棉花(纱)产业日报 2025-12-02 易清淡。需求端，下游需求端依旧无明显改善，纺企新增订单较前期明显减少，棉纱出货节奏放缓，市场 研究员: 王翠冰 期货从业资格号F03139616 期货投资咨询从业证书号Z0021556 整体成交氛围偏淡。当前供需宽松局面延续，后期关注实际补库意愿是否改善，及宏观动态。 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) | 13800 | 35 棉纱主力合约收盘价(日,元/吨) | 20005 | -4 ...

Report Industry Investment Rating - No information is provided in the given content about the report industry investment rating. Core Viewpoints Oils and Fats - The domestic soybean oil fundamentals remain bearish, but the high cost of imported soybeans, weak performance of soybean meal, and reluctance of oil mills to lower basis quotes will keep basis quotes stable. The final decision of the US EPA on the biofuel obligation in 2026 will be a key factor affecting the long - term demand for soybean oil. Palm oil prices are under pressure from potential inventory growth due to increased production and slow exports. The Dalian palm oil futures will choose a new breakthrough direction, and the trend of Malaysian palm oil will have an impact on it [1]. Meals - The domestic soybean meal supply remains loose. Although downstream feed enterprises are replenishing their inventories from January to March and there is continuous procurement of US soybeans, it is difficult to see an upward trend in the market. The impact of domestic policy - based procurement on US soybeans is uncertain, and the soybean meal market is expected to remain volatile with dull short - term trading [2]. Pigs - At the beginning of the month, the supply from the breeding side decreased, and there was reluctance to sell, but the downstream slaughter volume was limited, resulting in a basically balanced market supply and demand. In December, the supply is expected to increase, and the pig price is expected to maintain a weak and volatile structure. The market should pay attention to the rhythm of pressure release at the end of the year. The price of large pigs is not promising, and second - round fattening should enter the market cautiously. The strategy of inter - month reverse arbitrage can continue to be held, and the single - side price is expected to continue to bottom out [4]. Corn - In the short term, due to the mismatch between supply and demand, the futures price remains firm, but the supply pressure has not been released, so the price increase is limited, and the overall performance is a narrow - range oscillation. Attention should be paid to the subsequent rhythm of corn supply [7]. Sugar - Affected by the supply outlook and weak technical aspects, the ICE raw sugar futures fell sharply. The new sugar in Guangxi has entered the market, driving down the price of Yunnan sugar. Although processed sugar and beet sugar are impacted to some extent, their prices are relatively firm, providing support for the price of new sugar in Guangxi. After the pre - sold sugar sources are sold out, the market is expected to rise, and Zhengzhou sugar is expected to maintain a bottom - oscillating pattern [11]. Cotton - The ICE cotton futures fell. The Zhengzhou cotton futures face hedging pressure when rising, but the pressure is not concentrated. The demand - side textile enterprises' procurement of cotton is dull, but the pre - sold cotton is being delivered successively, which eases the short - term supply pressure. The basis of spot sales is firm, and the Zhengzhou cotton has strong support below. In the short term, the cotton price may oscillate in a slightly stronger range [12]. Eggs - The