5月棉纺市场进入传统需求淡季，但受中美贸易关系缓和影响，纺织品服装出口及转口贸易好转，市场 参与者心态回暖。进入6月，贸易局势依然体现出不确定性，棉纺市场淡季影响逐渐加深，下游布厂开 工下降，纺企订单减少，库存压力增加。因此预计6月棉纱价格或震荡下行。 5月棉纱市场价格呈现上行走势但均价仍较上月下跌 5月棉纱市场价格呈现小幅上行走势，但均价仍较4月份下跌。5月棉纺产业链景气度有所好转，原料端 来看，棉花价格明显上涨，棉纱成本重心抬升，对棉纱价格形成较强支撑。供应端来看，纺企阶段性订 单增多，出货速度加快，库存压力有所缓解。需求端来看，中美贸易磋商取得实质性进展，出口及转口 贸易逐渐恢复，需求略有回暖；下游布厂刚需补货，纺企去库存为主。据卓创资讯统计，5月规模以上 棉纺企业纯棉纱库存天数平均预估值为29天，较上月下降3天。规模以上织厂纯棉坯布成品库存天数平 均预估值为34天，较上月下降3天。 根据海关总署最新数据显示，按美元计，4月中国纺织服装出口额约241.9亿美元，同比增长1.5%，环比 增长3.4%。其中纺织品出口约125.8亿美元，环比增长4.4%，服装出口约116.1亿美元，环比增长2.2%。 5月随 ...

Report Industry Investment Rating No relevant information provided. Core Viewpoints of the Report - International cotton market: ICE cotton prices are under pressure to rebound. The market is still worried about demand, paying attention to the impact of the USDA May supply - demand report. Although the cotton planting progress in the US is accelerating and the drought has eased to some extent, the planting area has decreased, and future weather impacts on cotton production need to be monitored [7]. - Domestic cotton market: Domestic cotton spot prices are mainly falling. The de - stocking of downstream yarn has slowed down, and textile enterprises have insufficient motivation to purchase cotton. External demand and export demand suppress cotton prices. Technically, Zhengzhou cotton is in a weak and volatile state [7]. - Basis: The basis is expected to weaken [7]. - Spread between near and far months: The spread between near and far months is oscillating and weakening [7]. - Unilateral: It shows a low - level oscillating trend, and there is still downward pressure in the medium - term [7]. Summary According to Related Catalogs Market Overview - Price changes: The futures closing price of NYBOT No. 2 cotton decreased by 2.40% to 66.72; the International Cotton Index M increased by 0.27% to 75.1; the China Cotton Price Index CCIndex 3128B increased by 6.63% to 13,595; some other related price indices showed different degrees of increase or decrease. The overall trend of the international cotton market is still in a low - level oscillation, fluctuating around trade tariff events, and the market is waiting for the USDA May supply - demand report [4]. - Supply - demand factors: Globally, cotton production is expected to decline by 0.06% to 26.354 million tons, inventory is expected to increase by 0.68% to 17.1915 million tons, and the inventory - to - consumption ratio is expected to increase by 1.12% to 67.97%. In the US, weekly net cotton export sales decreased by 39.31% to 1.43 million tons. In China, production is expected to be stable, commercial inventory decreased by 14.20% to 4.1526 million tons, imports decreased by 41.67% to 7 million tons, downstream开工 decreased by 2.80% to 68%, and textile export value increased by 222.8687% to 2.418622 million US dollars [6]. Spot Market Price and Spread - Price trends: Presented the price trends of international cotton index, Chinese yarn price index, and Chinese cotton price index over a certain period [11][12][13]. - Basis: The cotton basis decreased by 18.21% to 1,172, and the yarn basis decreased by 33.33% to 1,080. Both are expected to weaken [4]. - Internal - external spread: Showed the import cotton price, internal - external cotton price spread, import yarn price, and internal - external yarn price spread [17]. International Cotton Market Supply - Demand Data - Presented the global cotton production, consumption, inventory, and inventory - to - consumption ratio over the years, as well as the US cotton export signing volume, shipment rate, and cumulative export volume [20][21]. Domestic Cotton Market Supply - Demand and Industrial Data - Production and demand: Showed the production and demand of Chinese cotton over the years, as well as the end - of - period inventory [23][24]. - Commercial inventory: Domestic cotton commercial inventory is in a de - stocking state, and presented the weekly and monthly values of commercial inventory [27][28]. - Import situation: Showed the annual and monthly import volumes of Chinese cotton [30]. - Spinning mill inventory and enterprise operation: Presented the inventory days of cotton and yarn in spinning mills, the starting rate of domestic textile enterprises, cotton textile profit, and the spread between Zhengzhou cotton yarn and Zhengzhou cotton [31][33][34]. - Yarn and textile imports and exports: Showed the monthly import volume of yarn and the monthly export value of textile yarns and clothing [37][38]. Exchange Rate Trends - Presented the trends of the US dollar index and the US dollar - to - RMB exchange rate [41][42].