Ruida Futures(SZ:002961) Rui Da Qi Huo·2025-10-14 09:52Report Industry Investment Rating - Not provided Core Viewpoints - The domestic cotton market has low commercial inventory, but the new - year harvest is significant, increasing supply pressure. The demand side shows no obvious improvement in textile factory orders, with the operating rate lower than the same period last year, and the traditional "Golden September and Silver October" peak season did not occur. It is recommended to wait and see for now and pay attention to post - holiday restocking and the listing rhythm [2] Summary by Relevant Catalogs Futures Market - Zhengzhou cotton's main contract closed at 13,265 yuan/ton, down 35 yuan; cotton yarn's main contract closed at 19,290 yuan/ton, down 70 yuan. - The net position of the top 20 in cotton futures was - 66,624 lots, up 551 lots; the net position of the top 20 in cotton yarn futures was - 560 lots, down 214 lots. - The position volume of the main cotton contract was 567,989 lots, up 4,581 lots; the position volume of the main cotton yarn contract was 16,412 lots, up 2,780 lots. - The number of cotton warehouse receipts was 2,823, down 44; the number of cotton yarn warehouse receipts was 0, unchanged [2] Spot Market - China's imported cotton price index (1% tariff) was 14,755 yuan/ton, down 17 yuan; the landed price of imported cotton yarn (pure - combed 32 - count) was 20,440 yuan/ton, unchanged. - China's imported cotton price index (sliding - scale duty) was 13,866 yuan/ton, down 6 yuan; the landed price of imported cotton yarn (pure - combed 32 - count) was 22,524 yuan/ton, up 23 yuan [2] Upstream Situation - The national cotton sown area was 2,838.3 thousand hectares, up 48.3 thousand hectares; the national cotton output was 6.16 million tons, up 0.54 million tons [2] Industry Situation - The cotton - yarn price difference was 5,685 yuan/ton, up 20 yuan; the national industrial inventory of cotton was 870,000 tons, up 13,000 tons. - The monthly import volume of cotton was 70,000 tons, up 20,000 tons; the monthly import volume of cotton yarn was 130,000 tons, up 20,000 tons. - The profit of imported cotton was 903 yuan/ton, unchanged; the national commercial inventory of cotton was 1.4817 million tons, down 708,100 tons [2] Downstream Situation - The yarn inventory days were 26.58 days, down 0.65 days; the inventory days of grey cloth were 33.87 days, down 1.31 days. - The monthly output of cloth was 2.701 billion meters, up 0.01 billion meters; the monthly output of yarn was 2.0279 million tons, up 36,400 tons. - The monthly export value of clothing and clothing accessories was 14,145,904,000 US dollars, down 1,015,855,000 US dollars; the monthly export value of textile yarns, fabrics and products was 12,393,202,000 US dollars, up 789,193,000 US dollars [2] Option Market - The implied volatility of at - the - money call options for cotton was 9.72%, up 0.95%; the implied volatility of at - the - money put options for cotton was 9.71%, up 0.98%. - The 20 - day historical volatility of cotton was 7.29%, down 0.03%; the 60 - day historical volatility of cotton was 7.76%, unchanged [2] Industry News - In September 2025, China's textile and clothing exports were 24.4197 billion US dollars, a year - on - year decrease of 1.50% and a month - on - month decrease of 7.99%. From January to September 2025, the cumulative textile and clothing exports were 221.6863 billion US dollars, a year - on - year decrease of 0.2%. - The ICE cotton futures closed down on Monday due to lingering demand concerns caused by trade tensions [2]