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1. Report Industry Investment Rating - No information provided in the content. 2. Core Viewpoints of the Report - This week, non - ferrous metals led by precious metals and energy chemicals fluctuated, driving Zhengzhou cotton prices up and down. Zhengzhou cotton showed obvious resistance to decline during the general commodity price drop [5]. - There are no significant changes in the industrial aspect. The operating rate and finished - product inventory are steadily declining. The firm spot basis strongly supports cotton prices, while the high domestic - foreign price gap limits the upside. Overall, the upward and downward driving forces in the industrial aspect are both weak, and it is expected to fluctuate mainly [5]. - Attention should be paid to the macro - situation, especially the trade agreement between the US and India reached on February 2nd. The US will reduce the "reciprocal tariff" on India from 25% to 18%, and India will correspondingly reduce tariffs and non - tariff barriers on the US to zero, and promise to buy over $500 billion worth of US energy products, and may also buy oil from Venezuela. Indian officials confirmed that they will buy $500 billion worth of US goods in the next five years, and the US will revoke the 25% tariff on India [5]. 3. Summary According to Relevant Catalogs 3.1 US Cotton Situation - As of the week of January 30, 2026, the cumulative inspection volume of US cotton was 2.9618 million tons, accounting for 97.7% of the estimated annual US cotton output, with the total volume 6% lower than the same period last year. According to the January USDA supply - demand report, this year's US cotton output decreased by 3.4% year - on - year, and there is little room for output adjustment [7]. - As of the week of January 22, the weekly signing volume of US upland cotton in 2025/26 was 46,200 tons, a 51% decrease from the previous week, a 17% decrease from the four - week average, and a 42% decrease year - on - year. Among them, Pakistan signed 11,800 tons and Vietnam 10,300 tons [27]. 3.2 Domestic Cotton Situation - As of January 29, the national new cotton sales rate was 64.9%, 22.9 percentage points higher than the same period last year and 27 percentage points faster than the average of the past four years. Supported by factors such as the fast sales progress of lint cotton and the expected decline in cotton planting area in the new year, the spot sales basis is firm [8]. - Since mid - to - late January, ICE US cotton prices have significantly declined. Meanwhile, domestic Zhengzhou cotton has fluctuated within a range, further expanding the domestic - foreign cotton price gap. As of Wednesday this week, the price gap between the 328 cotton price index and the port pick - up price of imported cotton under the sliding - scale duty exceeded 3,600 yuan/ton, and the gap under the 1% tariff was about 2,400 yuan/ton. The high price gap limits the upward trend of Zhengzhou cotton [8]. - As of February 2, the cotton inspection volume in the 2025/26 season was 7.29 million tons, a 14.1% increase year - on - year [44]. 3.3 Price and Basis - As of Wednesday this week, the 328 cotton spot price index increased by [missing value] yuan/ton week - on - week; the closing price of the Zhengzhou cotton main contract increased by [missing value] yuan/ton week - on - week; the basis between them expanded by [missing value] yuan/ton week - on - week. The C32S yarn price index increased by 60 yuan/ton week - on - week; the closing price of the Zhengzhou yarn main contract increased by - 110 yuan/ton week - on - week; the basis between them expanded by 170 yuan/ton week - on - week [56][57]. - On Wednesday this week, the price gap between the domestic 328 cotton price index and the port pick - up price of imported cotton under the sliding - scale duty increased by 214 yuan/ton week - on - week, and the gap under the 1% tariff increased by 156 yuan/ton week - on - week. The price gap between the C32S cotton yarn price index and the port pick - up price increased by 31 yuan/ton week - on - week [61]. - On Wednesday this week, on the futures market, the price gap between the Zhengzhou yarn main contract and the Zhengzhou cotton main contract was 5,915 yuan/ton, expanding by 130 yuan/ton week - on - week. The immediate theoretical processing profit of 32 - count pure cotton yarn was - 1,827 yuan/ton, and the loss margin narrowed by 15 yuan/ton week - on - week [65]. 3.4 Inventory and Position - As of Wednesday this week, the total of Zhengzhou cotton warehouse receipts and valid forecasts was 11,807; the total of Zhengzhou yarn warehouse receipts and valid forecasts was 7 [75].