农产品日报 | 2025-07-29 基本面改善有限，纸浆期价冲高回落 棉花观点 市场要闻与重要数据 期货方面，昨日收盘棉花2509合约14075元/吨，较前一日变动-95元/吨，幅度-0.67%。现货方面，3128B棉新疆到 厂价15473元/吨，较前一日变动+54元/吨，现货基差CF09+1398，较前一日变动+149；3128B棉全国均价15609元/ 吨，较前一日变动+60元/吨，现货基差CF09+1534，较前一日变动+155。 近期市场资讯，据统计，截至2025年7月17日，美国累计净签约出口2024/25年度棉花277.5万吨，达到年度预期出 口量的108.00%，累计装运棉花253.9万吨，装运率91.51%。上周四至周五，巴基斯坦除部分地区零星阵雨外，多 数棉区持续炎热潮湿。受前期降雨影响，籽棉上市放缓，新棉交易有限。纱厂仅接受以现行价格成交，不愿高价 采购。25日卡拉奇棉花协会（KCA）2025/26年度现货价格持稳，仍为16300卢比/莫恩德。 市场分析 昨日郑棉期价震荡收跌。国际方面，上周国际棉市消息平淡，无明确方向指引。目前来看今年供应端天气的叙事 性不足，考虑到巴西和中国的增产预期 ...

Group 1 - The ISM report indicates that 11 industries, including apparel, petroleum, plastics, and rubber, are experiencing expansion, while 6 industries are in contraction [1] - The manufacturing import index from ISM saw its largest decline since the end of 2023 as companies' strategies to pre-import goods to avoid tariffs near their conclusion [1] - Manufacturers are facing upward cost pressures despite a decline in energy prices, with material price indicators reaching their highest level since June 2022 [1]