the expected output of polysilicon in August will increase to over 130,000 tons (a month - on - month increase of 26,000 tons), the increase in downstream silicon wafer production schedules is limited, and high inventory suppresses the upward elasticity of the spot price. The price of N - type re - feeding material remains stable at 47,000 yuan/ton. Although the sentiment of "anti - involution" varieties has been under pressure for adjustment recently, the probability of the implementation of capacity management in key industries is relatively high. It is expected that the price will fluctuate in the range of 48,000 - 53,000 yuan/ton, with strong support below. It is recommended to lightly build long positions near 50,000 yuan/ton for the main contract [10]

Report Investment Ratings - Gold: ★★★ [1] - Silver: ★★★ [1] Core Views - Today, precious metals showed a volatile performance. The US announced that the annual rate of CPI in July remained flat at 2.7%, slightly lower than expected, but the annual rate of core CPI reached 3.1%, higher than expected and at a five - month high. The inflation pressure brought by tariffs is not obvious, and the market has fully priced in the Fed's restart of interest rate cuts in September. The international gold price has strong resistance above $3400 per ounce. Attention should be paid to the US PPI and weekly initial jobless claims data tonight [1]. - Traders have fully priced in a 25 - basis - point interest rate cut by the Fed in September. There are discussions about potential Fed chair candidates, and different Fed officials have different views on inflation and interest rate policies. There are also geopolitical events such as Trump's statements on Russia - Ukraine conflict and potential meetings, and the US Treasury Secretary's views on interest rate cuts and geopolitical impacts [1][2] Detailed Summaries Market Conditions - Precious metals are volatile today. The US 7 - month CPI annual rate is 2.7% (flat), slightly lower than expected, core CPI annual rate is 3.1% (higher than expected, five - month high). Market fully prices Fed's September rate cut. International gold has strong resistance above $3400/oz. Tonight, focus on US PPI and weekly initial jobless claims [1]. Fed - related Information - Trump is considering 11 candidates for Fed chair, but he says only 3 - 4 left. Traders fully price a 25 - basis - point rate cut in September. Chicago Fed President Goolsbee needs more inflation improvement evidence; Fed nominee Milan says no evidence of tariff - induced inflation. US Treasury Secretary Bessent thinks Fed may cut 50 basis points, current rate should be lowered by 150 - 175 basis points [2]. Geopolitical Events - Trump says Russia will face consequences if it doesn't stop the conflict, hopes for a second meeting with Putin and a potential US - Russia - Ukraine tri - party meeting. Bessent says if the Trump - Putin meeting goes badly, sanctions or secondary tariffs may increase [2].

