Report Overview - Report Date: October 23, 2025 [2] - Industry: Cotton [1] - Research Analysts: Yu Lanlan, Lin Zhenlei, Wang Haifeng, Hong Chenliang, Liu Youran [3] 1. Investment Rating - No investment rating information is provided in the report. 2. Core View - Zhengzhou cotton rebounded. The spot cotton price index of grade 328 was 14,772 yuan/ton, up 44 yuan/ton from the previous trading day. The trading volume of pure cotton yarn remained stable, with a slight recovery in downstream consumption due to the recent significant temperature drop in the southern regions of the Yangtze River. The downstream enterprises still adopted a "buy-as-you-go" approach, and the scale of new orders was limited. The operating rate of spinning mills increased slightly but was still lower than the same period in previous years. The price of the pure cotton cloth market was stable and weak, and the fabric mills maintained a slight loss. In the domestic market, the purchase price of machine-picked cottonseed in Xinjiang moved closer to the high price, and the high price did not continue to rise significantly. As of October 16, the national new cotton picking progress was 58.8%, 4.7 percentage points higher than the same period last year. In September, China imported 100,000 tons of cotton, a month-on-month increase of 30,000 tons and a year-on-year decrease of 20,000 tons. The terminal demand in the industrial downstream showed a slight recovery, but the characteristic of a weak peak season still persisted. Domestic consumption performed better than exports, and the retail sales of textile and clothing in September increased by 4.7% year-on-year. The hedging pressure above the peak season of new cotton listing and processing still needed to be digested, and the short-term trading center slowly moved up, trading time for space [7][8]. 3. Summary by Section 3.1 Market Review and Operational Suggestions - Zhengzhou cotton rebounded. The prices of CF2601, CF2605, and CF2609 contracts increased by 0.30%, 0.11%, and 0.15% respectively. The latest cotton price index of grade 328 was 14,772 yuan/ton, up 44 yuan/ton from the previous trading day. The purchase price of machine-picked cottonseed in Xinjiang was between 6.35 - 6.5 yuan/kg, and the theoretical cost of current purchase was mostly above 14,600 yuan (delivered basis). As of October 16, the national new cotton picking progress was 58.8%, 4.7 percentage points higher than the same period last year. In September, China imported 100,000 tons of cotton, a month-on-month increase of 30,000 tons and a year-on-year decrease of 20,000 tons. The terminal demand in the industrial downstream showed a slight recovery, and the retail sales of textile and clothing in September increased by 4.7% year-on-year [7][8]. 3.2 Industry News - As of October 21, 2025, a total of 928 cotton processing enterprises across the country processed cotton and carried out notarized inspections in accordance with the requirements of the cotton quality inspection system reform plan. The cumulative inspection volume was 978,600 tons, an increase of 93,100 tons from the previous day. Among them, the inspection volume in Xinjiang was 969,100 tons, an increase of 92,200 tons from the previous day; the inspection volume in the inland areas was 7,400 tons [9]. 3.3 Data Overview - The report provides multiple charts, including the China Cotton Price Index, cotton spot price, cotton futures price, cotton basis change, CF1 - 5 spread, CF5 - 9 spread, CF9 - 1 spread, cotton commercial inventory, cotton industrial inventory, and warehouse receipt volume, etc. All data sources are from Wind and the Research and Development Department of Jianxin Futures [16][17][19]
建信期货棉花日报-20251023
Jian Xin Qi Huo·2025-10-23 02:41