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建信期货棉花日报-20250814
Jian Xin Qi Huo· 2025-08-14 01:51
Group 1: Report Information - Industry: Cotton [1] - Date: August 14, 2025 [2] - Researchers: Yu Lanlan, Lin Zhenlei, Wang Haifeng, Hong Chenliang, Liu Youran [3] Group 2: Market Review and Operation Suggestions - Zhengzhou cotton rose on heavy volume boosted by the external market. The latest cotton price index for grade 328 was 15,188 yuan/ton, up 11 yuan/ton from the previous trading day. The basis of Xinjiang Kashgar lint in 2024/25 was in the range of CF09+1050 - 1200, and most quotes were above CF09+1200. The sales basis of 2024/25 Northern Xinjiang machine-picked cotton was mostly above CF09+1450 [7] - The pure cotton yarn market improved slightly as the peak season approached, with fewer low-price resources and a slightly higher trading center. The overall demand for cotton grey cloth did not see a large release, only a slight improvement in some areas compared to July. Factories were actively clearing inventories, and the growth rate of grey cloth decreased. Sampling increased, but most actual orders were not placed [7] - In July, the US CPI rose 2.7% year-on-year, lower than expected, increasing the expectation of a Fed rate cut in September and causing the US dollar index to decline. The USDA August supply and demand report showed that the estimated sown area of US cotton in 2025/26 was reduced to 9.28 million acres, a decrease of 8.1% from the June report. The estimated harvested area was 7.36 million acres, and the abandonment rate increased from 14.4% to 20.7%. The domestic new cotton output was expected to increase steadily, bringing phased pressure. The downstream market improved marginally, with an increase in sampling orders for grey cloth and better yarn sales after the cotton price stabilized. Today, boosted by the external market, the main contract of Zhengzhou cotton rose with increased positions. Attention should be paid to the performance at the previous high pressure level [8] Group 3: Industry News - The August USDA monthly supply and demand report significantly reduced the sown area of US cotton by 17%, resulting in a 300,000-ton reduction in US cotton output in 2025/26 to 2.88 million tons, a 110,000-ton reduction in exports to 2.61 million tons, and a 220,000-ton reduction in ending stocks to 780,000 tons. The USDA also increased China's cotton output in 2025/26 by 110,000 tons to 6.86 million tons and consumption by 220,000 tons to 8.16 million tons. Global cotton output decreased by 390,000 tons to 25.39 million tons, and consumption decreased by 30,000 tons to 25.69 million tons [9] Group 4: Data Overview - The report includes various data charts such as China's cotton price index, cotton spot price, cotton futures price, cotton basis change, CF1 - 5 spread, CF5 - 9 spread, CF9 - 1 spread, cotton commercial inventory, cotton industrial inventory, warehouse receipt volume, US dollar to RMB exchange rate, and US dollar to Indian rupee exchange rate [18][19][20]
ICE棉花价格弱势震荡 新疆棉花产区天气总体正常
Jin Tou Wang· 2025-08-13 03:12
Core Viewpoint - The cotton futures prices on the Intercontinental Exchange (ICE) are experiencing weak fluctuations, with a current price of 68.28 cents per pound, reflecting a decline of 0.23% from the opening price [1] Cotton Market Review - On August 12, the ICE cotton futures showed the following performance: opening price at 66.82 cents, highest at 68.45 cents, lowest at 66.73 cents, and closing at 68.26 cents, marking a 2.16% increase [1] USDA Supply and Demand Report - The USDA's August supply and demand report forecasts the U.S. cotton planting area for the 2025/2026 season at 9.28 million acres, down from the July estimate of 10.12 million acres, a decrease of 840,000 acres [1] - The expected harvested area for U.S. cotton in the 2025/2026 season is projected at 7.36 million acres, reduced from the July forecast of 8.66 million acres, a decrease of 1.3 million acres [1] Zhengzhou Commodity Exchange Update - As of August 12, the number of cotton futures warehouse receipts on the Zhengzhou Commodity Exchange stands at 8,369, which is a decrease of 85 from the previous trading day [1] Weather Conditions in Xinjiang - The weather in the Xinjiang cotton-producing region is generally normal, with stable cotton growth conditions due to the alleviation of high temperatures and effective field management measures [1]
建信期货棉花日报-20250813
Jian Xin Qi Huo· 2025-08-13 02:06
行业 棉花 日期 2025 年 8 月 13 日 研究员:余兰兰 021-60635732 yulanlan@ccb.ccbfutures.com 期货从业资格号:F0301101 研究员:林贞磊 021-60635740 linzhenlei@ccb.ccbfutures.com 期货从业资格号:F3055047 研究员:王海峰 021-60635727 wanghaifeng@ccb.ccbfutures.com 期货从业资格号:F0230741 研究员:洪辰亮 021-60635572 hongchenliang@ccb.ccbfutures.com 期货从业资格号:F3076808 研究员:刘悠然 021-60635570 liuyouran@ccb.ccbfutures.com 期货从业资格号:F03094925 农产品研究团队 、 请阅读正文后的声明 #summary# 每日报告 一、行情回顾与操作建议 表1:行情回顾 海外市场,下一年度新棉签约进度同比偏慢,CFTC 基金净多持仓维持低位运 行,外盘维持宽幅区间震荡重心略有下移,关注 8 月 USDA 供需报告指引。国内市 场,距离新花上市还有 ...
