Group 1: Report Investment Rating - No information provided on the industry investment rating Group 2: Core Viewpoints - For cotton, the ICE U.S. cotton dropped 0.19% to 67.47 cents per pound on Thursday, while CF601 rose 0.11% to 14,030 yuan per ton. The main - contract positions increased by 3,484 lots to 482,000 lots. The cotton arrival price in Xinjiang decreased by 42 yuan per ton to 15,038 yuan per ton, and the China Cotton Price Index for Grade 3128B decreased by 30 yuan per ton to 15,210 yuan per ton. The international market has limited overall drivers, with both fundamentals and macro - factors showing no significant disturbances. The U.S. dollar index and U.S. cotton prices are mainly in a volatile state. The domestic market has increased stock index fluctuations and changing market sentiment. Zhengzhou cotton maintains a volatile trend. The current tight commercial cotton inventory supports cotton prices, and the market's focus will shift to new cotton. New cotton is likely to have a bumper harvest, which puts pressure on the upside, but the over - capacity of ginning factories and pre - sales of new cotton support the purchase expectations. In the future, Zhengzhou cotton has support at the bottom but needs more drivers to rise, and it is expected to be in a firm and volatile state in the short term [2]. - For sugar, SCA Brasil predicts that the sugar production in the central - southern region of Brazil in the 25/26 crushing season will drop to 39.1 million tons. The spot quotes of Guangxi sugar - making groups range from 5,890 to 6,000 yuan per ton, Yunnan sugar - making groups from 5,770 to 5,820 yuan per ton, and processing sugar factories from 6,050 to 6,200 yuan per ton, with a few increasing by 10 yuan per ton. The fluctuation range of raw sugar futures prices continues to narrow, and there is no new news about Brazil's sugarcane crushing. It is difficult to break through in the short term, and the mid - term impact of macro - factors should be noted. The domestic futures price rebounded slightly, with little change in trading volume and a slight increase in positions. The trend is not obvious, and investors can consider selling out - of - the - money put options. The import data for August should be monitored in the mid - term [2]. Group 3: Summary by Directory 1. Daily Data Monitoring - **Cotton**: The 9 - 1 contract spread is - 260, a decrease of 5 compared to the previous period. The main - contract basis is 1,180, a decrease of 5. The arrival price of Xinjiang cotton is 15,038 yuan per ton, a decrease of 42 yuan per ton, and the national price is 15,210 yuan per ton, a decrease of 30 yuan per ton [3]. - **Sugar**: The 9 - 1 contract spread is 46, a decrease of 16 compared to the previous period. The main - contract basis is 302, a decrease of 12. The spot price in Nanning is 5,970 yuan per ton, unchanged from the previous day, and in Liuzhou is 5,990 yuan per ton, also unchanged [3]. 2. Market Information - On August 21, the number of cotton futures warehouse receipts was 7,335, a decrease of 120 from the previous trading day, with 188 valid forecasts [4]. - On August 21, the cotton arrival prices in different regions were: 15,038 yuan per ton in Xinjiang, 15,274 yuan per ton in Henan, 15,208 yuan per ton in Shandong, and 15,328 yuan per ton in Zhejiang [4]. - On August 21, the comprehensive load of yarn was 49.6, unchanged from the previous day; the comprehensive inventory of yarn was 27.6, a decrease of 0.7; the comprehensive load of staple - fiber cloth was 48.4, unchanged from the previous day; and the comprehensive inventory of staple - fiber cloth was 32.4, a decrease of 0.1 [4]. - On August 21, the spot price of sugar in Nanning was 5,970 yuan per ton, unchanged from the previous day, and in Liuzhou was 5,990 yuan per ton, also unchanged [4]. - On August 21, the number of sugar futures warehouse receipts was 15,751, a decrease of 493 from the previous trading day, with 1 valid forecast [5]. 3. Chart Analysis - The report provides multiple charts for cotton and sugar, including the closing price of the main contract, the basis of the main contract, the 9 - 1 spread, the difference between domestic and foreign prices under the 1% tariff quota, the number of warehouse receipts and valid forecasts, and the China Cotton Price Index [7][10][15][18].

