建信期货棉花日报-20250903

Group 1: Report Overview - Report date: September 3, 2025 [2] - Report industry: Cotton [1] - Researchers: Yu Lanlan, Lin Zhenlei, Wang Haifeng, Hong Chenliang, Liu Youran [3] Group 2: Market Review and Operation Suggestions - Market review: Zhengzhou cotton fluctuated and adjusted. The latest cotton price index for grade 328 was 15,479 yuan/ton, up 151 yuan/ton from the previous trading day. The mainstream sales basis quotes for machine-picked cotton in northern Xinjiang and Kashgar, southern Xinjiang were in different ranges. The spot trading of cotton improved slightly after the sharp decline in the futures market, and the inventory of many cotton merchants was low. The expected stable and increasing output of new cotton brought some long-term pressure. There were sporadic hand-picked seed cotton purchases at the end of August and early September, with purchase prices ranging from 7.25 to 7.35 yuan/kg. The downstream demand improved marginally since August, and the finished product inventory of spinning mills and weaving factories decreased slightly [7][8] - Operation suggestions: The short-term sentiment was weak, and the market was mainly in a state of volatile adjustment [8] Group 3: Industry News - In Hutubi County, 869,000 mu of cotton is gradually boll-opening. The county's 24 cotton purchase and processing enterprises have nearly completed the overhaul of production equipment, and the purchase funds and personnel are ready. It is expected to start purchasing new cotton around September 20, and relevant departments will strengthen supervision during the purchase period [9] Group 4: Data Overview - The report provides multiple data charts, including China's cotton price index, cotton spot price, cotton futures price, cotton basis change, CF1-5 spread, CF5-9 spread, CF9-1 spread, cotton commercial inventory, cotton industrial inventory, and warehouse receipt volume [16][17][18]