Ruida Futures(SZ:002961) Rui Da Qi Huo·2025-12-02 09:26Report Summary 1. Industry Investment Rating - No investment rating is provided in the report. 2. Core View - The current supply - demand situation in the domestic cotton (yarn) market remains loose. The new cotton delivery is almost finished, but the sales progress is slow, and the port inventory is high. The downstream demand has not improved significantly, with fewer new orders for spinning mills and slower yarn sales. Future attention should be paid to the improvement of actual restocking willingness and macro - dynamics [2]. 3. Summary by Directory 3.1 Futures Market - Zhengzhou cotton main contract closed at 13,800 yuan/ton, up 35 yuan; cotton futures top 20 net positions were - 125,271 lots, down 682 lots; main contract cotton positions were 544,158 lots, down 2785 lots; cotton warehouse receipts were 2499, up 96. The main contract of cotton yarn closed at 20,005 yuan/ton, down 40 yuan; cotton yarn futures top 20 net positions were - 696 lots, up 215 lots; main contract cotton yarn positions were 5997 lots, down 546 lots; cotton yarn warehouse receipts were 14, unchanged [2]. 3.2 Spot Market - The China Cotton Price Index (CCIndex:3128B) was 14,980 yuan/ton, up 44 yuan; the China Yarn Price Index for pure - combed 32 - count cotton yarn was 20,770 yuan/ton, unchanged. The 1% tariff - based FCIndexM was 12,956 yuan/ton; the sliding - duty FCIndexM was 13,941 yuan/ton, up 9 yuan. The arrival price of imported pure - combed 32 - count cotton yarn was 20,984 yuan/ton, down 4 yuan; the arrival price of imported pure - combed 32 - count cotton yarn was 22,240 yuan/ton, down 5 yuan [2]. 3.3 Upstream Situation - The national cotton sown area was 2838.3 thousand hectares, up 48.3 thousand hectares; the national cotton output was 6.16 million tons, up 540,000 tons [2]. 3.4 Industry Situation - The cotton - yarn price difference was 5790 yuan/ton, down 44 yuan; the national industrial cotton inventory was 785,000 tons, down 76,000 tons; the monthly import volume of cotton was 90,000 tons, down 10,000 tons; the monthly import volume of cotton yarn was 140,000 tons, up 10,000 tons; the daily profit of imported cotton was 995 yuan/ton, up 31 yuan; the national commercial cotton inventory was 2.9306 million tons, up 1.9089 million tons [2]. 3.5 Downstream Situation - The inventory days of yarn were 26.12 days, up 1.27 days; the inventory days of grey cloth were 31.97 days, up 0.85 days; the monthly output of cloth was 2.62 billion meters, down 180 million meters; the monthly output of yarn was 2.001 million tons, down 73,000 tons; the monthly export value of clothing and clothing accessories was 11003480.43 million US dollars, down 1449766.57 million US dollars; the monthly export value of textile yarns, fabrics and products was 11258418.92 million US dollars, down 708097.08 million US dollars [2]. 3.6 Option Market - The implied volatility of at - the - money call options for cotton was 8.02%, up 0.62%; the implied volatility of at - the - money put options for cotton was 7.91%, up 0.51%; the 20 - day historical volatility of cotton was 6.27%, up 0.06%; the 60 - day historical volatility of cotton was 7.32%, down 0.41% [2]. 3.7 Industry News - As of November 30, 2025, the cumulative notarized inspection of cotton by national cotton processing enterprises was 19045387 bales, totaling 4.299376 million tons, a year - on - year increase of 18.72%. The cumulative notarized inspection of Xinjiang cotton was 4.229727 million tons, a year - on - year increase of 19.93%. ICE cotton futures fell on Monday, with the March contract down 0.08 cents, or 0.12%, to settle at 64.63 cents per pound [2].