Group 1 - The core point of the article indicates a slight decline in cotton futures prices on the ICE, with the current price at 63.87 cents per pound, down 0.67% from the opening price of 64.28 cents per pound [1] - The highest price during the trading session reached 64.44 cents per pound, while the lowest dipped to 63.68 cents per pound [1] - The USDA reported that for the week ending December 18, net sales of U.S. upland cotton for the 2025/2026 marketing year were 183,000 bales, down from 305,000 bales the previous week [1] Group 2 - The average import price of cotton at the port (M index) was 72.75 cents per pound as of December 31, unchanged from the previous day [2] - The cost of importing cotton at a 1% tariff (excluding port fees) was 12,514 yuan per ton, while the cost under sliding scale tariffs was 13,604 yuan per ton [2] - The domestic average price for 3128 cotton (B index) was 15,511 yuan per ton, an increase of 11 yuan per ton compared to December 30 [2]

瑞达期货研究院 「2025.12.31」 棉花（纱）市场周报 研究员：王翠冰 期货从业资格号F03139616 期货投资咨询从业证Z0021556 关 注 微信客 服 号 目录 1、周度要点小结 2、期现市场 3、产业情况 4、期权及股市关联市场 「 周度要点小结」 行情回顾：本周郑棉主力2605合约价格上涨，周度涨幅约3.71%。 行情展望：巴西棉播种进度顺利，进度明显快于五年均值。巴西国家商品供应公司 公布的数据显示，截至2025年12月27日当周，巴西2025/26年度棉花种植率为 25.1%，此前一周为16.9%，五年均值为15.6%。国内市场：当前全国棉花公检量已 超600万吨，市场供应相对充足。另外轧花厂皮棉加工接近尾声，下游纺企中高支纱 线订单表现稳定，多选择刚需补货，部分地区仓库库存小幅下降，整体出库良好， 预计下周全国商业库存仍呈增加之势。短期棉价可能进入调整状态。 未来交易提示： 1、关注外棉价格变化2、需求3、库存情况 3 添加客服 业务咨询 「 期现市场情况」 美棉市场 图1、CFTC美棉净持仓与ICE美棉活跃合约价格走势 图2、CFTC美棉非商业净持仓情况 来源：wind 瑞达期货研 ...

瑞达期货研究院 「2025.12.26」 棉花（纱）市场周报 研究员：王翠冰 期货从业资格号F03139616 期货投资咨询从业证Z0021556 关 注 微信客 服 号 目录 1、周度要点小结 2、期现市场 3、产业情况 4、期权及股市关联市场 「 周度要点小结」 行情回顾：本周郑棉主力2601合约价格上涨，周度涨幅约3.71%。 行情展望：据美国农业部(USDA)报告显示，12月11日止当周，2025/26年度美国陆 地棉出口销售净增30.47万包，较前周增加99%，较前四周均值增加95%。2025/26 年度美国陆地棉出口装运量13.44万包，较前周增加32%，较前4周平均水平增加 17%。当周美国棉花出口签约量、装运量环比均增加。国内市场：供应端，虽然当 前产量较大，且全国棉花公检量已接近600万吨，但2026年国内外植棉面积有望下 调预期升温，加之籽棉收购成本固化也提供较强支撑。需求端，新疆纱厂订单充足， 高支纱相对紧缺，纺织开机率高于去年同期，企业按需补库。另外中美关税缓和利 好纺织品出口，11月棉纱进口同比大增，外销需求支撑较强，短期棉价延续反弹态 势。 未来交易提示： 业务咨询 添加客服 1、 ...

Group 1 - The core viewpoint of the news is that cotton futures prices on the Intercontinental Exchange (ICE) have shown a slight increase, with the current price at 63.86 cents per pound, reflecting a 0.33% rise from the opening price of 63.75 cents per pound [1] - On December 19, the opening price for cotton futures was 63.51 cents per pound, with a closing price of 63.80 cents per pound, marking a 0.42% increase [2] - The average price of 3128-grade cotton delivered nationwide was 15,160 yuan per ton, which increased by 50 yuan per ton [2] Group 2 - As of December 18, the inventory of imported cotton at major ports increased by 0.41% week-on-week, totaling 391,900 tons, with a significant year-on-year decrease of 20.57% in the Shandong region [2] - The cotton futures warehouse receipts on the Zhengzhou Commodity Exchange reached 7,722 contracts, an increase of 251 contracts compared to the previous trading day [2]

