建信期货棉花日报-20251107

Group 1: General Information - Report industry: Cotton [1] - Report date: November 7, 2025 [2] - Researchers: Yu Lanlan, Lin Zhenlei, Wang Haifeng, Hong Chenliang, Liu Youran [3] Group 2: Market Review and Operation Suggestions Market Review - Zhengzhou cotton futures closed higher with fluctuations. For example, CF2601 opened at 13,535 yuan/ton, closed at 13,605 yuan/ton, up 0.52%. CF2605 opened at 13,545 yuan/ton, closed at 13,615 yuan/ton, up 0.52%. CF2609 opened at 13,715 yuan/ton, closed at 13,785 yuan/ton, up 0.51% [7] - The latest cotton price index for grade 328 was 14,825 yuan/ton, down 16 yuan/ton from the previous trading day. The 2025/26 Xinjiang cotton had various prices and basis quotes [7] - Pure cotton yarn trading was mediocre. High - count yarn sales were okay, while low - count yarn sales were weaker than the previous two weeks. The grey fabric market had poor production and sales, with no large orders and difficult access to export orders [8] Operation Suggestions - In the domestic market, Xinjiang seed cotton procurement is approaching the end, with short - term driving forces weakening. Zhengzhou cotton faces hedging pressure at high prices, and low - basis transactions are good. The downstream terminal demand is tepid, but there is rigid demand. From November 10, 2025, the import tariff rate of US cotton quota will drop from 26% to 11%. The overall trading center is expected to move up slowly with fluctuations [8] Group 3: Industry News - Zhengzhou Commodity Exchange adjusted the premium and discount of alternative delivery goods for cotton futures starting from the 2026/27 production year. For out - of - range color grades due to natural variation during the re - evaluation period, the premium and discount will refer to the "2025 November Saw - ginned Fine - staple Cotton Quality Price Difference Table" issued by the China Cotton Association [9] Group 4: Data Overview - The report includes multiple data charts such as China Cotton Price Index, cotton spot price, cotton futures price, cotton basis change, and various price spreads and inventory data, with data sources from Wind and the Research and Development Department of Jianxin Futures [16][17][19]