棉花基本面数据 | | 名 称 | 单 位 | 昨日收盘价 | 日涨幅 | 昨日夜盘收盘价 | 夜盘涨幅 | | --- | --- | --- | --- | --- | --- | --- | | | CF2601 | 元/吨 | 14,030 | 0.00% | 14155 | 0.89% 0.60% | | | CY2511 | 元/吨 | 20,060 | 0.00% | 20180 | | | | ICE美棉12 | 美分/磅 | 68 | 0.79% | | - | | | | | 昨日成交 | 较前日变动 | 昨日持仓 | 较前日变动 | | 期 货 | CF2601 | 手 | 214,219 | 16,126 | 727,579 | -6,325 | | | CY2511 | 手 | 5,396 | -1,999 | 21,958 | 1,045 | | | | | 昨日仓单量 | 较前日变动 | 有效预报 | 较前日变动 | | | 郑棉 | 张 | 7,198 | -137 | 63 | -125 | | | 棉纱 | 张 | 64 | -5 | 0 | 69 | | | | | 价 ...

Report Summary 1. Report Industry Investment Rating No information provided on the report industry investment rating. 2. Core View of the Report The demand continues to limit the rebound momentum of Zhengzhou cotton futures [1]. 3. Summary by Relevant Catalogs 3.1 Fundamental Tracking - **Futures Data**: The closing price of CF2509 was 12,950 yuan/ton with a daily decline of 0.31%, and the night - session closing price was 12,880 yuan/ton with a decline of 0.54%. The trading volume was 276,902 lots, an increase of 22,870 lots from the previous day, and the open interest was 760,649 lots, a decrease of 12,543 lots. For CY2507, the closing price was 18,920 yuan/ton with a daily decline of 0.08%, and the night - session closing price was 18,870 yuan/ton with a decline of 0.26%. The trading volume was 2,949 lots, a decrease of 1,999 lots from the previous day, and the open interest was 22,279 lots, an increase of 1,045 lots. The closing price of ICE US cotton 07 was 67.56 cents/pound with a decline of 1.66% [1]. - **Warehouse Receipt Data**: The number of Zhengzhou cotton warehouse receipts was 10,479, a decrease of 76 from the previous day, and the valid forecast was 1,960, an increase of 22. The number of cotton yarn warehouse receipts was 10, unchanged from the previous day, and the valid forecast was 1, an increase of 10 [1]. - **Spot Price Data**: The price of Beijiang 3128 machine - picked cotton was 14,028 yuan/ton, a decrease of 40 yuan from the previous day, a decline of 0.28%. The price of Nanjiang 3128 machine - picked cotton was 13,830 yuan/ton, a decrease of 40 yuan from the previous day, a decline of 0.29%. The price in Shandong was 14,314 yuan/ton, an increase of 28 yuan from the previous day, an increase of 0.20%. The price in Hebei was 14,350 yuan/ton, an increase of 33 yuan from the previous day, an increase of 0.23%. The 3128B index was 14,244 yuan/ton, an increase of 10 yuan from the previous day, an increase of 0.07%. The international cotton index M was 77.21 cents/pound, a decrease of 0.46% from the previous day. The price of pure - cotton carded yarn 32 - count was 20,490 yuan/ton, unchanged from the previous day. The arrival price of pure - cotton carded yarn 32 - count was 22,402 yuan/ton, an increase of 55 yuan from the previous day, an increase of 0.25% [1]. - **Spread Data**: The CF9 - 1 spread was - 205 yuan/ton, an increase of 30 yuan from the previous day. The spread between Beijiang 3128 machine - picked cotton and CF509 was 1,080 yuan/ton, unchanged from the previous day [1]. 3.2 Macro and Industry News - **Domestic Cotton Spot Situation**: The overall trading of domestic cotton spots was still weak. Some replenished stocks before the holiday. The sales basis of Nanjiang cotton was relatively weaker than that of Beijiang, and there were new low - basis spot goods locally. For example, the sales basis of 2024/25 Nanjiang Kashi machine - picked 3129/29B with impurity within 3.5 was mostly at CF09 + 800 or above, and a small number of the same - quality low - price ones were at CF09 + 700 - 800, for self - pick - up in Xinjiang. For 2024/25 Nanjiang machine - picked 3129/29 - 30B with impurity within 3, the sales basis was mostly at CF09 + 1300 - 1400 or above, and a small number of the same - quality low - price ones were around CF09 + 1250, for self - pick - up in the inland. For 2024/25 Beijiang local machine - picked 4129/29 - 30B with impurity between 3 - 3.5, some transaction bases were at CF09 + 950 - 1050, for self - pick - up in Xinjiang [2]. - **Domestic Cotton Textile Enterprises Situation**: The pure - cotton yarn market was generally weak, with poor trading. The market entered the off - season, and the order situation was not good. Spinning enterprises mostly negotiated for sales. Pure - cotton grey fabrics gradually entered the off - season, the market sentiment was weak, the shipment volume of regular varieties declined, and the inventory of weaving factories gradually increased. Currently, some weaving factories still had small orders to maintain production, but weaving factories in Shandong and Hebei said that it was difficult to get subsequent orders. Some weaving factories planned to have a holiday during the May Day [2]. - **US Cotton Situation**: ICE cotton fell yesterday due to the improvement of weather conditions in the main US cotton - producing areas. As of the week ending April 27, the US cotton planting rate was 15%, compared with 11% in the previous week, 14% in the same period last year, and the 5 - year average of 14% [3]. 3.3 Trend Intensity The trend intensity of cotton is 0, indicating a neutral trend [5].

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]