《农产品》日报-20250813
Guang Fa Qi Huo· 2025-08-13 02:03
Report Summary 1. Investment Ratings No investment ratings are provided in the reports. 2. Core Views - **Sugar**: Short - term, it's difficult for raw sugar prices to fall below previous lows, but the overall trend is bearish. Zhengzhou sugar may rebound but will remain bearish due to increased imports and weak demand [3]. - **Corn**: In the short - term, the corn market has average trading, with a weak sentiment and the futures price will oscillate at a low level. In the long - term, the futures price may decline due to lower costs and increased supply [5]. - **Meal**: Hold long positions in the 01 contract of rapeseed meal. Domestic soybean and meal inventories are rising, and short - term supply is high, which suppresses the spot price [10]. - **Pig**: Spot pig prices are weakly oscillating, and short - term prices are not optimistic. The far - month 01 contract has support but also faces hedging pressure [13]. - **Cotton**: Short - term, domestic cotton prices may oscillate within a range. After new cotton is on the market, prices will face pressure [17]. - **Egg**: Egg futures are still bearish, but low - price demand may support prices, while high supply may limit the increase [21]. 3. Summary by Industry 3.1 Oil and Fat Industry - **Soybean Oil**: The spot price in Jiangsu increased by 0.70% to 8670 on August 12. The basis of Y2601 increased by 18.18% [1]. - **Palm Oil**: The spot price in Guangdong increased by 3.12% to 9260. The basis of P2509 increased by 57.14%. The import profit decreased by 254.50% [1]. - **Rapeseed Oil**: The spot price in Jiangsu increased by 1.24% to 9760. The basis of OI601 decreased by 180.77% [1]. 3.2 Sugar Industry - **Futures Market**: The prices of SR2601 and SR2509 increased by 0.63% and 0.49% respectively. The open interest of the main contract decreased by 0.19%, and the number of warehouse receipts decreased by 2.12% [3]. - **Spot Market**: The price in Nanning remained unchanged. The basis decreased. The import price of Brazilian sugar increased [3]. - **Industry Situation**: National sugar production and sales increased by 12.03% and 23.07% respectively year - on - year. Industrial inventory decreased [3]. 3.3 Corn Industry - **Corn**: The price in Jinzhou Port decreased slightly. The 9 - 1 spread decreased by 9.46%. The number of vehicles at Shandong deep - processing plants increased by 25.25% [5]. - **Corn Starch**: The price of CS2509 increased by 0.11%. The basis decreased by 4.41%. The profit of Shandong starch increased by 9.71% [5]. 3.4 Meal Industry - **Soybean Meal**: The spot price in Jiangsu decreased by 0.34%. The basis of M2601 decreased by 23.77%. The import profit of Brazilian soybeans decreased [10]. - **Rapeseed Meal**: The spot price in Jiangsu decreased by 2.99%. The basis of RM2601 decreased by 100%. The import profit of Canadian rapeseed increased [10]. - **Soybean**: The price of domestic and imported soybeans remained stable. The basis of the main contracts changed [10]. 3.5 Pig Industry - **Futures**: The prices of LH2511 and LH2601 increased by 0.64% and 0.42% respectively. The open interest of the main contract decreased by 2.28% [13]. - **Spot**: Prices in different regions had small fluctuations. The daily slaughter volume remained unchanged [13]. 3.6 Cotton Industry - **Futures Market**: The prices of CF2509 and CF2601 increased by 0.40% and 0.72% respectively. The open interest of the main contract increased by 67.73%, and the number of warehouse receipts decreased by 1.04% [17]. - **Spot Market**: The prices of Xinjiang cotton and related indexes increased slightly. The basis decreased [17]. - **Industry Situation**: Commercial inventory decreased by 13.9%, and industrial inventory increased by 1.8%. Import volume decreased by 25% [17]. 3.7 Egg Industry - **Futures**: The prices of JD09 and JD10 increased by 1.22% and 0.41% respectively. The 9 - 10 spread increased by 31.03% [20]. - **Spot**: The egg price in the production area remained unchanged. The basis decreased by 25.52% [20]. - **Industry Situation**: The price of egg - laying chicks remained stable, the price of culled hens decreased, and the breeding profit decreased significantly [20][21].
