瑞达期货棉花（纱）产业日报-20260212

Report Industry Investment Rating - Not provided in the content Core Viewpoints - The current supply of domestic and imported cotton is sufficient, and the tradable volume has increased significantly. The inventory of imported cotton at ports remains in a state of more inflow than outflow. Downstream textile enterprises have successively shut down for holidays and suspended raw material procurement, leading to a significant increase in yarn inventory. However, there is a general expectation of a reduction in cotton planting area in the market, which provides strong support for cotton prices. Considering the approaching long - holiday, it is advisable to wait and see in the short term [2] Summary by Relevant Catalogs Futures Market - Zhengzhou cotton main contract closing price (daily, yuan/ton): 14790, up 45; cotton futures top 20 net positions (lots): - 113217, up 8574; main contract positions: cotton (daily, lots): 693995, down 2417; cotton warehouse receipt quantity (daily, sheets): 10889, up 143 [2] - Cotton yarn main contract closing price (daily, yuan/ton): 20655, up 65; cotton yarn futures top 20 net positions (lots): - 864, up 61; main contract positions: cotton yarn (daily, lots): 10471, down 997; cotton yarn warehouse receipt quantity (daily, sheets): 0, unchanged [2] Spot Market - China Cotton Price Index: CCIndex: 3128B (daily, yuan/ton): 16069, up 40; China Imported Cotton Price Index: FCIndexM: 1% tariff (daily, yuan/ton): 12465, up 47; China Imported Cotton Price Index: FCIndexM: sliding - duty (daily, yuan/ton): 13656, up 41 [2] - China Yarn Price Index: pure - cotton carded yarn 32 - count (daily, yuan/ton): 21520, unchanged; arrival price: Imported Yarn Price Index: pure - cotton carded yarn 32 - count (daily, yuan/ton): 20976, down 11; arrival price: Imported Yarn Price Index: pure - cotton combed yarn 32 - count (daily, yuan/ton): 22535, down 12 [2] Upstream Situation - National cotton sowing area (annual, thousand hectares): 2838.3, up 48.3; national cotton output (annual, ten thousand tons): 616, up 54 [2] Industry Situation - Cotton - yarn price difference (CY C32S - CC3128B, yuan/ton): 5451, down 40; industrial inventory: cotton: national (monthly, ten thousand tons): 84.8, down 0.2 [2] - Cotton: import quantity: monthly value (monthly, ten thousand tons): 18, up 6; cotton yarn: import quantity: monthly value (monthly, tons): 170000, up 20000; imported cotton profit (daily, yuan/ton): 2413, down 1; commercial inventory: cotton: national (monthly, ten thousand tons): 578.47, up 110.11 [2] Downstream Situation - Inventory days: yarn (monthly, days): 25.12, down 1.21; inventory days: grey cloth (monthly, days): 33.76, up 1.42 [2] - Cloth: output: monthly value (monthly, billion meters): 30.1, up 2; yarn: output: monthly value (monthly, ten thousand tons): 213.2, up 9.3 [2] - Clothing and clothing accessories: export amount: monthly value (monthly, ten thousand US dollars): 13412412, up 1818726; textile yarns, fabrics and products: export amount: monthly value (monthly, ten thousand US dollars): 12579603, up 303870 [2] Option Market - Cotton at - the - money call option implied volatility (%): 14.19, up 0.51; cotton at - the - money put option implied volatility (%): 14.16, up 0.49 [2] - Cotton 20 - day historical volatility (%): 13.78, up 0.13; cotton 60 - day historical volatility (%): 11.5, up 0.03 [2] Industry News - According to Mysteel research, the national commercial inventory is in a downward trend. As of February 6, 2026, the total commercial cotton inventory was 552.72 ten thousand tons, a week - on - week decrease of 12.15 ten thousand tons (a decrease of 2.15%). Among them, the commercial cotton in Xinjiang was 441.94 ten thousand tons, a week - on - week decrease of 15.10 ten thousand tons (a decrease of 3.30%); the commercial cotton in the inland area was 59.19 ten thousand tons, a week - on - week increase of 0.90 ten thousand tons (an increase of 1.54%) [2] - ICE cotton futures rose on Wednesday. After hitting a stage low last week, short - covering and the operation of rolling over the March contract to the May contract provided moderate support to the market. The ICE May cotton futures contract closed up 0.26 cents, or 0.41%, at 64.04 cents per pound [2]