20231115-冠通期货-郑棉探底回升_可逢低试多_4页_242kb

报告摘要

International: US cotton signed contracts at high levels, showing recovery; USDA data indicates supply-demand imbalance with relaxed global ending stocks.
Domestic: Xinjiang cotton sales progresses, prices stable amid buyer hesitation; new cotton sales slow, export cotton arrives; textile demand weak, entering a quiet season with low orders and inventory pressures.
Overall Trend: Market shows tentative stabilization after declines, but medium-term downward trend not reversed due to weaker-than-expected new cotton support and consumption slowdown.

Short-term: Consider low-risk long positions due to stabilized prices.
Medium-long term: Square off short positions if favorable, waiting for further opportunities.
Caution: Market supply is increasing from new cotton and imports, with demand lacking strength.

Futures: CF2401 ended down 0.54%, spot prices stable or slightly lower.
Inventory: Total commercial cotton stock increased, with high levels in Xinjiang.
Balance: New cotton sales slow, price differences narrowed.