2019-2025年7月下旬棉花(皮棉,白棉三级)市场价格变动统计分析
Chan Ye Xin Xi Wang· 2025-08-11 03:26
Group 1 - The core viewpoint of the article highlights the market price trends of cotton, specifically the price of cotton used for processing, which is projected to be 14,916.3 yuan/ton in late July 2025, reflecting a year-on-year decline of 1.31% but a month-on-month increase of 0.89% [1] - In comparison to the past five years, the price of cotton reached its peak in late July 2023 at 17,841.6 yuan/ton, indicating significant fluctuations in the market [1]
7月中国通胀数据基本符合预期
Dong Zheng Qi Huo· 2025-08-11 00:49
Report Industry Investment Ratings Not provided in the content. Core Views of the Report - The overall market is influenced by multiple factors including geopolitical events, economic data, and policy changes. For instance, the potential outcomes of the US-Russia talks and the uncertainty in the US-China trade relationship are key factors affecting various markets [17][44]. - In the financial market, different asset classes have different outlooks. Gold is expected to continue its oscillatory trend with increased volatility; the US dollar is predicted to remain weak in the short - term; and the US stock market may face correction risks due to the fluctuating interest - rate cut expectations [13][18][22]. - In the commodity market, each sector has its own supply - demand dynamics. For example, the油脂 market may experience short - term pullbacks but has long - term potential for long - positions; the copper market is likely to have high - level oscillations with inventory increases limiting the upside [33][57]. Summary by Directory 1. Financial News and Reviews 1.1 Macro Strategy (Gold) - Fed's Bowman supports three interest rate cuts this year. The gold price oscillated on Friday with increased intraday volatility. After the White House clarified that imported gold bars would not be taxed, the COMEX gold price declined to narrow the spread with London gold. The gold price is in an oscillatory range, and short - term oscillations are expected to continue with attention to correction risks [12][13]. 1.2 Macro Strategy (Foreign Exchange Futures - US Dollar Index) - The NATO Secretary - General is optimistic about the "Trump - Putin meeting". Nordic and Baltic leaders reaffirmed their support for Ukraine. The US - Russia meeting in Alaska and the European stance on Ukraine make the outcome of the meeting and the cease - fire in the Russia - Ukraine conflict highly uncertain, leading to the US dollar remaining weak in the short - term [14][15][17]. 1.3 Macro Strategy (US Stock Index Futures) - Fed officials have different views on interest rates. Some support maintaining the current rate due to unmet inflation targets, while others advocate for rate cuts. The market's interest - rate cut expectations are volatile, and the US stock market at its current level may face correction risks [19][21][22]. 1.4 Macro Strategy (Treasury Bond Futures) - The issuance of local bonds with VAT on interest started on August 8. The central bank conducted reverse repurchase operations. The bond market is expected to be in a favorable period in the first half of August, and trading - position long - holders can continue to hold their positions [23][24][27]. 1.5 Macro Strategy (Stock Index Futures) - In July, China's CPI was flat year - on - year, and PPI decreased by 3.6% year - on - year. Beijing optimized its housing purchase restrictions, and the capital market is expected not to have a large - scale IPO expansion. The strengthening of the core CPI may support the stock market pricing, and it is recommended to allocate evenly among stock indices [28][29][31]. 2. Commodity News and Reviews 2.1 Agricultural Products (Soybean Oil/Rapeseed Oil/Palm Oil) - The actual soybean crushing volume in the 32nd week was 2177500 tons, and the expected volume in the 33rd week is 2369500 tons. Multiple countries' policies may change. India may raise edible oil import tariffs, and there are rumors about the US RVO proposal. The short - term oil market may pull back, but it has long - term potential for long - positions, and it is recommended to go long on dips [32][33]. 2.2 Agricultural Products (Soybean Meal) - The market expects the USDA August supply - demand report to raise the US soybean yield. The US soybean market is weak, while the domestic soybean meal market is relatively strong. It is recommended to continue to focus on the development of Sino - US relations and changes in import and demand [34][35]. 