格林大华期货早盘提示：棉花-20260105

Group 1: Report Industry Investment Rating - Not provided Group 2: Core Viewpoints - ICE cotton futures have declined for four consecutive trading days. Holiday - season light trading and a stronger dollar have pressured the cotton market. However, geopolitical turmoil during the holiday benefits crude oil prices, which may be transmitted to cotton prices. In general, short - term Zhengzhou cotton may adjust at the current level, but the bottom support is solid and the downside space is limited [2] Group 3: Summary by Related Catalogs Market Quotes - ICE 3 - month contract settlement price is 64.32, down 3 points; 5 - month is 65.64, up 1 point; 7 - month is 66.85, up 1 point, with about 37,000 lots traded. Zhengzhou cotton total trading volume is 450,502 lots, and the open interest is 1,106,314 lots. Settlement prices are 14,605 yuan/ton for January, 14,550 yuan/ton for May, and 14,725 yuan/ton for September [2] Important Information - In November, Japan imported 1,701 tons of cotton, a 6.6% decrease from the previous month (1,822 tons) and a 28.3% decrease year - on - year (2,374 tons). From August 2025 to July 2026, Japan has cumulatively imported about 6,692 tons of cotton, a 32.5% decrease year - on - year (9,912 tons) [2] - From December 12 to 18, 2025, the United States graded and inspected 199,300 tons of cotton for the 2025/26 season, with 83.7% of the lint meeting ICE futures delivery requirements. As of the same period, the cumulative graded inspection was 2,424,300 tons, and 82.7% of the lint met the requirements [2] - On the 19th, the listed volume of Indian cotton for the 2025/26 season was about 42,000 tons of lint, mainly from Andhra Pradesh, Maharashtra, and Gujarat. CCI auctioned about 72,000 tons on the 19th. The S - 6 auction reserve price was stable at 51,300 rupees/candy, equivalent to about 72.50 cents/pound [2] Market Logic - ICE cotton futures have declined for four consecutive days due to holiday - season light trading and a stronger dollar. Geopolitical turmoil benefits crude oil prices, which may affect cotton prices. Short - term Zhengzhou cotton may adjust, but the bottom support is solid [2] Trading Strategy - Hold the call option with an exercise price of 13,600 yuan/ton for the 05 contract [2]