瑞达期货棉花（纱）产业日报-20260226

Report Industry Investment Rating - Not provided in the given content Core Viewpoint - The domestic cotton market is expected to fluctuate and strengthen. The increase in US cotton prices and the strengthened expectation of a decline in cotton planting area in Xinjiang boost the domestic cotton market. The domestic commercial inventory is in the destocking stage with post - holiday restocking intention, but port inventory is still accumulating and December cotton imports will arrive. The consumption side has sufficient pre - holiday orders and expectations for the post - holiday traditional peak season [2] Summary by Relevant Catalogs Futures Market - Zhengzhou cotton main contract closing price is 15,350 yuan/ton, down 30 yuan; cotton futures top 20 net position is - 177,835 hands, down 21,541 hands; main contract position of cotton is 838,434 hands, up 15,000 hands; cotton warehouse receipt quantity is 11,137 sheets, up 13 sheets. Cotton yarn main contract closing price is 21,255 yuan/ton, down 60 yuan; cotton yarn futures top 20 net position is - 1,065 hands, down 153 hands; main contract position of cotton yarn is 12,899 hands, up 269 hands; cotton yarn warehouse receipt quantity is 352 sheets [2] Spot Market - China Cotton Price Index (CCIndex:3128B) is 16,681 yuan/ton, up 101 yuan; China Imported Cotton Price Index (FCIndexM:1% tariff) is 12,883 yuan/ton, up 61 yuan; China Imported Cotton Price Index (FCIndexM:sliding duty) is 13,901 yuan/ton. Imported cotton yarn price index of pure - combed 32 - count cotton yarn (arrival price) is 21,870 yuan/ton, up 15 yuan; imported cotton yarn price index of pure - combed 32 - count cotton yarn (arrival price) is 22,790 yuan/ton, down 114 yuan; China Yarn Price Index of pure - combed 32 - count cotton yarn is 21,396 yuan/ton, down 108 yuan [2] Upstream Situation - National cotton sowing area is 2,838.3 thousand hectares, up 48.3 thousand hectares; national cotton output is 6.16 million tons, up 540,000 tons; cotton - yarn price difference is 5,189 yuan/ton, down 337 yuan; industrial inventory of cotton nationwide is 861,000 tons, up 13,000 tons [2] Industry Situation - Cotton import quantity is 180,000 tons, up 60,000 tons; cotton yarn import quantity is 170,000 tons, up 20,000 tons; imported cotton profit is 2,780 yuan/ton, up 291 yuan; commercial inventory of cotton nationwide is 5.7887 million tons, up 4,000 tons [2] Downstream Situation - Inventory days of yarn is 21.71 days, down 3.41 days; inventory days of grey cloth is 33.13 days, down 0.63 days; cloth output is 3.01 billion meters, up 200 million meters; yarn output is 2.132 million tons, up 93,000 tons; export value of clothing and clothing accessories is 134,124,120,000 US dollars, up 181,872,600 US dollars; export value of textile yarns, fabrics and products is 125,796,030,000 US dollars, up 303,870,000 US dollars [2] Option Market - Implied volatility of at - the - money call option of cotton is 18.84%, up 2.49%; implied volatility of at - the - money put option of cotton is 18.84%, up 2.48%; 20 - day historical volatility of cotton is 18.27%, down 0.01%; 60 - day historical volatility of cotton is 13.48%, unchanged [2] Industry News - As of 24:00 on February 24, 2026, the cumulative notarized inspection of cotton processed by national cotton processing enterprises in accordance with the cotton quality inspection system reform plan is 33,136,222 bales, totaling 7,479,899 tons, a year - on - year increase of 15.49%. The cumulative notarized inspection volume of Xinjiang cotton is 7,105,688 tons, a year - on - year increase of 15.74%. ICE cotton futures rose for the second consecutive trading day on Wednesday, hitting a more than one - month high, mainly boosted by short - covering and a weaker US dollar. Traders are waiting for the US Department of Agriculture's weekly export sales report for demand signals [2]