瑞达期货棉花（纱）产业日报-20260318

1. Report Industry Investment Rating No relevant information provided. 2. Core Viewpoints - The textile and apparel exports in the first two months of 2026 showed significant growth. From January to February 2026, China's textile and apparel export volume was $50.45 billion, a year - on - year increase of 17.6%. Among them, textile exports were $25.57 billion, a year - on - year increase of 20.5%, and clothing exports were $24.87 billion, a year - on - year increase of 14.8%. The "Golden March and Silver April" traditional consumption season in the textile industry has started, and spinning mills' production is resuming. However, after the previous price increase, there is a short - term technical adjustment [2]. 3. Summary by Directory 3.1 Futures Market - Zhengzhou cotton main contract closing price was 15,210 yuan/ton, a decrease of 205 yuan; cotton yarn main contract closing price was 21,300 yuan/ton, a decrease of 180 yuan [2]. - Cotton futures top 20 net positions were - 201,155 lots, an increase of 13,319 lots; cotton yarn futures top 20 net positions were - 819 lots, an increase of 380 lots [2]. - Cotton main contract positions were 653,507 lots, a decrease of 56,651 lots; cotton yarn main contract positions were 13,953 lots, a decrease of 89 lots [2]. - Cotton warehouse receipt quantity was 12,480 lots, a decrease of 2 lots; cotton yarn warehouse receipt quantity was 301 lots, a decrease of 6 lots [2]. 3.2 Spot Market - China Cotton Price Index (CCIndex:3128B) was 16,897 yuan/ton, an increase of 76 yuan; China Yarn Price Index (pure cotton carded yarn 32 - count) was 22,050 yuan/ton, unchanged [2]. - China Imported Cotton Price Index (FCIndexM:1% tariff) was 13,287 yuan/ton; China Imported Cotton Price Index (FCIndexM:sliding duty) was 14,155 yuan/ton. The arrival price of imported cotton yarn price index (pure cotton carded yarn 32 - count) was 22,568 yuan/ton, an increase of 72 yuan; the arrival price of imported cotton yarn price index (pure cotton combed yarn 32 - count) was 23,908 yuan/ton, a decrease of 7 yuan [2]. 3.3 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 0.54 million tons [2]. 3.4 Industry Situation - The cotton - yarn price difference (CY C32S - CC3128B) was 5,153 yuan/ton, a decrease of 76 yuan; the national industrial inventory of cotton was 861,000 tons, an increase of 13,000 tons [2]. - 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 [2]. - The daily import cotton profit was 2,742 yuan/ton, an increase of 7 yuan; the national commercial inventory of cotton was 5.7887 million tons, an increase of 4,000 tons [2]. 3.5 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 [2]. - The monthly output of cloth was 3.01 billion meters, an increase of 0.2 billion meters; the monthly output of yarn was 2.132 million tons, an increase of 93,000 tons [2]. - The monthly export value of clothing and clothing accessories was $134,124,120, an increase of $18,187,260; the monthly export value of textile yarns, fabrics and products was $125,796,030, an increase of $3,038,700 [2]. 3.6 Option Market - The implied volatility of cotton at - the - money call options was 18.26%, a decrease of 1.85%; the implied volatility of cotton at - the - money put options was 18.31%, a decrease of 1.79% [2]. - The 20 - day historical volatility of cotton was 15.14%, an increase of 0.19%; the 60 - day historical volatility of cotton was 14.09%, an increase of 0.02% [2]. 3.7 Industry News - As of 24:00 on March 16, 2026, the cumulative notarized inspection of cotton processed by national cotton processing enterprises in the 2025/26 season was 33,498,830 bales, totaling 7,561,747 tons, a year - on - year increase of 12.10%. The cumulative notarized inspection volume of Xinjiang cotton was 7,175,028 tons, a year - on - year increase of 12.25% [2]. - ICE cotton futures climbed on Tuesday, continuing the previous day's gains. ICE May cotton futures contract rose 0.58 cents, or 0.85%, to settle at 68.77 cents per pound [2]. - On the domestic supply side, port inventories increased significantly, and the inventory of Brazilian cotton remained at a high level. As of March 12, the inventory of major imported cotton ports was 571,500 tons, a month - on - month increase of 2.7% [2].