棉花(纱)产业日报 2025-07-28 瑞达期货股份有限公司研究院，且不得对本报告进行有悖原意的引用、删节和修改。 ，棉花2509合约近期回落，呈现调整行情，不过供应偏紧提供较强支撑，预计回调空间受限，重点关注天 免责声明 气和贸易关系因素。操作上建议暂时观望。 本报告中的信息均来源于公开可获得资料，瑞达期货股份有限公司力求准确可靠，但对这些信息的准确性及完整性不做任 何保证，据此投资，责任自负。本报告不构成个人投资建议，客户应考虑本报告中的任何意见或建议是否符合其特定状况。本 报告版权仅为我公司所有，未经书面许可，任何机构和个人不得以任何形式翻版、复制和发布。如引用、刊发，需注明出处为 | 项目类别 | 数据指标 | 最新 | 环比 数据指标 | 最新 | 环比 | | --- | --- | --- | --- | --- | --- | | 期货市场 | 郑棉主力合约收盘价(日,元/吨) | 14075 | -95 棉纱主力合约收盘价(日,元/吨) | 20235 | -135 | | | 棉花期货前20名净持仓(手) | -33231 | 6505 棉纱期货前20名净持仓(手) | -557 | - ...

1. Report Industry Investment Rating - There is no specific industry investment rating provided in the report. 2. Core View of the Report - Currently, tight supply and high - temperature risks for new crops support a strong - biased price fluctuation, but the downstream off - season restricts the price increase space, resulting in an overall oscillatory and strong - biased fluctuation. It is recommended to conduct short - term long trades on dips and pay continuous attention to weather and macro factors [2]. 3. Summary by Relevant Catalogs 3.1 Futures Market - Zhengzhou cotton main contract closing price is 14,185 yuan/ton, down 85 yuan; cotton futures top 20 net positions are - 30,423 hands, down 7,742 hands; main contract cotton positions are 559,478 hands, down 21,295 hands; cotton warehouse receipts are 9,501 sheets, down 31 sheets. The closing price of the main contract of cotton yarn is 20,390 yuan/ton, down 130 yuan; the top 20 net positions of cotton yarn futures are - 114 hands, down 244 hands; the main contract cotton yarn positions are 17,223 hands, down 1,835 hands; cotton yarn warehouse receipts are 96 sheets, down 1 sheet [2]. 3.2 Spot Market - The China Cotton Price Index (CCIndex:3128B) is 15,589 yuan/ton; the China Imported Cotton Price Index (FCIndexM:1% tariff) is 13,792 yuan/ton, down 23 yuan; the China Imported Cotton Price Index (FCIndexM: sliding - duty) is 14,478 yuan/ton, down 11 yuan. The China Yarn Price Index for pure - combed 32 - count cotton yarn is 20,740 yuan/ton; the arrival price of the imported cotton yarn price index for pure - combed 32 - count cotton yarn is 22,115 yuan/ton, down 18 yuan; the arrival price of the imported cotton yarn price index for pure - combed 32 - count cotton yarn is 23,993 yuan/ton, down 19 yuan [2]. 3.3 Upstream Situation - The national cotton sowing area is 2,838.3 thousand hectares, an increase of 48.3 thousand hectares; the national cotton output is 6.16 million tons, an increase of 540,000 tons [2]. 3.4 Industry Situation - The cotton - yarn price difference is 5,232 yuan/ton, down 114 yuan; the national industrial inventory of cotton is 850,000 tons, an increase of 24,000 tons; the monthly import volume of cotton is 40,000 tons, a decrease of 20,000 tons; the monthly import volume of cotton yarn is 100,000 tons, a decrease of 20,000 tons; the daily import cotton profit is 817 yuan/ton, down 101 yuan; the national commercial inventory of cotton is 3.4587 million tons, a decrease of 693,900 tons [2]. 3.5 Downstream Situation - The yarn inventory days are 23.86 days, an increase of 1.52 days; the坯布 inventory days are 35.46 days, an increase of 2.57 days; the monthly cloth output is 2.67 billion meters, a decrease of 50 million meters; the monthly yarn output is 1.951 million tons, a decrease of 36,000 tons; the monthly export value of clothing and clothing accessories is 1.3577737 billion US dollars, an increase of 197.1179 million US dollars; the monthly export value of textile yarns, fabrics and products is 1.2631773 billion US dollars, an increase of 5.2109 million US dollars [2]. 