瑞达期货棉花（纱）产业日报-20260312

1. Report Industry Investment Rating - No relevant content provided 2. Core Viewpoints of the Report - ICE cotton futures closed lower on Wednesday, hitting a one - week high during the session, affected by the bearish data in the USDA monthly supply - demand report. The ICE May cotton futures contract fell 0.13 cents, or 0.20%, to settle at 65.17 cents per pound. In the domestic market, on the supply side, with a large amount of cotton arriving at ports previously, port inventory has increased significantly, increasing supply - side pressure. As of March 5th, the inventory at major ports for imported cotton was 55.65 tons, a month - on - month increase of 42%. On the consumption side, downstream consumption is gradually recovering. The market is mainly focused on delivering previous orders, with limited new orders. Finished - product inventory has relatively decreased, resulting in limited pressure. Currently in the "Golden March and Silver April" traditional consumption peak season, the short - term upward trend of cotton prices is expected to continue [2] 3. Summary by Relevant Catalogs 3.1 Futures Market - Zhengzhou cotton main contract closing price: 15,545 yuan/ton, up 30 yuan; cotton futures top 20 net position: - 209,957 lots, down 7,576 lots; main contract holding volume of cotton: 741,308 lots, down 2,219 lots; cotton warehouse receipt quantity: 12,325 pieces, up 173 pieces. - Cotton yarn main contract closing price: 21,735 yuan/ton, up 155 yuan; cotton yarn futures top 20 net position: - 1,466 lots, down 205 lots; main contract holding volume of cotton yarn: 14,724 lots, down 248 lots; cotton yarn warehouse receipt quantity: 219 pieces, up 105 pieces [2] 3.2 Spot Market - Chinese cotton price index (CCIndex: 3128B): 16,848 yuan/ton, up 180 yuan; Chinese yarn price index (pure cotton carded yarn 32S): 22,000 yuan/ton, unchanged. - Chinese imported cotton price index (FCIndexM: 1% tariff): 12,647 yuan/ton, down 17 yuan; Chinese imported cotton price index (FCIndexM: sliding - scale duty): 13,756 yuan/ton, down 18 yuan. - Arrival price of imported cotton yarn price index (pure cotton carded yarn 32S): 21,995 yuan/ton, up 41 yuan; arrival price of imported cotton yarn price index (pure cotton combed yarn 32S): 23,485 yuan/ton, up 44 yuan [2] 3.3 Upstream Situation - National cotton sowing area: 2,838.3 thousand hectares, up 48.3 thousand hectares; national cotton output: 6.16 million tons, up 0.54 million tons. - Cotton - yarn price difference: 5,152 yuan/ton, down 180 yuan; national industrial inventory of cotton: 861,000 tons, up 13,000 tons [2] 3.4 Industry Situation - Import volume of cotton: 180,000 tons, up 60,000 tons; import volume of cotton yarn: 170,000 tons, up 20,000 tons. - Import profit of cotton: 3,092 yuan/ton, up 198 yuan; national commercial inventory of cotton: 5.7887 million tons, up 4,000 tons [2] 3.5 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. - Monthly output of cloth: 3.01 billion meters, up 200 million meters; monthly output of yarn: 2.132 million tons, up 93,000 tons. - Monthly export value of clothing and clothing accessories: 134.12412 million US dollars, up 18.18726 million US dollars; monthly export value of textile yarns, fabrics and products: 125.79603 million US dollars, up 3.0387 million US dollars [2] 3.6 Option Market - Implied volatility of at - the - money call options for cotton: 22.65%, up 3.22 percentage points; implied volatility of at - the - money put options for cotton: 22.65%, up 3.22 percentage points. - 20 - day historical volatility of cotton: 14.75%, up 0.43 percentage points; 60 - day historical volatility of cotton: 13.91%, up 0.15 percentage points [2] 3.7 Industry News - According to customs data, from January to February 2026, China's textile and clothing exports reached 50.45 billion US dollars, a year - on - year increase of 17.6%. Among them, textile exports were 25.57 billion US dollars, a year - on - year increase of 20.5%, and clothing exports were 24.87 billion US dollars, a year - on - year increase of 14.8% [2]