Report Industry Investment Ratings No relevant content provided. Core Views of the Report - The international oil price is expected to decline, with the fourth - quarter Brent crude oil price central falling to around $63 per barrel from $67 per barrel in the third quarter [2] - For precious metals, wait patiently for opportunities to enter the market on dips during the oscillatory trend [3] - Copper prices are difficult to break through effectively, and it is advisable to short on rallies [4] - Aluminum prices will mainly oscillate in the short - term, with resistance at 21,000 yuan [5] - For various commodities, different investment strategies are proposed based on their respective supply - demand and market conditions Summary by Commodity Categories Energy Commodities - **Crude Oil**: The IEA's August report increased supply growth forecasts and slightly decreased demand growth forecasts. The fourth - quarter Brent central may fall to around $63 per barrel from $67 per barrel in the third quarter. There is still upward risk due to potential supply disruptions, but the overall driving force is downward [2] - **Fuel Oil & Low - Sulfur Fuel Oil**: In August, the Asian fuel oil market has sufficient arrivals, and the low - sulfur fuel oil market is under pressure due to the expected release of the third - batch quota and weakening costs [18] - **Asphalt**: Supply - demand is expected to tighten marginally. With low inventory, the price has some support, and the recent BU cracking is considered strong [19] - **Liquefied Petroleum Gas**: Overseas exports are loose, but there is support from increased East Asian chemical procurement. The price has stabilized slightly. The domestic market is in a low - level oscillation [20] Metal Commodities - **Precious Metals**: After the release of the US CPI data, the market fully priced in a Fed rate cut in September. Wait patiently for opportunities to enter the market on dips during the oscillatory trend [3] - **Base Metals** - **Copper**: Chile's refined copper output may increase but the growth rate may fall short of expectations again. It is difficult for copper prices to break through 79,500 yuan, and it is advisable to short on rallies [4] - **Aluminum**: The social inventory of aluminum ingots is accumulating, but the peak may occur in August. The price will mainly oscillate in the short - term, with resistance at 21,000 yuan [5] - **Zinc**: The domestic market has weak demand and increasing supply, and the social inventory may rise further. Wait patiently for short - selling opportunities above 23,500 yuan per ton [8] - **Lead**: The price is in a wide - range oscillation. It is advisable to hold long positions with a stop - loss at 16,600 yuan per ton [9] - **Nickel & Stainless Steel**: The fundamentals of nickel are poor, and it is advisable to actively short during the later stage of the rebound [10] - **Tin**: Selectively go short for the short - term at low prices [11] - **Carbonate Lithium**: The futures price oscillates, and attention should be paid to risk management [12] - **Industrial Silicon**: The self - clearing of production capacity is difficult, and the price is affected by related varieties. Pay attention to the support at 8,300 yuan per ton [13] - **Polysilicon**: The price is expected to operate in the range of 48,000 - 53,000 yuan per ton. It is recommended to short cautiously at the lower end of the range [14] Agricultural Commodities - **Soybean & Palm Oil**: Affected by the rapeseed anti - dumping policy and the US Department of Agriculture's supply - demand report, the short - term price volatility should be enlarged, and attention should be paid to the changes in positions [33] - **Rapeseed & Rapeseed Oil**: The domestic rapeseed and rapeseed oil market is expected to remain relatively strong, and a bullish view is maintained [34] - **Soybean No. 1**: Affected by the rapeseed anti - dumping policy and the US Department of Agriculture's supply - demand report, short - term attention should be paid to the fluctuations of surrounding varieties [35] - **Eggs**: The spot price is stable, and the futures market is in a situation of near - term weakness and long - term strength. Attention should be paid to the demand in the peak season and the progress of capacity elimination [37] - **Cotton**: The US Department of Agriculture's August supply - demand report was bullish. Domestic inventory is decreasing, and it is advisable to buy on dips [38] - **Sugar**: The US sugar price is under pressure, and the domestic sugar price is expected to oscillate [39] - **Apples**: The market's trading focus has shifted to the new - season output estimate. It is advisable to wait and see for now [40] Others - **Grain & Oil Chemicals** - **Urea**: The short - term supply - demand is loose, and the market is likely to oscillate within a range [21] - **Methanol**: The domestic market is strong in the inland and weak in the ports. With the approaching peak - season demand, attention should be paid to macro - sentiment and downstream stocking [22] - **Pure Benzene**: There is an expected seasonal improvement in supply - demand in the second half of the third quarter, and it is advisable to conduct month - spread trading [23] - **Styrene**: The price is in a consolidation pattern, with limited upward and downward movement [24] - **Polypropylene, Plastic & Propylene**: Propylene prices are supported, polyethylene demand is expected to increase, and polypropylene is in a weak - adjustment state [25] - **PVC & Caustic Soda**: PVC prices are expected to oscillate weakly, and caustic soda prices are under pressure at high levels [26] - **PX & PTA**: Affected by oil prices, the prices are falling. PX is expected to have a good valuation in the third quarter [27] - **Ethylene Glycol**: The supply - demand pressure is alleviating, and short - term performance is weak due to oil prices [28] - **Short - Fiber & Bottle - Chip**: Short - fiber can be considered for long - position allocation in the medium - term, and bottle - chip is under long - term over - capacity pressure [29] - **Financial Products** - **Stock Index**: The market is in an active state, with a positive macro - driving force. It is recommended to increase the allocation of technology - growth sectors and also pay attention to consumption and cyclical sectors [43] - **Treasury Bonds**: The futures are oscillating. The probability of a steeper yield curve is increasing [44]

