建信期货棉花日报-20251204

Industry Information - Reported industry: Cotton [1] - Report date: December 4, 2025 [2] Core Viewpoints - The Zhengzhou cotton market is in a state of volatile adjustment. The latest price index for grade 328 cotton is 15,005 yuan/ton, up 25 yuan/ton from the previous trading day. The market for pure cotton yarn is weak, with overall开机 decreasing. The market for cotton grey cloth is slow, and prices are weak. [7] - Overseas, as of the week ending October 21, the net long position ratio of CFTC non - commercial positions in US cotton futures was - 21.8%, up 0.5 percentage points from the previous period but down 19 percentage points year - on - year. The market has rebounded recently due to the easing of Sino - US relations and will follow the domestic market in the short term. [8] - In the domestic market, although the output of Xinjiang cotton in the 2025/26 season has increased significantly, the hedging pressure is not concentrated. The downstream industry demand is tepid, and the inventory of textile enterprises has increased slightly. The fundamentals have limited changes, and short - term profit - taking and position - reducing may lead to a correction, while the upward trend of the pressure level remains unchanged. [8] Section Summaries 1. Market Review and Operation Suggestions - Domestic Spot Market: The latest cotton price index for grade 328 is 15,005 yuan/ton, up 25 yuan/ton. The quoted price for machine - picked cotton in northern Xinjiang in the 2025/26 season is around 14,800 - 14,950 yuan/ton (public weight), and the actual price in some areas is lower. The sales basis of spot cotton has increased slightly this week. [7] - Domestic Cotton Yarn and Grey Cloth Market: The pure cotton yarn market has weak trading, mainly for rigid - demand purchases. The sales of medium - and low - count yarns have slowed down, while high - count yarns are doing well. The overall开机 of the industry has decreased. The market for cotton grey cloth is slow, with sufficient inventory of regular varieties, and prices are weak. [7] - Overseas Market: As of the week ending October 21, the non - commercial long position of CFTC US cotton futures was 72,047 (- 1,181) contracts, the short position was 134,658 (- 4,202) contracts, and the total ICE position was 287,348 (- 6,839) contracts. The net long position ratio was - 21.8%, up 0.5 percentage points from the previous period. [8] 2. Industry News - As of December 2, 2025, a total of 1,059 cotton processing enterprises across the country have processed and applied for notarized inspection of cotton in the 2025 cotton season. The cumulative inspection volume is 4.462 million tons, an increase of 80,200 tons from the previous day. Among them, Xinjiang's inspection volume is 4.4175 million tons, an increase of 78,700 tons, and the inland inspection volume is 23,000 tons. [9] 3. Data Overview - Multiple charts present data on China's cotton price index, cotton spot and futures prices, cotton basis changes, contract spreads, cotton commercial and industrial inventories, warehouse receipts, and exchange rates. The data sources are Wind and the Research and Development Department of CCB Futures. [18][19][21]