3.6 Option Market - The implied volatility of at - the - money call options for cotton is 12.38%, down 0.8%; the implied volatility of at - the - money put options for cotton is 12.37%, down 0.81%; the 20 - day historical volatility of cotton is 8.17%, down 0.18%; the 60 - day historical volatility of cotton is 9.16%, unchanged [2]. 3.7 Industry News - As of July 18, 2025, the total commercial inventory of cotton continued to decline, with a total of 2.4575 million tons, a decrease of 148,800 tons (a decrease of 5.71%) from the previous week. Among them, the commercial cotton in Xinjiang was 1.6731 million tons, a decrease of 124,700 tons (a decrease of 6.94%) from the previous week; the commercial cotton in the inland area was 419,100 tons, a decrease of 9,100 tons (a decrease of 2.13%) from the previous week. Internationally, the good - growth rate of US cotton has been adjusted upwards, the weather forecast shows high temperatures, the export data is average, and there are mixed long and short factors such as trade - relation expectations, resulting in an oscillatory operation of US cotton [2]. 3.8 Core View - Currently, tight supply and new crops facing high - temperature weather support a strong - biased price fluctuation, but the downstream is in the off - season, restricting the price increase space, resulting in an overall oscillatory and strong - biased fluctuation. The mainstream spinning mills' operating load as of July 17 was 69.50%, a decrease of 1.28% from the previous period. In Xinjiang, some areas have high - temperature weather, and cotton is at a high risk of high - temperature heat damage. Technically, the moving averages of the main contract system show a bullish arrangement. It is recommended to conduct short - term long trades on dips [2][3].

Report Summary 1. Report Industry Investment Rating - No industry investment rating is provided in the report. [1][2] 2. Core View of the Report - The overall trend of cotton is expected to be slightly bullish with oscillations. The market is supported by the de - stocking of cotton and the high risk of heat damage in some Xinjiang regions, but is dragged by the off - season consumption in the downstream. Attention should be paid to weather and macro factors. [2] 3. Summary by Relevant Catalogs 3.1 Futures Market - Zhengzhou cotton main contract closing price is 13,875 yuan/ton, down 10 yuan; cotton yarn main contract closing price is 20,120 yuan/ton, up 25 yuan. - Cotton futures top 20 net positions are - 17,706 lots, down 2,643 lots; cotton yarn futures top 20 net positions are 105 lots, up 76 lots. - Cotton main contract position is 557,732 lots, up 2,175 lots; cotton yarn main contract position is 22,210 lots, down 395 lots. - Cotton warehouse receipts are 9,807 sheets; cotton yarn warehouse receipts are 98 sheets. [2] 3.2 Spot Market - China Cotton Price Index (CCIndex: 3128B) is 15,295 yuan/ton, up 29 yuan; China Yarn Price Index (pure cotton combed yarn 32 - count) is 20,520 yuan/ton, up 30 yuan. - China Imported Cotton Price Index (FCIndexM: 1% tariff) is 13,597 yuan/ton; China Imported Cotton Price Index (FCIndexM: sliding - duty) is 14,353 yuan/ton. - The arrival price of imported cotton yarn price index (pure cotton combed yarn 32 - count) is 22,095 yuan/ton, up 81 yuan; the arrival price of imported cotton yarn price index (pure cotton combed yarn 32 - count) is 23,887 yuan/ton, up 82 yuan. [2] 3.3 Upstream Situation - The national cotton sown area is 2,838.3 thousand hectares, an increase of 48.3 thousand hectares; the national cotton output is 6.16 million tons, an increase of 0.54 million tons. - The cotton - yarn price difference is 5,225 yuan/ton, up 1 yuan; the national industrial inventory of cotton is 850,000 tons, up 24,000 tons. [2] 3.4 Industry Situation - The monthly import volume of cotton is 40,000 tons, down 20,000 tons; the