number of newly - laid hens remains low, and the number of old hens being slaughtered has increased significantly. As a result, the inventory of laying hens has entered a downward channel, and the production capacity is shrinking. The market supply pressure has been improved. The egg price has dropped to a phased low, and downstream buyers are replenishing their stocks. The spot price of eggs may rebound slightly, but considering the overall pressure, the futures price is expected to maintain a bottom - oscillating pattern [15][16]. Summary by Related Catalogs Oils and Fats - **Soybean Oil**: The current price in Jiangsu is 8560 yuan, up 50 yuan or 0.58% from the previous value; the futures price of Y2601 is 8288 yuan, up 44 yuan or 0.53%; the basis of Y2601 is 322 yuan, up 6 yuan or 1.90%. The US used 1053 million pounds of soybean oil for biofuel production in September [1]. - **Palm Oil**: The current price of 24 - degree palm oil in Guangdong is 8570 yuan, unchanged from the previous value; the futures price of P2601 is 8652 yuan, up 26 yuan or 0.30%; the basis of P2601 is - 82 yuan, down 26 yuan or 46.43%. The import cost of palm oil in Guangzhou Port in January is 9077 yuan, up 82 yuan or 0.91% [1]. - **Rapeseed Oil**: The current price of third - grade rapeseed oil in Jiangsu is 10080 yuan, down 30 yuan or 0.30%; the futures price of OI601 is 9770 yuan, up 13 yuan or 0.13%; the basis of OI601 is 310 yuan, down 43 yuan or 12.18% [1]. - **Spreads**: The soybean oil inter - month spread (01 - 05) is 202 yuan, down 2 yuan or 0.98%; the palm oil inter - month spread (01 - 05) is - 52 yuan, up 6 yuan or 11.54%; the soybean - palm oil spread of 2601 is - 612 yuan, up 26 yuan or 4.08%; the rapeseed - soybean oil spread in the spot market is 1470 yuan, down 80 yuan or 5.16%; the rapeseed - soybean oil spread of 2601 is 1482 yuan, down 31 yuan or 2.05% [1]. Meals - **Soybean Meal**: The current price of soybean meal in Jiangsu is 3060 yuan, up 30 yuan or 0.99%; the futures price of M2601 is 3039 yuan, down 5 yuan or - 0.16%; the basis of M2601 is 21 yuan, up 35 yuan or 250.00%. The Brazilian 2 - month shipping schedule's盘面 import profit is 22 yuan, up 8 yuan or 57.1% [2]. - **Rapeseed Meal**: The current price of rapeseed meal in Jiangsu is 2420 yuan, down 40 yuan or - 1.63%; the futures price of RM2601 is 2423 yuan, down 29 yuan or - 1.18%; the basis of RM2601 is - 3 yuan, down 11 yuan or - 137.50%. The盘面 import profit of Canadian rapeseed with a 1 - month shipping schedule is 664 yuan, down 26 yuan or - 3.77% [2]. - **Soybeans**: The current price of soybeans in Harbin is 3940 yuan, unchanged; the futures price of the main soybean contract is 4126 yuan, up 18 yuan or 0.44%; the basis of the main soybean contract is - 186 yuan, down 18 yuan or - 10.71%. The current price of imported soybeans in Jiangsu is 3950 yuan, unchanged; the futures price of the main soybean - two contract is 3766 yuan, up 6 yuan or 0.16%; the basis of the main soybean - two contract is 184 yuan, down 6 yuan or - 3.16% [2]. - **Spreads**: The soybean meal inter - month spread (01 - 05) is 204 yuan, up 5 yuan or 2.51%; the rapeseed meal inter - month spread (01 - 05) is 20 yuan, down 17 yuan or - 45.95%; the oil - meal ratio in the spot market is 2.81, down 0.011 or - 0.40%; the oil - meal ratio of the main contract is 2.73, up 0.019 or 0.70%; the soybean - rapeseed meal spread in the spot market is 640 yuan, up 70 yuan or 