Ruida Futures(SZ:002961) Rui Da Qi Huo·2025-12-24 09:08Group 1: Report Industry Investment Rating - No relevant content provided Group 2: Core Viewpoints of the Report - On the domestic market, the national cotton inspection volume has exceeded 5.5 million tons, and the commercial inventory is expected to grow rapidly. In November, the cotton import volume increased slightly month - on - month, and the import port inventory is expected to maintain an upward trend. The downstream textile enterprises' peak - season procurement has ended, showing off - season characteristics, but the rise in external cotton prices will boost the cotton market in the short term [2] Group 3: Summary by Related Catalogs Futures Market - Zhengzhou cotton's main contract closing price is 14,180 yuan/ton, up 40 yuan; cotton yarn's main contract closing price is 20,260 yuan/ton, up 75 yuan. The net position of the top 20 in cotton futures is - 145,887 hands, down 6,080 hands; that of cotton yarn futures is - 1,332 hands, up 39 hands. The main contract position of cotton is 814,571 hands, up 15,586 hands; that of cotton yarn is 23,282 hands, up 20 hands. The cotton warehouse receipt quantity is 4,370 sheets, up 282 sheets; the cotton yarn warehouse receipt quantity is 22 sheets, up 8 sheets [2] Spot Market - The China Cotton Price Index CCIndex:3128B is 15,271 yuan/ton, up 58 yuan; the China Yarn Price Index for pure - cotton carded yarn 32 - count is 21,020 yuan/ton, up 30 yuan. The arrival price of imported pure - cotton carded yarn 32 - count is 21,087 yuan/ton, down 16 yuan; that of imported pure - cotton combed yarn 32 - count is 22,257 yuan/ton, down 16 yuan [2] Upstream Situation - The national cotton sowing area is 2,838.3 thousand hectares, up 48.3 thousand hectares; the national cotton output is 6.16 million tons, up 540,000 tons. The cotton - yarn price difference is 5,749 yuan/ton, down 28 yuan; the national industrial inventory of cotton is 850,000 tons, up 65,000 tons [2] Industry Situation - The monthly import quantity of cotton is 120,000 tons, up 30,000 tons; the monthly import quantity of cotton yarn is 150,000 tons, up 10,000 tons. The import cotton profit is 1,371 yuan/ton, up 78 yuan; the national commercial inventory of cotton is 4.6836 million tons, up 1.753 million tons [2] Downstream Situation - The inventory days of yarn are 26.33 days, up 0.21 days; the inventory days of grey cloth are 32.34 days, up 0.37 days. The monthly output of cloth is 2.81 billion meters, up 0.19 billion meters; the monthly output of yarn is 2.039 million tons, up 38,000 tons. The monthly export amount of clothing and clothing accessories is 11,593,686 thousand US dollars, and the monthly export amount of textile yarns, fabrics and products is 12,275,733,101,731.408 thousand US dollars [2] Option Market - The implied volatility of cotton at - the - money call options is 9.53%, up 0.2%; the implied volatility of cotton at - the - money put options is 9.53%, up 0.21%. The 20 - day historical volatility of cotton is 5.14%, up 0.08%; the 60 - day historical volatility of cotton is 6.22%, down 0.11% [2] Industry News - As of December 21, 2025, the cumulative notarized inspection of cotton in the 2025/26 season is 25,822,223 bales, totaling 5,828,808 tons, a year - on - year increase of 14.98%. The cumulative notarized inspection volume of Xinjiang cotton is 5,701,729 tons, a year - on - year increase of 16.43%. The ICE cotton futures rose on Tuesday, with investors covering short positions and the weakening US dollar providing support. The ICE March cotton futures contract closed up 0.40 cents, or 0.63%, at 64.01 cents per pound [2]