1. Report Industry Investment Rating - No information provided in the given content 2. Core Viewpoints of the Report - **Cotton**: The ICE U.S. cotton dropped 0.41% to 67.53 cents per pound on Tuesday, and CF601 decreased 0.11% to 14,100 yuan per ton. The main - contract positions increased by 2,482 lots to 488,500 lots. The cotton arrival price in Xinjiang dropped by 2 yuan to 1,500 yuan per ton, while the China Cotton Price Index (Grade 3128B) rose by 9 yuan to 15,243 yuan per ton. Internationally, the macro - level is the focus, and both the U.S. dollar index and U.S. cotton prices are oscillating. Fundamentally, the supply - demand pattern of U.S. cotton in the new year has a marginal narrowing, with a year - on - year decrease in the inventory - to - sales ratio, but the driving force is limited. Domestically, the market sentiment is warm, but the correlation between the Shanghai Composite Index and commodity or Zhengzhou cotton indices is not strong, so it provides support rather than an upward drive. New cotton is likely to have a good harvest, and the overall domestic supply - demand pattern has little contradiction, with a slightly lower expected inventory - to - sales ratio. In July, China imported 50,000 tons of cotton, a slight monthly increase but still at a low level, and the import volume in the new year is expected to be low. Overall, Zhengzhou cotton has support at the bottom, but needs more upward drive with the approaching of new cotton harvest and listing, and is expected to be in a firm oscillation in the short term [1]. - **Sugar**: Brazil exported 1.8832 million tons of sugar and molasses in the first two weeks of August, with a daily average of 171,200 tons. In August 2024, Brazil's sugar export volume was 3.9208 million tons, with a daily average of 178,200 tons. The spot quotes of Guangxi and Yunnan sugar - making groups remained stable, and most processing sugar mills' quotes were also stable, with only a few down 20 yuan. The raw sugar futures price fluctuated narrowly. Brazil is in the peak production period, with poor - quality sugar and a high sugar - making ratio maintaining production. Domestically, the quotes are flat without new drivers, and the July import data has been digested. Future import situations in the following months need attention, and the futures price is expected to continue narrow - range oscillation [1]. 3. Summary by Relevant Catalogs Research Viewpoints - **Cotton**: The daily performance of ICE U.S. cotton, CF601, and the main - contract positions are presented. The prices of cotton in Xinjiang and the China Cotton Price Index are given. The international market is affected by macro factors, and the domestic market has a warm sentiment but weak correlation with the stock index. New cotton is likely to have a good harvest, and the supply - demand pattern is relatively stable. The short - term view is firm oscillation [1]. - **Sugar**: The export data of Brazil in August and the spot quotes of domestic sugar - making groups and processing sugar mills are provided. The raw sugar futures price has narrow - range fluctuations, and the domestic market lacks new drivers, with the futures price expected to oscillate narrowly [1]. Daily Data Monitoring - **Cotton**: The 9 - 1 contract spread is - 280, up 15; the main - contract basis is 1,143, up 34. The spot prices in Xinjiang, the whole country, and Nanning are given [2]. - **Sugar**: The 9 - 1 contract spread is 60, down 11; the main - contract basis is 339, up 11 [2]. Market Information - **Cotton**: On August 19, the cotton futures warehouse receipts decreased by 166 to 7,596, with 249 valid forecasts. The arrival prices in different regions of China are provided. The yarn and short - fiber cloth comprehensive loads remained unchanged, while the inventories decreased slightly [4]. - **Sugar**: On August 19, the spot prices in Nanning and Liuzhou remained unchanged. The sugar futures warehouse receipts decreased by 445 to 16,486, with 1 valid forecast [4][5]. Chart Analysis - **Cotton**: Multiple charts are presented, including the closing price, basis, 9 - 1 spread, 1% tariff quota internal - external spread, warehouse receipts and valid forecasts, and the China Cotton Price Index of cotton [8][11][13]. - **Sugar**: Charts such as the closing price, basis, 9 - 1 spread, and warehouse receipts and valid forecasts of sugar are shown [16][19]. Research Team Personnel Introduction - Zhang Xiaojin, the director of resource research at Everbright Futures Research Institute, focuses on the sugar industry, and has won many analyst awards [21]. - Zhang Linglu, an analyst at Everbright Futures Research Institute, is responsible for research on urea, soda ash, and glass futures, and has won many honors [22]. - Sun Chengzhen, an analyst at Everbright Futures Research Institute, is engaged in fundamental research on cotton, cotton yarn, and ferroalloy, and won the Zhengzhou Commodity Exchange's textile senior analyst title in 2024 [23].

