瑞达期货棉花（纱）产业日报-20260309

1. Report Industry Investment Rating - No relevant information provided 2. Core Viewpoints of the Report - The domestic cotton market has increasing supply pressure as port inventories rise significantly due to a large amount of cotton arriving at ports previously. As of March 5th, the inventory at major ports for imported cotton was 55.65 million tons, a 3.42% increase from the previous period. On the consumption side, downstream consumption is gradually recovering. The market is mainly fulfilling previous orders, with limited new orders. The inventory of finished products is relatively low, and the pressure is limited. Considering the "Golden March and Silver April" traditional consumption season, the short - term upward trend of cotton prices is expected to remain unchanged [2] 3. Summary by Relevant Catalogs 3.1 Futures Market - Zhengzhou cotton main contract closing price (daily, yuan/ton): 15,285, a decrease of 10; cotton futures top 20 net positions (lots): -216,257, a decrease of 27,153; main contract open interest for cotton (daily, lots): 749,561, a decrease of 15,519; cotton warehouse receipt quantity (daily, sheets): 11,647, an increase of 204. - Cotton yarn main contract closing price (daily, yuan/ton): 21,280, an increase of 75; cotton yarn futures top 20 net positions (lots): -1,499, a decrease of 122; main contract open interest for cotton yarn (daily, lots): 14,518, a decrease of 98; cotton yarn warehouse receipt quantity (daily, sheets): 43, an increase of 43 [2] 3.2 Spot Market - China Cotton Price Index: CCIndex: 3128B (daily, yuan/ton): 16,632, a decrease of 46; China Yarn Price Index: Pure - combed cotton yarn 32 - count (daily, yuan/ton): 21,960, an increase of 20. - China Imported Cotton Price Index: FCIndexM: 1% tariff (daily, yuan/ton): 12,478, an increase of 33; arrival price of imported cotton yarn price index: Pure - combed cotton yarn 32 - count (daily, yuan/ton): 21,875, an increase of 110. - China Imported Cotton Price Index: FCIndexM: sliding - scale tariff (daily, yuan/ton): 13,657, an increase of 24; arrival price of imported cotton yarn price index: Pure - combed cotton yarn 32 - count (daily, yuan/ton): 23,451, an increase of 114 [2] 3.3 Upstream Situation - National cotton sowing area (annual, thousand hectares): 2,838.3, an increase of 48.3; national cotton output (annual, million tons): 6.16, an increase of 0.54 [2] 3.4 Industry Situation - Cotton - yarn price difference (CY C32S - CC3128B, yuan/ton): 5,262, a decrease of 75; industrial inventory of cotton nationwide (monthly, million tons): 86.1, an increase of 1.3. - Cotton import volume (monthly, million tons): 18, an increase of 6; cotton yarn import volume (monthly, tons): 170,000, an increase of 20,000. - Imported cotton profit (daily, yuan/ton): 2,975, a decrease of 70; commercial inventory of cotton nationwide (monthly, million tons): 578.87, an increase of 0.4 [2] 3.5 Downstream Situation - Inventory days of yarn (monthly, days): 21.71, a decrease of 3.41; inventory days of grey cloth (monthly, days): 33.13, a decrease of 0.63. - Cloth output (monthly, billion meters): 30.1, an increase of 2; yarn output (monthly, million tons): 213.2, an increase of 9.3. - Export value of clothing and clothing accessories (monthly, million US dollars): 134,124,120, an increase of 18,187,260; export value of textile yarns, fabrics and products (monthly, million US dollars): 125,796,030, an increase of 3,038,700 [2] 3.6 Option Market - Implied volatility of at - the - money call options for cotton (%): 18.42, a decrease of 0.62; implied volatility of at - the - money put options for cotton (%): 18.42, a decrease of 0.62. - 20 - day historical volatility of cotton (%): 16.04, a decrease of 0.03; 60 - day historical volatility of cotton (%): 13.76, no change [2] 3.7 Industry News - According to Mysteel research, the national commercial inventory is in a downward trend. As of March 6, 2026, the total commercial cotton inventory was 5.2078 billion tons, a decrease of 598,000 tons (1.14% decrease) from the previous week. Among them, the commercial cotton in Xinjiang was 4.0151 billion tons, a decrease of 854,000 tons (2.08% decrease) from the previous week; the commercial cotton in the inland area was 636,200 tons, an increase of 72,000 tons (1.14% increase) from the previous week. - According to the USDA report, in the week ending February 26, the net increase in export sales of U.S. upland cotton in the 2025/26 season was 150,420 bales, a 416% decrease from the previous week and a 50% decrease from the average of the previous four weeks. The export shipment volume of U.S. upland cotton in the 2025/26 season was 282,200 bales, a 46% increase from the previous week and a 43% increase from the average of the previous four - week level. The cotton export contract volume in the U.S. decreased during that week [2]