1. Report Industry Investment Rating - Not provided in the content 2. Core View of the Report - The Shanghai copper market shows a situation of both supply and demand being weak, with industrial inventory accumulating. The option market sentiment is bullish, and the implied volatility has slightly increased. It is recommended to conduct light - position trading with a slightly bullish trend, while paying attention to controlling the rhythm and trading risks [2] 3. Summary According to Relevant Catalogs 3.1 Futures Market - The closing price of the main futures contract of Shanghai copper is 88,370 yuan/ton, up 650 yuan; the price of LME 3 - month copper is 11,036 dollars/ton, up 73.5 dollars. The spread between the main contract and the next - month contract is 10 yuan/ton, down 30 yuan. The position of the main contract of Shanghai copper is 293,381 lots, up 17,709 lots. The net position of the top 20 futures holders of Shanghai copper is - 23,535 lots, up 1,433 lots. The LME copper inventory is 136,350 tons, down 575 tons; the SHFE cathode copper inventory is 104,792 tons, down 5,448 tons; the SHFE cathode copper warrant is 35,392 tons, down 2,856 tons [2] 3.2 Spot Market - The price of SMM 1 copper spot is 88,215 yuan/ton, up 1,795 yuan; the price of Yangtze River Non - ferrous Market 1 copper spot is 88,275 yuan/ton, up 1,835 yuan. The CIF (bill of lading) price of Shanghai electrolytic copper is 52 dollars/ton, unchanged; the average premium of Yangshan copper is 34.5 dollars/ton, down 4.5 dollars. The basis of the CU main contract is - 155 yuan/ton, up 1,145 yuan; the LME copper premium (0 - 3) is - 25.97 dollars/ton, down 14.42 dollars [2] 3.3 Upstream Situation - The import volume of copper ore and concentrates is 258.69 million tons, down 17.2 million tons. The TC of domestic copper smelters is - 42.7 dollars/kiloton, down 1.73 dollars. The price of copper concentrates in Jiangxi is 78,540 yuan/metal ton, up 1,830 yuan; the price in Yunnan is 79,240 yuan/metal ton, up 1,830 yuan. The south processing fee of blister copper is 900 yuan/ton, down 100 yuan; the north processing fee is 700 yuan/ton, unchanged. The output of refined copper is 126.6 million tons, down 3.5 million tons; the import volume of unwrought copper and copper products is 490,000 tons, up 60,000 tons [2] 3.4 Industry Situation - The social inventory of copper is 41.82 million tons, up 0.43 million tons. The price of scrap copper (1 bright copper wire) in Shanghai is 59,240 yuan/ton, up 700 yuan; the price of scrap copper (2 copper, 94 - 96%) in Shanghai is 72,850 yuan/ton, up 700 yuan. The ex - factory price of sulfuric acid (98%) of Jiangxi Copper is 650 yuan/ton, unchanged [2] 3.5 Downstream and Application - The output of copper products is 223.2 million tons, up 1 million tons. The cumulative completed investment in power grid infrastructure is 4,378 billion yuan, up 582.24 billion yuan. The cumulative completed investment in real estate development is 67,705.71 billion yuan, up 7,396.52 billion yuan. The monthly output of integrated circuits is 4,371,236,100 pieces, up 120,949,000 pieces [2] 3.6 Option Situation - The 20 - day historical volatility of Shanghai copper is 22.59%, up 0.01%; the 40 - day historical volatility is 17.46%, up 0.04%. The implied volatility of the current - month at - the - money option is 21.18%, up 0.0387%. The put - call ratio of at - the - money options is 1.18, down 0.0923 [2] 3.7 Industry News - China and the US held economic and trade consultations in Kuala Lumpur, reaching a basic consensus on important economic and trade issues. The 18th meeting of the 14th National People's Congress Standing Committee heard a report on financial work, proposing to implement a moderately loose monetary policy. The US CPI in September increased by 3% year - on - year, lower than expected. The "15th Five - Year Plan" emphasizes solving "three rural" issues and is expected to bring new market space [2]

瑞达期货研究院 「2025.10.24」 集运指数（欧线）期货周报 关 注 我 们 获 取 更 多 资 讯 添加客服 作者：廖宏斌 期货投资咨询证号： Z0020723 联系电话：0595-86778969 业务咨询 目录 1、行情回顾 2、消息回顾与分析 3、图表分析 4、行情展望与策略 周度要点总结 一、行情回顾 2020.06.30 厦门 行情回顾 本周集运指数（欧线）期货价格集体上涨，主力合约EC2512收涨10.42%，远月合约收涨4-10%不等。最新SCFIS欧 线结算运价指数为1031.80，较上周回升108.58点，环比上行10.5%，现货指标转降为升，提振期价运行。主流船司相 继发布11月涨价函，且马士基10月中下旬挺价基本成功，提高了市场对于11月涨价成功的信心。鹿特丹港集装箱装卸 业务全面停滞，超60艘船舶在海上停泊等待，区域供应链不确定性加剧；近期，特朗普改口承认对华高额关税"不可 持续"，从145%峰值转向希望通过协商达成"公平协议"，10月17日，特朗普在福克斯商业频道采访中坦言，对中国 商品征收的高额关税不会长期存在，并透露将在两周后在韩国与中国最高领导人会面，持续释放的缓和信号 ...