monthly import volume of cotton yarn is 100,000 tons, down 20,000 tons. - The daily profit of imported cotton is 913 yuan/ton, up 75 yuan; the national commercial inventory of cotton is 3.4587 million tons, down 0.6939 million tons. [2] 3.5 Downstream Situation - The yarn inventory days are 23.86 days, up 1.52 days; the grey fabric inventory days are 35.46 days, up 2.57 days. - The monthly cloth output is 2.67 billion meters, down 0.05 billion meters; the monthly yarn output is 1.951 million tons, down 36,000 tons. - The monthly export value of clothing and clothing accessories is 1.3577737 billion US dollars, an increase of 0.1971179 billion US dollars; the monthly export value of textile yarns, fabrics and products is 1.2631773 billion US dollars, an increase of 0.0052109 billion US dollars. [2] 3.6 Option Market - The implied volatility of cotton at - the - money call options is 8.25%, up 0.8%; the implied volatility of cotton at - the - money put options is 8.24%, up 0.79%. - The 20 - day historical volatility of cotton is 4.97%, down 0.13%; the 60 - day historical volatility of cotton is 8.58%, unchanged. [2] 3.7 Industry News - The US Department of Agriculture's July supply - demand report shows that the estimated cotton output in the US for the 2025/26 season is 14.6 million bales, up from 14 million bales in June, and the ending inventory is 4.6 million bales, up from 4.3 million bales in June. The report has a slightly bearish impact. [2] 3.8 View Summary - The textile industry is in the off - season of consumption, with poor new orders and a slow decline in the overall operating rate. As of July 10, the operating load of spinning enterprises in mainstream areas is 70.40%, a month - on - month decrease of 0.84%. [2]

Report Overview - Report Date: July 7, 2025 - Report Title: Cotton (Yarn) Industry Daily Report 1. Report Industry Investment Rating - Not provided in the report 2. Core Viewpoint - The cotton market is in a state of destocking, but the off - season consumption slows down the destocking speed. The overall trend is slightly bullish with oscillations. Weather and macro factors should be continuously monitored. The textile industry shows off - season consumption characteristics, with poor new orders, a slow decline in the overall operating rate, and cautious raw material procurement by enterprises [2]. 3. Summary by Directory 3.1 Futures Market - **Price**: The closing price of the main Zhengzhou cotton futures contract is 13,760 yuan/ton, down 20 yuan; the closing price of the main cotton yarn futures contract is 19,955 yuan/ton, down 45 yuan [2]. - **Net Positions**: The net positions of the top 20 in cotton futures are - 23,095 lots, an increase of 4,152 lots; the net positions of the top 20 in cotton yarn futures are - 93 lots, an increase of 222 lots [2]. - **Open Interest**: The open interest of the main cotton futures contract is 543,865 lots, a decrease of 2,264 lots; the open interest of the main cotton yarn futures contract is 23,566 lots, an increase of 694 lots [2]. - **Warehouse Receipts**: The number of cotton warehouse receipts is 10,039 sheets, a decrease of 28 sheets; the number of cotton yarn warehouse receipts is 2 sheets, unchanged [2]. 3.2 Spot Market - **Cotton Price Index**: The China Cotton Price Index (CCIndex:3128B) is 15,201 yuan/ton, an increase of 1 yuan; the China Imported Cotton Price Index (FCIndexM:1% tariff) is 13,736 yuan/ton, unchanged; the China Imported Cotton Price Index (FCIndexM:sliding - scale duty) is 14,447 yuan/ton, unchanged [2]. - **Yarn Price Index**: The China Yarn Price Index (pure - cotton carded yarn 32s) is 20,420 yuan/ton, unchanged; the arrival price of the imported cotton yarn price index (pure - cotton carded yarn 32s) is 21,915 yuan/ton, an increase of 2 yuan; the arrival price of the imported cotton yarn price index (pure - cotton combed yarn 32s) is 23,703 yuan/ton, an increase of 2 yuan [2]. 