格林大华期货早盘提示：棉花-20251230

Group 1: Report Overview - The report is from Green大华 Futures Research Institute on December 30, 2025, written by researcher Wang Zijian [2] Group 2: Market Quotes - ICE 3 - month contract settlement price is 64.35, down 14 points; 5 - month is 65.63, down 15 points; 7 - month is 66.84, down 11 points, with about 35,000 lots traded [2] - Zhengzhou cotton total trading volume is 664,198 lots, open interest is 1,149,796 lots. Settlement prices are 14,530 yuan/ton for January, 14,485 yuan/ton for May, and 14,670 yuan/ton for September [2] Group 3: Important Information - In November, Japan imported 1,701 tons of cotton, a 6.6% decrease from the previous month and a 28.3% decrease from the same period last year. From August 2025 to July 2026, Japan's cumulative cotton imports are about 6,692 tons, a 32.5% decrease year - on - year [2] - From December 12 to 18, 2025, the United States graded and inspected 199,300 tons of cotton in the 2025/26 season, with 83.7% of lint meeting ICE futures delivery requirements. As of the same period, the cumulative graded inspection is 2,424,300 tons, with 82.7% meeting the requirements [2] - On the 19th, the listed volume of Indian cotton in the 2025/26 season was about 42,000 tons of lint. The CCI sold about 72,000 tons through reserve auctions, with a trading volume of 867 tons on that day, and the S - 6 auction base price is stable at 51,300 rupees/candy, equivalent to about 72.50 cents/pound [2] Group 4: Market Logic - ICE US cotton futures rose and then fell. The main 03 contract settled at 64.35 cents, down 0.22%. With the New Year's Day approaching, the market sentiment is cautious. Some long positions in Zhengzhou cotton were closed. Fundamentally, the expected supply pressure eases, the positive impact of the subsidy policy is gradually digested, and the high - level hedging pressure exists, suppressing the upward momentum of Zhengzhou cotton. In the short term, Zhengzhou cotton will maintain a volatile trend [2] Group 5: Trading Strategy - Hold the call option with a strike price of 13,600 yuan/ton for the 05 contract, and partially close the long positions in futures [2]