瑞达期货研究院 「2025.10.24」 贵金属市场周报 作者： 研究员 廖宏斌 期货投资咨询证号：Z0020723 助理研究员 徐鼎烽 期货从业资格号：F03144963 取 更 多 资 讯 关 注 我 们 获 业务咨询 添加客服 目录 「 周度要点小结」 来源：瑞达期货研究院 3 ◆ 行情回顾：多头获利了结情绪持续释放，关税局势趋于降温，贵金属市场大幅回调后步入震荡格局。美国财政部 最新数据显示，联邦政府债务总额首次突破38万亿美元。与此同时，联邦政府停摆已持续22天，成为历史上持续 时间第二长的停摆事件，仍提供潜在避险支撑。关税压力趋于平缓，特朗普强调后续谈判意愿，中美双方高级领 导人将于马来西亚展开关税谈判，本轮关税局势实质性升温可能性有限。FOMC方面，大多数美联储票委支持重启 宽松路径，就业市场走弱风险为主要考量因素，主席鲍威尔此前表示未来数月可能停止缩表，整体延续鸽派立场， 10月FOMC会议降息25基点基本已成定局，市场当前更关注于就业市场的实际表现，以及未来降息的幅度。日元维 持低位震荡，因市场预期其新政府可能推进财政宽松政策，阶段性提振美元走势，对金价上行构成潜在压力。地 缘方面，美俄会晤 ...

瑞达期货研究院 「2025.10.24」 股指期货周报 作者：廖宏斌 期货从业资格号F30825507 期货投资咨询证号：Z0020723 联系电话：4008-8787-66 添加客服 关 注 我 们 获 取 更 多 资 讯 业务咨询 目录 1、行情回顾 2、消息面概览 3、周度市场数据 4、行情展望与策略 「摘要」 • 周度观点：A股主要指数本周集体大幅上涨，科创50及创业板指涨超5%。四期指亦集体上行， 中小盘股强于大盘蓝筹股。本周一，国内三季度经济数据公布，高技术制造业继续支撑经济， 但投资与消费均回落；周二至周四，市场受到海外关税消息反复变化扰动，呈震荡态势；周 五，随着四中全会闭幕，公报内容提振市场情绪，A股大幅走高。本周，市场成交活跃度较 上周进一步回落。 3 来源：瑞达期货研究院 1、行情回顾 2020.06.30 厦门 「行情回顾」 | 期货 | 合约名称 | 周涨跌幅% | 周五涨跌幅% | 收盘价 | | --- | --- | --- | --- | --- | | | IF2512 | 3.34 | 1.49 | 4634.8 | | | IH2512 | 2.89 | 1.04 | ...

「2025.10.24」 瑞达期货研究院 苹果市场周报 研究员：王翠冰 期货从业资格号F03139616 期货投资咨询从业证Z0021556 关 注 微信服 务 号 添加客服 业务咨询 「 周度要点小结」 行情回顾：本周苹果期货2601合约价格上涨，周度涨幅2.61%。 行情展望：西部新季晚熟富士上货量增加，价格出现两极分化较为明显，由于客 商对好货收购积极性较高，一般货源订货积极性一般，导致产地优质货源价格偏 强运行。山东产区受天气影响，目前仍处于上色为主，客商多流转至西部地区收 购。销区市场，苹果批发交易氛围仍显一般，二三级批发商补货力度不强，高货 货源走货不快。另外今年产地多新季晚熟富士上市量增加，下树进度及入库量较 去年同期均有所推迟。西部晚富士交易陆续进入中后期，客商对好货收购积极， 一般货源收购相对谨慎。山东产区新果上货量仍有限，小单车要货增加，客商收 购好货难以足量，入库工作相对零星。销区市场，交易氛围仍显清淡，走货仍不 快，需求端相对承压。不过当前新果好货难寻及优果优价的情况下，预计短期苹 果期价仍维持震荡偏强运行。 2 策略建议：操作上，建议苹果2601合约短期逢回调买入多单思路为主。 未来 ...

