棉系数据日报-20250822

Report Summary 1. Report Industry Investment Rating No information provided regarding the industry investment rating. 2. Core View In the context of 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. From late July to early August, multiple policies and industry events are in the window period. The content of domestic policy meetings, the progress of Sino - US trade negotiations, the actualization of new cotton's high - yield, whether the import sliding - duty quota will be increased and the amount of the increase have a significant impact on the Zhengzhou cotton's expectation. Among them, the increase in the import sliding - duty quota has a greater impact on the old - crop supply - demand and near - term contracts [4]. 3. Summary by Related Catalog Cotton Futures and Spot Prices - Domestic Cotton Futures: On August 21, CF01 was 14030, down 25 (-0.18%) from August 20; CF09 was 13770, down 30 (-0.22%); CF09 - 01 was -260, down 5 [3]. - Domestic Cotton Spot: In Xinjiang, it was 15038 on August 21, down 42 (-0.28%); in Henan, 15274, down 30 (-0.20%); in Shandong, 15208, down 30 (-0.20%); Xinjiang - main continuous basis was 1008, down 17 [3]. - Domestic棉纱 Futures: CY was 20060 on August 21, down 5 (-0.02%) [3]. - Domestic棉纱 Spot: C32S price index remained at 20700 on August 21, with no change [3]. - US Cotton Spot: CT (USD/磅) was 67.53 on August 21, with no change; the arrival price was 77.20, 1% quota pick - up price was 13602, and sliding - duty pick - up price was 14358, all with no change [3]. Spread Data - Yarn - Cotton Spread: The futures spread was 6030 on August 21, up 20; the spot spread remained at 756 [3]. - Internal - External Spread (Spot): It was 1636 on August 21, down 30 [4]. Other Data - Cotton Import Profit (Shandong - US Cotton 1% Quota), National Cotton Commercial Inventory (in 10,000 tons), Spinning Mill Finished - Product Inventory (days), Weaving Mill Finished - Product Inventory (days), and Cotton Grey Cloth Inventory are presented in graphical form in the report, showing historical data trends [4].