建信期货棉花日报-20250911

Report Information - Report Date: September 11, 2025 [2] - Industry: Cotton [1] - Researchers: Yulan Lan, Zhenlei Lin, Haifeng Wang, Chenliang Hong, Youran Liu [3] Investment Rating - Not provided Core View - The cotton market is expected to fluctuate weakly in the short term. Domestically, the downstream demand in the domestic market lacks strength, the weekly start - up of the yarn end remains stable, and the profit has not been significantly repaired. Externally, the tariff suppression effect on the export market is gradually emerging, and the cumulative year - on - year export of textiles and clothing has turned from positive to negative. [8] Summary by Section 1. Market Review and Operation Suggestions - Domestic Market: Zhengzhou cotton fluctuates weakly. The latest 328 - grade cotton price index is 15,286 yuan/ton, down 49 yuan/ton from the previous trading day. The domestic cotton market has different basis quotes in different regions. The trading in the pure - cotton yarn market is average and weaker than the same period in previous years. The price is mainly stable, with partial preferential sales. The start - up of spinning enterprises has little change, and the overall start - up level in the inland area is not high. The demand in the all - cotton grey fabric market is weakly stable, and the price of pure - cotton cloth is negotiated according to the quantity. The order volume of large - scale weaving factories is average. The home textile factories report an increase in sales volume month - on - month, but the order continuity is poor, and the price is still difficult to rise. [7] - Overseas Market: The weekly good - to - excellent rate of US cotton has slightly rebounded, and the net long position of CFTC funds remains at a low level with limited overall changes. Recently, affected by the heavy rain in the main cotton - producing areas of India, the external market has some support at the low level, and the market is concerned about the adjustment of the September USDA supply - demand report. [8] 2. Industry News - In August 2025, China's total textile and clothing exports were 26.539 billion US dollars, a month - on - month decrease of 0.8% and a year - on - year decrease of 5.0%. From January to August 2025, the cumulative total textile and clothing exports were 197.275 billion US dollars (197.616 billion US dollars in the same period last year), a year - on - year decrease of 0.2%. In August 2025, China's exports of textile yarns, fabrics and products were 12.393 billion US dollars, a month - on - month increase of 6.8% and a year - on - year increase of 1.4%. From January to August 2025, China's exports of textile yarns, fabrics and products were 94.513 billion US dollars (93.042 billion US dollars in the same period last year), a year - on - year increase of 1.6%. In August 2025, China's exports of clothing and clothing accessories were 14.146 billion US dollars, a month - on - month decrease of 6.7% and a year - on - year decrease of 10.1%. From January to August 2025, China's exports of clothing and clothing accessories were 102.761 billion US dollars (104.574 billion US dollars in the same period last year), a year - on - year decrease of 1.7%. [9] 3. Data Overview - The report provides multiple data charts, including the price index of Chinese cotton, spot price, futures price, basis change, spreads between different futures contracts, commercial inventory, industrial inventory, warehouse receipt volume, and exchange rates of the US dollar against the RMB and the Indian rupee. All data sources are from Wind and the Research and Development Department of Jianxin Futures. [17][18][27]