建信期货棉花日报-20260106
Jian Xin Qi Huo·2026-01-06 02:18

Report Information - Report Date: January 6, 2026 [2] - Industry: Cotton [1] - Research Analysts: Yu Lanlan, Lin Zhenlei, Wang Haifeng, Hong Chenliang, Liu Youran [3] Core Viewpoints - Zhengzhou cotton showed a trend of rising on high volume and then falling back. The spot cotton price index of grade 328 was 15,615 yuan/ton, up 30 yuan/ton from the previous trading day. The cotton yarn market had average trading, and the cotton fabric market had weak sales [7]. - As of January 4, 2026, the cumulative national cotton inspection was 6.5425 million tons, with a potential increase in the 2025/26 output. The downstream product prices followed the cotton price to strengthen steadily, and the overall inventory pressure was not large. After the short - term speculation on the expected reduction in planting, more positive factors were needed to support the price. The upper integer - level resistance was strong [8]. Section Summaries 1. Market Review and Operation Suggestions - Market Review: Zhengzhou cotton rose on high volume and then fell back. The latest grade 328 cotton price index was 15,615 yuan/ton, up 30 yuan/ton. The 2025/26 cotton prices in southern and northern Xinjiang were different, and the basis also varied. The cotton yarn market had average trading, and the cotton fabric market was weak [7]. - Operation Suggestions: In January, attention could be paid to the downstream restocking before the Spring Festival. Fundamentally, the upper integer - level resistance was strong [8]. 2. Industry News - As of January 4, 2026, 1,094 cotton processing enterprises participated in the inspection. The national cumulative inspection was 6.5425 million tons, an increase of 48,000 tons from the previous day. Xinjiang's inspection volume was 6.4656 million tons, and the inland was 43,000 tons [9]. 3. Data Overview - The report presented multiple data charts, including cotton price indices, futures prices, spreads, and inventory data, with data sources from Wind and the Research and Development Department of Jianxin Futures [14][16][17]