12.28%; the soybean - rapeseed meal spread of 2601 is 616 yuan, up 24 yuan or 4.05% [2]. Pigs - **Futures Indicators**: The basis of the main contract of live pigs 2605 is 11925 yuan, down 10 yuan or - 0.08%; the basis of live pigs 2601 is 11495 yuan, up 30 yuan or 0.26%; the spread between live pigs 1 - 5 is - 430 yuan, up 40 yuan or 8.51%. The position of the main contract is 101740, down 5802 or - 5.40% [4]. - **Spot Prices**: The spot price of live pigs in Henan is 11400 yuan, up 50 yuan; in Shandong is 11550 yuan, up 200 yuan; in Liaoning is 11300 yuan, up 100 yuan; in Guangdong is 12310 yuan, up 900 yuan; in Hunan is 11210 yuan, up 300 yuan; in Hebei is 11450 yuan, up 50 yuan [4]. - **Spot Indicators**: The daily slaughter volume of sample points is 208687, down 1528 or - 0.73%; the weekly white - strip price is 18.28 yuan/kg, unchanged; the weekly piglet price is 17.00 yuan, down 0.5 yuan or - 2.86%; the weekly sow price is 32.47 yuan, unchanged; the weekly average slaughter weight is 129.22 kg, up 0.4 kg or 0.32%; the weekly self - breeding profit is - 148 yuan/head, down 12.1 yuan or - 8.90%; the weekly profit of purchasing piglets for breeding is - 249 yuan/head, down 14.2 yuan or - 6.05%; the monthly inventory of fertile sows is 39900000 heads, down 450000 heads or - 1.12% [4]. Corn - **Corn**: The futures price of corn 2601 is 2236 yuan, down 8 yuan or - 0.36%; the basis of the Jinzhou Port flat - warehouse price is 2290 yuan, unchanged; the spread between corn 1 - 5 is - 37 yuan, down 5 yuan or - 15.63%. The Shekou bulk grain price is 2440 yuan, unchanged; the north - south trade profit is 54 yuan, unchanged; the CIF price is 2022 yuan, down 1 yuan or - 0.03%; the import profit is 418 yuan, up 1 yuan or 0.15%. The number of remaining vehicles in Shandong's deep - processing enterprises in the morning is 819, up 145 or 17.70%; the inventory is 2235598, up 27399 or 1.24%; the number of warehouse receipts is 60215, unchanged [7]. - **Corn Starch**: The futures price of corn starch 2601 is 2542 yuan, down 24 yuan or - 0.94%; the spot price in Changchun is 2590 yuan, unchanged; the spot price in Weifang is 2800 yuan, unchanged; the basis is 48 yuan, up 24 yuan or 100.00%. The spread between corn starch 1 - 5 is - 74 yuan, down 11 yuan or - 17.46%; the spread between the starch - corn 01 contract on the disk is 306 yuan, down 16 yuan or - 4.97%; the profit of Shandong's starch enterprises is - 6 yuan, down 7 yuan or - 700.00%. The position is 326685, down 3818 or - 1.16%; the number of warehouse receipts is N/A [7]. Sugar - **Futures Market**: The futures price of sugar 2601 is 5405 yuan, up 5 yuan or 0.09%; the futures price of sugar 2605 is 5333 yuan, up 6 yuan or 0.11%; the ICE raw sugar main contract is 14.74 cents/pound, down 0.47 cents or - 3.09%. The spread between sugar 1 - 5 is 72 yuan, down 1 yuan or - 1.37%. The position of the main contract is 350573, down 10944 or - 3.03%; the number of warehouse receipts is 0; the number of valid forecasts is 183, unchanged [11]. - **Spot Market**: The spot price in Nanning is 5440 yuan, down 10 yuan or - 0.18%; the spot price in Kunming is 5430 yuan, down 10 yuan or - 0.18%. The basis in Nanning is 107 yuan, down 16 yuan or - 13.01%; the basis in Kunming is 97 yuan, down 16 yuan or - 14.16%. The price of imported Brazilian sugar (within the quota) is 4172 yuan, up 15 yuan or 0.36%; the price of imported Brazilian sugar (outside the quota) is 5289 