Industry Investment Rating - The investment rating for the cotton industry is bullish [1] Core Viewpoints - ICE US cotton futures have risen again, and the main 12 - contract is quoted at 64.56 cents, up 0.36 cents. Trade negotiations between China and the US have made progress. Xinjiang cotton is concentrated on the market, and commercial inventories are in a seasonal stocking period. The expectation of a new - cotton bumper harvest is gradually verified and digested. Downstream, textile enterprises' inventories are in a tight - balance state, and the growth of orders has slowed down. Overall, Zhengzhou cotton maintains a volatile trend [1] Summary by Relevant Catalogs Market Quotes - Zhengzhou cotton's total trading volume is 260,198 lots, with an open interest of 911,206 lots. The settlement prices of the January, May, and September contracts are 13,575 yuan/ton, 13,575 yuan/ton, and 13,730 yuan/ton respectively. The settlement price of the ICE December contract is 64.56 cents, up 36 points; the March contract is 66.07 cents, up 36 points; the May contract is 67.30 cents, up 35 points, and the trading volume is about 51,000 lots [1] Important Information - On October 24, the settlement price of the ICE December contract was 64.20 cents/pound, up 0.13 cents/pound from the previous day; the March contract was 65.71 cents/pound, up 0.04 cents/pound; the May contract was 66.95 cents/pound, up 0.03 cents/pound, and the total trading volume was about 30,000 lots [1] - On October 24, the settlement price of the January Zhengzhou cotton contract was 13,550 yuan/ton, down 10 yuan/ton from the previous day; the May contract was 13,550 yuan/ton, down 30 yuan/ton; the September contract was 13,720 yuan/ton, down 20 yuan/ton. The total trading volume was 310,939 lots, and the open interest was 914,852 lots [1] - On October 24, the China Cotton Price Index for Grade 3128B was 14,803 yuan/ton, up 19 yuan/ton from the previous day. The prices of Grade 2129B, Grade 2227B, and Grade 3128B Xinjiang machine - picked cotton had different changes. The registered warehouse receipts of Zhengzhou cotton decreased by 23 to 2,503, the effective forecasts increased by 203 to 685, and the total increased by 180 to 3,188 [1] Market Logic - ICE US cotton futures have risen again. Trade negotiations between China and the US have made progress. Xinjiang cotton is concentrated on the market, and commercial inventories are in a seasonal stocking period. The expectation of a new - cotton bumper harvest is gradually verified and digested. Downstream, textile enterprises' inventories are in a tight - balance state, and the growth of orders has slowed down. Overall, Zhengzhou cotton maintains a volatile trend [1] Trading Strategy - For the previous 01 contract, close the at - the - money straddle options, hold the put options and call options. For the 05 contract, hold the call options with an exercise price of 13,500 yuan/ton [1]
格林大华期货早盘提示：棉花-20251028
Ge Lin Qi Huo·2025-10-28 01:28