2.3 Agricultural Products (Sugar) - Brazil's sugar exports decreased in July, indicating weak export demand. The international sugar market is under pressure due to the expected oversupply in the 25/26 season. However, factors such as the low sugar - ethanol price difference and poor cane quality may limit the downside of the ICE raw sugar price. The domestic sugar market is also under pressure from increased imports, but the downside of the Zhengzhou sugar price is limited, and it is not recommended to short aggressively [39][40]. 2.4 Agricultural Products (Cotton) - The US tariff policy and the uncertainty in the US - China trade relationship increase market concerns. The ICE cotton price is expected to remain weak in the short - term. Domestically, the cotton supply is tight before the new cotton harvest, and there may be a small - scale "rush to buy" at the beginning of the new cotton season. The 1 - month contract may rebound, and it is recommended to pay attention to the US - China trade policy [44]. 2.5 Black Metals (Rebar/Hot - Rolled Coil) - China has completed the ultra - low emission transformation of 600 million tons of crude steel production capacity. The inventory of five major steel products is increasing, and the demand has not changed significantly. The steel price is expected to oscillate in the short - term due to the limited impact of environmental protection restrictions on supply and the difficulty of the spot price to follow the increase [45][47]. 2.6 Agricultural Products (Corn Starch) - The cassava starch inventory has increased again at a high level, and the price difference with corn starch has narrowed. There is no driving force for the price difference to strengthen in the supply - demand situation, and the price difference in the 09 contract may be affected by the new corn harvest in North China [48]. 2.7 Agricultural Products (Corn) - The成交 rate of imported corn auctions remains low. The market's demand for imported corn substitutes is expected to decline, and the old - crop spot price is likely to weaken. It is recommended to hold short positions in new - crop corn and pay attention to the weather [49][50]. 2.8 Non - ferrous Metals (Alumina) - Two factories of a Shanxi alumina enterprise were affected by ore supply. The spot price remained stable, and the futures price was weak. It is recommended to wait and see [51][53]. 2.9 Non - ferrous Metals (Copper) - The US is interested in investing in Pakistan's copper mining. Chile's Codelco partially restarted a copper mine. Macro factors may provide short - term support for the copper price, but the increase in global inventory will limit the upside. It is recommended to wait and see for single - side trading and focus on the cross - market reverse arbitrage strategy [54][57]. 2.10 Non - ferrous Metals (Polysilicon) - The Guangzhou Futures Exchange added new registered brands for polysilicon futures. The spot trading is light, and the inventory is increasing. The short - term polysilicon price may range between 45000 - 57000 yuan/ton, and it may reach over 60000 yuan/ton in the long - term. It is recommended to go long on dips and consider the 9 - 12 positive arbitrage [58][60]. 2.11 Non - ferrous Metals (Industrial Silicon) - Some production capacities in Xinjiang have resumed production. The supply may increase in August, but the demand from polysilicon may lead to inventory reduction. It is recommended to go long on dips in the short - term, with risks from large - factory resumption and polysilicon production cuts [61][62]. 2.12 Non - ferrous Metals (Lithium Carbonate) - Ningde Times' Jiaxiaowo mining site will stop production. The production loss will lead to inventory reduction in the third - quarter balance sheet. The short - term price is expected to be strong, and it is recommended to go long on dips and consider the inter - month positive arbitrage [63]. 2.13 Non - ferrous Metals (Lead) - The primary lead production is expected to increase, while the secondary lead production is affected by sewage inspections. The demand is in the pre - peak season waiting to be verified. It is recommended to hold long positions established at low prices and pay attention to the positive arbitrage between domestic and foreign markets [65][66]. 2.14 Non - ferrous Metals (Zinc) - The LME zinc inventory has decreased significantly, while the domestic zinc supply is high. The demand is stable in the primary processing sector. The short - term trading of Shanghai zinc is difficult, and it is recommended to manage positions for single - side trading, consider the medium - term positive arbitrage, and wait and see for the domestic - foreign trading [67][68]. 2.15 Non - ferrous Metals (Nickel) - The LME nickel inventory has increased. The macro - environment provides some support, but the supply is expected to be in surplus. The short - term nickel price is unlikely to decline significantly, and it is recommended to focus on short - term trading opportunities and consider short - selling at high prices in the medium - term [69][70]. 