瑞达期货棉花（纱）产业日报-20260303

Report Industry Investment Rating - Not provided Core Viewpoints - In the domestic market, the inventory inflow speed of port cotton has slowed down, while the outflow speed is acceptable due to increased downstream procurement after the Spring Festival. As of February 26, the inventory at major import cotton ports was 53.81 million tons, a month-on-month increase of 0.75%. On the consumption side, Xinjiang textile enterprises have basically resumed work, the spinning operation rate has rebounded, the finished product inventory has increased, and they are mainly shipping previous orders. After the short-term positive factors are digested, the Zhengzhou cotton futures price is in a state of shock adjustment. Attention should be paid to the impact of macro news [2] Summary by Relevant Catalogs Futures Market - Zhengzhou cotton's main contract closing price was 15,255 yuan/ton, up 30 yuan; cotton yarn's main contract closing price was 21,100 yuan/ton, unchanged. The net position of the top 20 in cotton futures was -189,911 lots, up 1,609 lots; the net position of the top 20 in cotton yarn futures was -1,560 lots, down 163 lots. The main contract position of cotton was 778,613 lots, down 15,900 lots; the main contract position of cotton yarn was 14,509 lots, up 311 lots. The cotton warehouse receipt quantity was 11,371 sheets, up 44 sheets; the cotton yarn warehouse receipt quantity was 0 sheets, unchanged [2] Spot Market - The China Cotton Price Index (CCIndex:3128B) was 16,591 yuan/ton, down 42 yuan; the China Yarn Price Index for pure cotton carded yarn 32s was 21,920 yuan/ton, unchanged. The China Imported Cotton Price Index (FCIndexM:1% tariff) was 12,529 yuan/ton, down 168 yuan; the arrival price of the imported cotton yarn price index for pure cotton carded yarn 32s was 21,810 yuan/ton, up 293 yuan. The China Imported Cotton Price Index (FCIndexM: sliding duty) was 13,688 yuan/ton, down 98 yuan; the arrival price of the imported cotton yarn price index for pure cotton combed yarn 32s was 23,381 yuan/ton, up 383 yuan [2] Upstream Situation - The national cotton sowing area was 2,838.3 thousand hectares, up 48.3 thousand hectares; the national cotton output was 6.16 million tons, up 0.54 million tons [2] Industry Situation - The cotton-yarn price difference was 5,329 yuan/ton, up 42 yuan. The industrial inventory of cotton nationwide was 861,000 tons, up 13,000 tons. The monthly import volume of cotton was 180,000 tons, up 60,000 tons; the monthly import volume of cotton yarn was 170,000 tons, up 20,000 tons. The import cotton profit was 2,903 yuan/ton, up 56 yuan. The commercial inventory of cotton nationwide was 5.7887 million tons, up 4,000 tons [2] Downstream Situation - The inventory days of yarn were 21.71 days, down 3.41 days; the inventory days of grey cloth were 33.13 days, down 0.63 days. The monthly output of cloth was 3.01 billion meters, up 0.2 billion meters; the monthly output of yarn was 2.132 million tons, up 93,000 tons. The monthly export value of clothing and clothing accessories was 134,124,120,000 US dollars, up 181,872,600 US dollars; the monthly export value of textile yarns, fabrics and products was 125,796,030,000 US dollars, up 303,870,000 US dollars [2] Option Market - The implied volatility of at-the-money call options for cotton was 16.35%, down 1.38%; the implied volatility of at-the-money put options for cotton was 16.35%, down 1.38%. The 20-day historical volatility of cotton was 18.47%, up 0.56%; the 60-day historical volatility of cotton was 13.74%, up 0.27% [2] Industry News - As of 24:00 on March 1, 2026, the cumulative notarized inspection of cotton processed by national cotton processing enterprises in accordance with the requirements of the cotton quality inspection system reform plan was 33,138,040 bales, totaling 7,480,305 tons, a year-on-year increase of 13.58%. The cumulative notarized inspection volume of Xinjiang cotton was 7,105,688 tons, a year-on-year increase of 13.82%. Among them, the inspection quantity of saw-toothed fine staple cotton was 32,966,595 bales, the inspection quantity of roller fine staple cotton was 1,980 bales, and the inspection quantity of long-staple cotton was 151,640 bales. The Intercontinental Exchange (ICE) cotton futures fell more than 1% on Monday. The escalation of the Middle East tension prompted the market to take broader risk-averse measures, and the stronger US dollar further put pressure on the market. The ICE May cotton futures contract closed down 1.02 cents, or 1.55%, at 64.59 cents per pound [2]