格林大华期货早盘提示：棉花-20260227

1. Report's Investment Rating for the Industry - No information provided 2. Core View of the Report - ICE US cotton futures pulled back, and the weekly US cotton export data, though lower than last week, was relatively strong. The main 05 contract settled at 65.36 cents, down 1.2%. Zhengzhou cotton ended its two - day post - holiday rally, with a 1.2% decline in last night's night session but remained at pre - holiday highs. The market is focused on post - holiday start - up conditions and textile mills' order volumes [2] 3. Summary by Relevant Catalogs Market Conditions - Zhengzhou cotton total trading volume was 1,028,977, and the open interest was 1,198,221. The settlement prices were 15,450 for the May contract, 15,400 for the September contract, and 15,735 for the January contract. ICE March contract settled at 63.36, down 81 points; May at 65.36, down 81 points; July at 67.07, down 73 points, with a trading volume of about 51,000 lots [2] Important Information - This month's China Cotton Supply and Demand Balance Sheet raised the current - year total demand by 100,000 tons to 8.78 million tons, and the ending inventory decreased to 6.31 million tons. New - year expected output is down, imports up, total supply down, consumption stable, and ending inventory further down [2] - As of 24:00 on February 9, 2025, the national notarized inspection weight of cotton in the cotton year was 7.4646 million tons, of which Xinjiang cotton inspection was 7.3651 million tons, an increase of 1.0753 million tons year - on - year [2] - On February 9, the US White House issued a bilateral joint statement, saying that the US and Bangladesh officially reached a "Reciprocal Trade Agreement". The US will reduce the reciprocal tariff on Bangladeshi - origin goods from 20% set in 2025 to 19% [2] - In January, Bangladesh's clothing export value decreased by 1.35% year - on - year and increased by 11.77% month - on - month. The fiscal - year clothing export total decreased by 2.43% year - on - year [2] - As of the week ending February 5, the net signing of US upland cotton for this year was 52,000 tons, and shipments were 43,000 tons. Net signing to China was - 12,000 tons, and shipments were 2,000 tons [2] Trading Strategy - Keep a long - buying mindset below 15,200 yuan/ton for the 05 contract [2]