Report Overview - Report Date: September 4, 2025 [2] - Industry: Cotton [1] - Research Analysts: Yulan Lan, Zhenlei Lin, Haifeng Wang, Chenliang Hong, Youran Liu [3] 1. Report Investment Rating - No investment rating information is provided in the report. 2. Core Viewpoints - The Zhengzhou cotton market is in a state of shock adjustment. The spot cotton price has increased slightly, while the downstream cotton yarn and grey fabric markets are generally stable with limited new orders [7]. - Overseas, the good - quality rate of US cotton has slightly decreased, export sales are weak, and the external market is oscillating weakly. In the domestic market, new cotton production is expected to increase steadily, putting pressure on the long - term market. Although there are expectations of new cotton acquisition, short - term trading is mainly characterized by shrinking volume and shock adjustment [8]. 3. Summary by Directory 3.1 Market Review and Operation Suggestions - Domestic Spot Market: The latest 328 - grade cotton price index is 15,465 yuan/ton, up 53 yuan/ton from the previous trading day. The basis quotes for machine - picked cotton in northern and southern Xinjiang vary, and the downstream cotton yarn and grey fabric markets are generally stable with limited new orders [7]. - Overseas Market: As of the week ending August 31, 2025, the good - quality rate of US cotton is 51% (down from 54% the previous week), the boll - setting rate is 90%, and the full - boll rate is 28%. The good - quality rate has slightly decreased, export sales are weak, and the external market is oscillating weakly [8]. - Domestic Market Outlook: Many cotton merchants have low inventories, and some old cotton from the 2023/24 season remains unsold. New cotton production is expected to increase steadily, putting pressure on the long - term market. The downstream market has shown a slight marginal improvement since August, and the market is waiting for the performance of the traditional peak season. Short - term trading is mainly characterized by shrinking volume and shock adjustment [8]. 3.2 Industry News - As of the week ending August 30, 2025, the cotton harvest rate in Brazil's 2024/25 season is 72.8%, up from 60.3% the previous week, lower than 87.6% in the same period last year and the five - year average of 86.5% [9] 3.3 Data Overview - The report presents multiple data charts, including cotton price indices, futures prices, basis changes, commercial and industrial inventories, and exchange rate data, but no specific data analysis is provided [17][18][27]
建信期货棉花日报-20250904
Jian Xin Qi Huo·2025-09-04 02:43