建信期货棉花日报-20250612

Group 1: Report Information - Reported industry: Cotton [1] - Date: June 12, 2025 [2] - Researchers: Yu Lanlan, Lin Zhenlei, Wang Haifeng, Hong Chenliang, Liu Youran [3] Group 2: Market Review and Operation Suggestions - Market review: Supported by macro factors, Zhengzhou cotton fluctuated strongly. The latest cotton price index for Grade 328 was 14,784 yuan/ton, up 41 yuan/ton from the previous trading day. The cotton yarn market was slightly better but still dull, and the cotton fabric market was light. After the end of the Eid al-Adha festival in Xinjiang, the local weaving mills resumed work, but the overall operating rate was low [7] - Macro situation: China and the US have reached a framework agreement in principle, with limited positive impact. Overseas, the shipment progress of old cotton was good, and the good and excellent rate was weaker than the same period last year, supporting the external market. Domestically, the market expected the new cotton output to increase steadily. The downstream yarn and fabric sectors continued to weaken, with weak market demand and increasing inventory [8] - Operation suggestion: In the short term, Zhengzhou cotton will fluctuate and adjust narrowly. Pay attention to the performance of the upper pressure level [8] Group 3: Industry News - As of the week ending June 8, the US cotton planting progress was 76%, the budding rate was 12%, and the good and excellent rate was 49%, all weaker than the same period last year [9] - As of June 7, 2025, the cotton harvest progress in Brazil was 1.4%, slower than the same period last year [9] Group 4: Data Overview - The report provides multiple data charts, including CF1 - 5 spread, CF5 - 9 spread, China 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 Jianxin Futures [16][18][19]