Report Industry Investment Rating - There is no information about the report industry investment rating in the provided content. Core Viewpoints - The 2025/26 global cotton production is revised down by 391,000 tons month-on-month, with a significant reduction in US cotton production exceeding market expectations, leading to a sharp rise in US cotton prices [1]. - The 2025/26 global cotton consumption is revised down by 30,000 tons, and the impact of China-US relations on the demand for US cotton in the new season is significant [1]. - The 2025/26 global cotton imports and exports are both weak, with imports decreasing by 239,000 tons and exports by 240,000 tons [2]. - The 2025/26 global ending inventory is revised down by 742,000 tons, with a large - scale reduction, and continued attention should be paid to the weather in the Northern Hemisphere's major producing countries and the progress of China - US trade relations [2]. Summary by Relevant Catalogs Production - US cotton: The planted area is revised down from 10.12 million acres in July to 9.28 million acres, the harvested area from 8.66 million acres to 7.36 million acres, and the yield per acre is raised from 809 pounds to 862 pounds. The final production is revised down by 302,000 tons to 2.877 million tons [1]. - Chinese cotton: The production is revised up by 108,000 tons to 6.858 million tons [1]. - Global cotton: The production is revised down by 391,000 tons month - on - month [1]. Consumption - Chinese consumption: It is revised up by 218,000 tons [1]. - Indian consumption: It is revised down by 109,000 tons [1]. - Bangladeshi consumption: It is revised down by 65,000 tons [1]. - Turkish consumption: It is revised down by 43,000 tons [1]. - Global consumption: It is revised down by 30,000 tons [1]. Import - Bangladeshi imports: They are revised down by 65,000 tons [2]. - Chinese imports: They are revised down by 109,000 tons to 1.154 million tons [2]. - Turkish imports: They are revised down by 43,000 tons [2]. - Indian imports: They are revised down by 22,000 tons [2]. - Global imports: They are revised down by 239,000 tons [2]. Export - US exports: They are revised down by 109,000 tons [2]. - Malian exports: They are revised down by 22,000 tons [2]. - Global exports: They are revised down by 240,000 tons [2]. Ending Inventory - Chinese ending inventory: It is revised down by 446,000 tons [2]. - Indian ending inventory: It is revised up by 108,000 tons [2]. - Brazilian ending inventory: It is revised down by 110,000 tons [2]. - US ending inventory: It is revised down by 218,000 tons [2]. - Global ending inventory: It is revised down by 742,000 tons [2].

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Report Industry Investment Ratings - Polypropylene: ★★★ [1] - Pure Benzene: ★★☆ - PX: ★★☆ - Ethylene Glycol: ★★★ - Bottle Chip: ★★☆ - Methanol: ★★★ - Urea: ★★★ - PVC: ★★★ - Caustic Soda: ★★☆ - Soda Ash: ★★☆ - Glass: ★★☆ [1] Core Views - The futures of olefins and polyolefins showed mixed trends, with polypropylene facing supply pressure and polyethylene having potential demand growth [2]. - Pure benzene and styrene futures were in a consolidation pattern, with some improvement in the supply - demand situation expected in the third quarter [3]. - PX and PTA prices dropped slightly, while ethylene glycol was expected to oscillate, and short - fiber and bottle - chip had different supply - demand and price trends [5]. - Methanol and urea futures had different trends, with methanol affected by port and inland factors and urea in a supply - demand balance with limited upward drive [6]. - PVC and caustic soda futures were expected to be weak, facing supply and demand challenges [7]. - Soda ash and glass futures were under pressure, with soda ash facing supply pressure and glass having cost support [8]. Summary by Directory Olefins - Polyolefins - Propylene prices were supported by low inventory and shutdown news, while downstream demand was mainly for rigid needs [2]. - Polyethylene production enterprises had a strong intention to raise prices due to increased demand and macro - economic support, and polypropylene faced supply pressure and weak demand [2]. Pure Benzene - Styrene - Pure benzene futures oscillated, with a slight increase in domestic production, a decrease in imports, and a small rebound in processing margins [3]. - Styrene futures were in a narrow - range fluctuation, with a decline in enterprise开工 and a decrease in port inventory, but the supply - demand contradiction still existed [3]. Polyester - PX and PTA prices dropped slightly, with PTA装置 restarting and PX having a positive outlook in the third quarter [5]. - Ethylene glycol was expected to oscillate, with an increase in industry开工 and a decrease in port inventory [5]. - Short - fiber开工 increased, with stable supply - demand and was expected to be bullish in the medium - term, while bottle - chip had improved orders but low processing margins [5]. Coal Chemical Industry - Methanol futures were weakly oscillating, with an increase in port inventory and a decrease in coal - to - methanol profits in the northwest [6]. - Urea futures were oscillating firmly, with a weak agricultural demand season, a small decrease in port inventory, and a short - term supply - demand balance [6]. Chlor - Alkali Industry - PVC futures were in a narrow - range oscillation, with high supply, poor demand, and an expected weak trend [7]. - Caustic soda futures were under pressure, with high supply, general non - aluminum demand, and a long - term supply pressure [7]. Soda Ash - Glass - Soda ash futures dropped again due to weak spot and high supply, and were expected to be under pressure [8]. - Glass futures were weakly running, with an increase in industry profits and capacity, and were expected to be supported by cost [8].