3.3 Upstream Situation - **Planting and Production**: The national cotton sown area is 2,838.3 thousand hectares, an increase of 48.3 thousand hectares; the national cotton output is 6160 thousand tons, an increase of 540 thousand tons [2]. - **Price Spread and Inventory**: The cotton - yarn price spread is 5,219 yuan/ton, a decrease of 1 yuan; the industrial inventory of cotton nationwide is 850 thousand tons, an increase of 24 thousand tons [2]. 3.4 Industry Situation - **Import Volume**: The monthly import volume of cotton is 40 thousand tons, a decrease of 20 thousand tons; the monthly import volume of cotton yarn is 100 thousand tons, a decrease of 20 thousand tons [2]. - **Profit and Inventory**: The daily profit of imported cotton is 753 yuan/ton, an increase of 20 yuan; the monthly commercial inventory of cotton nationwide is 345.87 thousand tons, a decrease of 69.39 thousand tons [2]. 3.5 Downstream Situation - **Inventory Days**: The yarn inventory days are 21.12 days, an increase of 0.14 days; the inventory days of grey cloth are 32.54 days, an increase of 1.37 days [2]. - **Output**: The monthly output of cloth is 2.67 billion meters, a decrease of 0.05 billion meters; the monthly output of yarn is 195.1 thousand tons, a decrease of 3.6 thousand tons [2]. - **Export Volume**: The monthly export value of clothing and clothing accessories is 1,357,773.7 thousand US dollars, an increase of 197,117.9 thousand US dollars; the monthly export value of textile yarns, fabrics and products is 1,263,177.3 thousand US dollars, an increase of 5,210.9 thousand US dollars [2]. 3.6 Option Market - **Implied Volatility**: The implied volatility of cotton at - the - money call options is 8.85%, a decrease of 0.92%; the implied volatility of cotton at - the - money put options is 8.85%, a decrease of 0.92% [2]. - **Historical Volatility**: The 20 - day historical volatility of cotton is 5.95%, a decrease of 0.46%; the 60 - day historical volatility of cotton is 10.87%, a decrease of 1.73% [2]. 3.7 Industry News - **Domestic Inventory**: As of July 4, 2025, the total commercial cotton inventory in China is 2.7476 million tons, a decrease of 132.3 thousand tons (a decrease of 4.59%) from the previous week. Among them, the commercial cotton inventory in Xinjiang is 1.9128 million tons, a decrease of 117.1 thousand tons (a decrease of 5.77%) from the previous week; the commercial cotton inventory in the inland area is 435.5 thousand tons, a decrease of 2.5 thousand tons (a decrease of 0.57%) from the previous week [2]. - **US Export**: For the week ending June 26, the net increase in US cotton export sales in the current market year is 23,700 bales, a decrease of 13% from the previous week and a decrease of 66% from the average of the previous four weeks. The net increase in US cotton export sales in the next market year is 106,600 bales. The US cotton export shipments are 255,800 bales, an increase of 39% from the previous week and an increase of 9% from the average of the previous four weeks [2].

棉花(纱)产业日报 2025-07-02 报告版权仅为我公司所有，未经书面许可，任何机构和个人不得以任何形式翻版、复制和发布。如引用、刊发，需注明出处为 瑞达期货股份有限公司研究院，且不得对本报告进行有悖原意的引用、删节和修改。 存折存天数为28.2天。当前纺织企业原料库存维持稳定水平且暂无波动。棉花处于去库存状态，但是消费 淡季导致去库存速度缓慢，整体震荡略偏强，持续关注天气和宏观因素。 免责声明 本报告中的信息均来源于公开可获得资料，瑞达期货股份有限公司力求准确可靠，但对这些信息的准确性及完整性不做任 何保证，据此投资，责任自负。本报告不构成个人投资建议，客户应考虑本报告中的任何意见或建议是否符合其特定状况。本 | 项目类别 | 数据指标 | 最新 | 环比 数据指标 | 最新 | 环比 | | --- | --- | --- | --- | --- | --- | | 期货市场 | 郑棉主力合约收盘价(日,元/吨) | 13805 | 60 棉纱主力合约收盘价(日,元/吨) | 20075 | 30 | | | 棉花期货前20名净持仓(手) | -30048 | -2088 棉纱期货前20名净持仓(手) ...