2.16 Energy Chemicals (Carbon Emissions) - The EU carbon price oscillated last week. The carbon price may be supported by the buying demand before the compliance deadline, but the weak demand may limit the upside. The EU carbon price is expected to oscillate in the short - term [71][72]. 2.17 Energy Chemicals (Crude Oil) - The US oil rig count decreased. India's state - owned refineries are招标 to purchase non - Russian crude oil. The oil price has fallen to a new low since early June due to reduced geopolitical risk premiums. The short - term oil price volatility is expected to increase [73][74][76]. 2.18 Energy Chemicals (Caustic Soda) - The Shandong caustic soda market is stable. The supply has decreased slightly, and the demand is average. The caustic soda spot price is starting to weaken, but the downside is limited due to factors such as low liquid chlorine prices and strong coal prices [77][78]. 2.19 Energy Chemicals (Pulp) - The imported wood pulp spot market has limited adjustments. The futures price is oscillating. The anti - involution sentiment has cooled down, and the pulp market is expected to be weak and oscillatory in the short - term [79]. 2.20 Energy Chemicals (PVC) - The domestic PVC powder market is weakly oscillating. The futures price is down, and the trading is light. The PVC fundamentals are weak, but the macro - environment and coal prices provide support. The market is expected to oscillate [80]. 2.21 Energy Chemicals (PX) - A South Korean PX plant is under maintenance, and Japanese PX plants are restarting. The PX price is affected by downstream demand, PTA spot price, and other factors, and is expected to oscillate in the short - term [81]. 2.22 Energy Chemicals (PTA) - A Northeast PTA plant is shutting down. The weaving industry is in the off - season, and the PTA supply and demand have little contradiction. The PTA price mainly follows the crude oil price and is expected to oscillate in the short - term [82][83]. 2.23 Shipping Index (Container Freight Rate) - Maersk's second - quarter earnings were strong. The SCFI index has declined. The shipping companies are accelerating price cuts, and the supply pressure is increasing. The freight rate may continue to decline, and it is recommended to pay attention to the short - selling opportunities when the market is boosted by sentiment [84][87].
棉系数据日报-20250808
Guo Mao Qi Huo· 2025-08-08 07:38
Report Summary Core View - In the context of the expected new crop harvest and the reality of old - crop inventory shortage, the pattern of near - term strength and long - term weakness is prominent. From late July to early August, multiple policies and industry events are in the window period. Domestic policy - related meeting contents, Sino - US trade negotiation progress, the realization of new cotton harvest, whether the import sliding - scale duty quota will be increased and the increase amount have a significant impact on the Zhengzhou cotton outlook, especially the increase of import sliding - scale duty quota has a greater impact on the old - crop supply - demand and near - term contracts [4] Data Summary Domestic Cotton Futures - CF01 on August 7 was 13835, down 15 (-0.11%) from August 6; CF09 was 13670, down 20 (-0.15%); CF09 - 01 was - 165, down 5 from August 6 [3] Domestic Cotton Spot - In Xinjiang on August 7, the price was 15089, up 6 (0.04%); in Henan it was 15220, up 15 (0.10%); in Shandong it was 15169, up 20 (0.13%); Xinjiang - main continuous basis was 1419, up 26 [3] Domestic Cotton Yarn Futures and Spot - Domestic cotton yarn futures CY on August 7 was 19705, down 5 (-0.03%); domestic cotton yarn spot C32S price index was 20620, down 20 (-0.10%) [3] US Cotton Spot - US cotton spot CT (USD/ pound) on August 7 was 67, unchanged (0.00%); the arrival price was 76.50, down 0.5 (-0.65%); 1% quota pick - up price was 13480, down 87 (-0.64%); sliding - scale duty pick - up price was 14282, down 53 (-0.37%) [3] Spread Data - Yarn - cotton spread (futures) was 5870, up 10; yarn - cotton spread (spot) was 802, up 34; the spot internal - external spread was 1689, up 107 [3][4]
ICE棉花价格弱势震荡 ICAC预测显示全球棉花贸易量稳定在970万吨
Jin Tou Wang· 2025-08-08 02:48
【棉花市场消息速递】 国际棉花咨询委员会(ICAC)的预测显示,全球棉花贸易量稳定在970万吨。全球2025/26年度棉花产 量预计将达到2590万吨,小幅超过预计的消费量2560万吨。 北京时间8月8日,美国洲际交易所(ICE)棉花期货价格弱势震荡,今日开盘报66.42美分/磅,现报每 吨66.31美分/磅,跌幅0.08%,盘中最高触及66.45美分/磅,最低下探66.30美分/磅。 更新时间: 棉花期货行情回顾: 8月7日美国洲际交易所(ICE)棉花期货行情 品种 开盘价 最高价 最低价 收盘价 美棉花 66.89 67.44 66.38 66.44 -0.69% 据美国商品期货交易委员会(CFTC)最新数据,截至8月1日,美棉ON-call未点价卖出订单50228手, 环比减少2640手;未点价买入订单105129手,环比增加3301手。 8月7日,郑商所棉花期货仓单8677张,环比上个交易日减少135张。 ...