Report Industry Investment Ratings - Thread steel: ★★★, indicating a clearer upward trend and a relatively appropriate investment opportunity [1] - Hot-rolled coil: ★★★, indicating a clearer upward trend and a relatively appropriate investment opportunity [1] - Iron ore: ★★★, indicating a clearer upward trend and a relatively appropriate investment opportunity [1] - Coke: ★★★, indicating a clearer upward trend and a relatively appropriate investment opportunity [1] - Coking coal: ★★★, indicating a clearer upward trend and a relatively appropriate investment opportunity [1] - Silicomanganese: ★★★, indicating a clearer upward trend and a relatively appropriate investment opportunity [1] - Ferrosilicon: ★★★, indicating a clearer upward trend and a relatively appropriate investment opportunity [1] Core Views - The overall demand for steel is weak, with inventory accumulating, and the market sentiment is cautious. The iron ore market has limited fundamental contradictions and is expected to fluctuate at a high level. The coke and coking coal markets are affected by policy expectations, with large short - term volatility. The silicomanganese and ferrosilicon markets are also affected by policy expectations and follow the trends of related products [2][3][4] Summary by Category Steel - The steel futures market oscillated and declined. In the off - season, the demand for thread steel and hot - rolled coil was weak, and inventory continued to accumulate. Iron - water production decreased slightly but remained high. Downstream industries such as real estate, infrastructure, and manufacturing were weak, while steel exports were relatively high. The market sentiment was cautious, and the operation rhythm of the futures market was unstable [2] Iron Ore - The iron ore futures market oscillated. The global supply was strong year - on - year with seasonal increase expectations. Domestic port inventory stabilized and increased, and there was no obvious pressure to accumulate inventory. Terminal demand was weak, but steel mills had no strong motivation to cut production and had some restocking needs. The market speculation sentiment improved, and the futures market was expected to fluctuate at a high level [3] Coke - The coke futures market oscillated downward. There were expectations of production restrictions in East China. The sixth round of price increases was about to be implemented, and production increased slightly. Inventory decreased, and traders were willing to buy. The market was affected by policy expectations, with large short - term volatility and limited downward space [4] Coking Coal - The coking coal futures market oscillated downward. The new regulations increased production costs, and production decreased. The spot auction market improved, and inventory decreased. The market was affected by policy expectations, with large short - term volatility [6] Silicomanganese - The silicomanganese futures market oscillated weakly. Demand was relatively high, production increased but at a slower - than - expected rate, and manganese ore prices increased slightly. The market was affected by policy expectations and followed the coking coal trend [7] Ferrosilicon - The ferrosilicon futures market oscillated weakly. Iron - water production decreased slightly. A large steel mill's tender price increased. Export demand was stable, and supply increased. The market followed the silicomanganese trend and was affected by policy expectations [8]

Report Industry Investment Rating No relevant content provided. Core Viewpoints - The USDA's August 2025/26 cotton monthly report shows significant adjustments in global cotton supply and demand data, with a sharp decline in US cotton production exceeding market expectations, leading to a substantial increase in US cotton prices. Continued attention should be paid to the weather conditions in major northern hemisphere producing countries and the progress of China-US trade relations [1][2]. Summary by Content Production - In the 2025/26 season, global cotton production decreased by 391,000 tons month-on-month. US cotton production decreased significantly, with the planting area reduced from 10.12 million acres in July to 9.28 million acres, the harvested area reduced from 8.66 million acres to 7.36 million acres, and the yield per acre increased from 809 pounds to 862 pounds, resulting in a monthly decrease of 302,000 tons to 2.877 million tons. China's cotton production increased by 108,000 tons to 6.858 million tons [1]. Consumption - In the 2025/26 season, global cotton consumption decreased by 30,000 tons month-on-month. China's consumption increased by 218,000 tons, while India's consumption decreased by 109,000 tons, Bangladesh's decreased by 65,000 tons, and Turkey's decreased by 43,000 tons [1]. Import and Export - In the 2025/26 season, global cotton imports decreased by 239,000 tons month-on-month, with Bangladesh, China, Turkey, and India all experiencing declines. Global exports decreased by 240,000 tons, with the US and Mali seeing significant drops, indicating weak global import and export demand [2]. Ending Inventory - In the 2025/26 season, the global ending inventory decreased by 742,000 tons month-on-month. China's ending inventory decreased by 446,000 tons, while India's increased by 108,000 tons, Brazil's decreased by 110,000 tons, and the US's decreased by 218,000 tons [2].

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