Report Overview - Report Date: January 15, 2026 [2] - Reported Industry: Cotton [1] - Research Analysts: Yulan Lan, Zhenlei Lin, Haifeng Wang, Chenliang Hong, Youran Liu [3] Report Core Views - The Zhengzhou Cotton futures market is experiencing a wide - range shock adjustment in the short term, awaiting new driving forces, while the medium - to - long - term positive trend remains unchanged [8] - The international cotton market has relatively balanced supply and demand, with a slight positive bias in the USDA monthly report [8] - The domestic cotton market shows a decline in the planned cotton - planting area in 2026, and the textile and clothing exports in December 2025 decreased year - on - year [8][9] Summary by Section 1. Market Review and Operation Suggestions - Domestic Spot Market: The latest 328 - grade cotton price index is 15,970 yuan/ton, up 187 yuan/ton from the previous trading day. The mainstream basis of machine - picked cotton in southern and northern Xinjiang is relatively high. The cotton yarn market has general trading, with few new orders, and the full - cotton grey fabric market is still dull, but some areas have started pre - holiday replenishment [7] - Overseas Market: The USDA monthly report lowered the US cotton production in the 2025/26 season by 80,000 tons to 3.03 million tons, and the global cotton production by 80,000 tons to 26 million tons, while increasing global cotton consumption by 70,000 tons to 25.89 million tons. The net long position of the CFTC US cotton fund has been rising, and the external market has recovered [8] - Domestic Market Data: As of January 13, 2026, the national cumulative inspection volume was 6.8473 million tons, an increase of 28,100 tons from the previous day. The planned cotton - planting area in 2026 is 44.386 million mu, a year - on - year decrease of 1%. In December 2025, the total textile and clothing exports were 25.992 billion US dollars, a month - on - month increase of 7.4% and a year - on - year decrease of 8.9% [8] 2. Industry News - In December 2025, China's textile and clothing exports were 25.992 billion US dollars, a year - on - year decrease of 7.4%. From January to December 2025, the cumulative exports were 293.767 billion US dollars, a year - on - year decrease of 2.4% [9] - As of January 13, 2026, the national cumulative inspection volume was 6.8473 million tons, an increase of 28,100 tons from the previous day, including 6.7654 million tons in Xinjiang and 46,500 tons in the inland areas [9] 3. Data Overview - The report presents multiple charts related to cotton, including price indices, spot and futures prices, basis changes, spreads between different contracts, commercial and industrial inventories, and exchange rates [16][18][19]
建信期货棉花日报-20260115
Jian Xin Qi Huo·2026-01-15 01:21