Ruida Futures(SZ:002961) Rui Da Qi Huo·2025-11-06 09:07Report Industry Investment Rating - No information provided Core View of the Report - The new cotton cost is fixed, which supports the cotton price, but the upside is pressured by supply. It is expected that the cotton price will mainly fluctuate. The downstream demand has not fully started, orders are less than expected, and the market lacks confidence in future demand. Cotton textile enterprises mostly adopt a wait - and - see attitude and replenish inventory based on rigid demand. [2] Summary by Relevant Catalogs Futures Market - Zhengzhou cotton's main contract closing price is 13,605 yuan/ton, a decrease of 10 yuan; cotton yarn's main contract closing price is 19,870 yuan/ton, an increase of 50 yuan. - Cotton futures' top 20 net positions are - 113,512 lots, a decrease of 4,096 lots; cotton yarn futures' top 20 net positions are - 155 lots, an increase of 5 lots. - The main contract positions of cotton are 579,138 lots, a decrease of 1,553 lots; the main contract positions of cotton yarn are 25,040 lots, an increase of 19 lots. - The number of cotton warehouse receipts is 2,769 sheets, an increase of 17 sheets; the number of cotton yarn warehouse receipts is 6 sheets, unchanged. [2] Spot Market - The China Cotton Price Index (CCIndex:3128B) is 14,820 yuan/ton, a decrease of 5 yuan; the China Yarn Price Index for pure - combed 32 - count cotton yarn is 20,520 yuan/ton, unchanged. - The China Imported Cotton Price Index (FCIndexM:1% tariff) is 13,196 yuan/ton, a decrease of 67 yuan; the arrival price of the imported cotton yarn price index for pure - combed 32 - count cotton yarn is 21,221 yuan/ton, a decrease of 7 yuan. - The China Imported Cotton Price Index (FCIndexM: sliding - scale tariff) is 14,096 yuan/ton, a decrease of 46 yuan; the arrival price of the imported cotton yarn price index for pure - combed 32 - count cotton yarn is 22,655 yuan/ton, an increase of 76 yuan. [2] Upstream Situation - The national cotton sown area is 2,838.3 thousand hectares, an increase of 48.3 thousand hectares; the national cotton output is 6.16 million tons, an increase of 540,000 tons. [2] Industry Situation - The cotton - yarn price difference is 5,700 yuan/ton, an increase of 5 yuan; the national industrial inventory of cotton is 861,000 tons, a decrease of 9,000 tons. - The monthly import volume of cotton is 100,000 tons, an increase of 30,000 tons; the monthly import volume of cotton yarn is 130,000 tons, unchanged. - The daily import cotton profit is 729 yuan/ton, an increase of 30 yuan; the national commercial inventory of cotton is 1.0217 million tons, a decrease of 460,000 tons. [2] Downstream Situation - The yarn inventory days are 25.24 days, an increase of 0.39 days; the坯布 inventory days are 31.43 days, an increase of 0.31 days. - The monthly cloth output is 2.811 billion meters, an increase of 110 million meters; the monthly yarn output is 2.0738 million tons, an increase of 45,900 tons. - The monthly export value of clothing and clothing accessories is 1245.3247 million US dollars, a decrease of 169.2657 million US dollars; the monthly export value of textile yarns, fabrics and products is 1196.6516 million US dollars, a decrease of 42.6686 million US dollars. [2] Option Market - The implied volatility of cotton at - the - money call options is 8.61%, an increase of 3.05%; the implied volatility of cotton at - the - money put options is 8.62%, an increase of 3.12%. - The 20 - day historical volatility of cotton is 5.68%, a decrease of 1.1%; the 60 - day historical volatility of cotton is 7.87%, an increase of 0.1%. [2] Industry News - As of 24:00 on November 3, 2025, the cumulative notarized inspection of cotton processed by national cotton processing enterprises in the 2025/26 season is 8,812,496 bales, totaling 1.990242 million tons, a year - on - year increase of 42.83%. The cumulative notarized inspection volume of Xinjiang cotton is 1.955048 million tons, a year - on - year increase of 44.01%. - The Intercontinental Exchange (ICE) cotton futures were stable on Wednesday. Investors focused on the supply - demand report to be released next week. The ICE December cotton futures contract rose 0.03 cents, or 0.10%, to settle at 65.23 cents per pound. [2]