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Report Summary 1. Investment Rating The report does not provide an investment rating for the cotton industry. 2. Core Viewpoint The short - term performance of cotton may be stable with a slight upward trend, but as prices rise, it may face pre - hedging pressure from new cotton. The overall market atmosphere is warm due to the expected Fed rate cut in September and potential domestic stimulus policies in the fourth quarter, which supports commodity prices [3][36]. 3. Summary by Section First Part: Basic Data of Domestic and International Cotton Markets - Price Changes: From August 15th to August 24th, the CRB commodity price index rose by 4.46 points to 300 points; ICE cotton futures' December contract rose 0.52 cents/lb to 68 cents/lb, a 0.77% increase. The main contract of Zhengzhou cotton futures (01) closed at 14,030 yuan/ton, down 90 yuan/ton, with an increase of 7,288 lots in positions to 485,000 lots. Domestic cotton spot prices rose slightly, with CCI3128 rising from 15,216 yuan/ton to 15,243 yuan/ton [2][10][11]. - Imported Cotton Quotes: The CNF quotes of imported cotton at major ports increased, with the quotes of US E/MOTM and Brazilian M rising by 0.7 cents/lb [9]. Second Part: Basic Situation of the Domestic Market - Raw Material Prices: On August 24th, compared with August 15th, the price of polyester staple fiber remained unchanged, viscose rose by 214 yuan/ton, CCI3128 rose by 82 yuan/ton, and the main contract of Zhengzhou cotton futures fell by 90 yuan/ton [14]. - Yarn Prices: Domestic yarn prices rose, while the prices of imported cotton yarn in RMB and foreign yarn prices declined. The domestic - foreign yarn price spread narrowed [18][20][21]. - Cotton Price Comparison: On August 24th, the domestic cotton spot price index CCI3128 was 15,243 yuan/ton. The difference between the spot price index and the foreign cotton price under the sliding - scale duty was 948 yuan/ton. The difference between the main contract and the FCIndexM under the sliding - scale duty narrowed [25]. Third Part: Analysis of the Zhengzhou Cotton Market - Warehouse Receipts and Forecasts: As of August 24th, the registered warehouse receipts of Zhengzhou cotton were 7,198 lots (336,000 tons), and the effective forecasts were 63 lots. The total of warehouse receipts and effective forecasts was 312,000 tons, down from 347,000 tons on August 15th [30]. - Futures - Spot Price Difference: On August 24th, the difference between the Zhengzhou cotton futures price and the CCI3128B index was - 1,213 yuan/ton, narrowing compared with August 15th [32]. - Price Analysis: The Fed is expected to cut interest rates in September, and the domestic market may introduce favorable policies in the fourth quarter. The commercial cotton inventory is at a historically low level, and the downstream market is in a benign operation. Technically, the indicators of the main contract of Zhengzhou cotton weakened [33][34][39]. Fourth Part: Analysis of the International Market - US Cotton Exports: From August 8th - 14th, the net signing of US 2025/26 - year - old upland cotton decreased by 56% compared with the previous week, and the shipment decreased by 32%. There was no signing of next - year's upland cotton and Pima cotton this week [43]. - ICE Cotton Futures: On August 24th, the main December contract of ICE cotton futures was 68 cents/lb, up 0.52 cents/lb from August 15th, with a 0.77% increase. Technically, the indicators strengthened [47]. Fifth Part: Operation Suggestions For downstream textile enterprises, when raw material prices fall, they can consider selling out - of - the - money put options to reduce the cost of purchasing raw cotton [49].