建信期货棉花日报-20250905

Group 1: Report Information - Reported industry: Cotton [1] - Report date: September 5, 2025 [2] - 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 price index of 328-grade cotton was 15,451 yuan/ton, down 15 yuan/ton from the previous trading day. The basis price of machine-picked cotton in Northern Xinjiang was CF01+1300 - 1400, and in Southern Xinjiang's Kashgar was CF01+1150 - 1250. [7] - The cotton yarn market had general trading, with downstream demand mainly for rigid needs. The price was generally stable, and most spinning mills held firm on prices. The grey fabric market was stable, with general trading volume and few new orders. [7] Overseas and Domestic Markets - In the overseas market, the good and excellent rate of US cotton decreased slightly, weekly export sales were weak, and the net long position of CFTC funds remained low. The external market fluctuated weakly. [8] - In the domestic market, many cotton merchants had low inventories, and some old cotton from the 2023/24 season was still unsold. The expected output of new cotton was stable with a slight increase, putting pressure on the long - term market. There was still an expectation of抢购 at the start of the new cotton acquisition season. [8] - Since August, the downstream market had a slight marginal improvement, and the inventory of finished products in spinning mills and weaving factories decreased slightly. The market was concerned about the traditional peak season. The short - term trend was mainly fluctuating adjustment. [8] Group 3: Industry News - As of August 30, 2025, the cotton planting area in India for the 2025/26 season was 10.847 million hectares, a year - on - year decrease of 2.9%. The planting area in major producing states such as Maharashtra and Gujarat decreased, while that in Telangana increased. The final area was expected to be around 10.94 - 11 million hectares, slightly lower year - on - year. [9] Group 4: Data Overview - The report presented various data charts, including China's cotton price index, cotton spot and futures prices, cotton basis changes, spreads between different cotton futures contracts, cotton commercial and industrial inventories, warehouse receipt totals, and exchange rates of the US dollar against the Chinese yuan and the Indian rupee. All data sources were Wind and the Research and Development Department of CCB Futures. [7][17][27]