yuan, up 18 yuan or 0.34%. The spread between imported Brazilian sugar (within the quota) and Nanning is - 1268 yuan, up 25 yuan or 1.93%; the spread between imported Brazilian sugar (outside the quota) and Nanning is - 151 yuan, up 28 yuan or 15.64% [11]. - **Industry Situation**: The cumulative national sugar production is 1116.21 million tons, up 119.89 million tons or 12.03%; the cumulative national sugar sales is 1048.00 million tons, up 88.00 million tons or 9.17%. The cumulative sugar production in Guangxi is 646.50 million tons, up 28.36 million tons or 4.59%; the monthly sugar sales in Guangxi is 26.66 million tons, down 18.68 million tons or - 41.20%. The cumulative national sugar sales rate is 93.90%, down 2.51 percentage points or - 2.60%; the cumulative sugar sales rate in Guangxi is 93.90%, up 4.30 percentage points or 4.80%. The industrial sugar inventory in the US is 68.21 million tons, down 47.79 million tons or - 41.20%; the industrial sugar inventory in Guangxi is 44.21 million tons, up 17.07 million tons or 62.90%; the industrial sugar inventory in Yunnan is 33.65 million tons, up 7.07 million tons or 26.60%. The sugar import volume is 55.00 million tons, up 15.00 million tons or 37.50% [11]. Cotton - **Futures Market**: The futures price of cotton 2601 is 13765 yuan, up 40 yuan or 0.29%; the futures price of cotton 2605 is 13725 yuan, up 40 yuan or 0.29%; the ICE US cotton main contract is 64.64 cents/pound, down 0.09 cents or - 0.14%. The spread between cotton 5 - 1 is - 40 yuan, unchanged. The position of the main contract is 546943, down 1275 or - 0.21%; the number of warehouse receipts is 2403, down 5; the number of valid forecasts is 1884, up 1621 [12]. - **Spot Market**: The Xinjiang arrival price of 3128B cotton is 14763 yuan, up 40 yuan or 0.27%; the CC Index: 3128B is 14896 yuan, up 40 yuan or 0.27%. The FC Index:M: 1% is 12956 yuan, up 21 yuan or 0.16%. The spread between 3128B and the 01 contract is 1038 yuan, unchanged; the spread between 3128B and the 05 contract is 998 yuan, unchanged; the spread between CC Index:3128B and FC Index:M: 1% is 1930 yuan, up 19 yuan or 0.97% [12]. - **Industry Situation**: The commercial inventory is 363.97 million tons, up 70.91 million tons or 24.2%; the industrial

棉花(纱)产业日报 2025-12-01 实际补库意愿是否改善，及宏观动态。 研究员: 王翠冰 期货从业资格号F03139616 期货投资咨询从业证书号Z0021556 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) | 13765 | 40 棉纱主力合约收盘价(日,元/吨) | 20045 | -45 | | | 棉花期货前20名净持仓(手) | -124589 | -960 棉纱期货前20名净持仓(手) | -911 | -147 | ...

数据来源第三方(wind、同花顺、棉花信息网、棉花协会网)，观点仅供参考。市场有风险，投资需谨慎！ 研究员: 王翠冰 期货从业资格号F03139616 期货投资咨询从业证书号Z0021556 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。 棉花(纱)产业日报 2025-11-24 | 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) | 13585 | 125 棉纱主力合约收盘价(日,元/吨) | 20075 | 350 | | | 棉花期货前20名净持仓(手) | -89472 | -103 ...

棉花(纱)产业日报 2025-11-20 施压，但下方国内需求边际好转，盘面上，近期棉价存在止跌迹象，短期暂且观望。 研究员: 王翠冰 期货从业资格号F03139616 期货投资咨询从业证书号Z0021556 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) | 13465 | -20 棉纱主力合约收盘价(日,元/吨) | 19745 | -50 | | | 棉花期货前20名净持仓(手) | -83369 | -3799 棉纱期货前20名净持 ...

但下方国内需求边际好转，预计维持震荡行情。 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。 棉花(纱)产业日报 2025-11-18 四个月高点，到港量较多，出货受限。需求端，10月我国纺服出口呈现同环比双降趋势，服装出口降幅显 数据来源第三方(wind、同花顺、棉花信息网、棉花协会网)，观点仅供参考。市场有风险，投资需谨慎！ 著大于纺织品。但国内零售需求边际存在好转迹象，关注后期订单情况。总体上，上方供应端继续施压， 研究员: 王翠冰 期货从业资格号F03139616 期货投资咨询从业证书号Z0021556 | 项目类别 | 数据指标 | 最新 | 环比 数据指标 | 最新 | 环比 | | --- | --- | --- | --- | -- ...