瑞达期货研究院 「2025.10.24」 白糖市场周报 研究员：王翠冰 期货从业资格号F03139616 期货投资咨询从业证Z0021556 关 注 微信客 服 号 添加客服 业务咨询 「 周度要点小结」 行情回顾：本周郑糖2601合约价格小幅上涨，周度涨幅约0.63%。 行情展望：新榨季全球食糖过剩预估值多数上调，泰国和印度糖产量恢复，对供应 端起到关键影响，其中印度将于2025/26榨季恢复食糖出口，市场初步预期为200 万吨。国内市场，2025/26榨季蒙古、新疆合计有26家糖厂全部开榨 ，总产量预期 140万吨左右，短期北方甜菜糖供应将逐渐增加。另外海关总署公布的数据显示， 2025年9月份，我国食糖进口量为55万吨，环比减少约28万吨，同比增加35.8%； 2025年1-9月份，我国累计进口食糖316万吨，同比增加27万吨或9.4%。三季度进 口糖进度明显提速。根据农业农村部市场预警专家委员会预估，本年度我国进口总 量将超500万吨，加之进口糖配额外窗口打开，后期进口量压力仍明显。下游需求 处于季节性回落中，预计后期成品糖及饮料用货减少。不过盘面价格受成本支撑逐 渐显现，预计价格震荡为主。 交易策略 ...

Report Summary 1. Industry Investment Rating No industry investment rating is provided in the report. 2. Core Viewpoints - This week, industrial silicon prices rose by 1.66%, while polysilicon prices fell by 3.71%. The industrial silicon futures market showed an upward trend due to increased expectations of production cuts during the dry season, while polysilicon prices declined as the market sentiment subsided [4]. - Looking ahead, in the industrial silicon market, supply will see a combination of production cuts in the southwest and increased production in the northwest next week. Demand from polysilicon is highly uncertain, while that from organosilicon and aluminum alloy remains relatively stable. Cost provides support for prices, but high inventory restricts upward price movement. In the polysilicon market, supply will face rising production costs as the dry season approaches in the southwest, and demand remains weak overall, although emerging markets offer some buffer. Policy rumors have boosted market confidence, but the details and implementation time are unclear [4]. - It is recommended that the main contract of industrial silicon oscillates within the range of 8400 - 8600 yuan, with a stop - loss range of 8200 - 8800 yuan. The main contract of polysilicon will oscillate in the short term, within the range of 48000 - 53000 yuan, with a stop - loss range of 46000 - 55000 yuan [4]. 3. Summary by Directory 3.1 Weekly Highlights - **Market Review**: Industrial silicon prices increased by 1.66% this week, and polysilicon prices decreased by 3.71%. The industrial silicon futures market trended upward due to dry - season production cut expectations, while polysilicon prices declined as market sentiment faded [4]. - **Market Outlook**: - **Industrial Silicon**: Supply will see production cuts in Sichuan and Yunnan during the dry - season transition, while Xinjiang will increase production. Demand from organosilicon has some support, but polysilicon demand may weaken, and aluminum alloy demand is stable but has limited price - pulling power [4]. - **Polysilicon**: Supply will face rising costs in the southwest during the dry season, and demand is weak in the photovoltaic industry. Although emerging markets offer some support, European high inventory and uncertain policies add to market uncertainty [4]. - **Operation Suggestions**: The main contract of industrial silicon should be traded within the range of 8400 - 8600 yuan, with a stop - loss range of 8200 - 8800 yuan. The main contract of polysilicon should be traded within the range of 48000 - 53000 yuan, with a stop - loss range of 46000 - 55000 yuan [4]. 3.2 Futures and Spot Market - **Industrial Silicon**: The futures price increased this week, while the spot price remained flat, and the basis decreased. As of October 23, 2025, the spot price was 9350 yuan/ton, and the basis was 645 yuan/ton [10][12]. - **Polysilicon**: Both the futures and spot prices increased this week, and the basis strengthened. As of October 23, 2025, the spot price was 52.98 yuan/kg, up 230 yuan/kg from last week, and the basis was 2220 yuan/g [14][16]. 3.3 Industry Situation - **Industrial Silicon**: - **Raw Materials and Costs**: Raw material prices remained stable this week. Electricity prices are expected to rise near the dry season, increasing costs, but electricity prices in the northwest are stable [21][24]. - **Warehouse Receipts**: The number of industrial silicon warehouse receipts decreased. As of October 23, 2025, the number of warehouse receipts was 48371 lots, a decrease of 1986 lots from the previous period [26][28]. - **Downstream Industries**: - **Organosilicon**: Production and operating rates increased this week. As of October 23, 2025, the weekly production was 4.6 tons, an increase of 0.88%, and the operating rate was 70.05%, an increase of 0.55%. Costs stabilized, spot prices and profits increased, and future production is expected to remain