瑞达期货棉花（纱）产业日报-20250609

Group 1: Report Industry Investment Rating - No relevant content Group 2: Core Viewpoints of the Report - The textile industry is showing characteristics of the off - season in consumption. Enterprises have poor performance in new orders, with limited overall increase in summer orders. Orders are mostly short, fast, and small, and some enterprises are reducing shifts and overall operating rates are slowly decreasing. Some spinning enterprises are in an inventory - accumulation state with poor profit margins, which affects their raw material procurement willingness, and they are cautious in raw material procurement, only replenishing inventory according to actual production needs [2] Group 3: Summary by Related Catalogs Futures Market - Zhengzhou cotton main contract closing price is 13,495 yuan/ton, up 135 yuan; cotton futures top 20 net positions are - 32,615 hands, down 26,520 hands; main contract cotton positions are 538,461 hands, up 7,811 hands; cotton warehouse receipts are 10,835 pieces, down 35 pieces. The main contract closing price of cotton yarn is 19,740 yuan/ton, up 110 yuan; cotton yarn futures top 20 net positions are 159 hands, down 105 hands; main contract cotton yarn positions are 14,414 hands, up 1,822 hands; cotton yarn warehouse receipts are 0 pieces [2] Spot Market - China's cotton price index (CCIndex:3128B) is 13,695 yuan/ton, up 49 yuan; China's imported cotton price index (FCIndexM:1% tariff) is 14,620 yuan/ton, up 59 yuan; China's imported cotton price index (FCIndexM:sliding - scale duty) is 14,416 yuan/ton, up 38 yuan. China's yarn price index (pure - cotton carded yarn 32 - count) is 20,300 yuan/ton, unchanged; the arrival price of imported cotton yarn price index (pure - cotton carded yarn 32 - count) is 21,815 yuan/ton, up 92 yuan; the arrival price of imported cotton yarn price index (pure - cotton combed yarn 32 - count) is 23,690 yuan/ton, up 10 yuan [2] Upstream Situation - The national cotton sowing area is 2,838.3 thousand hectares, up 48.3 thousand hectares; the national cotton output is 6.16 million tons, up 0.54 million tons [2] Industry Situation - The cotton - yarn price difference is 5,680 yuan/ton, down 59 yuan; the national industrial inventory of cotton is 833,000 tons, down 31,000 tons; the monthly import volume of cotton is 60,000 tons, down 10,000 tons; the monthly import volume of cotton yarn is 120,000 tons, down 10,000 tons; the import cotton profit is 145 yuan/ton, down 20 yuan; the national commercial inventory of cotton is 4.1526 million tons, down 0.687 million tons [2] Downstream Situation - The yarn inventory days are 21.12 days, up 0.14 days; the坯布 inventory days are 32.54 days, up 1.37 days; the monthly cloth output is 2.72 billion meters, down 0.159 billion meters; the monthly yarn output is 1.987 million tons, down 0.1835 million tons; the monthly export value of clothing and clothing accessories is 1,160,655,800 US dollars, up 25,528,300 US dollars; the monthly export value of textile yarns, fabrics and products is 1,257,966,400 US dollars, up 52,872,600 US dollars [2] Option Market - The implied volatility of cotton at - the - money call options is 6.93%, down 3.84 percentage points; the implied volatility of cotton at - the - money put options is 6.93%, down 3.83 percentage points; the 20 - day historical volatility of cotton is 9.62%, up 0.34 percentage points; the 60 - day historical volatility of cotton is 12.54%, up 0.12 percentage points [2] Industry News - In Xinjiang, it is expected that from June 9th to 13th, there will be high - temperature weather above 35°C in most parts of the Southern Xinjiang Basin and some areas in Eastern Xinjiang, with local maximum temperatures above 37°C and even above 40°C in some areas of Turpan and Hami. Most of the cotton in Xinjiang is in the budding stage, and fruits are in the flowering and fruit - setting stage. The risk of high - temperature heat damage in the budding stage of cotton in most parts of Southern Xinjiang is high or very high, and the risk of high - temperature heat damage in the red - date planting areas in Southern and Eastern Xinjiang is very high. Internationally, as of the week ending June 1st, 2025, the sowing of US cotton is 66% complete, 14% higher than the previous week, 2% lower than the same period last year, and 3% lower than the five - year average [2]