建信期货棉花日报-20260311

1. Report Information - Industry: Cotton [1] - Date: March 11, 2026 [2] - Researchers: Yu Lanlan, Lin Zhenlei, Wang Haifeng, Hong Chenliang, Liu Youran [3] 2. Investment Rating - Not provided in the given content 3. Core View - Zhengzhou cotton fluctuated and pulled back, while the overall cotton market is expected to remain strong considering the high internal - external price difference and the greater upside potential of the external market. The downstream market continues to recover with slow order growth [7][8] 4. Summary by Section 4.1 Market Review and Operation Suggestions - Market Review: Zhengzhou cotton futures showed a fluctuating and downward trend. For example, CF2605 closed at 15425 yuan/ton with a decline of 0.68%. The latest 328 - grade cotton price index was 16733 yuan/ton, up 101 yuan/ton from the previous trading day [7]. - Market Conditions: The pure - cotton yarn market remained stable, with new orders gradually being placed and low - price goods decreasing. The all - cotton grey fabric market had continuous sales, with inventory being quickly released and prices remaining firm. Externally, due to the Middle - East situation, crude oil prices dropped significantly, and the price difference between cotton and polyester widened. In the international market, as of March 5, 2026, the cumulative inspection volume of U.S. upland cotton + Pima cotton was 3.0442 million tons, accounting for 100.5% of the estimated annual U.S. cotton production, a 4% year - on - year decline. In the domestic market, the fundamentals changed little, with new - cotton sales in the second half and inspection almost completed. As of the end of February, the domestic commercial cotton inventory was 5.477 million tons, a month - on - month decrease of 311,700 tons and a year - on - year decrease of 37,800 tons. From January to February 2026, the cumulative textile and clothing exports were $50.446 billion, a year - on - year increase of 17.6% [7][8] 4.2 Industry News - In February 2026, China's textile and clothing exports totaled $22.444 billion, a month - on - month decrease of 19.8% and a year - on - year increase of 73.4%. From January to February 2026, the cumulative textile and clothing exports were $50.446 billion, a year - on - year increase of 17.6%. Exports of textile yarns, fabrics and products in February 2026 were $11.383 billion, a month - on - month decrease of 19.8% and a year - on - year increase of 83%. From January to February 2026, the cumulative exports were $25.574 billion, a year - on - year increase of 20.5%. Exports of clothing and clothing accessories in February 2026 were $11.062 billion, a month - on - month decrease of 19.9% and a year - on - year increase of 64.5%. From January to February 2026, the cumulative exports were $24.872 billion, a year - on - year increase of 14.8% [9] 4.3 Data Overview - The report includes multiple data graphs, such as the China Cotton Price Index, cotton spot price, cotton futures price, cotton basis change, various cotton futures price spreads, cotton commercial inventory, cotton industrial inventory, warehouse receipt volume, and exchange rates (USD/CNY, USD/INR) [17][18][29]