flat [30][35][39]. - **Aluminum Alloy**: Spot prices and inventory increased. As of October 23, 2025, the price was 21000 yuan/ton, up 100 yuan/ton from last week, and the inventory was 7.53 tons, up 0.09 tons from last week. Demand for industrial silicon is expected to stabilize [41][47]. - **Polysilicon**: - **Downstream Products**: Silicon wafer prices remained flat, and battery cell prices weakened. As of October 23, 2025, the silicon wafer price was 1.48 yuan/piece, unchanged from last week, and the battery cell price was 0.30 yuan/watt, a decrease of 0.01 yuan/watt from last week. This is expected to have a negative impact on polysilicon demand [49][51]. - **Cost, Profit, and Inventory**: Affected by industrial silicon, polysilicon costs decreased, profits increased, and inventory increased. As of October 23, 2025, the profit was 11080 yuan/ton, the average cost was 40672 yuan/ton, and the inventory was 27.84 tons [56][61].

Report Overview - Report Title: Synthetic Rubber Market Weekly Report [2] - Report Date: October 24, 2025 [2] - Researcher: Lin Jingyi [2] 1. Report Industry Investment Rating - No relevant information provided. 2. Core Viewpoints - The br2512 contract is expected to fluctuate in the range of 10,800 - 11,500 in the short - term [7]. - The price of cis - butadiene rubber in the Shandong market showed a strong and volatile trend this week, with the spot price ranging from 10,750 to 11,350 yuan/ton. The price of high - cis cis - butadiene rubber of Sinopec Chemical Sales remained stable, while the price of high - cis cis - butadiene rubber of major sales companies of PetroChina increased by 200 yuan/ton in total [8]. - Most previously shut - down cis - butadiene rubber plants have restarted, and domestic production has recovered. Driven by the recent strength of natural rubber, the low - price transactions have improved while the mainstream supply price has adjusted back. However, the number of domestic cis - butadiene rubber plant overhauls has increased, and some production enterprises have reserved inventory. The overall inventory level of production enterprises has continued to rise, and the inventory of trading enterprises has decreased. In the short term, the number of domestic cis - butadiene rubber plant overhauls is expected to further increase, and production and capacity utilization may decline. Considering the possible weakness of the raw material end, it is expected that the inventory of production enterprises will decrease and the inventory of trading enterprises will increase [8]. - This week, the production schedules of domestic tire enterprises have mostly returned to normal levels, driving the overall capacity utilization rate to rise slightly. The production schedules of semi - steel tire enterprises have mostly remained stable. With concentrated orders for snow tires and a large number of specifications and models, the production enthusiasm of enterprises is expected to remain high. The shipment of all - steel tire enterprises has been stable, and the production schedules of most enterprises are expected to remain stable. The overall capacity utilization rate is expected to fluctuate slightly [8]. 3. Summary by Directory 3.1 Week - to - Week Summary - Strategy Suggestion: The br2512 contract is expected to fluctuate in the range of 10,800 - 11,500 in the short - term [7]. - Market Review: The price of cis - butadiene rubber in the Shandong market showed a strong and volatile trend this week, with the spot price ranging from 10,750 to 11,350 yuan/ton. The price of high - cis cis - butadiene rubber of Sinopec Chemical Sales remained stable, while the price of high - cis cis - butadiene rubber of major sales companies of PetroChina increased by 200 yuan/ton in total [8]. - Market Outlook: Production and inventory are expected to change due to plant overhauls and raw material price trends. Tire enterprise production and capacity utilization are expected to remain relatively stable [8]. 3.2 Futures and Spot Markets 3.2.1 Futures Market - Price Movement: The price of the synthetic rubber futures main contract closed up with a weekly increase of 2.73% [12]. - Position Analysis: No specific content provided other than the title. - Inter - delivery Spread: As of October 24, the 11 - 12 spread of butadiene rubber was 70 [18]. - Warehouse Receipt: As of October 24, the cis - butadiene rubber warehouse receipts were 3,050 tons, a decrease of 20 tons from last week [21]. 