棉花(纱)产业日报 2025-06-30 研究员: 张昕 期货从业资格号F03109641 期货投资咨询从业证书号Z0018457 但是消费淡季导致去库存速度缓慢，整体震荡略偏强，持续关注天气和宏观因素。 免责声明 本报告中的信息均来源于公开可获得资料，瑞达期货股份有限公司力求准确可靠，但对这些信息的准确性及完整性不做任 何保证，据此投资，责任自负。本报告不构成个人投资建议，客户应考虑本报告中的任何意见或建议是否符合其特定状况。本 报告版权仅为我公司所有，未经书面许可，任何机构和个人不得以任何形式翻版、复制和发布。如引用、刊发，需注明出处为 瑞达期货股份有限公司研究院，且不得对本报告进行有悖原意的引用、删节和修改。 | 项目类别 | 数据指标 | 最新 | 环比 数据指标 | 最新 | 环比 | | --- | --- | --- | --- | --- | --- | | 期货市场 | 郑棉主力合约收盘价(日,元/吨) | 13740 | -20 棉纱主力合约收盘价(日,元/吨) | 19990 | -115 | | | 棉花期货前20名净持仓(手) | -33777 | 2608 棉纱期货前20名净持仓( ...

Report Summary 1. Report Industry Investment Rating No information provided. 2. Core Viewpoints - Internationally, the U.S. Department of Agriculture's growth report shows that as of the week ending June 22, 2025, the U.S. cotton good-to-excellent rate was 47%, down from 48% the previous week and 56% in the same period over the past three years. The decline in the good-to-excellent rate, unfavorable weather in the production areas in the coming days, and the spill - over effect of the rebound in crude oil prices have boosted the U.S. cotton futures market [2]. - Domestically, the textile industry is in a consumption off - season. Enterprises have poor performance in new orders, with limited overall growth in summer orders. Orders are mostly short - term and small, and some enterprises have reduced shifts and lowered the overall operating rate. Some spinning enterprises are in a state of inventory accumulation, with poor profit margins, which affects their raw material procurement. The old - crop fundamentals change little, and short - term prices are volatile. There is a risk of high - temperature heat damage to cotton in the budding and flowering stage in most parts of Xinjiang, and attention should be paid to the impact of the new - season cotton growth on the market [2]. 3. Summary by Relevant Catalogs Futures Market - Zhengzhou cotton main contract closing price: 13,720 yuan/ton, up 75 yuan; cotton yarn main contract closing price: 20,060 yuan/ton, up 65 yuan [2]. - Cotton futures top 20 net positions: - 38,534 lots, up 1,087 lots; cotton yarn futures top 20 net positions: - 161 lots, down 97 lots [2]. - Cotton main contract open interest: 584,196 lots, up 24,084 lots; cotton yarn main contract open interest: 21,614 lots, down 306 lots [2]. - Cotton warehouse receipts: 10,334 lots, down 45 lots; cotton yarn warehouse receipts: 2 lots, unchanged [2]. 