热点栏目 自选股 数据中心 行情中心 资金流向 模拟交易 客户端 周四，ICE美棉因圣诞假期休市，郑棉主力合约环比上涨0.74%，报收14255元/吨，主力合约持仓环比增 加20504手至83.51万手，棉花3128B现货价格指数15000元/吨，较前一日上涨90元/吨。国际市场方面， 近期郑棉期价重心震荡上行。我们认为，预期偏强是近期行情驱动的主要因素之一，近期市场上关于明 年新疆地区植棉面积调控的声音较强，新疆维吾尔自治区棉花协会已经发布相关通告，调减落地是大概 率事件。情绪推动下，郑棉主连最高触及14265元/吨。基本面来看，短期郑棉多空因素交织，后续关注 点，一是消费表现能否持续，下游纺织企业春节前是否会有新一轮补库需求；二是明年一季度，宏观层 面是否会降准降息，以及通常在4月10号左右公布的新一轮棉花目标价格补贴政策细则。我们认为，短 期郑棉在情绪驱动下有一定支撑，中长期棉价上方空间大于下方空间。 免责声明 本报告的信息均来源于公开资料，我公司对这些信息的准确性、可靠性和完整性不作任何保证，也不保 证所包含的信息和建议不会发生任何变更。我们已力求报告内容的客观、公正，但文中的观点、结论和 建议仅供参 ...

| | 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 | 13,750 | 0.00% | 13765 | 0.11% | | | CY2603 | 元/吨 | 19,980 | -0.12% | 19970 | -0.05% | | | ICE美棉3 | 美分/磅 | 63.74 | -0.33% | | - | | | | | 昨日成交 | 较前日变动 | 昨日持仓 | 较前日变动 | | 期 货 | CF2601 | 手 | 305,589 | 25,149 | 1,044,111 | 5,249 | | | CY2603 | 手 | 4,420 | -1,999 | 16,063 | 1,045 | | | | | 昨日仓单量 | 较前日变动 | 有效预报 | 较前日变动 | | | 郑棉 | 张 | 2,753 | 44 | 3,004 | 223 | | | 棉纱 | 张 | 13 | 1 | 0 | 12 | | | | | 价 格 | ...

