建信期货棉花日报-2025-04-02

Group 1: General Information - Reported industry: Cotton [1] - Report date: April 2, 2025 [2] - Researchers: Yu Lanlan, Lin Zhenlei, Wang Haifeng, Hong Chenliang, Liu Youran [3] Group 2: Market Review and Operational Suggestions - Market situation: After the release of the intended cotton planting area in the US, Zhengzhou cotton futures fluctuated within a range. The latest price index for Grade 328 cotton was 14,864 yuan/ton, down 17 yuan/ton from the previous trading day. The cotton yarn and fabric markets were weak, with insufficient market confidence in the future [7]. - US planting area: The US cotton planting area for the 2025/26 season is 9.867 million acres, slightly lower than the previous market estimate and the February forecast of 10 million acres. The reduction in planting area may support the price of US cotton [8][9]. - Domestic market: Downstream finished - product inventory is low and the operating rate is stable. Spinning mills have increased their rigid - demand purchases of cotton recently. The cotton price has support at the bottom. The market is concerned about potential summer demand and the end of the traditional peak season after the Tomb - Sweeping Festival. The short - term market is waiting for a directional choice [8]. Group 3: Industry News - US planting area report: The US cotton planting area for the 2025/26 season is 9.867 million acres, compared with 10 million acres predicted in the February 2025 outlook forum and 11.182 million acres in 2024 [9]. - US cotton inspection: As of the week ending March 28, 2025, the cumulative inspection volume of US upland cotton + Pima cotton was 3.1825 million tons, accounting for 101.4% of the estimated annual output, 19.5% faster than the same period last year [9]. Group 4: Data Overview - Data includes various charts such as China Cotton Price Index, cotton spot and futures prices, basis changes, spreads, commercial and industrial inventories, and exchange rates [16][18][20]