Report Industry Investment Rating - Not provided in the report Core Viewpoints of the Report - ICE cotton is expected to remain in a low - level oscillation. Although the poor US cotton export data restricts its upward drive, the lack of new negative fundamentals limits its downward momentum. Attention should be paid to external market factors, and there may be a risk of decline if market risk appetite deteriorates [6][17] - The domestic cotton futures and spot prices continue to strengthen slightly, and the basis remains relatively firm. The high and stable basis supports cotton futures, but the increasing cotton warehouse receipts and the incomplete release of domestic cotton supply pressure limit the upward momentum of Zhengzhou cotton futures. The downstream demand is in the off - season, and it is too early to focus on next year's planting. It is better to discuss it after the Spring Festival in combination with demand. In the short term, Zhengzhou cotton futures are expected to maintain a slightly stronger oscillating trend, but the upward space may be limited, and attention should be paid to the change of the spot basis [2][17] Summary by Relevant Catalogs 1. Market Data | Variety | Opening Price | Highest Price | Lowest Price | Closing Price | Change | Change Rate (%) | Trading Volume (Lots) | Trading Volume Change (Lots) | Open Interest (Lots) | Open Interest Change (Lots) | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | ICE Cotton Main - connected | 63.83 | 64.39 | 62.97 | 63.65 | - 0.18 | - 0.28 | 96897 | 10398 | 183446 | 1813 | | Zhengzhou Cotton Main - connected | 13800 | 14070 | 13790 | 14015 | 180 | 1.30 | 1209539 | - 20174 | 761543 | 364044 | | Cotton Yarn Main - connected | 19980 | 20225 | 19950 | 20050 | 70 | 0.35 | 38934 | 5139 | 22821 | 1986 | [5] 2. Fundamental Analysis International Cotton Situation - ICE cotton fluctuated at a low level this week. The March contract once fell below 63 cents/pound on Tuesday due to the decline in crude oil prices and poor US cotton export data. However, driven by the US inflation data boosting interest - rate cut expectations and short - covering, it rebounded slightly in the second half of the week, recovering most of the losses on Tuesday. Currently, the poor US cotton export data makes ICE cotton lack upward drive, but in the context of an overall optimistic external market risk appetite, it temporarily holds the 63 - cent/pound line [6] - As of the week ending November 27, the weekly signing volume of 2025/26 US upland cotton was 30,800 tons, a 8% decrease from the previous week and a 23% decrease from the four - week average. The weekly shipment volume was 27,700 tons, a 1% increase from the previous week and a 5% decrease from the four - week average. The total signed sales volume of US upland cotton and Pima cotton in the 2025/26 season accounted for 51% of the annual forecasted total export volume, and the cumulative export shipment volume accounted for 41% of the annual total signed volume [7] - In India, both cotton import and export were strong in October. Textile exports were still affected by US tariffs. The raw cotton import volume in October was 127,000 tons, a record high in recent months. The export volume was 24,000 tons, a 33% increase from September and a 36% increase year - on - year. The textile export value in October was 1.55 billion US dollars. The Cotton Corporation of India has purchased about 4 million bales of new cotton, with a total inventory of 4.6 million bales [8] - ABRAPA's forecast of Brazil's cotton production in the 2025/26 season is lower than CONAB's. The cotton planting area in Mato Grosso state is expected to decline by 7.8% this season. The Brazilian Cotton Growers Association predicts that the cotton production in 2026 will reach 3.83 million tons [9] - In Pakistan, the demand for imported cotton has slightly improved, and the cotton production forecast remains in the range of 7 - 7.25 million bales. The local yarn demand is continuously weak, and some spinning enterprises are selling inventory at low prices. Yarn exports are mainly to the Chinese market [10] - In Bangladesh, it is expected that the import volume of US cotton will increase slightly in the next few months. Cotton import procurement is still sporadic. Although clothing and textile export orders are relatively stable, yarn prices are flat, and producers are facing increasing operating pressure [10] - As of the week ending December 19, the operating rates of textile enterprises in India, Vietnam, and Pakistan were 67%, 62%, and 65.5% respectively, showing little change [11] Domestic Cotton Situation - From December 12 - 19, domestic cotton futures and spot prices continued to be stable and slightly stronger. The procurement of cotton raw materials by spinning enterprises and cotton merchants was good in the first half of the week, mainly for low - basis spot lock - basis transactions. The spot basis changed little, and the price of 2025/26 machine - picked cotton in North and South Xinjiang was mostly between 14,900 - 15,100 yuan per ton [12] - As of December 19, the registered cotton warehouse receipts were 3,870, and the forecast warehouse receipts were 3,852, totaling 7,722, equivalent to 324,324 tons [12] - The sales of pure - cotton yarn in the market were generally poor, except for the relatively stable demand for combed high - count yarn. The prices of pure - cotton yarn fluctuated. Xinjiang spinning enterprises maintained a high operating rate with no inventory pressure, while the operating rate of inland spinning enterprises continued to decline. The pure - cotton grey cloth market remained weak, with local traders stocking up slightly, and the overall order volume did not recover much [13] 3. Basic Data Charts - The report provides charts on cotton sales progress, commercial inventory (weekly), spinning enterprises' cotton inventory (weekly), weaving enterprises' yarn inventory (weekly), spinning enterprises' cotton yarn inventory (weekly), cotton cloth enterprises' cotton cloth inventory (weekly), yarn enterprises' operating rate (weekly), cotton cloth enterprises' operating rate (weekly), pure - cotton yarn profit, pure - cotton cloth CGC32 profit, cotton 1 - 5 spread, cotton import profit, cotton basis, and Zhengzhou cotton warehouse receipts [14][15][16] 4. Operation Suggestions - ICE cotton is expected to maintain a low - level oscillation. Attention should be paid to external market factors. If market risk appetite deteriorates, there may be a risk of decline [17] - In the short term, Zhengzhou cotton futures are expected to maintain a slightly stronger oscillating trend, but the upward space may be limited. Attention should be paid to the change of the spot basis. It is too early to focus on next year's planting, and it is better to discuss it after the Spring Festival in combination with demand [2][17]