棉花(纱)产业日报 2025-11-17 数据来源第三方(wind、同花顺、棉花信息网、棉花协会网)，观点仅供参考。市场有风险，投资需谨慎！ 续施压，但下方国内需求边际好转，预计维持震荡行情。 研究员: 王翠冰 期货从业资格号F03139616 期货投资咨询从业证书号Z0021556 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) | 13445 | -5 棉纱主力合约收盘价(日,元/吨) | 19740 | 45 | | | 棉花期货前2 ...

1. Report Industry Investment Ratings - No industry investment ratings are provided in the reports. 2. Core Views of the Reports 2.1 Oils and Fats Industry - Palm oil: The Malaysian BMD crude palm oil futures are in a narrow - range oscillation due to high production and weak export data, while the Dalian palm oil futures are expected to try to break through 8900. - Soybean oil: The global crude oil supply - demand forecast in 2026 by OPEC has affected the soybean oil market. The domestic soybean oil supply is abundant, and the spot basis is likely to remain stable [1]. 2.2 Pig Industry - The spot price of pigs is weak, but there is an expectation of strengthening in the market tomorrow. The overall November pig - selling progress is slow, which may boost the pig price. The market is in a range - bound pattern, and the 3 - 7 reverse spread strategy can be held [3]. 2.3 Meal Industry - The USDA monthly report is expected to show little change in the ending stocks. The domestic soybean inventory is high, and the meal market is expected to be in a wide - range oscillation. Attention should be paid to the USDA report [7]. 2.4 Corn Industry - Corn prices in the Northeast are rising locally, and those in the North China are stable with a slight upward trend. The price increase and decrease are limited due to supply pressures and cost and policy support. The short - term corn price may rebound, but the rebound amplitude is restricted [8]. 2.5 Cotton Industry - The ICE cotton futures are falling, and the domestic cotton price is likely to be in a range - bound pattern due to hedging pressure and cost support, with weak downstream demand but rigid raw - material demand from textile enterprises [11]. 2.6 Sugar Industry - Brazilian rainfall may affect sugarcane crushing, and India's sugar export has uncertainties. The domestic sugar market is expected to be in a price - oscillation state, with the new - season sugarcane crushing in Guangxi likely to be postponed [13][14]. 2.7 Egg Industry - The supply of eggs remains under pressure as the laying - hen inventory is high in November. The consumption is weak, but the egg price is at a bottom - range, and 2512 short positions can be gradually closed at a low price below 3000 [16]. 3. Summary by Related Catalogs 3.1 Oils and Fats Industry 3.1.1 Price Changes - Soybean oil: The spot price in Jiangsu remained unchanged at 8560, the futures price of Y2601 rose 0.34% to 8316, and the basis decreased 10.29% [1]. - Palm oil: The spot price in Guangdong dropped 0.58% to 8570, the futures price of P2601 rose 0.09% to 8752, and the basis decreased 46.77% [1]. - Rapeseed oil: The spot price in Jiangsu rose 1.48% to 10260, the futures price of OI601 rose 1.37% to 9975, and the basis rose 5.56% [1]. 3.1.2 Spread Changes - The 01 - 05 spread of soybean oil decreased 0.89%, that of palm oil decreased 13.33%, and that of rapeseed oil increased 9.11% [1]. 