每日经济新闻 （责任编辑：张晓波 ） 【免责声明】本文仅代表作者本人观点，与和讯网无关。和讯网站对文中陈述、观点判断保持中立，不对所包含内容 的准确性、可靠性或完整性提供任何明示或暗示的保证。请读者仅作参考，并请自行承担全部责任。邮箱： news_center@staff.hexun.com 消息面上，6月26日中信建投研报指出，工业金属（铜、铝）因中美博弈阶段性缓和及新能源、电 网投资需求韧性叠加供给瓶颈，价格中枢有望抬升。6月23日稀土市场监测显示，氧化物主流产品价格 上涨，分离企业对后市持乐观态度，下游企业维持刚需采购。 民生证券指出，工业金属价格受美联储维持基准利率及5月零售数据低于预期影响呈现震荡。铜方 面，矿端持续紧张，中国冶炼厂与Antofagasta的谈判僵持，需求端进入传统淡季，铜线缆企业开工率环 比下降3.04pct。铝方面，氧化铝开工率环比下降0.4pct，部分企业因用矿成本问题选择减产；电解铝下 游采买情绪不足，但社会库存保持去库趋势。锌价受海外库存减少支撑，但国内供需双弱；铅因原料供 应矛盾突出及消费低迷维持盘整；镍价受需求疲软及伦镍传导影响进一步走弱。整体来看，工业金属市 场受宏观 ...

建信期货： 宏观方面，美国态度有所缓和，特朗普表示对中国关税将大幅下降，但中国必须与美国达成协议。从海 外市场情况来看，美棉种植进度同比持平，干旱指数同比偏高，外盘走势仍有支撑，但巴西产量预期继 续上调，供应也面临压力，关注后续种植进展、出口签约情况以及宏观变化。国内市场，新棉总体播种 进度较好，局部存大风等天气影响程度有限。下游成品库存略微累库但幅度不大，开机暂稳，纺企棉花 原料库存已补充至较高水平。宏观压力有所缓和，郑棉小幅反弹试探上方压力位，关税不确定性仍存， 可提前布局买入虚值看跌期权规避长假宏观不确定风险。 根据美国商品期货交易委员会（CFTC）补充报告的数据，投机者在截至4月22日当周，棉花投机者将净 空头持仓减少了3220手，至52619手。 据CAI公布的数据统计显示，截至2025年4月20日当周，印度棉花周度上市量4.2万吨，同比下滑87%； 印度2024/25年度的棉花累计上市量441.96万吨，同比下滑5%。CAI累计上市量达24/25年度预测平衡表 产量（495万吨）的89%，同比快5%。 机构观点 消息面 根据最新USDA年会预期来看，25/26年度全球棉花产量有所调减，预计在254 ...

Group 1: Report Overview - Reported industry: Cotton [1] - Report date: April 24, 2025 [2] - Researchers: Yu Lanlan, Lin Zhenlei, Wang Haifeng, Hong Chenliang, Liu Youran [3] Group 2: Market Review and Operation Suggestions Market Review - Macro pressure eased, and Zhengzhou cotton rebounded slightly. The latest cotton price index for Grade 328 was 14,151 yuan/ton, down 67 yuan/ton from the previous trading day. Different regions had different cotton sales basis prices. [6][7] - The overall market of pure cotton yarn was average, with reduced new orders and low procurement enthusiasm. Cotton yarn prices were mainly falling. The pure cotton grey fabric market remained weak and stable, with few new orders and overall weak shipments. [8] - In the macro - aspect, the US attitude eased, and Trump mentioned a significant reduction in tariffs on China. Overseas, the US cotton planting progress was the same as the previous year, and the drought index was higher year - on - year. Domestically, the new cotton sowing progress was good overall, and downstream finished product inventories slightly increased. [8] Operation Suggestions - Due to the uncertainty in the market, it is advisable to pre - arrange to buy out - of - the - money put options to avoid the macro - uncertainty risks during the long holiday. [8] Group 3: Industry News - As of April 15, the drought degree and coverage index of the main US cotton - producing areas (93.0%) was 145, up 2 month - on - month and 90 year - on - year. The index in Texas was 232, up 3 month - on - month and 150 year - on - year. [9] - As of the week ending April 20, 2025, the US cotton planting rate was 11%, the same as the previous year and the five - year average. [9] - As of April 21, 2025, the total cotton inventory in Zhangjiagang Free Trade Zone was 50,800 tons, a 0.79% decrease from the previous week. Among them, bonded cotton was 46,300 tons, a 1.11% decrease, and non - bonded cotton was 4,400 tons, a 2.68% increase. [9] Group 4: Data Overview - The report presents multiple data charts including cotton price indices, futures prices, basis changes, inventory data, and exchange rate data, with data sources from Wind and the Research and Development Department of CCB Futures. [16][18][20]