瑞达期货研究院 「2025.12.19」 棉花（纱）市场周报 研究员：王翠冰 期货从业资格号F03139616 期货投资咨询从业证Z0021556 关 注 微信客 服 号 添加客服 业务咨询 目录 「 周度要点小结」 行情回顾：本周郑棉主力2601合约价格上涨，周度涨幅约1.19%。 美棉市场 行情展望：据美国农业部(USDA)报告显示，11月27日止当周，2025/26年度美国陆 地棉出口销售净增13.59万包，较前周减少8%，较前四周均值减少23%。2025/26年 度美国陆地棉出口装运量12.21万包，较前周增加1%，较前4周平均水平减少5%。 当周美国棉花出口签约量减少、装运量环比小增。国内市场：供应端，当前全国棉 花公检量已超550万吨，预计商业库存加速增长。另外，11月棉花进口量环比小幅增 加，预计进口港口库存维持增长趋势，据海关统计，2025年11月我国棉花进口总量 约12万吨，环比增加3万吨，同比增幅9.4%。需求端，下游纺企旺季采购结束，纺 企淡季特征逐渐现象，市场出货速度偏慢，预计短期棉价震荡为主。 3 图1、CFTC美棉净持仓与ICE美棉活跃合约价格走势 1、周度要点小结 2、期现市场 ...

棉花(纱)产业日报 2025-12-18 | 项目类别 | 数据指标 环比 数据指标 | 最新 | | 最新 | 环比 | | --- | --- | --- | --- | --- | --- | | 期货市场 | 郑棉主力合约收盘价(日,元/吨) | 13960 | 35 棉纱主力合约收盘价(日,元/吨) | 20045 | -40 | | | 棉花期货前20名净持仓(手) | -143303 | 5696 棉纱期货前20名净持仓(手) | -877 | -39 | | | 主力合约持仓量:棉花(日,手) | 741948 | 10681 主力合约持仓量:棉纱(日,手) | 22824 | 377 | | | 仓单数量:棉花(日,张) 中国棉花价格指数:CCIndex:3128B(日,元 | 3619 | 137 仓单数量:棉纱(日,张) | 9 | 0 | | 现货市场 | /吨) 中国进口棉价格指数:FCIndexM:1%关税( | 15139 12760 | -5 中国纱线价格指数:纯棉普梳纱32支(日, 元/吨) 51 到港价:进口棉纱价格指数:纯棉普梳纱32 | 20880 21065 | 50 ...