3.2 Pig Industry 3.2.1 Futures and Spot Prices - Futures: The price of pig 2605 rose 0.82% to 12235, and that of pig 2601 rose 0.55% to 11860. - Spot: The spot prices in most regions decreased, such as in Henan, Shandong, and Sichuan [3]. 3.2.2 Industry Indicators - The sample - point slaughter volume decreased 0.74%, the white - strip price decreased 0.53%, and the piglet price decreased 15% [3]. 3.3 Meal Industry 3.3.1 Price Changes - Soybean meal: The spot price in Jiangsu remained unchanged at 3050, the futures price of M2601 rose 0.39% to 3071, and the basis decreased 133.33% [7]. - Rapeseed meal: The spot price in Jiangsu remained unchanged at 2500, the futures price of RM2601 decreased 0.08% to 2492, and the basis increased 33.33% [7]. 3.3.2 Spread Changes - The 01 - 05 spread of soybean meal increased 4.78%, and that of rapeseed meal increased 1.61% [7]. 3.4 Corn Industry 3.4.1 Price Changes - Corn: The futures price of corn 2601 rose 0.41% to 2186, the Jinzhou Port flat - hatch price rose 0.46% to 2200, and the basis rose 7.69% [8]. - Corn starch: The futures price of corn starch 2601 rose 0.68% to 2507, and the basis decreased 85% [8]. 3.4.2 Industry Indicators - The import profit of corn increased 4.66%, and the number of remaining vehicles at Shandong deep - processing plants in the morning increased 14.54% [8]. 3.5 Cotton Industry 3.5.1 Price Changes - Futures: The price of cotton 2605 decreased 0.22% to 13495, and that of cotton 2601 decreased 0.18% to 13490. - Spot: The Xinjiang arrival price of 3128B decreased 0.38% to 14614, and the CC Index of 3128B decreased 0.22% to 14819 [11]. 3.5.2 Industry Indicators - The commercial inventory increased 70.4% to 293.06 tons, and the industrial inventory increased 9.7% to 88.82 tons [11]. 3.6 Sugar Industry 3.6.1 Price Changes - Futures: The price of sugar 2601 rose 0.62% to 5512, and that of sugar 2605 rose 0.41% to 5433. - Spot: The Nanning spot price remained unchanged at 5660, and the Kunming spot price remained unchanged at 5540 [13]. 3.6.2 Industry Indicators - The national sugar production increased 12.03% to 1116.21 tons, and the national sugar sales increased 9.17% to 1048.00 tons [13]. 3.7 Egg Industry 3.7.1 Price Changes - The price of the egg 12 - contract decreased 0.75% to 3040, and the price of the egg 01 - contract decreased 1.72% to 3322. - The egg - producing area price decreased 0.25% to 2.99 yuan per catty [16]. 3.7.2 Industry Indicators - The egg - chicken feed ratio decreased 1.68% to 2.34, and the breeding profit decreased 8.51% to - 26.52 yuan per chicken [16].

棉花(纱)产业日报 2025-11-13 | 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) | 13490 | -25 棉纱主力合约收盘价(日,元/吨) | 19790 | 0 | | | 棉花期货前20名净持仓(手) | -96988 | 4277 棉纱期货前20名净持仓(手) | 20 | 203 | | | 主力合约持仓量:棉花(日,手) | 562897 | -1984 主力合约持仓量:棉纱(日,手) | 24597 | 205 | | | 仓单数量:棉花(日,张) 中国棉花价格指数:CCIndex:3128B(日,元 | 4180 | 296 仓单数量:棉纱(日,张) | 30 | -1 | | 现货市场 | /吨) 中国进口棉价格指数:FCIndexM:1%关税( | 14819 | -32 中国纱线价格指数:纯棉普梳纱32支(日, | 20490 | 0 | | | | | 元/吨) | | | | | | 13023 | -69 到港价 ...

