1. Report Industry Investment Rating - Not provided in the content 2. Core Viewpoints of the Report - Domestically, Zhengzhou cotton (Zhengmian) oscillated and then rebounded slightly this week, influenced by external markets. The basis in Xinjiang strengthened, and textile enterprises had small profits, strongly supporting the spot market. However, consumption was weak, with no rush - to - export situation in the downstream. The operating rates of textile and weaving enterprises declined significantly, and the inventory of grey cloth costs continued to rise. The market lacked continuous upward momentum but was supported by low inventory and a strong Xinjiang basis, so the downward space was limited. In the short term, Zhengmian may remain in an oscillatory state [53]. - Internationally, the market generally lacked drivers and maintained an oscillatory trend. As of June 1st, the U.S. cotton planting rate was 66%, 2 percentage points slower than last year and lower than the five - year average of 69%. The U.S. cotton planting progress was still behind, but the lag had narrowed. Some cotton had started to bud, and the early excellent - good rate was lower year - on - year. U.S. cotton export data improved, with 316,100 bales shipped in the week ending May 29th, up 15% from the previous week and 1% from the four - week average. Overall, the short - term price space for cotton was limited [53]. 3. Summary by Directory 3.1 Cotton Market Analysis 3.1.1 Futures Price Trends - Zhengzhou Commodity Exchange (ZCE) cotton futures prices oscillated this week, with a weekly increase of 0.64%. ICE cotton futures prices had a slight oscillation, with a weekly increase of 0.38% [10]. 3.1.2 Spot Prices - This week, the cotton price indices showed mixed trends. The 3128 index increased by 14 yuan/ton compared to last week, while the 2129 index decreased by 17 yuan/ton [14]. 3.1.3 Cotton Import Situation - In April, 60,000 tons of cotton were imported, a year - on - year decrease of 280,000 tons [17]. 3.1.4 Cotton Inventory Situation - In April, the commercial cotton inventory was 4.1526 million tons, a year - on - year decrease of 183,300 tons. The industrial cotton inventory was 954,200 tons, a year - on - year increase [26]. 3.1.5 Downstream Inventory Situation - In April, the yarn inventory was 20.8 days, a year - on - year decrease of 2.88 days. The grey cloth inventory was 30.17 days, a year - on - year increase of 2.34 days [30]. 3.1.6 Yarn Prices - This week, yarn prices declined. The price of 10 - count rotor - spun cotton yarn decreased by 80 yuan/ton compared to last week, the price of 32 - count carded cotton yarn decreased by 170 yuan/ton, and the price of 40 - count combed cotton yarn remained unchanged [35]. 3.1.7 Zhengzhou Commodity Exchange Warehouse Receipts and Valid Forecasts - This week, the total of Zhengzhou cotton warehouse receipts and forecasts decreased by 229. There were 10,939 warehouse receipts and 369 valid forecasts, totaling 11,308 [39]. 3.1.8 U.S. Cotton Export Situation - As of May 29th, the net export sales of U.S. upland cotton in the current year increased by 109,800 bales, and the net export sales in the next year were 39,000 bales [42][47]. 3.1.9 U.S. Weather Situation - Not elaborated in terms of its impact on the market in the provided content, only the data source is given [52]. 3.2后市展望 (Market Outlook) - The domestic market lacks continuous upward momentum but has limited downward space due to low inventory and a strong Xinjiang basis. Short - term Zhengmian may remain in an oscillatory state. The international market also lacks drivers and maintains an oscillatory trend, with the U.S. cotton planting progress still behind but the lag narrowing and export data improving [53].

研究所 宏观变动脱敏 郑棉转为震荡 ——国信期货棉花周报 2025年4月20日 研究所 目 录 CONTENTS 1 棉花市场分析 一、棉花市场分析 研究所 郑商所棉花期货价格走势 ICE期棉价格走势 2 后市展望 郑棉本周小幅下挫，周度跌幅0.66%。ICE期棉转为震荡，周涨幅0.15%。 数据来源：博易云 国信期货 免责声明：本报告以投资者教育为目的，不构成任何投资建议。 3 1、现货价格 研究所 本周棉花价格指数继续下挫。3128指数较上周下跌59元/吨，2129指数较上周下跌66元/吨。 10,000 12,000 14,000 16,000 18,000 20,000 22,000 24,000 26,000 2020年1月 2020年3月 2020年5月 2020年7月 2020年9月 2020年11月 2021年1月 2021年3月 2021年5月 2021年7月 2021年9月 2021年11月 2022年1月 2022年3月 2022年5月 2022年7月 2022年9月 2022年11月 2023年1月 2023年3月 2023年5月 2023年7月 2023年9月 2023年11月 20 ...