建信期货棉花日报-20250923

Report Summary 1. Reported Industry - The report focuses on the cotton industry [1] 2. Report Date - The report was released on September 23, 2025 [2] 3. Researchers - The researchers include Yu Lanlan, Lin Zhenlei, Wang Haifeng, Hong Chenliang, and Liu Youran [3] 4. Core Views - Zhengzhou cotton prices have weakened. The latest 328 - grade cotton price index is 15,224 yuan/ton, down 59 yuan/ton from the previous trading day. The cotton market in China and overseas shows different trends, with overall weak demand and downward - pressure on prices [7][8] 5. Summary by Section 5.1. Market Review and Operation Suggestions - Domestic Market: Zhengzhou cotton's trend has weakened. The spot cotton price has declined, and the cotton yarn market has a general performance with prices moving down slowly. The cotton fabric market maintains shipments with stable prices. The household textile factory orders are competitive with low processing fees, and factories prioritize inventory reduction. The purchase price of seed cotton is stable with a slight decline, and the acquisition volume is expected to increase during the National Day. The demand is weaker than in previous years, and the market is waiting for the opening price guidance [7][8] - Overseas Market: The good - quality rate of US cotton has slightly decreased, the drought coverage in cotton - growing areas has increased, and the weekly export data has improved. However, due to limited adjustments in supply - demand expectations, the net long position of CFTC funds remains low, and the market is in a weak range - bound operation [8] 5.2. Industry News - As of September 18, 2025, the national new cotton picking progress is 0.8%, 0.3 percentage points higher than the same period last year and 0.2 percentage points lower than the average of the past four years. The national delivery rate is 15.8%, 6.0 percentage points higher than the same period last year and 7.1 percentage points higher than the average of the past four years. New cotton processing by surveyed enterprises is sporadic [9]