3.2.2 Spot Market - Spot Price: As of October 23, the price of Qilu Petrochemical BR9000 in the Shandong market was reported at 11,120 yuan/ton, an increase of 295 yuan/ton from last week [25]. - Basis: As of October 23, the basis of butadiene rubber was - 20 yuan/ton, a decrease of 245 yuan/ton from last week [25]. 3.3 Industry Situation 3.3.1 Upstream - Naphtha and Ethylene Prices: As of October 23, the CFR mid - price of naphtha in Japan was reported at 573.13 US dollars/ton, an increase of 36.13 US dollars/ton from last week; the CIF mid - price of Northeast Asian ethylene was reported at 780 US dollars/ton, unchanged from last week [28]. - Butadiene Capacity Utilization and Port Inventory: As of October 24, the weekly capacity utilization rate of butadiene was 65.62%, a decrease of 0.17% from last week; the port inventory of butadiene was 24,600 tons, a decrease of 6,200 tons from last week [31]. 3.3.2 Industry - Cis - Butadiene Rubber Production and Capacity Utilization: In September 2025, the domestic cis - butadiene rubber production was 130,400 tons, a decrease of 5,300 tons from the previous month. As of October 23, the weekly capacity utilization rate of domestic cis - butadiene rubber was 73.45%, a decrease of 1.37% from last week [34]. - Cis - Butadiene Rubber Production Profit: As of October 23, the domestic cis - butadiene rubber production profit was - 204 yuan/ton, an increase of 156 yuan/ton from last week [37]. - Cis - Butadiene Rubber Inventory: As of October 24, the domestic cis - butadiene rubber social inventory was 33,170 tons, an increase of 410 tons from last week; the manufacturer inventory was 28,650 tons, an increase of 750 tons from last week; the trader inventory was 4,520 tons, a decrease of 340 tons from last week [41]. 3.3.3 Downstream - Tire Capacity Utilization: As of October 23, the capacity utilization rate of Chinese semi - steel tire sample enterprises was 72.84%, a month - on - month increase of 1.77 percentage points and a year - on - year decrease of 6.84 percentage points; the capacity utilization rate of Chinese all - steel tire sample enterprises was 65.87%, a month - on - month increase of 1.91 percentage points and a year - on - year increase of 6.95 percentage points [44]. - Tire Export Volume: In September 2025, China's tire export volume was 687,800 tons, a month - on - month decrease of 105,700 tons and a year - on - year increase of 4.05%. From January to September, China's cumulative tire export volume was 6.3908 million tons, a cumulative year - on - year increase of 4.88%. Among them, the export volume of passenger car tires was 260,300 tons, a month - on - month decrease of 13.28% and a year - on - year decrease of 2.87%. From January to September, the cumulative export volume of passenger car tires was 2.5008 million tons, a cumulative year - on - year increase of 1.26%. The export volume of truck and bus tires was 400,000 tons, a month - on - month decrease of 8.86% and a year - on - year increase of 8.74%. From January to September, the cumulative export volume of truck and bus tires was 3.6279 million tons, a cumulative year - on - year increase of 6.67% [48]

Report Summary 1. Report Industry Investment Rating - Not mentioned in the provided content. 2. Core Viewpoints - **Stock Market**: A - shares and four stock index futures rose collectively this week, with small - and medium - cap stocks outperforming large - cap blue - chip stocks. After the Fourth Plenary Session of the 20th Central Committee, market sentiment was boosted, but trading activity declined. It is recommended to buy on dips [6]. - **Bond Market**: Treasury futures weakened this week. Although the fundamentals and capital situation may push the bond market to strengthen, uncertainties will continue to disrupt market sentiment. It is expected that Treasury futures will fluctuate widely in the short term, and interval operations are recommended [6]. - **Commodity Market**: Geopolitical conflicts drive up oil prices, and gold fluctuations decrease. The short - term commodity index is expected to fluctuate strongly, and it is recommended to mainly observe [6]. - **Foreign Exchange Market**: The US dollar may be under pressure in the medium term. The yen is under pressure, and short - term dollar strength may suppress the euro and yen. It is recommended to observe cautiously [6][10]. 