商品研究 | 走势评级: | 自糖 | 震荡 | | --- | --- | --- | | | 棉花- | 震荡 | 张秀峰—分析师 从业资格证号：F0289189 投资咨询证号：Z0011152 联系电话：0571-28132619 邮箱：zhangxiufeng@cindasc.com 请务必阅读正文之后的免责条款 2 期货研究报告 印度棉花产量预期增加，短期震荡运行 [T报ab告le日_R期ep：ortDate] 2025-08-20 报告内容摘要: [Table_Summary] 白糖：7 月起，云南、内蒙古遭遇极端降水，降雨量远超常年，局地甘蔗、 甜菜受灾，需持续监测对糖产量的潜在影响。暑期冷饮消费拉动食糖需求季 节性增长。同时，受国内外价差扩大驱动，近期食糖进口大幅攀升，但全年 进口总量预计仍在预期区间。 软商品日报 走势评级： 白糖——震荡 棉花——震荡 棉花：全国大部分棉花产区正处于开花的高峰期，而新疆的部分地区已进 入裂铃吐絮阶段，整体生长进度较往年提前。根据中国气象局的预测，8 月 新疆及长江流域的棉区将面临较高的气温和降水不足，这使得棉花遭受高温 热害的风险增加。目前，棉花的商业库存持 ...

软商品日报 2025/08/13 咨询业务资格：沪证监许可【2012】1515号 研报作者：许亮 Z0002220 审核：唐韵 Z0002422 【免责声明 】 本报告基于本公司认为可靠的、已公开的信息编制，但本公司对该等信息的准确性及完整性不作任何保证。本报告所载的意见、结论及预测仅反映报告发布时的观点、结论和 建议。在不同时期，本公司可能会发出与本报告所载意见、评估及预测不一致的研究报告。本公司不保证本报告所含信息保持在最新状态。本公司对本报告所含信息可在不发出通知的情形 下做出修改， 交易者（您）应当自行关注相应的更新或修改。本公司力求报告内容客观、公正，但本报告所载的观点、结论和建议仅供参考，交易者（您）并不能依靠本报告以取代行使 独立判断。对交易者（您）依据或者使用本报告所造成的一切后果，本公司及作者均不承担任何法律责任。本报告版权仅为本公司所有。未经本公司书面许可，任何机构或个人不得以翻 版、复制、发表、引用或再次分发他人等任何形式侵犯本公司版权。如征得本公司同意进行引用、刊发的，需在允许的范围内使用，并注明出处为"东亚期货"，且不得对本报告进行任何有 悖原意的引用、删节和修改。本公司保留追究相关 ...

软商品日报 光大期货软商品日报（2025 年 8 月 12 日） 一、研究观点 | 品种 | 点评 周一，ICE 美棉上涨 0.36%，报收 66.84 美分/磅，CF509 环比上涨 0.15%，报收 13680 | 观点 | | --- | --- | --- | | | 元/吨，主力合约持仓环比下降 14595 手至 24.62 万手，新疆地区棉花到厂价为 15047 元/吨，较前一日下降 16 元/吨，中国棉花价格指数 3128B 级为 15161 元/吨，较前 | | | | 一日下降 17 元/吨。国际市场方面，宏观层面仍是市场关注重点，9 月降息是大概 | | | | 率事件，年内降息次数或来到三次，对美棉价格有一定支撑。宏观层面关注关税谈 | | | | 判进展与降息预期，基本面关注 13 号公布的 USDA8 月报。国内市场方面，近期 | | | 棉花 | 09 合约持仓降幅稍有放缓，09 合约持仓量、09 合约/仓单数量均处于近年来同期 | 震荡 | | | 相对偏高水平。基本面来看，当前棉花商业库存数量相对偏低是不争事实，7 月库 | | | | 存降幅超 60 万吨，按照过去数年 8、 ...