现货市场 - China Cotton Price Index (CCIndex:3128B): 15,020 yuan/ton, up 82 yuan; China Yarn Price Index (pure - cotton carded yarn 32S): 20,380 yuan/ton, up 80 yuan [2]. - China Imported Cotton Price Index (FCIndexM:1% tariff): 13,726 yuan/ton, up 96 yuan; China Imported Cotton Price Index (FCIndexM:sliding - scale duty): 14,436 yuan/ton, up 61 yuan [2]. - Imported cotton yarn price index (pure - cotton carded yarn 32S) arrival price: 21,924 yuan/ton, down 4 yuan; imported cotton yarn price index (pure - cotton combed yarn 32S) arrival price: 23,713 yuan/ton, down 4 yuan [2]. Upstream Situation - National cotton sown area: 2,838.3 thousand hectares, up 48.3 thousand hectares; national cotton output: 6.16 million tons, up 0.54 million tons [2]. - Cotton - yarn price difference: 5,360 yuan/ton, down 2 yuan; national industrial cotton inventory: 826,000 tons, down 7,000 tons [2]. Industry Situation - Cotton import volume: 40,000 tons, down 20,000 tons; cotton yarn import volume: 100,000 tons, down 20,000 tons [2]. - Imported cotton profit: 563 yuan/ton, up 13 yuan; national commercial cotton inventory: 3.4587 million tons, down 0.6939 million tons [2]. Downstream Situation - Yarn inventory days: 21.12 days, up 0.14 days; grey fabric inventory days: 32.54 days, up 1.37 days [2]. - Cloth output: 2.67 billion meters, down 0.05 billion meters; yarn output: 1.951 million tons, down 36,000 tons [2]. - Monthly clothing and clothing accessories export value: 1.3577737 billion US dollars, up 197.1179 million US dollars; monthly textile yarn, fabric and product export value: 1.2631773 billion US dollars, up 5.2109 million US dollars [2]. Option Market - Cotton at - the - money call option implied volatility: 12.29%, up 4.36%; cotton at - the - money put option implied volatility: 12.29%, up 4.35% [2]. - Cotton 20 - day historical volatility: 6.47%, down 0.24%; cotton 60 - day historical volatility: 12.78%, unchanged [2]. Industry News - As of June 25, 2024, the cumulative notarized inspection of cotton processed by national cotton processing enterprises in the 2024/25 season was 30,121,873 bales, totaling 6.801796 million tons, a year - on - year increase of 18.77%. The cumulative notarized inspection volume of Xinjiang cotton was 6.43177 million tons, a year - on - year increase of 15.21% [2].

本报告中的信息均来源于公开可获得资料，瑞达期货股份有限公司力求准确可靠，但对这些信息的准确性及完整性不做任 | 项目类别 | 数据指标 | 最新 | 环比 数据指标 | 最新 | 环比 | | --- | --- | --- | --- | --- | --- | | 期货市场 | 郑棉主力合约收盘价(日,元/吨) | 13645 | 35 棉纱主力合约收盘价(日,元/吨) | 19995 | 90 | | | 棉花期货前20名净持仓(手) | -39621 | -5919 棉纱期货前20名净持仓(手) | -64 | 20 | | | 主力合约持仓量:棉花(日,手) | 560112 | 18170 主力合约持仓量:棉纱(日,手) | 21920 | 576 | | | 仓单数量:棉花(日,张) 中国棉花价格指数:CCIndex:3128B(日,元 | 10379 | -40 仓单数量:棉纱(日,张) | 2 | 0 | | 现货市场 | | 14938 | 55 中国纱线价格指数:纯棉普梳纱32支(日, | 20300 | 0 | | /吨) | 中国进口棉价格指数:FCIndexM:1%关税( | | ...

