建信期货棉花日报-20260113
Jian Xin Qi Huo·2026-01-13 02:03

Group 1: General Information - Report industry: Cotton [1] - Report date: January 13, 2026 [2] - Researchers: Yu Lanlan, Lin Zhenlei, Wang Haifeng, Hong Chenliang, Liu Youran [3] Group 2: Market Review and Operational Suggestions - Market review: Zhengzhou cotton prices have declined under pressure. The latest price index for Grade 328 cotton is 15,992 yuan/ton, up 208 yuan/ton from the previous trading day. Spot firm - price quotes have been lowered, and the basis has remained stable. The cotton yarn market has average trading volume, with few new orders. The all - cotton grey fabric market is still dull, with some pre - festival restocking in certain areas but in small quantities [7] - Operational suggestions: Overseas, the net long position of CFTC US cotton funds has continued to rise, and the external market has shown signs of recovery. Domestically, the current industrial expectations have been traded, and attention should be paid to the actual decline in the planting area of Xinjiang cotton in the 2026/27 season. The short - term upside of cotton prices is limited, and attention should be paid to pre - Spring Festival restocking. In the short term, Zhengzhou cotton will fluctuate and adjust, waiting for new drivers, while the medium - to - long - term upward trend remains unchanged [8] Group 3: Industry News - As of the week ending January 6, the number of long positions in the non - commercial futures positions of CFTC US cotton was 81,409 (+247), increasing for the second consecutive week. The number of short positions was 110,329 (-1,790), changing from an increasing to a decreasing trend. The total ICE positions were 311,647 (+10,685), increasing for the sixth consecutive week. The net long ratio was - 9.3%, a month - on - month increase of 1.0 percentage points and a year - on - year increase of 3.9 percentage points [9] - As of January 11, 2026, in the 2025 cotton season, a total of 1,096 cotton processing enterprises across the country processed cotton and conducted notarized inspections. The cumulative national inspection volume was 30,051,724 bales, totaling 6.7838 million tons, an increase of 26,800 tons from the previous day. Among them, the inspection volume in Xinjiang was 29,689,201 bales, totaling 6.7026 million tons, an increase of 26,800 tons from the previous day; the inspection volume in the inland area was 207,250 bales, totaling 46,000 tons [9] Group 4: Data Overview - The data includes various aspects such as the China Cotton Price Index, cotton spot prices, cotton futures prices, cotton basis changes, spreads between different cotton futures contracts, cotton commercial and industrial inventories, and exchange rates between the US dollar and the Chinese yuan and the Indian rupee [14][16][17]