建信期货棉花日报-20250828

Report Information - Report Date: August 28, 2025 [2] - Industry: Cotton [1] - Research Analysts: Yulan Lan, Zhenlei Lin, Haifeng Wang, Chenliang Hong, Youran Liu [3] Investment Rating - Not provided Core View - The cotton market is in a state of shock adjustment with limited fundamental changes. Overseas, the short - term external market is difficult to break out of the range - bound situation, while in the domestic market, the new cotton acquisition is awaited for guidance, and the market is observing the traditional peak season [7][8] Summary by Directory 1. Market Review and Operation Suggestions - Zhengzhou cotton is in shock adjustment. The latest 328 - grade cotton price index is 1,5342 yuan/ton, up 8 yuan/ton from the previous trading day. The mainstream sales basis quotes for 2024/25 northern Xinjiang machine - picked cotton and southern Xinjiang Kashgar machine - picked cotton are given. The cotton yarn market has normal transactions, mainly with regular yarns. Spinning enterprises are still limiting production, and the market confidence is generally not strong. The cotton fabric market has little change in trading atmosphere, and the sales are flat [7] - Overseas, the weekly US cotton export sales data has weakened, the drought coverage rate in major cotton - growing areas has increased, the good - quality rate has slightly decreased week - on - week, and the CFTC fund net long position remains low. In the domestic market, the Xinjiang cotton area is in the boll - opening and flocculation stage. There are rumors of more pre - sales of new cotton, and the expectation of抢购 at the time of listing has increased, but the expected stable and increasing output also brings pressure in the long - term. The finished product inventory of cotton yarn continues to decline slightly, and the fabric factory's shipment is not as good as that of the yarn factory [8] 2. Industry News - As of the week ending August 23, Brazil's (98%) total cotton harvesting progress was 60.3%, a 11.4 - percentage - point increase from the previous week and 15.8% slower than the same period last year, mainly due to the lag in Mato Grosso state [9] - As of the week ending August 24, the boll - setting rate of US cotton was 81%, the flocculation rate was 20%, and the good - quality rate was 54% [9] 3. Data Overview - The report provides multiple data charts on the cotton market, including price indices, spot and futures prices, basis changes, spreads, inventories, and exchange rates, with data sources from Wind and the Research and Development Department of CCB Futures [17][18][25]