瑞达期货棉花（纱）产业日报-20260310

1. Report Industry Investment Rating - No relevant information provided 2. Core View of the Report - In the domestic market, the supply pressure has increased as a large amount of cotton has arrived at ports, leading to a significant increase in port inventory. As of March 5th, the inventory at major ports for imported cotton was 556,500 tons, a 3.42% increase from the previous period. On the consumption side, downstream consumption is gradually recovering. The market is mainly focused on fulfilling previous orders, with limited new orders. The inventory of finished products has relatively decreased, and the pressure is limited. Given that the current market is in the traditional peak consumption season of "Golden March and Silver April", it is expected that the upward trend of cotton prices will remain unchanged in the short term [2] 3. Summary by Related Catalogs Futures Market - The closing price of the main Zhengzhou cotton futures contract was 15,320 yuan/ton, up 35 yuan; the closing price of the main cotton yarn futures contract was 21,280 yuan/ton, unchanged. - The net position of the top 20 in cotton futures was -204,862 hands, an increase of 11,395 hands; the net position of the top 20 in cotton yarn futures was -1,391 hands, an increase of 108 hands. - The position volume of the main cotton futures contract was 721,678 hands, a decrease of 27,883 hands; the position volume of the main cotton yarn futures contract was 14,083 hands, a decrease of 435 hands. - The number of cotton warehouse receipts was 11,950, an increase of 303; the number of cotton yarn warehouse receipts was 43, unchanged [2] Spot Market - The China Cotton Price Index (CCIndex:3128B) was 16,733 yuan/ton, up 101 yuan; the China Yarn Price Index for pure - combed cotton yarn of 32 - count was 22,000 yuan/ton, up 40 yuan. - The arrival price of imported cotton yarn price index for pure - combed cotton yarn of 32 - count was 22,033 yuan/ton, up 158 yuan; the arrival price of imported cotton yarn price index for pure - combed cotton yarn of 32 - count was 23,525 yuan/ton, up 74 yuan [2] Upstream Situation - The national cotton sowing area was 2,838.3 thousand hectares, an increase of 48.3 thousand hectares; the national cotton output was 6.16 million tons, an increase of 540,000 tons [2] Industry Situation - The cotton - yarn price difference was 5,267 yuan/ton, a decrease of 61 yuan. - The industrial inventory of cotton nationwide was 861,000 tons, an increase of 13,000 tons. - The monthly import volume of cotton was 180,000 tons, an increase of 60,000 tons; the monthly import volume of cotton yarn was 170,000 tons, an increase of 20,000 tons. - The profit from importing cotton was 3,038 yuan/ton, an increase of 63 yuan; the commercial inventory of cotton nationwide was 5.7887 million tons, an increase of 4,000 tons [2] Downstream Situation - The inventory days of yarn were 21.71 days, a decrease of 3.41 days; the inventory days of grey cloth were 33.13 days, a decrease of 0.63 days. - The monthly output of cloth was 3.01 billion meters, an increase of 200 million meters; the monthly output of yarn was 2.132 million tons, an increase of 93,000 tons. - The monthly export value of clothing and clothing accessories was 134,124,120,000 US dollars, an increase of 18,187,260,000 US dollars; the monthly export value of textile yarns, fabrics and products was 125,796,030,000 US dollars, an increase of 30,387,000 US dollars [2] Option Market - The implied volatility of at - the - money call options for cotton was 21.03%, an increase of 2.61%; the implied volatility of at - the - money put options for cotton was 21.07%, an increase of 2.65%. - The 20 - day historical volatility of cotton was 14.68%, a decrease of 1.36%; the 60 - day historical volatility of cotton was 13.76%, unchanged [2] Industry News - According to data from the US Commodity Futures Trading Commission, as of March 3, 2026, the non - commercial long positions in US cotton were 112,260 hands, an increase of 8,836 hands from the previous week; the non - commercial short positions were 140,357 hands, an increase of 7,963 hands from the previous week; the net short positions were 28,097 hands, a decrease of 873 hands from the previous week. - ICE cotton futures rose on Monday, supported by bargain - hunting after last week's price drop. Traders are closely monitoring the tense situation in the Middle East. The ICE May cotton futures contract closed up 0.42 cents, or 0.65%, at 64.62 cents per pound [2]