银河期货棉花、棉纱日报-20250610

Group 1: Market Information - CF01 contract closed at 13490 with a 5-point increase, trading volume was 26,963 (down 25175), and open interest was 136,971 (up 850) [3] - CF05 contract closed at 13475 with no change, trading volume was 207 (down 569), and open interest was 2,554 (up 66) [3] - CF09 contract closed at 13520 with a 25-point increase, trading volume was 170,148 (down 94667), and open interest was 538,557 (up 96) [3] - CY01 contract closed at 19820 with a 75-point decrease, trading volume was 5, and open interest was 35 (up 1) [3] - CY05 contract closed at 18550 with no change, trading volume and open interest were both 0 [3] - CY09 contract closed at 19725 with a 15-point decrease, trading volume was 7180 (up 1568), and open interest was 16083 (up 1669) [3] - CCIndex3128B price was 14620 yuan/ton, up 59; CY IndexC32S price was 20300, down 770 [3] - Cot A price was 78.00 cents/pound, up 0.25; FCY IndexC33S price was 21809, down 6 [3] - (FC Index):M: arrival price was 77.49, up 0.20; Indian S-6 price was 54000, unchanged [3] - Polyester staple fiber price was 7450, up 70; pure polyester yarn T32S price was 11180, unchanged [3] - Viscose staple fiber price was 12650, down 150; viscose yarn R30S price was 17250, unchanged [3] - Cotton 1 - 5 month spread was 15, up 5; cotton 5 - 9 month spread was -45, down 25; cotton 9 - 1 month spread was 30, up 20 [3] - Cotton yarn 1 - 5 month spread was 1270, down 75; cotton yarn 5 - 9 month spread was -1175, up 15; cotton yarn 9 - 1 month spread was -95, up 60 [3] - CY01 - CF01 spread was 6330, down 80; CY05 - CF05 spread was 5075, unchanged; CY09 - CF09 spread was 6205, down 40 [3] - 1% tariff internal - external cotton spread was 802, up 16; sliding - scale internal - external cotton spread was 127, up 40; internal - external yarn spread was -1509, down 764 [3] Group 2: Market News and Views Cotton Market - As of June 7, Brazil's cotton harvest progress was 1.4% (98% of the area), up 0.5 percentage points week - on - week, compared with 1.7% last year [6] - As of June 8, the cotton planting rate in 15 major US cotton - growing states was 76%, 3 percentage points slower than last year and 4 percentage points slower than the five - year average [6] - The cotton budding rate in 15 major US cotton - growing states was 12%, 1 percentage point slower than last year and the same as the five - year average [6] - The cotton good - to - excellent rate in 15 major US cotton - growing states was 49%, 7 percentage points lower than last year and 1 percentage point lower than the five - year average [6] - Cotton spot trading remained sluggish, sales basis was firm, some low - basis decreased, but the mainstream range changed little [7] - The trading logic is mainly macro - oriented, with large uncertainties in tariff issues. Short - term range - bound oscillation is expected, and medium - to - long - term cotton may continue to decline [8] - For single - side trading, US cotton is expected to oscillate slightly stronger, and Zhengzhou cotton is expected to oscillate stronger in the short term [9] - For arbitrage and options, it is recommended to wait and see [10][11] Cotton Yarn Industry - Yesterday, Zhengzhou cotton rose, some spinning mills raised quotes, but market trading was light in the off - season, and downstream acceptance of price increases was low [11] - If the macro situation is favorable and cotton prices continue to rise, cotton yarn may follow, but profit is expected to deteriorate [11] - The overall situation of the cotton grey fabric market changed little, demand was weak, prices were stable, and orders were negotiated based on quantity [11] - Conventional plain cloth shipments were slow, inventory increased, and home textile mills' orders were worse than before and not good in the future [11] Group 3: Options - On June 10, 2025, the closing price of CF509C13400.CZC was 282.00, up 34.9%, with an implied volatility of 9.3% [13] - On June 10, 2025, the closing price of CF509P12600.CZC was 28.00, down 69.6%, with an implied volatility of 12.0% [13] - On June 10, 2025, the closing price of CF509P12200.CZC was 18.00, down 75.3%, with an implied volatility of 14.6% [13] - Today's 120 - day HV of cotton was 10.5891, slightly lower than the previous day [13] - The PCR of the main contract's open interest was 0.9536, and the PCR of the main contract's trading volume was 0.7091. Both call and put trading volumes increased, and the market was bearish [14] - It is recommended to wait and see for options [15] Group 4: Related Attachments - The report includes figures such as the internal - external cotton price spread under 1% tariff, cotton 1 - month basis, cotton 5 - month basis, cotton 9 - month basis, CY05 - CF05 spread, CY01 - CF01 spread, CF9 - 1 spread, and CF5 - 9 spread [16][23][25][29]