建信期货棉花日报-20251119

Group 1: Report Overview - Report date: November 19, 2025 [2] - Report industry: Cotton [1] - Research analysts: Yu Lanlan, Lin Zhenlei, Wang Haifeng, Hong Chenliang, Liu Youran [3] Group 2: Market Review and Operation Suggestions Market Review - Domestic market: Zhengzhou cotton fluctuated weakly. The latest cotton price index for grade 328 was 14,801 yuan/ton, down 5 yuan/ton from the previous trading day. The purchase of Xinjiang seed cotton was almost over, and the market's expectation of Xinjiang cotton production in the 2025/26 season increased with the progress of the purchase. The downstream market remained weak, with the overall finished product inventory increasing slightly. The domestic consumption data of textiles and clothing in October was acceptable. Zhengzhou cotton adjusted in the short - term, and attention should be paid to cost support [7][8] - International market: As of the week ending November 14, 2025, the cumulative inspection volume of U.S. upland cotton + Pima cotton was 1.2365 million tons, accounting for 40.3% of the estimated annual U.S. cotton production, 17% slower than the same period last year [8] Operation Suggestions - Pay attention to the cost support for Zhengzhou cotton in the short - term [8] Group 3: Industry News - In October 2025, China imported 90,000 tons of cotton, a decrease of 10,000 tons from the previous month and 20,000 tons from the same period last year. From January to October 2025, the cumulative import of cotton was 770,000 tons, a decrease of 1.62 million tons from the same period last year. In October 2025, China imported 140,000 tons of cotton yarn, an increase of 10,000 tons from the previous month and 20,000 tons from the same period last year. From January to October 2025, the cumulative import of cotton yarn was 1.18 million tons, a decrease of 70,000 tons from the same period last year [9] - As of the week ending November 14, 2025, the cumulative inspection volume of U.S. upland cotton + Pima cotton was 1.2365 million tons, accounting for 40.3% of the estimated annual U.S. cotton production, 17% slower than the same period last year. The inspection volume of U.S. upland cotton was 1.2151 million tons, with an inspection progress of 40.6%, a decrease of 17% year - on - year; the inspection volume of Pima cotton was 21,300 tons, with an inspection progress of 26%, a decrease of 41% year - on - year [9] Group 4: Data Overview - The report presents multiple figures related to the cotton market, including price indices, futures prices, basis changes, commercial and industrial inventories, and exchange rates [16][18][19]