Ruida Futures(SZ:002961) Rui Da Qi Huo·2025-06-24 11:00Report Summary 1. Report Industry Investment Rating No investment rating information is provided in the report. 2. Core Viewpoint The textile industry is in a consumption off - season, with poor new orders for enterprises, slow inventory - reduction, and minor changes in the old - crop fundamentals. Short - term prices are expected to fluctuate. Attention should be paid to the impact of the growth of new - season cotton in major producing areas on the market [2]. 3. Summary by Relevant Catalogs 3.1 Futures Market - Zhengzhou cotton main contract closing price is 13,610 yuan/ton, up 145 yuan; cotton yarn main contract closing price is 19,905 yuan/ton, up 205 yuan [2]. - Cotton futures top 20 net positions are - 33,702 hands, up 1,314 hands; cotton yarn futures top 20 net positions are - 84 hands, down 52 hands [2]. - Cotton main contract position volume is 541,942 hands, up 26,586 hands; cotton yarn main contract position volume is 21,344 hands, up 185 hands [2]. - Cotton warehouse receipt quantity is 10,419 sheets, down 74 sheets; cotton yarn warehouse receipt quantity is 2 sheets, unchanged [2]. 3.2 Spot Market - China Cotton Price Index (CCIndex:3128B) is 14,883 yuan/ton, down 11 yuan; China Yarn Price Index for pure - cotton carded yarn 32 - count is 20,300 yuan/ton, unchanged [2]. - China Imported Cotton Price Index (FCIndexM:1% tariff) is 13,438 yuan/ton, unchanged; China Imported Cotton Price Index (FCIndexM: sliding - duty) is 14,250 yuan/ton, unchanged [2]. - Imported cotton yarn price index for pure - cotton carded yarn 32 - count (arrival price) is 21,869 yuan/ton, down 23 yuan; for pure - cotton combed yarn 32 - count (arrival price) is 23,659 yuan/ton, down 25 yuan [2]. 3.3 Upstream Situation - National cotton sown area is 2,838.3 thousand hectares, up 48.3 thousand hectares; national cotton output is 6.16 million tons, up 0.54 million tons [2]. - Cotton - yarn price difference is 5,417 yuan/ton, up 11 yuan; national industrial inventory of cotton is 82.6 million tons, down 0.7 million tons [2]. 3.4 Industry Situation - Cotton import quantity is 40,000 tons, down 20,000 tons; cotton yarn import quantity is 100,000 tons, down 20,000 tons [2]. - Imported cotton profit is 644 yuan/ton, up 15 yuan; national commercial inventory of cotton is 3.4587 million tons, down 0.6939 million tons [2]. 3.5 Downstream Situation - Yarn inventory days are 21.12 days, up 0.14 days; grey fabric inventory days are 32.54 days, up 1.37 days [2]. - Cloth output is 2.67 billion meters, down 0.05 billion meters; yarn output is 1.951 million tons, down 0.036 million tons [2]. - Monthly export value of clothing and clothing accessories is 1,357,773.7 thousand US dollars, up 197,117.9 thousand US dollars; monthly export value of textile yarns, fabrics and products is 1,263,177.3 thousand US dollars, up 5,210.9 thousand US dollars [2]. 3.6 Option Market - Implied volatility of cotton at - the - money call option is 11.65%, up 3.66%; implied volatility of cotton at - the - money put option is 11.66%, up 3.66% [2]. - 20 - day historical volatility of cotton is 5.64%, unchanged; 60 - day historical volatility of cotton is 12.61%, down 0.02% [2]. 3.7 Industry News As of the week ending June 22, 2025, the good - to - excellent rate of US cotton was 47%, down from 48% the previous week and 56% in the same period of the past three years. High - temperature weather in the producing areas is unfavorable for crop growth, which boosts the US cotton futures [2]. 3.8 Suggestion Pay continuous attention to the impact of the growth of new - season cotton in major producing areas on the market, as there is a risk of high - temperature heat damage to cotton in the budding and flowering stage in most parts of Xinjiang [2].