瑞达期货棉花（纱）产业日报-20260205

1. Report Industry Investment Rating - No information provided about the industry investment rating 2. Core View of the Report - The current quantity of publicly inspected cotton has exceeded 7.2 million tons, and the supply pressure is gradually increasing. Imported cotton is still mainly Brazilian cotton, and the trading volume has slowed down due to the approaching Spring Festival, with some textile enterprises entering the holiday mode. Considering the approaching long - holiday, it is advisable to adopt a short - term wait - and - see approach [2] 3. Summary by Relevant Catalogs 3.1 Futures Market - Zhengzhou cotton main contract closing price (daily, yuan/ton): 14,610, down 70; cotton futures top 20 net positions (lots): - 116,096, up 1,788; main contract open interest of cotton (daily, lots): 711,527, down 4,804; cotton warehouse receipt quantity (daily, sheets): 10,500, up 62 - Cotton yarn main contract closing price (daily, yuan/ton): 20,445, down 150; cotton yarn futures top 20 net positions (lots): - 1,436, down 62; main contract open interest of cotton yarn (daily, lots): 10,731, up 1,979; cotton yarn warehouse receipt quantity (daily, sheets): 0, unchanged [2] 3.2 Spot Market - China Cotton Price Index: CCIndex: 3128B (daily, yuan/ton): 16,012, up 10; China Yarn Price Index: pure - cotton carded yarn 32 - count (daily, yuan/ton): 21,455, unchanged - China Imported Cotton Price Index: FCIndexM: 1% tariff (daily, yuan/ton): 12,357, unchanged; China Imported Cotton Price Index: FCIndexM: sliding - scale tariff (daily, yuan/ton): 13,584, unchanged - Imported cotton yarn price index: pure - cotton carded yarn 32 - count (daily, yuan/ton) arrival price: 21,096, up 26; imported cotton yarn price index: pure - cotton combed yarn 32 - count (daily, yuan/ton) arrival price: 22,664, up 28 [2] 3.3 Upstream Situation - National cotton sowing area (annual, thousand hectares): 2,838.3, up 48.3; national cotton output (annual, ten thousand tons): 616, up 54 [2] 3.4 Industry Situation - Cotton - yarn price difference (CY C32S - CC3128B, yuan/ton): 5,443, down 10; industrial inventory of cotton: national (monthly, ten thousand tons): 84.8, down 0.2 - Cotton import quantity: monthly value (monthly, ten thousand tons): 18, up 6; cotton yarn import quantity: monthly value (monthly, tons): 170,000, up 20,000 - Imported cotton profit (daily, yuan/ton): 2,428, up 10; commercial inventory of cotton: national (monthly, ten thousand tons): 578.47, up 110.11 [2] 3.5 Downstream Situation - Inventory days of yarn (monthly, days): 25.12, down 1.21; inventory days of grey cloth (monthly, days): 33.76, up 1.42 - Cloth output: monthly value (monthly, hundred million meters): 30.1, up 2; yarn output: monthly value (monthly, ten thousand tons): 213.2, up 9.3 - Export value of clothing and clothing accessories: monthly value (monthly, ten thousand US dollars): 13,412,412, up 1,818,726; export value of textile yarns, fabrics and products: monthly value (monthly, ten thousand US dollars): 12,579,603, up 303,870 [2] 3.6 Option Market - Implied volatility of at - the - money call option of cotton (%): 15.13, up 0.92; implied volatility of at - the - money put option of cotton (%): 15.13, up 0.93 - 20 - day historical volatility of cotton (%): 15.59, down 0.67; 60 - day historical volatility of cotton (%): 11.44, down 0.01 [2] 3.7 Industry News - As of 24:00 on February 3, 2026, the cumulative public inspection of cotton by national cotton processing enterprises in the 2025/26 season was 32,359,869 bales, totaling 7,304,604 tons, a year - on - year increase of 14.30%. The cumulative public inspection volume of Xinjiang cotton was 7,032,120 tons, a year - on - year increase of 15.96%. Among them, the inspection quantity of saw - ginned fine - staple cotton was 32,194,095 bales, the inspection quantity of roller - ginned fine - staple cotton was 1,924 bales, and the inspection quantity of long - staple cotton was 146,527 bales - ICE cotton futures fell on Wednesday. After the registered warehouse receipt delivery put pressure on the near - month contract, traders began to adjust their positions. The March cotton futures contract closed down 0.07 cents, or 0.10%, at 62.24 cents per pound [2] 3.8 Suggested Attention - As of January 29, the inventory of imported cotton at major ports increased by 4.25% week - on - week, with a total inventory of 495,400 tons. Among them, the inventory of imported cotton in ports and surrounding warehouses in Shandong (Qingdao, Jinan) was 413,000 tons, a year - on - year decrease of 2.93%; the inventory of imported cotton in Zhangjiagang Port and surrounding warehouses in Jiangsu was about 35,000 tons, and the inventory in other ports was about 29,400 tons [2]