Miran获特朗普提名出任美联储理事
Dong Zheng Qi Huo· 2025-08-08 01:54
Investment Rating of the Report The provided content does not mention the industry investment rating. Core Viewpoints of the Report - Gold prices are trending upward with strong performance, influenced by the risk - aversion sentiment due to the implementation of reciprocal tariffs by the US. The potential US tariff on Swiss gold imports has significantly increased the premium of COMEX gold over London gold. The short - term trend of the US dollar is weak. The US stock index futures face the need for more data to verify the intensification of economic downward pressure, and there is a risk of correction at the current level. The bond market is in a favorable period in early August, but the upward rhythm is relatively tortuous. For various commodities, their prices are affected by factors such as supply - demand relationships, policies, and international situations [14][19][23][31]. Summary by Directory 1. Financial News and Comments 1.1 Macro Strategy (Gold) - The US allows 401(k) investors to invest in alternative assets. Trump nominates a new Fed governor. China's gold reserves increased by 1.86 tons in July. Gold prices are trending upward, and there are arbitrage opportunities due to the widening regional price difference [12][13][14]. 1.2 Macro Strategy (Foreign Exchange Futures - US Dollar Index) - Miran is nominated as a Fed governor by Trump. The US dollar is expected to weaken in the short term [18][19]. 1.3 Macro Strategy (US Stock Index Futures) - Trump nominates Stephen Miran as a Fed governor. The risk in the job market has increased, and inflation expectations have risen in July. The possibility of a Fed rate cut within the year has increased in the short term, but the long - term independence of the Fed is affected. Attention should be paid to the risk of correction [21][22][23]. 1.4 Macro Strategy (Stock Index Futures) - China's import and export data in July exceeded expectations. It is recommended to allocate various stock indices evenly [25][27][28]. 1.5 Macro Strategy (Treasury Bond Futures) - The central bank conducted reverse repurchase operations. China's import and export data in July exceeded expectations. The sustainability of strong export growth is questionable. The bond market is in a favorable period in early August, but the upward rhythm is tortuous, and the timing of going long should be carefully grasped [29][30][31]. 2. Commodity News and Comments 2.1 Agricultural Products (Soybean Meal) - China imported 1166.6 million tons of soybeans in July. ANEC expects Brazil to export 815 million tons of soybeans in August. US soybean exports were better than expected, and CBOT soybeans stopped falling and stabilized. The supply in China may tighten in the fourth quarter if no US soybeans are purchased. The operating center of soybean meal futures prices is expected to move up [33][35][37]. 2.2 Agricultural Products (Soybean Oil/Rapeseed Oil/Palm Oil) - China imported 53.4 million tons of edible vegetable oil in July. The oil market is expected to maintain a strong - side oscillating trend. It is not recommended to enter the market today, and existing long positions can be held [39]. 2.3 Black Metals (Rebar/Hot - Rolled Coil) - The excavator monthly operation rate in July was 56.7%. The inventory of five major steel products increased this week, suppressing the market. Steel prices are driven by policies, but it is difficult for spot prices to rise. It is recommended to be cautious about market rallies [40][41][42]. 2.4 Agricultural Products (Corn Starch) - The operating rate of the corn starch industry increased, and inventory accumulated again. The supply - demand situation does not support the strengthening of the rice - flour price difference, and the regional price difference may be unfavorable to the 09 contract [44][45]. 2.5 Agricultural Products (Corn) - The northern port inventory is similar to that of the same period last year. The inventory of deep - processing enterprises decreased, and consumption slightly increased. It is recommended to hold new - crop short positions and pay attention to the weather [47][48][49]. 2.6 Black Metals (Steam Coal) - The price of steam coal in the northern port market was strong on August 7. The coal price is expected to remain strong in the short term, but it is difficult to continue to rebound. Attention should be paid to the change in daily consumption in mid - August [49]. 2.7 Black Metals (Iron Ore) - China imported 10462.3 million tons of iron ore and its concentrates in July. The ore price is expected to be weakly oscillating in the short term [50][51]. 2.8 Agricultural Products (Cotton) - India's cotton planting area in the 25/26 season is 1058.7 million hectares. Vietnamese textile enterprises have weak restocking intentions. Textile and clothing exports declined in July. Zhengzhou cotton is expected to have limited room for further decline in the short term and may rebound [52][53][54]. 