建信期货棉花日报-20250430

Group 1: Report Information - Reported industry: Cotton [1] - Report date: April 30, 2025 [2] - Researchers: Yu Lanlan, Lin Zhenlei, Wang Haifeng, Hong Chenliang, Liu Youran [3] Group 2: Market Review and Operational Suggestions - Market review: Cotton sowing is nearly finished, and Zhengzhou cotton futures are fluctuating within a narrow range. The latest price index for Grade 328 cotton is 14,232 yuan/ton, down 12 yuan/ton from the previous trading day. The mainstream sales basis quotes for 2024/25 Northern Xinjiang machine-picked cotton and Southern Xinjiang Kashgar machine-picked cotton are at CF09+1000 and CF09+800 respectively. The overall trading in the pure cotton yarn market has gradually weakened, and the all-cotton grey fabric market continues to have weak transactions. [7] - Overseas market: The USDA weekly signed export report shows a decline, while shipments are still at a peak. The planting progress of US cotton is the same as last year, but the drought level is higher. In the short term, it will fluctuate widely and adjust. [8] - Domestic market: Xinjiang's new cotton sowing is almost finished. Downstream demand is weakening marginally, with a slight decline in开机 and an accumulation of finished product inventory. Near the long holiday, Zhengzhou cotton will mainly fluctuate within a narrow range. [8] Group 3: Industry News - As of April 27, the cotton planting rate in 15 major cotton-growing states in the US is 15%, the same as last year and 2 percentage points faster than the five-year average. The planting speed in Texas is faster than last year. [9] - In mid-to-late April, the weather conditions in Xinjiang were generally favorable for cotton spring sowing. As of April 20, the sowing progress in Xinjiang was 93.9%. It is expected that there will be rainfall and gusts in some areas of Northern Xinjiang at the end of April. [9] Group 4: Data Overview - Data includes various charts such as China's cotton price index, cotton spot price, cotton futures price, cotton basis change, etc., with data sources from Wind and the Research and Development Department of CCB Futures. [18][19][25]