Group 1: Report Overview - The report is the Cotton and Cotton Yarn Daily of November 26, 2024, focusing on the cotton and cotton yarn markets [1] Group 2: Market Information Futures Market - The closing prices, price changes, trading volumes, and open interest of various cotton (CF) and cotton yarn (CY) futures contracts are presented. For example, the CF01 contract closed at 13625 with a decrease of 20, and its trading volume was 172,621 with a decrease of 65278 [2] Spot Market - Spot prices and price changes of various cotton and cotton yarn products are provided, such as the CCIndex3128B at 14882 yuan/ton with an increase of 89, and the CY IndexC32S at 20660 yuan/ton with no change [2] Spread Market - Different spreads, including cotton and cotton yarn inter - month spreads and cross - product spreads, are given. For instance, the 1 - 5 month spread of cotton is 40 with a decrease of 25, and the CY01 - CF01 spread is 6445 with an increase of 25 [2] Group 3: Market News and Views Cotton Market News - The average temperature and rainfall in the main US cotton - producing areas have increased. As of November 23, the cotton harvest rate in 15 major US cotton - growing states is 79%, slower than last year and the five - year average. The 2025/26 cotton prices and transaction basis in Xinjiang are also reported [4] Trading Logic - In November, with the large - scale listing of new cotton, there may be selling hedging pressure. Although this year's cotton production is high, the expected increase may be lower than previously thought. The market has entered a relatively off - season after the peak season. It is expected that Zhengzhou cotton will mostly fluctuate within a limited range [5] Trading Strategies - For the single - side trading, it is expected that US cotton will fluctuate within a range, and Zhengzhou cotton will also show a fluctuating trend. For arbitrage and options, it is recommended to wait and see [6][7] Cotton Yarn Industry News - The night - session of Zhengzhou cotton maintained a fluctuating trend. The trading in the pure cotton yarn market was average, with few new orders. The inventory of pure cotton yarn continued to rise. The price of pure cotton yarn was stable with a weakening trend. The demand for all - cotton clothing grey cloth was weak [9] Group 4: Options Option Data - The data of several cotton options contracts, including the closing price, price change rate, implied volatility, and other indicators, are provided. For example, the CF601C13400.CZC contract closed at 183.00 with a 71.0% increase, and its implied volatility was 6.7% [11] Volatility and Strategy - The 10 - day HV of cotton increased slightly. The implied volatilities of different options contracts are reported. The PCR values of the main Zhengzhou cotton contract decreased. It is recommended to wait and see for options trading [11][12][13] Group 5: Related Attachments - There are multiple charts showing the spreads between domestic and foreign cotton markets, cotton basis at different months, spreads between cotton and cotton yarn, and spreads between different cotton futures contracts [14][18][23][25]
棉花、棉纱日报-20251126
Yin He Qi Huo·2025-11-26 11:12