2.9 Black Metals (Coking Coal/Coke) - The online auction price of coking coal in Jinzhong Lingshi market increased. The coking coal market has strong speculation sentiment due to policy and inspection factors, and the impact on the fundamentals depends on further policies [58][59]. 2.10 Non - ferrous Metals (Alumina) - A large - scale alumina enterprise in Guangxi postponed the maintenance of a roasting furnace to August 16. The alumina futures price is expected to be weakly oscillating, and it is recommended to wait and see [60][61]. 2.11 Non - ferrous Metals (Polysilicon) - Jingao's project is under pre - approval publicity. The spot transaction price has increased, and the polysilicon price is expected to operate between 45000 - 57000 yuan/ton in the short term. A strategy of selling out - of - the - money put options can be considered [62][63][64]. 2.12 Non - ferrous Metals (Industrial Silicon) - The social inventory of industrial silicon increased by 0.7 million tons. The supply may increase slightly in August, and the balance sheet may still show inventory reduction. It is recommended to pay attention to the opportunity of going long at 8000 - 8500 yuan/ton [65][67]. 2.13 Non - ferrous Metals (Copper) - China's copper import volume increased in July. A copper mine accident in Chile affected production. The macro - sentiment is favorable to copper prices in the short term, but inventory accumulation suppresses the market. It is recommended to wait and see for single - side trading and pay attention to the internal - external reverse arbitrage strategy [68][70][71]. 2.14 Non - ferrous Metals (Nickel) - LME nickel inventory decreased by 240 tons on August 7. The nickel price is difficult to decline deeply in the short term. It is recommended to pay attention to short - term band opportunities and medium - term short - selling opportunities at high prices [73][74][75]. 2.15 Non - ferrous Metals (Lithium Carbonate) - Australia will invest in a lithium project. The demand is strong in August, and the supply risk remains. It is recommended to wait and see before the risk event is resolved and take profit on the 9 - 11 reverse arbitrage [76][77]. 2.16 Non - ferrous Metals (Lead) - Pan American Silver's lead concentrate production increased in the second quarter. The lead price has cost support at the bottom. It is recommended to pay attention to the opportunity of going long at low prices and wait and see for arbitrage [78][79]. 2.17 Non - ferrous Metals (Zinc) - Pan American Silver's zinc concentrate production increased in the second quarter. The zinc price may continue to rise in the short term. It is recommended to wait and see for single - side trading and pay attention to the medium - term positive arbitrage opportunity [80][81][82]. 2.18 Energy and Chemicals (Liquefied Petroleum Gas) - China's LPG weekly commodity volume increased slightly, and the inventory situation changed. The fundamentals are weak, and attention should be paid to the behavior of factory warehouses [83][84]. 2.19 Energy and Chemicals (Carbon Emission) - The CEA price is oscillating. It is recommended to buy on dips cautiously for enterprises with quota demand [85][86]. 2.20 Energy and Chemicals (Caustic Soda) - The price of liquid caustic soda in Shandong decreased, and the inventory increased. The downward space of caustic soda is limited [87][88][89]. 2.21 Energy and Chemicals (Pulp) - The price of imported wood pulp is stable. The pulp market is expected to be weakly oscillating in the short term [91]. 2.22 Energy and Chemicals (PVC) - The PVC powder market is locally weak. The PVC price is expected to oscillate in the short term due to cost support from coal [92][93]. 2.23 Energy and Chemicals (PX) - PX supply may increase, and PTA is in a loss. PX may accumulate inventory in August - September, and the market is expected to oscillate in the short term [93][94]. 2.24 Energy and Chemicals (PTA) - The operating rate in Jiangsu and Zhejiang has been adjusted locally. The downstream is still in the off - season, and the PTA market is expected to oscillate in the short term [95][96][97]. 2.25 Energy and Chemicals (Styrene) - A new styrene device of Jingbo has produced qualified products. The styrene market is expected to oscillate at the current price [99]. 2.26 Energy and Chemicals (Soda Ash) - The inventory of soda ash manufacturers increased. In the medium term, a strategy of short - selling at high prices can be considered for soda ash [100]. 2.27 Energy and Chemicals (Float Glass) - The inventory of float glass manufacturers increased. The glass price is expected to oscillate. It is recommended to be cautious in single - side trading and focus on arbitrage [101][102]. 2.28 Shipping Index (Container Freight Rate) - China's import and export data from January to July was released. The container freight rate is expected to be weakly oscillating, and attention should be paid to the opportunity of short - selling on rebounds [103][104].