Group 1: Report Investment Ratings - The investment rating for cotton is "Oscillating Upward" [1] - The investment rating for sugar is "Range-Bound with an Uptrend" [1] Group 2: Core Views - **Cotton**: On Thursday, ICE U.S. cotton rose 0.41% to 68.84 cents per pound, and CF509 rose 2.19% to 14,250 yuan per ton. The main contract's open interest increased by 19,226 lots to 587,600 lots. The cotton arrival price in Xinjiang was 15,316 yuan per ton, up 101 yuan from the previous day, and the China Cotton Price Index for Grade 3128B was 15,354 yuan per ton, up 82 yuan. Globally, the new - year cotton supply - demand is relatively loose, and the U.S. cotton inventory - to - sales ratio is high. In China, the Zhengzhou cotton futures price has moved up slightly, with the main contract's open interest increasing rapidly and the 9 - 1 and 9 - 11 spreads strengthening. Currently, low cotton inventory and short - term weather factors are driving the price, but the strong expectation of a cotton bumper harvest and limited short - term demand improvement will restrict the upside. In the short term, the Zhengzhou cotton futures price may still have some upside space and large volatility. Attention should be paid to the arbitrage space of the 09 contract. A strategy of selling high - priced out - of - the - money call options and buying low - priced out - of - the - money put options can be considered [1] - **Sugar**: In June 2025, China's refined sugar production was 337,000 tons, a year - on - year increase of 31.6%, and the cumulative production from January to June was 9.404 million tons, a year - on - year increase of 5.7%. The spot quotes of Guangxi and Yunnan sugar - making groups and some processing sugar factories have minor adjustments. The raw sugar price rose due to the rumor of a U.S. cola formula change, but there is no obvious short - term market driver. In the domestic market, the domestic sugar price quotes are slightly loose, the trading volume is average, the processing sugar factories' operating rate is high, and the market is highly concerned about the June import data. The market is treated as range - bound with an uptrend [1] Group 3: Summary by Directory 1. Daily Data Monitoring - **Cotton**: The 9 - 1 spread is 290, up 165; the main contract basis is 1,104, down 178. The Xinjiang spot price is 15,316 yuan per ton, up 101, and the national spot price is 15,354 yuan per ton, up 82 [2] - **Sugar**: The 9 - 1 spread is 169, up 3; the main contract basis is 252, down 20. The Nanning spot price is 6,050 yuan per ton, unchanged, and the Liuzhou spot price is 6,080 yuan per ton, unchanged [2] 2. Market Information - **Cotton**: On July 17, the cotton futures warehouse receipts were 9,585, down 58 from the previous day, with 223 valid forecasts. The cotton arrival prices in different regions were: Xinjiang 15,316 yuan per ton, Henan 15,411 yuan per ton, Shandong 15,302 yuan per ton, and Zhejiang 15,617 yuan per ton. The yarn comprehensive load was 49.9, unchanged, the yarn comprehensive inventory was 30.1, down 0.1, the short - fiber cloth comprehensive load was 48.1, unchanged, and the short - fiber cloth comprehensive inventory was 33.8, unchanged [3] - **Sugar**: On July 17, the sugar spot prices in Nanning and Liuzhou were unchanged at 6,050 yuan per ton and 6,080 yuan per ton respectively. The sugar futures warehouse receipts were 21,857, down 432 from the previous day, with 0 valid forecasts [3][4] 3. Chart Analysis - There are multiple charts for cotton and sugar, including the closing price, basis, spread, warehouse receipts, and price index of the main contracts, showing the historical data trends from 2021 - 2025 [6][14] 4. Research Team Introduction - Zhang Xiaojin is the director of resource product research at Everbright Futures Research Institute, focusing on the sugar industry [19] - Zhang Linglu is a resource product analyst at Everbright Futures Research Institute, responsible for futures varieties such as urea and soda ash glass [20] - Sun Chengzhen is a resource product analyst at Everbright Futures Research Institute, mainly engaged in fundamental research on cotton, cotton yarn, and ferroalloys [21]