1. Report Industry Investment Rating - No relevant information provided 2. Core View of the Report - The pressure of new cotton listing is increasing, but the yield per unit of Xinjiang cotton is lower than expected, which supports the cotton market. The downstream demand is weak, but the tariff reduction is beneficial to cotton - textile exports, also providing certain support. Currently, with long and short factors intertwined, the market will fluctuate in the short term [2] 3. Summary by Related Catalogs Futures Market - Zhengzhou cotton main - contract closing price is 13,515 yuan/ton, down 45 yuan; cotton yarn main - contract closing price is 19,790 yuan/ton, down 65 yuan. The net position of the top 20 in cotton futures is - 101,265 lots, an increase of 15,021 lots; for cotton yarn futures, it is - 183 lots, a decrease of 166 lots. The main - contract positions of cotton are 564,881 lots, down 9,024 lots; for cotton yarn, they are 24,392 lots, down 234 lots. The cotton warehouse - receipt quantity is 3,884 lots, an increase of 265 lots; for cotton yarn, it is 31 lots, an increase of 12 lots. The China Cotton Price Index (CCIndex:3128B) is 14,851 yuan/ton, and the China Yarn Price Index (pure - cotton carded yarn 32 - count) is 20,490 yuan/ton, down 30 yuan. The China Imported Cotton Price Index (FCIndexM:1% tariff) is 13,092 yuan/ton, and the arrival price of the Imported Cotton Yarn Price Index (pure - cotton carded yarn 32 - count) is 21,203 yuan/ton, down 7 yuan [2] Spot Market - The China Imported Cotton Price Index (FCIndexM: sliding - scale tariff) is 14,037 yuan/ton, and the arrival price of the Imported Cotton Yarn Price Index (pure - cotton combed yarn 32 - count) is 22,636 yuan/ton, down 8 yuan [2] Upstream Situation - The national cotton sowing area is 2,838.3 thousand hectares, and the national cotton output is 6.16 million tons, an increase of 540,000 tons. The cotton - yarn price difference is 5,639 yuan/ton, down 39 yuan. The industrial inventory of cotton nationwide is 861,000 tons, down 9,000 tons [2] Industry Situation - The monthly import quantity of cotton is 100,000 tons, an increase of 30,000 tons; for cotton yarn, it is 130,000 tons, unchanged. The profit of imported cotton is 805 yuan/ton, down 81 yuan. The commercial inventory of cotton nationwide is 1.0217 million tons, down 460,000 tons [2] Downstream Situation - The inventory days of yarn are 24.85 days, down 1.73 days; for grey cloth, they are 31.12 days, down 2.75 days. The monthly output of cloth is 2.8 billion meters, an increase of 100 million meters; for yarn, it is 2.074 million tons, an increase of 46,000 tons. The monthly export amount of clothing and clothing accessories is 12,453,247 million US dollars, a decrease of 1,692,656.63 million US dollars; for textile yarns, fabrics and products, it is 11,966,516 million US dollars, a decrease of 426,685.77 million US dollars [2] Option Market - The implied volatility of cotton at - the - money call options is 3.89%, down 2.91%; for at - the - money put options, it is also 3.89%, down 2.91%. The 20 - day historical volatility of cotton is 5.38%, down 0.09%; the 60 - day historical volatility is 7.75%, down 0.1% [2] Industry News - As of 24:00 on November 10, 2025, the cumulative notarized inspection of cotton processed by national cotton processing enterprises in the 2025/26 season is 11,285,194 bales, totaling 2.548547 million tons, a year - on - year increase of 27.57%. The cumulative notarized inspection volume of Xinjiang cotton is 2.5062 million tons, a year - on - year increase of 29.02%. The ICE cotton futures fell on Tuesday, and investors are waiting for the supply - demand report from the US Department of Agriculture later this week. The ICE March cotton futures contract closed down 0.39 cents, or 0.59%, at 65.38 cents per pound [2] Viewpoint Summary - As of November 3, 2025, the cotton picking progress in Xinjiang is about 96.1%, 2.1 percentage points faster than the same period last year. The picking and purchasing progress of Xinjiang cotton has accelerated, and the purchasing price has slightly decreased. The current commercial inventory is gradually rising, and the inventory of imported cotton has increased significantly, reaching a 3.5 - month high. Due to less outbound of imported cotton, the market trading volume is limited, and the arrival volume is stable. On the demand side, the spinning processing profit has slightly improved, and enterprises' confidence in future demand shows signs of turning, but the increase in new orders is still limited. Attention should be paid to the export situation [2]