建信期货棉花日报-20250724

Group 1: General Information - Reported industry: Cotton [1] - Report date: July 24, 2025 [2] - Researchers: Yu Lanlan, Lin Zhenlei, Wang Haifeng, Hong Chenliang, Liu Youran [3] Group 2: Market Review and Operation Suggestions - Zhengzhou cotton fluctuated and adjusted. The latest 328 - grade cotton price index was 15,543 yuan/ton, down 6 yuan/ton from the previous trading day. The cotton yarn market price rose, but the downstream was difficult to increase volume. Spinning mills' profits were still in large losses, and the operating rate decreased. The cotton fabric market had few inquiries and mostly small and urgent orders [7] - Macroscopically, trade negotiations were approaching. Internationally, the growth progress was slow but the good - quality rate was improving, with limited external market drive. Domestically, the sown area increased year - on - year, and there was an expectation of a good harvest. Recently, the sale of old cotton increased, and the basis of new cotton decreased slightly. The short - term supply pressured cotton prices. The yarn price was strong, and the cotton yarn inventory did not accumulate. The cotton import in June was low, and the commercial inventory was still tight. The short - term main contract fluctuated and adjusted, and the 9 - 1 spread converged [8] Group 3: Industry News - As of the week ending July 20, the good - quality rate of U.S. cotton was 57%, the boll - setting rate was 33%, and the budding rate was 71% [9] - As of July 18, 2025, the total commercial cotton inventory was 2.4575 million tons, a decrease of 148,800 tons or 5.71% from the previous week [9] Group 4: Data Overview - The report presented multiple data charts, including China's cotton price index, cotton spot price, cotton futures price, cotton basis change, various spreads, cotton commercial and industrial inventories, warehouse receipt volume, and exchange rates [17][18][23]