Group 1: Report Industry Investment Rating - Not provided Group 2: Core Views of the Report - The cotton market is expected to be volatile. ICE US cotton rose 0.66% to 68.57 cents/pound on Tuesday, while CF509 decreased 0.36% to 13,850 yuan/ton. The main contract's open interest dropped by 11,044 lots to 546,700 lots. The cotton arrival price in Xinjiang increased by 4 yuan/ton to 15,286 yuan/ton, and the China Cotton Price Index for Grade 3128B rose by 7 yuan/ton to 15,302 yuan/ton. With the US CPI data in line with expectations and core CPI lower than expected, the market anticipates two interest rate cuts this year, with the next one likely in September. Domestically, the Zhengzhou cotton futures price declined slightly, but the night session strengthened. The previous factors supporting the cotton price increase - weather and low inventory - have limited sustainability. With strong expectations of a new cotton harvest and no obvious improvement in demand, the cotton price may fluctuate in the short - term and gradually decline in the long - term [1]. - The sugar market is also expected to be volatile. In the second half of June, Brazil's central - southern region had a 12.86% year - on - year decrease in sugarcane crushing volume to 42.706 million tons, a decrease in ATR, an increase in the sugar - making ratio, and significant year - on - year decreases in ethanol and sugar production. Domestic sugar prices showed mixed trends, with some price adjustments. The Brazilian sugar production still has uncertainties, and the domestic sugar market has a large divergence between bulls and bears, with import pressure on the upside and basis and raw sugar support on the downside [1]. Group 3: Summary by Relevant Catalogs Research Views - **Cotton**: ICE US cotton rose 0.66%, CF509 fell 0.36%. The main contract's open interest decreased. Xinjiang cotton arrival price and the China Cotton Price Index increased. US CPI data met expectations, and the market anticipates interest rate cuts. Domestically, the futures price declined slightly during the day and strengthened at night. The factors supporting the price increase have limited sustainability, and the new cotton harvest is expected to be good with weak demand [1]. - **Sugar**: In the second half of June, Brazil's sugarcane crushing volume, ATR, ethanol, and sugar production decreased year - on - year, while the sugar - making ratio increased. Domestic sugar prices had different trends, with some adjustments. The Brazilian production is uncertain, and the domestic market has a large divergence between bulls and bears [1]. Daily Data Monitoring - **Cotton**: The 9 - 1 spread was 30 yuan/ton, down 30 yuan/ton compared to the previous day. The main contract basis was 1452 yuan/ton, up 32 yuan/ton. The Xinjiang spot price was 15,286 yuan/ton, up 4 yuan/ton, and the national spot price was 15,302 yuan/ton, up 7 yuan/ton [2]. - **Sugar**: The 9 - 1 spread was 173 yuan/ton, down 11 yuan/ton. The main contract basis was 288 yuan/ton, up 5 yuan/ton. The Nanning spot price was 6060 yuan/ton, unchanged, and the Liuzhou spot price was 6090 yuan/ton, down 10 yuan/ton [2]. Market Information - On July 15, the cotton futures warehouse receipt quantity decreased by 91 to 9716, with 223 valid forecasts. The cotton arrival prices in different regions were reported, and the yarn and short - fiber cloth load and inventory data were also provided [3]. - On July 15, the sugar spot prices in Nanning were unchanged, and those in Liuzhou decreased by 10 yuan/ton. The sugar futures warehouse receipt quantity decreased by 114 to 22,602, with 0 valid forecasts [3][4]. Chart Analysis - The report provides multiple charts for cotton and sugar, including the closing price, basis, spread, and warehouse receipt data of the main contracts, showing the historical trends from 2021 - 2025 [6][8][10][12][14][15]. Research Team Personnel Introduction - Zhang Xiaojin, the director of resource product research at Everbright Futures Research Institute, focuses on the sugar industry. He has won many awards in relevant analyst evaluations [19]. - Zhang Linglu, an analyst at Everbright Futures Research Institute, is responsible for research on urea, soda ash, and glass futures. She has won multiple honors [20]. - Sun Chengzhen, an analyst at Everbright Futures Research Institute, is engaged in the fundamental research and data analysis of cotton, cotton yarn, and ferroalloys. He has won the Zhengzhou Commodity Exchange's textile product senior analyst title [21].

