建信期货棉花日报-20250918

Group 1: Report Information - Industry: Cotton [1] - Date: September 18, 2025 [2] - Researchers: Yu Lanlan, Lin Zhenlei, Wang Haifeng, Hong Chenliang, Liu Youran [3] Group 2: Market Review and Operation Suggestions - Zhengzhou cotton fluctuated and adjusted. The latest 328 - grade cotton price index was 15,310 yuan/ton, up 10 yuan/ton from the previous trading day. The sales basis of 2024/25 Northern Xinjiang machine - picked cotton was CF01 + 1500 and above, and that of 2024/25 Southern Xinjiang Kashgar machine - picked cotton was in the range of CF01 + 1100 - 1250 [7] - The cotton yarn market was average, with the peak season underperforming expectations and weaker than previous years. The downstream mainly made rigid - demand purchases, and spinning mills sold at market prices. The cotton yarn price remained stable with a slow downward trend. The cotton fabric market maintained shipments, and the fabric price was stable [7] - Overseas, the expected Fed rate cut this week and the assessment of further monetary policy easing in the coming months led to a decline in the US dollar index, boosting US cotton. In the domestic market, before the new cotton listing, trading volume was low, and the expected opening price was around 6.2 - 6.5 yuan/kg. The demand side had a slight reduction in finished - product inventory, and the downstream weaving mills' operation rate increased seasonally, with rigid - demand support remaining. Fundamentally, there were limited changes, and Zhengzhou cotton would continue to fluctuate within a range in the short term [8] Group 3: Industry News - As of the week ending September 13, 2025, Brazil's cotton harvest progress was 96.6%, up 9.7 percentage points from the previous week and 1.9% slower than the same period last year. As of September 11, the processing progress was 36%, and new - cotton exports declined in the short term. The quality indicators such as micronaire and strength were lower than last year [9] - As of the week ending September 14, 2025, the good - to - excellent rate of US cotton was 52%, down from 54% the previous week but up from 39% in the same period last year [9] Group 4: Data Overview - The report presents various data charts including the China cotton price index, cotton spot price, cotton futures price, cotton basis change, etc [17][18]