3. Summary by Directory This Week's Summary and Next Week's Allocation Recommendations - **Stock**: The Shanghai and Shenzhen 300 rose 3.24%, and the Shanghai and Shenzhen 300 stock index futures rose 3.35%. A - shares and four stock index futures rose, with market sentiment boosted after the Fourth Plenary Session. It is recommended to buy on dips [6]. - **Bond**: The 10 - year Treasury bond yield rose 0.21%, and the main 10 - year Treasury futures fell 0.27%. Due to policy and market uncertainties, it is expected to fluctuate widely in the short term, and interval operations are recommended [6]. - **Commodity**: The Wind Commodity Index fell 4.93%, and the CSI Commodity Futures Price Index fell 0.29%. Geopolitical conflicts drive up oil prices, and gold fluctuations decrease. It is recommended to mainly observe [6]. - **Foreign Exchange**: The euro against the US dollar fell 0.42%. The US dollar may be under pressure in the medium term, and the yen is under pressure. It is recommended to observe cautiously [6]. Important News and Events - **China - US Relations**: The two sides are about to return to the negotiation table, and Trump plans to visit China next year. China advocates resolving issues through negotiation [14][16]. - **Domestic Policy**: The Fourth Plenary Session of the 20th Central Committee emphasized "sustained efforts in pro - growth policies" [6]. - **International Affairs**: The EU invited China to discuss rare earths, and European leaders supported the Russia - Ukraine cease - fire through negotiation. The Trump administration froze $11 billion in infrastructure funds [14][16]. This Week's Domestic and Foreign Economic Data - **China**: The Q3 GDP annual rate was 4.8%, the September social consumer goods retail sales increased 3% year - on - year, and the September industrial added value increased 6.5% year - on - year [11][17]. - **US**: The September existing home sales totaled 4.06 million annualized [17]. - **EU**: The preliminary October consumer confidence index was - 14.2 [17]. - **UK**: The September CPI monthly rate was 0, and the September retail price index monthly rate was - 0.4% [17]. - **Germany**: The September PPI monthly rate was - 0.1% [17]. Next Week's Important Economic Indicators and Economic Events - **October 27**: China's January - September industrial enterprise profit annual rate, US September durable goods orders monthly rate [81]. - **October 28**: Germany's November Gfk consumer confidence index, US August S&P/CS20 city house price index annual rate [81]. - **October 30**: US Fed interest rate decision, eurozone Q3 GDP annual rate, US Q3 real GDP annualized quarterly rate, etc. [81]. - **October 31**: Japan's September unemployment rate, China's October official manufacturing PMI, etc. [81].

Group 1: Report Overview - Report Title: Cotton (Yarn) Market Weekly Report [2] - Report Date: October 24, 2025 [2] - Researcher: Wang Cuibing [3] Group 2: Investment Rating - No investment rating provided in the report Group 3: Core Views - This week, the price of the main Zhengzhou cotton 2601 contract rose slightly, with a weekly increase of about 1.54%. The price of the US cotton December contract fell, with a weekly decline of about 0.56%. The price of the cotton yarn 2601 futures contract rose by about 1.75% [6][10][20] - In the domestic market, the supply side shows that Xinjiang cotton has entered the large - scale harvesting stage, with the progress over 50% and faster than the same period last year. The purchase price of seed cotton first fell and then rose, and the processing cost of ginning mills increased slightly. The acquisition of inland cotton was slow due to continuous rainfall. On the demand side, the demand of downstream textile enterprises was relatively weak, and the "Silver October" replenishment did not improve significantly. The impact of trade situation on the market needs to be concerned. Currently, new cotton is on the market, and the upside of cotton prices is limited in the short term due to hedging pressure [6] - It is recommended to wait and see for the Zhengzhou cotton 2601 contract in the short term. Future trading should pay attention to changes in foreign cotton prices, demand, and inventory [7] Group 4: Summary by Directory 1. Week - to - Week Summary - **Market Review**: The price of the main Zhengzhou cotton 2601 contract rose slightly, with a weekly increase of about 1.54% [6] - **Market Outlook**: In the domestic market, the supply side has different situations in Xinjiang and inland. The demand side is