Group 1: Report Industry Investment Rating - No relevant content provided Group 2: Core Views of the Report - Cotton is expected to maintain a weak and volatile trend in the short - term, affected by upcoming large - scale new cotton listings and supply pressure. The short - term decline space of ICE cotton is limited, and attention should be paid to ginneries' purchase intentions and opening prices [2]. - Sugar is expected to have a wide - range oscillation in the near future, but the supply pressure is not fully released. The domestic sugar market is in a weak fundamental pattern, and the future influencing factors include Inner Mongolia's sugar pressing progress and Guangxi's pre - sales situation. A weak view on sugar futures prices is maintained, and attention should be paid to the performance of raw sugar [2]. Group 3: Summary by Related Catalogs 1. Research Views Cotton - On Tuesday, ICE US cotton rose 0.59% to 66.61 cents/pound, CF601 decreased 0.7% to 13,540 yuan/ton, and the main contract positions increased by 10,524 lots to 532,800 lots. The spot price index of cotton 3128B was 14,755 yuan/ton, down 40 yuan/ton from the previous day. After the Fed's September FOMC meeting, the overall drive has slowed, with the focus on the macro - level. The US dollar index is weak, and US cotton prices are strong. The number of net short positions of non - commercial positions in the latest week of CFTC has decreased significantly, limiting the short - term sharp decline of US cotton. Domestically, Zhengzhou cotton is in a weak trend due to upcoming new cotton listings and supply pressure, and downstream demand has limited short - term digestion capacity [2]. Sugar - In September, Brazil's sugar and molasses exports in the first three weeks were 2.4079 million tons, a decrease of 301,300 tons (11.12%) compared to the same period last year, with a daily average export volume of 160,500 tons. The spot prices of sugar groups in Guangxi and Yunnan decreased by 10 yuan/ton, and some processing sugar factories' quotes decreased by 10 - 50 yuan/ton. Raw sugar rebounded above 16 cents/pound, but the supply pressure remains, and the sustainability of the rebound needs to be observed. The domestic spot market sentiment is pessimistic, with sufficient short - term supply and fragile market sentiment. The futures market is led by raw sugar [2]. 2. Daily Data Monitoring Cotton - The 1 - 5 contract spread is - 20, down 15; the main basis is 1,593, down 21. The spot price in Xinjiang is 15,070 yuan/ton, down 76, and the national average is 15,133 yuan/ton, down 91 [3]. Sugar - The 1 - 5 contract spread is 26, up 7; the main basis is 411, down 2. The spot price in Nanning is 5,780 yuan/ton, down 20, and in Liuzhou is 5,855 yuan/ton, down 10 [3]. 3. Market Information - On September 22, the number of cotton futures warehouse receipts was 3,915, down 181 from the previous trading day, with 12 valid forecasts. - On September 23, the cotton arrival prices in different regions were: 15,070 yuan/ton in Xinjiang, 15,112 yuan/ton in Henan, 15,151 yuan/ton in Shandong, and 15,230 yuan/ton in Zhejiang. - On September 23, the comprehensive load of yarn was 50.1 (unchanged), the comprehensive inventory of yarn was 25.9 (down 0.1), the comprehensive load of staple fiber cloth was 52.8 (unchanged), and the comprehensive inventory of staple fiber cloth was 29 (unchanged). - On September 23, the spot price of sugar in Nanning was 5,780 yuan/ton, down 20 yuan/ton, and in Liuzhou was 5,855 yuan/ton, down 10 yuan/ton. - On September 23, the number of sugar futures warehouse receipts was 10,022, down 293 from the previous trading day, with 0 valid forecasts [4][5] 4. Research Team - Zhang Xiaojin is the research director of resource products at Everbright Futures Research Institute, focusing on the sugar industry. She has won many awards related to sugar analysis [20]. - Zhang Linglu is an analyst of resource products at Everbright Futures Research Institute, responsible for futures varieties such as urea and soda - ash glass. She has won many honors [21]. - Sun Chengzhen is an analyst of resource products at Everbright Futures Research Institute, mainly engaged in fundamental research and data analysis of cotton, cotton yarn, and ferroalloy. He won the honor of senior analyst of textile products at Zhengzhou Commodity Exchange in 2024 [22]

Cotton Market Analysis - ICE cotton prices fell by 0.88% to 67.82 cents per pound, while CF509 dropped by 0.23% to 12,745 yuan per ton, with a significant increase in open interest by 6,434 contracts to 587,500 contracts [1] - The price of cotton in Xinjiang decreased by 79 yuan per ton to 13,846 yuan per ton, and the China Cotton Price Index for grade 3128B fell by 70 yuan per ton to 14,113 yuan per ton [1] - The macroeconomic environment remains uncertain, with mixed data from the US and expectations that the Federal Reserve will likely maintain its current stance in May, leading to a slight decline in the dollar index [1] - Weather conditions have improved as the area affected by drought in major cotton-producing regions of the US and Texas has decreased [1] - The domestic cotton market is experiencing low volatility, with expectations of improved US-China tariff conditions and cotton prices at historical lows, limiting downside potential [1] - The cotton planting season is nearly complete, with a year-on-year increase in planting area, but overall supply-demand dynamics are not expected to change significantly [1] - Short-term expectations suggest continued low-level fluctuations in Zheng cotton prices, with attention on macroeconomic and weather-related disturbances [1] Sugar Market Dynamics - For the 2024/25 crushing season ending April 30, 2025, India crushed 27,585.7 million tons of sugarcane, a decrease of 3,565.5 million tons or 11.44% from the previous year, with sugar production falling by 577 million tons or 18.33% to 2,569.5 million tons [1] - In the spot market, prices from Guangxi Sugar Group were reported at 6,140 to 6,270 yuan per ton, down by 20 to 30 yuan, while Yunnan Sugar Group's prices were 5,950 to 5,990 yuan per ton, down by 20 yuan [1] - Raw sugar prices experienced a brief rebound due to macroeconomic sentiment and rising crude oil prices, but concerns over increased production pressured prices, leading to a bearish outlook [1] - Domestic spot prices have been adjusted downwards with average transaction volumes, and while there is not significant pressure on domestic sugar inventories, the potential for future sugar imports is being considered [1]