建信期货棉花日报-20260210

Group 1: Report Overview - Reported industry: Cotton [1] - Date: February 10, 2026 [2] - Researchers: Yu Lanlan, Lin Zhenlei, Wang Haifeng, Hong Chenliang, Liu Youran [3] Group 2: Market Review and Operational Suggestions - Zhengzhou cotton showed a narrow - range oscillation. The latest 328 - grade cotton price index was 15,967 yuan/ton, down 58 yuan/ton from the previous trading day. The mainstream basis of 2025/26 southern Xinjiang Kashgar machine - picked 31 - grade double 29/impurity within 3 was mostly above CF05 + 1000, and that in northern Xinjiang was mostly above 1200. The spot in the 1180 - 1250 range was gradually decreasing, all for self - pick - up in Xinjiang [7]. - The trading in the pure - cotton yarn market weakened. Traders and some cloth mills restocked on a small scale. Yarn mills' quotes were basically stable, while traders' quotes were slightly weak. As the Chinese New Year approached, yarn mills focused on stockpiling, and the operating rate in the inland continued to decline [7]. - Cotton fabric factories reported a decrease in new orders compared with the previous period. The operating rate gradually declined, and more workers returned home. The sales of cotton fabric factories decreased, and the finished - product inventory remained at a relatively high level [7]. - In the international market, the net position of CFTC US cotton funds decreased week - on - week, and the weekly signing and shipment were stable and improving. Attention was paid to the adjustment of the February supply - demand report. In the domestic market, as of February 8, the cumulative public inspection of cotton nationwide was 7.4527 million tons, an increase of 10,000 tons from the previous day. As of mid - January, the commercial inventory of cotton was at a high level in the same period of history. The mismatch between the output increase and the inventory accumulation amplitude still kept the expectation of tight inventory at the end of the cotton year. On the demand side, spot transactions basically came to a standstill. There was only a small amount of spot shipments in the market, and the operating rate continued to decline. With limited changes in the fundamentals, Zhengzhou cotton oscillated and adjusted in a narrow range [8]. Group 3: Industry News - According to CFTC, as of the week ending February 3, the long positions of non - commercial funds in CFTC US cotton futures were 101,788 (+5,316) contracts, increasing for the sixth consecutive week; the short positions were 144,532 (+9,093) contracts, increasing for the fourth consecutive week; the total ICE positions were 380,025 (+17,396) contracts, increasing for the tenth consecutive week. The net long ratio was - 11.2%, a decrease of 0.5 percentage points week - on - week and an increase of 6.3 percentage points year - on - year [9]. - According to the China Cotton Inspection Network, as of February 8, 2026, in the 2025 cotton year, a total of 1,099 cotton processing enterprises processed cotton and carried out notarized inspections in accordance with the requirements of the cotton quality inspection system reform plan. The cumulative inspection nationwide was 33,015,696 bales, a total of 7.4527 million tons, an increase of 10,000 tons from the previous day. Among them, the inspection volume in Xinjiang was 32,572,802 bales, a total of 7.3535 million tons, an increase of 10,000 tons from the previous day; the inspection volume in the inland was 272,359 bales, a total of 60,600 tons [9]. Group 4: Data Overview - The report includes multiple data charts, such as the China Cotton Price Index, cotton spot price, cotton futures price, cotton basis change, various price spreads, cotton commercial inventory, cotton industrial inventory, warehouse receipt volume, and exchange rates (US dollar against RMB and US dollar against Indian rupee) [17][18][20][26][28]