Group 1: Report Industry Investment Rating - The investment rating for the cotton in the agricultural, forestry, and livestock sector is bullish [2] Group 2: Core View of the Report - ICE US cotton futures were closed due to the Thanksgiving holiday; the driving force for Zhengzhou cotton futures prices weakened. New cotton warehousing reached its peak, and commercial inventories entered a seasonal growth cycle. Spinning mills' downstream orders remained dull, and the operating rate did not show an obvious decline. Overall, the main contract of Zhengzhou cotton maintained a sideways movement [2] Group 3: Summary by Related Catalogs Market Review - Zhengzhou cotton's total trading volume was 284,007 lots, and the open interest was 954,257 lots. The settlement prices were 13,635 yuan/ton for January, 13,595 yuan/ton for May, and 13,715 yuan/ton for September. The settlement price of the ICE December contract was 62.77, up 34 points; the March contract was 64.57, up 34 points; the May contract was 65.75, up 32 points, with a trading volume of about 35,000 lots [2] Important Information - On November 24, spinning mills in the Bortala region of northern Xinjiang purchased new 31 - grade machine - picked cotton with double 29 and less than 2.8% impurity in Xinjiang warehouses. The basis transaction price for the 2601 contract was 1,000 - 1,100 yuan/ton, and the pick - up price was 14,600 - 14,750 yuan/ton, up 50 - 80 yuan/ton from the previous day [2] - In August 2025, the US cotton product import volume was 1.499 billion square meters, a year - on - year increase of 4.93% and a month - on - month decrease of 3.68% [2] - As of November 16, according to the US Department of Agriculture, the US cotton picking progress was 71%, 5 percentage points behind the same period last year and 1 percentage point behind the five - year average [2] - In August 2025, the US textile and clothing import volume was 9.789 billion square meters, a year - on - year increase of 0.74% and a month - on - month decrease of 3.49%; the import value was 9.53 billion US dollars, a year - on - year decrease of 6.13% and a month - on - month decrease of 4.57% [2] - On November 24, both the trading volume and open interest of cotton yarn futures increased, and the price rose while the spot price remained stable. Some spinning mills reported that the downstream sales had slowed down recently, the finished product inventory had increased slightly, and the off - season atmosphere in the market had intensified [2] Trading Strategy - Close the previously held call options on the 01 contract - Hold the call options on the 05 contract with an exercise price of 13,500 yuan/ton [2]
格林期货早盘提示-20251128
Ge Lin Qi Huo·2025-11-28 05:07