20251210-建信期货-棉花每日报告_5页_1mb

Summary of Cotton Market Report - December 10, 2025

On December 10, 2025, the cotton market experienced an oscillating adjustment. Spot prices for 328-grade cotton fell slightly to 14,999 yuan/ton, a 10 yuan/ton decrease from the previous day. The pure cotton yarn market remained low in trading activity, with刚需 (mandatory demand) shipments as the main driver; however, fabric sales are weak, contributing to higher inventory levels in textile factories, which are operating at stable rates.

Overseas data shows that U.S. cotton inspection is slower year-on-year, but export contracts improved in early November. The international market faces no immediate supply-demand conflicts, with potential influence from interest rate changes and the upcoming USDA supply report. Domestically, supply changes are minimal, and commercial inventories are still accumulating seasonally, reaching 468.36 million tons by November. Textile demand is currently sustainable for factories, with improved export data from November after trade relations eased, though year-on-year comparisons remain negative for apparel exports.

Short-term outlook remains volatile, with prices adjusting for position shifting, but the overall upward trend is expected to persist due to increasing pressure from inventories and market dynamics.