「2025.12.12」 棉花（纱）市场周报 研究员：王翠冰 期货从业资格号F03139616 期货投资咨询从业证Z0021556 关 注 微信客 服 号 瑞达期货研究院 未来交易提示： 1、关注外棉价格变化2、需求3、库存情况 业务咨询 添加客服 目录 1、周度要点小结 2、期现市场 3、产业情况 4、期权及股市关联市场 「 周度要点小结」 行情回顾：本周郑棉主力2601合约价格上涨，周度涨幅约0.62%。 行情展望：据美国农业部(USDA)报告显示，11月13日止当周，2025/26年度美国陆 地棉出口销售净增18.76万包，较前周减少36%，较前四周均值增加10%。2025/26 年度美国陆地棉出口装运量11.32万包，较前周减少17%，较前4周平均水平减少 27%。当周美国棉花出口签约量、装运量均减少。国内市场：供应端，轧花厂皮棉 加工量持续增加，商业库存呈现季节性增长态势。进口方面，进口棉港口基本进多 出少。据Mysteel调研显示，截止至12月11日，进口棉主要港口库存连续第10周增加， 总库存39.03万吨，刷新5个月高点。需求端，下游纺企旺季采购结束，但中高支纱 线订单表现稳定，多选择刚需补货 ...

Report Summary 1. Report Industry Investment Rating No relevant information provided. 2. Core Viewpoints - This week, the price of the main Zhengzhou cotton contract 2601 rose, with a weekly increase of about 1.97%. The domestic cotton market has a loose supply - demand situation. The new cotton purchase is almost over, but the sales of new flowers are slow, and the port inventory remains high. The downstream demand has not improved significantly, with fewer new orders for textile enterprises and a slow - down in the shipment of cotton yarn [5]. - Future trading should focus on changes in foreign cotton prices, demand, and inventory levels. 3. Summary by Directory 3.1 Week - to - week Summary - **Market Review**: The price of the main Zhengzhou cotton contract 2601 rose, with a weekly increase of about 1.97% [5]. - **Market Outlook**: On the supply side, the new cotton purchase is near the end, and the cost is fixed with the price of seed cotton. However, the sales of new flowers are significantly slow, and the market digestion is slower than expected. The port inventory remains high. As of November 27, the inventory of imported cotton in major ports increased by 1.28% week - on - week, with a total inventory of 380,300 tons. The shipment in RMB is limited, with more imports than exports and light market trading. On the demand side, the downstream demand has not improved significantly. Textile enterprises have significantly fewer new orders, the shipment of cotton yarn has slowed down, and the overall market transaction atmosphere is weak. The current loose supply - demand situation continues. In the future, attention should be paid to whether the actual restocking willingness improves and macro - dynamics [5]. 3.2 Futures and Spot Market - **US Cotton Market**: As of October 7, 2025, the non - commercial long positions of US cotton were 70,902 lots, a decrease of 1,689 lots from the previous week; the non - commercial short positions were 129,324 lots, an increase of 6,748 lots from the previous week; the net short position was 58,422 lots, an increase of 8,437 lots from the previous week. The price of the US cotton March contract rose this week, with a weekly increase of about 1.06% [8][11]. - **Foreign Cotton Spot Market**: For the week ending October 9, US current - year cotton export sales increased by 157,600 bales net, a decrease of 21% from the previous week and an increase of 1% from the average of the previous four weeks. The current international cotton spot price is 74.5 cents per pound, a decrease of 0.15 cents per pound from last week [15]. - **Futures Market**: The price of Zhengzhou cotton contract 2601 rose this week, with a weekly increase of about 1.97%. The cotton yarn futures contract 2601 increased by about 1.85%. As of this week, the net position of the top 20 in cotton futures was - 123,629 lots, and that in cotton yarn futures was - 764 lots. The number of Zhengzhou Commodity Exchange cotton futures warehouse receipts was 2,408, and that of cotton yarn futures was 14 [20][26][30]. - **Spot Market**: As of November 28, 2025, the spot price index of cotton 3128B was 14,896 yuan per ton. The national purchase price of seed cotton 3128B was 3.15 yuan per 500 grams, and that in Xinjiang was 3.42 yuan per 500 grams. The price index of Chinese cotton yarn C32S was 20,660 yuan per ton, CY index: OEC10s (rotor - spun yarn) was 14,700 yuan per ton, and CY index: OEC10s (combed yarn) was 23,670 yuan per ton [39][42][54]. - **Imported Cotton (Yarn) Cost**: As of November 27, the sliding - scale duty price of imported cotton was 13,895 yuan per ton, an increase of 52 yuan per ton from last week; the quota price of imported cotton was 12,866 yuan per ton, an increase of 82 yuan per ton from last week. As of November 26, the import cotton yarn price index (FCY Index): port pick - up price: C21S was 19,987 yuan per ton; C32S was 21,097 yuan per ton; JC32S was 22,870 yuan per ton [58]. - **Imported Cotton Price Cost - Profit**: As of November 27, the estimated profit of imported cotton with sliding - scale duty was 987 yuan per ton, an increase of 39 yuan per ton from last week; the estimated profit of imported cotton with quota was 1,940 yuan per ton, an increase of 9 yuan per ton from last week [61]. 3.3 Industry Situation - **Supply Side**: - **Commercial Cotton Inventory**: At the end of October, the national commercial cotton inventory was 2.9306 million tons, an increase of 1.9089 million tons from the previous month, a growth rate of 186.84%, and 43,400 tons higher than the same period last year. As of the end of October, the in - stock industrial cotton inventory of textile enterprises was 888,200 tons, a year - on - year increase of 61,000 tons and a month - on - month increase of 42,700 tons [64]. - **Imported Cotton Quantity**: In October 2025, China's total cotton imports were about 90,000 tons, a month - on - month decrease of 10,000 tons and a year - on - year decrease of 20,000 tons or 15.6%. In October 2025, China imported 140,000 tons of cotton yarn, a month - on - month increase of 10,000 tons and a year - on - year increase of 20,000 tons [70]. - **Demand Side**: - **Yarn and Grey Cloth Inventory**: As of October 15, 2025, the yarn inventory days were 25.24 days, a month - on - month increase of 1.57%; the grey cloth inventory days were 31.43 days, a month - on - month increase of 1.00% [73]. - **Textile and Garment Exports**: In October 2025, China's textile and garment exports were 22.26 billion US dollars, a year - on - year decrease of 12.6% and a month - on - month decrease of 8.8%. Among them, textile exports were 11.258 billion US dollars, a year - on - year decrease of 9.0% and a month - on - month decrease of 5.9%; garment exports were 11 billion US dollars, a year - on - year decrease of 16.0% and a month - on - month decrease of 11.6% [78]. - **Domestic Garment Retail Sales**: As of October 31, 2025, the cumulative retail sales of clothing were 864.54 billion yuan, a month - on - month increase of 13.90%. The cumulative year - on - year growth rate of clothing retail sales was 2.9%, a month - on - month increase of 20.83% [82]. 3.4 Options and Stock - related Markets - **Options Market**: The implied volatility of at - the - money cotton options this week is presented in the relevant chart, but no specific data analysis is provided [83]. - **Stock Market**: The price - earnings ratio trend of Xinjiang Nongkai Development Co., Ltd. is shown in the chart, but no specific data analysis is provided [86].