建信期货棉花日报-20250808
Jian Xin Qi Huo· 2025-08-08 01:20
Group 1: General Information - Reported industry: Cotton [1] - Report date: August 8, 2025 [2] - Researchers: Yu Lanlan, Lin Zhenlei, Wang Haifeng, Hong Chenliang, Liu Youran [3] Group 2: Market Review and Operational Suggestions Domestic Market - Zhengzhou cotton futures adjusted with position reduction and contract switching. The latest 328 - grade cotton price index was 15,178 yuan/ton, up 9 yuan/ton from the previous trading day. The mainstream low - basis for 2024/25 Beijiang Corps machine - picked cotton (4129/29B/impurity within 3.5) was in the range of CF09 + 1400 - 1500, and most sales were at CF09 + 1500 and above, picked up in Xinjiang. The mainstream sales basis for 2024/25 machine - picked cotton (3129/29 - 30B/impurity within 3.5) in North and South Xinjiang was around CF09 + 1300 - 1500, and the Corps' supply was reported around 1550 - 1750, picked up in the inland [7]. - The price of the pure cotton yarn market continued to decline, with a drop of about 300 yuan/ton. Many inland spinning mills were still limiting production. Due to losses in cotton yarn, the price - concession was not large, and the decline in Xinjiang spinning mills was relatively larger. The spot market for all - cotton grey cloth continued to have insufficient transactions. The sampling orders of fabric mills were less than the same period of previous years, and there were few actual orders, mostly for rigid demand. It was expected that the factory production would remain sluggish in early August, and fabric mills would still produce conventional varieties, with improvement expected to start in mid - August [7]. International Market - As of the week ending August 3, 2025, the good - to - excellent rate of U.S. cotton was 55% (the same as the previous week and 45% in the same period of the previous year), the budding rate was 87% (90% in the same period of the previous year), the boll - setting rate was 55% (59% in the same period of the previous year), and the lint - opening rate was 5% (7% in the same period of the previous year). The growth of U.S. cotton was stable but the progress was still slightly slow, and the outer market maintained a range - bound shock [8]. Overall Market Outlook - There was still more than a month until the new cotton was listed. The market expected the opening price would not be higher than 6 yuan/kg, corresponding to a lint processing cost of around 13,500 yuan/ton. The downstream industry was still weak, and the finished - product inventory of fabric mills was still high, but there was an increase in local sampling orders, and the marginal deterioration of the downstream slowed down. After the short - term pessimistic sentiment was released, the market stabilized with shocks. The near - month contracts were under pressure as they were approaching delivery and the expectation of new cotton listing was advanced [8]. Group 3: Industry News - According to the General Administration of Customs, in July 2025, China's textile and clothing exports totaled 26.766 billion US dollars, a month - on - month decrease of 2.0% and a year - on - year decrease of 0.1%. From January to July 2025, the cumulative textile and clothing exports totaled 170.741 billion US dollars (169.680 billion US dollars in the same period of the previous year), a year - on - year increase of 0.6%. In July 2025, China's exports of textile yarns, fabrics and products were 11.604 billion US dollars, a month - on - month decrease of 3.7% and a year - on - year increase of 0.5%. China's exports of clothing and clothing accessories were 15.162 billion US dollars, a month - on - month decrease of 0.7% and a year - on - year decrease of 0.6% [9] Group 4: Data Overview - The report provides various data charts, including CF1 - 5 spread, CF5 - 9 spread, China cotton price index, cotton spot price, cotton futures price, cotton basis change, CF9 - 1 spread, cotton commercial inventory, cotton industrial inventory, warehouse receipt volume, US dollar to RMB exchange rate, and US dollar to Indian rupee exchange rate, with data sources from Wind and the Research and Development Department of Jianxin Futures [15][17][18]