weak. New cotton is on the market, and the short - term upside of cotton prices is limited [6] - **Strategy Recommendation**: Wait and see for the Zhengzhou cotton 2601 contract in the short term [7] - **Future Trading Tips**: Pay attention to foreign cotton prices, demand, and inventory [7] 2. Futures and Spot Market **Futures Market** - **Price Movement**: The price of the US cotton December contract fell by about 0.56% this week. The price of the Zhengzhou cotton 2601 contract rose by about 1.54%, and the cotton yarn 2601 futures contract rose by about 1.75% [10][20] - **Net Positions**: As of this week, the net position of the top 20 in cotton futures was - 107,552 lots, and that in cotton yarn futures was - 16 lots [26] - **Warehouse Receipts**: As of this week, the number of Zhengzhou Commodity Exchange cotton futures warehouse receipts was 2,503, and that of cotton yarn futures was 6 [32] **Spot Market** - **Cotton Spot Price**: As of October 24, 2025, the spot price index of cotton 3128B was 14,803 yuan/ton [39] - **Cotton Yarn Spot Price**: As of October 24, 2025, the spot price index of Chinese cotton yarn C32S was 20,500 yuan/ton, CY index: OEC10s (rotor - spun yarn) was 14,690 yuan/ton, and CY index: OEC10s (combed yarn) was 23,600 yuan/ton [48] - **Imported Cotton (Yarn) Price**: As of October 23, the imported cotton price with sliding - scale duty was 13,980 yuan/ton, up 102 yuan/ton from last week; the imported cotton price with quota was 13,004 yuan/ton, up 153 yuan/ton from last week. The imported cotton yarn price index (FCY Index) for different varieties also had corresponding prices [54] - **Imported Cotton Profit**: As of October 23, the estimated profit of imported cotton with sliding - scale duty was 804 yuan/ton, up 18 yuan/ton from last week; the estimated profit of imported cotton with quota was 1,780 yuan/ton, down 33 yuan/ton from last week [57] - **Price Spreads**: This week, the price spread between Zhengzhou cotton 1 - 5 contracts was 0 yuan/ton, and the price spread between cotton 3128B and cotton yarn C32S was 5,697 yuan/ton. The basis between the cotton 3128B price index and the Zhengzhou cotton 2601 contract was + 1,263 yuan/ton; the basis between the cotton yarn C32S spot price and the cotton yarn 2601 futures contract was 690 yuan/ton [35][44] 3. Industry Situation **Supply Side** - **Commercial Cotton Inventory**: As of September 30, 2025, the national commercial cotton inventory was 1.0217 million tons. At the end of August, the cotton industrial inventory of cotton textile enterprises decreased slightly, with an inventory of 892,000 tons, a decrease of 6,000 tons from the previous month [62] - **Imported Cotton Volume**: In September 2025, China's total cotton import volume was about 100,000 tons, a month - on - month increase of 30,000 tons and a year - on - year decrease of 20,000 tons or 16.6%. From January to September 2025, the cumulative imported cotton volume was 690,000 tons, a year - on - year decrease of 1.57 million tons or 69.50%. In September 2025, China imported 130,000 tons of cotton yarn, the same as the previous month and a year - on - year increase of 20,000 tons [68] **Demand Side** - **Yarn and Grey Cloth Inventory**: As of the end of August, the yarn inventory of textile enterprises was 26.6 days, a decrease of 1.1 days from the previous month; the grey cloth inventory was 33.9 days, a decrease of 2.3 days from the previous month [71] - **Textile and Garment Exports**: In September 2025, China's textile and garment export volume was 24.4197 billion US dollars, a year - on - year decrease of 1.50% and a month - on - month decrease of 7.99%. Among them, textile exports were 11.966 billion US dollars, a year - on - year increase of 6.41% and a month - on - month decrease of 3.44%; clothing exports were 12.453 billion US dollars, a year - on - year decrease of 7.97% and a month - on - month decrease of 11.96% [76] - **Domestic Garment Retail Sales**: As of August 31, 2025, the cumulative retail sales of clothing were 670.83 billion yuan, a month - on - month increase of 11.95%, and the cumulative year - on - year increase was 2.2% [80] 4. Options and Stock Market - Related Market - **Options Market**: The implied volatility of at - the - money cotton options this week was presented, but no specific data was given [81] - **Stock Market**: The price - earnings ratio trend of Xinong Development was shown, but no specific analysis was provided [84]