Group 1: Investment Ratings - No investment ratings for the industry are provided in the report. Group 2: Core Views - **Cotton**: On Monday, ICE U.S. cotton rose 1.02% to 68.11 cents per pound, and CF509 decreased 0.22% to 13,875 yuan per ton. The main - contract positions increased by 2,175 lots to 557,700 lots. The arrival price of cotton in Xinjiang was 15,282 yuan per ton, up 19 yuan from the previous day, and the China Cotton Price Index Grade 3128B was 15,295 yuan per ton, up 29 yuan. The USDA July report increased the global cotton production forecast by 311,000 tons, mainly from China and the U.S. The 2025/26 global cotton production is expected to exceed consumption, and there is still room for production increase. In the domestic market, the factors supporting the cotton price increase are not sustainable. The cotton planting area in Xinjiang increased by over 8% in 2025, and the weather is suitable with a high probability of a good harvest. Although the commercial inventory is low, there is no shortage worry due to sufficient state - reserve and potential quota increase. In the short - term, the Zhengzhou cotton futures price may rise, but the new - year's supply - demand pattern restricts the increase, and the 09 contract may perform better than the 01 [2]. - **Sugar**: The USDA reported that the U.S. 2025/26 sugar production is expected to be 9.195 million short tons, with beet sugar at 5.097 million short tons and cane sugar at 4.098 million short tons, and the inventory/consumption ratio is estimated at 13.5%. The spot sugar prices in Guangxi and Yunnan were stable, and some processing sugar mills raised the price by 10 yuan per ton. Brazilian bi - weekly sugar production was lower than expected, but the sugar price still declined due to concerns about future supply. In the domestic market, Yunnan and processing sugar sold well, but the concern about imported sugar pressure remained. The futures price rebounded and then followed the raw sugar decline, and it should be treated with a short - term oscillatory view, with attention to June import data [2]. Group 3: Summary by Directory 1. Research Views - **Cotton**: Analyzed international and domestic market conditions, including price changes, production forecasts, and supply - demand factors, and concluded that the short - term price may rise but is restricted by the new - year's supply - demand pattern [2]. - **Sugar**: Presented U.S. production forecasts, domestic and international price information, and supply - demand concerns, and suggested a short - term oscillatory view [2]. 2. Daily Data Monitoring - **Cotton**: The 9 - 1 spread was 60, down 5; the main - contract basis was 1,420, up 39; the Xinjiang spot price was 15,282, up 19, and the national spot price was 15,295, up 29 [3]. - **Sugar**: The 9 - 1 spread was 184, up 7; the main - contract basis was 283, down 7; the Nanning spot price was 6,060, unchanged, and the Liuzhou spot price was 6,100, unchanged [3]. 3. Market Information - **Cotton**: On July 14, the cotton futures warehouse receipts decreased by 43 to 9,807, with 216 valid forecasts. The arrival prices in different regions were reported, and the yarn and short - fiber cloth load and inventory data were also provided [4]. - **Sugar**: On July 14, the sugar spot prices in Nanning and Liuzhou were unchanged, and the sugar futures warehouse receipts decreased by 28 to 22,716, with 0 valid forecasts [4][5]. 4. Chart Analysis - Multiple charts of cotton and sugar, including closing prices, basis, spreads, warehouse receipts, and price indices over different time periods, were presented, with data sources from Wind and the Everbright Futures Research Institute [7][15]

软商品日报 光大期货软商品日报（2025 年 7 月 11 日） 一、研究观点 软商品日报 | 二、日度数据监测 | | --- | | 品种 | 合约价差 | 最新 | 环比 | 主力基差 | 环比 | 现货 | 最新 | 环比 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 棉花 | 9-1 | 55 | 10 | 1331 | -23 | 新疆 | 15175 | 12 | | | | | | | | 全国 | 15196 | 12 | | 白糖 | 9-1 | 175 | 11 | 285 | -11 | 南宁 | 6050 | 10 | | | | | | | | 柳州 | 6090 | 15 | 三、市场信息 1、7 月 10 日棉花期货仓单数量 9882 张，较上一交易日下降 50 张，有效预报 244 张。 2、7 月 10 日国内各地区棉花到厂价：新疆 15175 元/吨，河南 15229 元/吨，山东 15155 元/吨， 浙江 15429 元/吨。 | 品种 | 点评 周四，ICE 美棉下跌 0.03%，报收 67. ...

软商品日报 光大期货软商品日报（2025 年 7 月 10 日） 一、研究观点 | 品种 | 点评 | 观点 | | --- | --- | --- | | | | 震荡 | | | 周三，ICE 美棉上涨 0.5%，报收 67.72 美分/磅，CF509 环比上涨 0.51%，报收 13830 元/吨，主力合约持仓环比增加 3515 手至 54.68 万手，新疆地区棉花到厂价为 15163 | | | | 元/吨，较前一日下降 12 元/吨，中国棉花价格指数 3128B 级为 15184 元/吨，较前 | | | | 一日下降 9 元/吨。国际市场方面，近期整体驱动有限。宏观层面多为日内扰动， | | | | 美元指数在 97-98 区间震荡。基本面来看，美国棉花实播面积超此前预期，美棉 | | | 棉花 | 生长状况良好，产量或环比调增，同比持平，关注 7 月 USDA 报告，本周六公布。 | | | | 国内市场方面，昨日郑棉 V 字走势，环比小幅收涨。近期郑棉上下方均有驱动， | | | | 但力度有限。一方面，棉花低进口、低库存，以及近期天气扰动对棉价有一定支 | | | | 撑。另一方面，新棉丰产 ...