棉系数据日报-20250821

Group 1: Report Core Data - On August 20, the domestic cotton futures CF01 was 14,055, down 45 or -0.32% from the previous day; CF09 was 13,800, down 20 or -0.14% [3] - The domestic cotton spot price in Xinjiang remained unchanged at 15,080; in Henan, it was 15,304, up 4 or 0.03%; in Shandong, it was 15,238, down 5 or -0.03% [3] - The domestic棉纱 futures CY was 20,065, down 80 or -0.40% from the previous day; the domestic棉纱 spot C32S price index remained unchanged at 20,700 [3] - The US cotton spot CT was 67.53 USD/pound, unchanged; the arrival price was 77.20, down 0.3 or -0.39%; the 1% quota pick - up price was 13,602, down 52 or -0.38%; the sliding - scale duty pick - up price was 14,358, down 29 or -0.20% [3] - The yarn - cotton spread (futures) was 6,010, down 35; the yarn - cotton spread (现货) was 756, up 23 [3] - The domestic - foreign spread (现货) was 1,589, down 47 from the previous day [4] Group 2: Core View - Under the expectation of a new crop's high yield and the reality of old - crop inventory shortage, the pattern of near - term strength and long - term weakness is prominent [4] - From late July to early August is the window period for multiple policies and industry events. The content of domestic policy - related meetings, the progress of Sino - US trade negotiations, the implementation of new cotton high - yield, whether the import sliding - scale duty quota is increased and the increase amount have a significant impact on the Zhengzhou cotton expectation. Among them, the situation of increasing the import sliding - scale duty quota has a greater impact on the old - crop supply - demand and near - term contracts [4]