Report Summary 1. Report Industry Investment Rating No investment rating information is provided in the report. 2. Core Viewpoint The textile industry is in a consumption off - season, with poor new orders for enterprises, slow inventory - reduction, and minor changes in the old - crop fundamentals. Short - term prices are expected to fluctuate. Attention should be paid to the impact of the growth of new - season cotton in major producing areas on the market [2]. 3. Summary by Relevant Catalogs 3.1 Futures Market - Zhengzhou cotton main contract closing price is 13,610 yuan/ton, up 145 yuan; cotton yarn main contract closing price is 19,905 yuan/ton, up 205 yuan [2]. - Cotton futures top 20 net positions are - 33,702 hands, up 1,314 hands; cotton yarn futures top 20 net positions are - 84 hands, down 52 hands [2]. - Cotton main contract position volume is 541,942 hands, up 26,586 hands; cotton yarn main contract position volume is 21,344 hands, up 185 hands [2]. - Cotton warehouse receipt quantity is 10,419 sheets, down 74 sheets; cotton yarn warehouse receipt quantity is 2 sheets, unchanged [2]. 3.2 Spot Market - China Cotton Price Index (CCIndex:3128B) is 14,883 yuan/ton, down 11 yuan; China Yarn Price Index for pure - cotton carded yarn 32 - count is 20,300 yuan/ton, unchanged [2]. - China Imported Cotton Price Index (FCIndexM:1% tariff) is 13,438 yuan/ton, unchanged; China Imported Cotton Price Index (FCIndexM: sliding - duty) is 14,250 yuan/ton, unchanged [2]. - Imported cotton yarn price index for pure - cotton carded yarn 32 - count (arrival price) is 21,869 yuan/ton, down 23 yuan; for pure - cotton combed yarn 32 - count (arrival price) is 23,659 yuan/ton, down 25 yuan [2]. 3.3 Upstream Situation - National cotton sown area is 2,838.3 thousand hectares, up 48.3 thousand hectares; national cotton output is 6.16 million tons, up 0.54 million tons [2]. - Cotton - yarn price difference is 5,417 yuan/ton, up 11 yuan; national industrial inventory of cotton is 82.6 million tons, down 0.7 million tons [2]. 3.4 Industry Situation - Cotton import quantity is 40,000 tons, down 20,000 tons; cotton yarn import quantity is 100,000 tons, down 20,000 tons [2]. - Imported cotton profit is 644 yuan/ton, up 15 yuan; national commercial inventory of cotton is 3.4587 million tons, down 0.6939 million tons [2]. 3.5 Downstream Situation - Yarn inventory days are 21.12 days, up 0.14 days; grey fabric inventory days are 32.54 days, up 1.37 days [2]. - Cloth output is 2.67 billion meters, down 0.05 billion meters; yarn output is 1.951 million tons, down 0.036 million tons [2]. - Monthly export value of clothing and clothing accessories is 1,357,773.7 thousand US dollars, up 197,117.9 thousand US dollars; monthly export value of textile yarns, fabrics and products is 1,263,177.3 thousand US dollars, up 5,210.9 thousand US dollars [2]. 3.6 Option Market - Implied volatility of cotton at - the - money call option is 11.65%, up 3.66%; implied volatility of cotton at - the - money put option is 11.66%, up 3.66% [2]. - 20 - day historical volatility of cotton is 5.64%, unchanged; 60 - day historical volatility of cotton is 12.61%, down 0.02% [2]. 3.7 Industry News As of the week ending June 22, 2025, the good - to - excellent rate of US cotton was 47%, down from 48% the previous week and 56% in the same period of the past three years. High - temperature weather in the producing areas is unfavorable for crop growth, which boosts the US cotton futures [2]. 3.8 Suggestion Pay continuous attention to the impact of the growth of new - season cotton in major producing areas on the market, as there is a risk of high - temperature heat damage to cotton in the budding and flowering stage in most parts of Xinjiang [2].

，去库存速度缓慢，基本面驱动力不足，以震荡走势为主，关注主产区新季棉花生长情况。 免责声明 | 项目类别 | 数据指标 | 最新 | 环比 数据指标 | 最新 | 环比 | | --- | --- | --- | --- | --- | --- | | 期货市场 | 郑棉主力合约收盘价(日,元/吨) | 13540 | 15 棉纱主力合约收盘价(日,元/吨) | 19840 | 65 | | | 棉花期货前20名净持仓(手) | -39265 | -2616 棉纱期货前20名净持仓(手) | -267 | -225 | | | 主力合约持仓量:棉花(日,手) | 533427 | -119 主力合约持仓量:棉纱(日,手) | 21634 | 933 | | | 仓单数量:棉花(日,张) 中国棉花价格指数:CCIndex:3128B(日,元 | 10651 | -31 仓单数量:棉纱(日,张) | 2 | 0 | | 现货市场 | | 14857 | -5 中国纱线价格指数:纯棉普梳纱32支(日, | 20300 | 0 | | /吨) | 中国进口棉价格指数:FCIndexM:1%关税( | | 元/吨) | ...