Ruida Futures(SZ:002961) Rui Da Qi Huo·2025-11-25 10:28Report Overview - Report Date: 2025-11-25 - Report Type: Cotton (Yarn) Industry Daily Report - Researcher: Wang Cuibing - Researcher's Futures Qualification Number: F03139616 - Researcher's Futures Investment Consulting Certificate Number: Z0021556 1. Report Industry Investment Rating - No industry investment rating is provided in the report. 2. Report's Core View - The domestic cotton market has a marginal improvement in demand with support at the lower end, but is suppressed by increased supply at the upper end. It is expected that the cotton price will fluctuate in the future [2]. 3. Summary by Relevant Catalogs 3.1 Futures Market - Zhengzhou cotton main contract closing price (daily, yuan/ton): 13645, up 60; cotton yarn main contract closing price (daily, yuan/ton): 20065, down 10 [2]. - Cotton futures top 20 net positions (lots): -97326, down 7854; cotton yarn futures top 20 net positions (lots): -949, down 445 [2]. - Main contract open interest: cotton (daily, lots): 552401, up 486; main contract open interest: cotton yarn (daily, lots): 18640, down 3060 [2]. - Warehouse receipt quantity: cotton (daily, sheets): 2319, up 79; warehouse receipt quantity: cotton yarn (daily, sheets): 14, unchanged [2]. 3.2 Spot Market - China Cotton Price Index: CCIndex: 3128B (daily, yuan/ton): 14832, up 39; China Yarn Price Index: Pure Cotton Carded Yarn 32S (daily, yuan/ton): 20660, up 70 [2]. - China Imported Cotton Price Index: FCIndexM: 1% Tariff (daily, yuan/ton): 12792, up 8; China Imported Cotton Price Index: FCIndexM: Sliding Duty (daily, yuan/ton): 13852, up 9 [2]. - Arrival price: Imported Cotton Yarn Price Index: Pure Cotton Carded Yarn 32S (daily, yuan/ton): 21052, down 32; Arrival price: Imported Cotton Yarn Price Index: Pure Cotton Combed Yarn 32S (daily, yuan/ton): 22312, down 34 [2]. 3.3 Upstream Situation - National cotton sown area (annual, thousand hectares): 2838.3, up 48.3; National cotton output (annual, ten thousand tons): 616, up 54 [2]. - Cotton - yarn price difference (CY C32S - CC3128B, yuan/ton): 5828, up 31; Industrial inventory: Cotton: National (monthly, ten thousand tons): 78.5, down 7.6 [2]. 3.4 Industry Situation - Cotton: Import quantity: Monthly value (monthly, ten thousand tons): 9, down 1; Cotton yarn: Import quantity: Monthly value (monthly, tons): 140000, up 10000 [2]. - Imported cotton profit (daily, yuan/ton): 941, up 413; Commercial inventory: Cotton: National (monthly, ten thousand tons): 293.06, up 190.89 [2]. 3.5 Downstream Situation - Inventory days: Yarn (monthly, days): 26.12, up 1.27; Inventory days: Grey cloth (monthly, days): 31.97, up 0.85 [2]. - Cloth: Output: Monthly value (monthly, billion meters): 26.2, down 1.8; Yarn: Output: Monthly value (monthly, ten thousand tons): 200.1, down 7.3 [2]. - Clothing and clothing accessories: Export amount: Monthly value (monthly, ten thousand US dollars): 11003480.43, down 1449766.57; Textile yarns, fabrics and products: Export amount: Monthly value (monthly, ten thousand US dollars): 11258418.92, down 708097.08 [2]. 3.6 Option Market - Cotton at - the - money call option implied volatility (%): 14.99, up 9.83; Cotton at - the - money put option implied volatility (%): 14.99, up 9.83 [2]. - Cotton 20 - day historical volatility (%): 5.79, up 1.06; Cotton 60 - day historical volatility (%): 7.67, up 0.27 [2]. 3.7 Industry News - As of October 7, 2025, according to the US Commodity Futures Trading Commission data, the non - commercial long positions of US cotton were 70902 lots, a decrease of 1689 lots from the previous week; the non - commercial short positions were 129324 lots, an increase of 6748 lots from the previous week; the net short positions were 58422 lots, an increase of 8437 lots from the previous week [2]. - As of the end of October, according to the China Cotton Association, the in - stock industrial inventory of cotton in textile enterprises was 88.82 ten thousand tons, an increase of 6.1 ten thousand tons year - on - year and an increase of 4.27 ten thousand tons month - on - month [2]. - The Intercontinental Exchange (ICE) cotton futures rose slightly on Monday. Market participants were waiting for new economic data, and the increasing expectation of a possible interest rate cut by the Federal Reserve provided support. The ICE March cotton futures contract closed up 0.15 cents, or 0.23%, at 64.0 cents per pound [2].