瑞达期货棉花（纱）产业日报-20260305

Report Summary 1. Report Industry Investment Rating No information provided. 2. 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 festival. As of February 26th, the inventory at major import cotton ports was 538,100 tons, with a month - on - month increase of 0.75%. [2] - Xinjiang textile enterprises have basically resumed work, the spinning operation rate has rebounded, and the finished product inventory has increased. They are mainly shipping pre - ordered products. [2] - The current market is in the traditional peak consumption season of "Golden March and Silver April", and the short - term upward trend of cotton prices remains unchanged. [2] 3. Summary by Relevant Catalogs Futures Market - Zhengzhou cotton main contract closing price: 15,250 yuan/ton, up 45 yuan; cotton futures top 20 net positions: - 197,667 lots, down 5,134 lots; main contract cotton holding volume: 768,267 lots, up 62 lots; cotton warehouse receipt quantity: 11,390 lots, up 11 lots. [2] - Cotton yarn main contract closing price: 21,055 yuan/ton, unchanged; cotton yarn futures top 20 net positions: - 1,799 lots, down 264 lots; main contract cotton yarn holding volume: 14,331 lots, up 321 lots; cotton yarn warehouse receipt quantity: 0 lots, unchanged. [2] Spot Market - China Cotton Price Index (CCIndex:3128B): 16,583 yuan/ton, up 12 yuan; China Yarn Price Index (pure cotton carded yarn 32s): 21,920 yuan/ton, unchanged. [2] - China Imported Cotton Price Index (FCIndexM:1% tariff): 12,461 yuan/ton, up 16 yuan; China Imported Cotton Price Index (FCIndexM: sliding duty): 13,651 yuan/ton, up 18 yuan. [2] - Arrival price of imported cotton yarn price index (pure cotton carded yarn 32s): 21,826 yuan/ton, down 43 yuan; arrival price of imported cotton yarn price index (pure cotton combed yarn 32s): 23,398 yuan/ton, down 46 yuan. [2] Upstream Situation - National cotton sowing area: 2,838.3 thousand hectares, up 48.3 thousand hectares; national cotton output: 6.16 million tons, up 540,000 tons. [2] Industry Situation - Cotton - cotton yarn price difference: 5,337 yuan/ton, down 12 yuan; national industrial inventory of cotton: 861,000 tons, up 13,000 tons. [2] - Cotton import volume (monthly): 180,000 tons, up 60,000 tons; cotton yarn import volume (monthly): 170,000 tons, up 20,000 tons. [2] - Imported cotton profit: 2,932 yuan/ton, down 6 yuan; national commercial inventory of cotton: 5.7887 million tons, up 4,000 tons. [2] Downstream Situation - Inventory days of yarn: 21.71 days, down 3.41 days; inventory days of grey cloth: 33.13 days, down 0.63 days. [2] - Monthly cloth output: 3.01 billion meters, up 200 million meters; monthly yarn output: 2.132 million tons, up 93,000 tons. [2] - Monthly export value of clothing and clothing accessories: 134,124,120,000 US dollars, up 18,187,260,000 US dollars; monthly export value of textile yarns, fabrics and products: 125,796,030,000 US dollars, up 3,038,700,000 US dollars. [2] Option Market - Implied volatility of at - the - money call option for cotton: 17.45%, up 1.29%; implied volatility of at - the - money put option for cotton: 17.45%, up 1.29%. [2] - 20 - day historical volatility of cotton: 18.25%, down 0.12%; 60 - day historical volatility of cotton: 13.76%, up 0.02%. [2] Industry News - Australian industry institutions reported that Australia's cotton output in the 2024/25 season was 5.4 million bales, and cotton exports continued to grow. From March to December 2025, the cumulative exports were 5.07 million bales, accounting for 95% of the total output, the second - highest in history. [2] - Intercontinental Exchange (ICE) cotton futures closed higher on Wednesday, rebounding from the nearly two - week low hit in the previous trading day, as investors bought on dips and the US dollar weakened. The ICE May cotton futures contract rose 0.12 cents, or 0.19%, to settle at 64.16 cents per pound. [2]