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Report Industry Investment Rating No relevant content provided. Core Viewpoints of the Report - Short - term cotton prices may face pressure near the gap. Although the macro - environment is expected to improve, the fundamentals are weak and macro uncertainties remain, so the short - term outlook for cotton prices is not optimistic [3][37] - The cotton spinning market continues to fluctuate, with the off - season gradually emerging. Demand has insufficient pulling power on cotton prices [3][10] Summary by Directory Part I: Basic Data of Domestic and International Cotton Markets 1. Weekly Data Overview - From April 17 to April 25, the CRB commodity price index rose from 296.38 to 298.46, a cumulative increase of 2.08 points, or 0.70%. The Wenhua Commodity Index increased from April 18 to April 25, with an increase of 1.47, or 0.93%. The ICE cotton futures main 07 contract rose from 67.11 to 68.70 cents/pound, an increase of 1.59 cents/pound, or 2.37%. The Zhengzhou cotton main 09 contract rose from 12885 to 12990 yuan/ton, an increase of 105 yuan/ton, and the position increased by 50,000 lots to 572,000 lots [2][6][8] - The prices of various commodities showed different trends. Gold and crude oil prices declined, while the prices of some agricultural products such as US soybeans rose [8] 2. Cotton Import Quotations in Various Countries - From April 18 to April 25, the CNF quotations of imported cotton in various countries increased, and the corresponding after - tax prices also increased [9] Part II: Basic Situation of the Domestic Market 1. Trend of Textile Mainstream Raw Materials - On April 25, compared with April 18, the price centers of raw materials such as polyester staple fiber, viscose, and CCI3128 showed mixed trends [14] 2. Trend of Cotton Yarn Prices - On April 25, except for R30S, the price centers of domestic yarns decreased compared with April 18. The price centers of foreign yarns in RMB terms also decreased, while the overall price center of foreign yarns remained unchanged [17][21][22] 3. Comparison of Domestic Cotton Futures and Spot Prices with International Cotton Price Index (Tax - Included) - On April 25, the spot price index and the difference between the price of foreign cotton under the sliding - scale duty increased. The difference between Zhengzhou cotton and the price of foreign cotton under the sliding - scale duty also increased. The difference between domestic and foreign yarns and the difference between domestic and foreign cotton also increased [24][25][28] Part III: Analysis of the Zhengzhou Cotton Market 1. Situation of Zhengzhou Cotton Warehouse Receipts and Valid Forecasts - As of April 25, the registered warehouse receipts of Zhengzhou cotton were 10,555 lots (454,000 tons), the valid forecasts were 1,938 lots (83,000 tons), and the total of warehouse receipts and valid forecasts was 537,000 tons, a decrease from April 18 [31] 2. Analysis of the Difference between Zhengzhou Cotton Futures and Spot Prices - On April 25, the difference between the Zhengzhou cotton futures price and the CCI3128B index was - 1234 yuan/ton, a decrease from April 18, indicating that the difference between futures and spot prices had narrowed [33] 3. Analysis of Zhengzhou Cotton Prices - Macroscopically, Trump's remarks and the Fed's possible interest - rate cut expectations have boosted market confidence. Domestically, positive policies such as the issuance of special treasury bonds and the continuation of MLF have been implemented [34] - In terms of supply, the total commercial cotton inventory continues to decline, and domestic new cotton sowing is in the later stage, expected to end by the end of April. In terms of demand, the off - season of the downstream market has emerged, demand has insufficient pulling power on cotton prices, and the industry's mentality is cautious [3][35][37] - Technically, the MACD red column of the Zhengzhou cotton main 09 contract is expanding, DIFF and DEA are about to form a golden cross, and the KDJ indicator is also about to form a golden cross, but the technical indicators are weak [39] Part IV: Analysis of the International Market 1. Export Dynamics of US Cotton - From April 11 - 17, the net signing volume of US 2024/25 annual upland cotton decreased compared with the previous week, and the shipment volume also decreased. The net signing and shipment volumes of Pima cotton increased. As of April 17, 2025, the cumulative net signing volume of US 2024/25 annual cotton exports reached 107.55% of the annual expected export volume, and the shipment rate was 68.31% [43] - As of April 15, the net long position of funds in CFTC increased by 5,622 lots compared with the previous week [44] 2. Analysis of ICE Cotton Futures - On April 25, the ICE cotton futures main 07 contract rose by 2.37% compared with April 17. Technically, the MACD red column is expanding, DIFF and DEA are about to form a golden cross, and the KDJ indicator is also about to form a golden cross, but the technical indicators are weak [45] Part V: Operation Suggestions - It is advisable for upstream cotton processing enterprises to conduct batch point - pricing of their existing lint inventories when the price rebounds - Downstream textile enterprises should purchase raw materials in batches according to order situations and can consider selling out - of - the - money put options to reduce the cost of lint procurement [47]