Core Viewpoint - The cotton futures prices on the Intercontinental Exchange (ICE) have shown a slight increase, reflecting ongoing trends in the cotton market and production statistics in China [1][2]. Group 1: Cotton Futures Market - As of November 17, ICE cotton futures opened at 64.14 cents per pound and are currently at 64.19 cents per pound, marking a 0.08% increase [1]. - The highest price during the trading session reached 64.30 cents per pound, while the lowest was 64.09 cents per pound [1]. - On November 14, the closing price for cotton was 64.21 cents per pound, down by 0.70% from the previous session [1]. Group 2: Domestic Cotton Production and Sales - The estimated cotton production in China for 2025 is projected at 7.432 million tons, with cumulative cotton picking reaching 7.306 million tons as of November 13, an increase of 791,000 tons year-on-year [1]. - Cumulative sales of seed cotton reached 6.979 million tons, up by 861,000 tons year-on-year, and cumulative processing of cotton reached 3.907 million tons, an increase of 670,000 tons year-on-year [1]. - The cumulative sales of cotton reached 1.592 million tons, reflecting a year-on-year increase of 1.056 million tons [1]. Group 3: Cotton Inspection and Warehouse Data - As of November 13, 2025, the cumulative public inspection of cotton in China is 2.8312 million tons, with a year-on-year increase of 524,100 tons [2]. - The number of cotton warehouse receipts for Zheng cotton is currently at 1,960, equivalent to 83,300 tons, with inland warehouses holding 1,217 receipts, accounting for 62.09% of the total [2]. - The new cotton picking progress stands at 98.3%, which is a 0.7 percentage point increase year-on-year [2].