瑞达期货棉花（纱）产业日报-20260319

1. Report Industry Investment Rating - Not provided in the content 2. Core Viewpoints of the Report - The domestic textile and apparel exports increased significantly in the first two months of 2026, with textile exports reaching 25.57 billion US dollars, a year - on - year increase of 20.5%, and clothing exports reaching 24.87 billion US dollars, a year - on - year increase of 14.8%. The "Golden March" demand in the textile industry started slowly, and spinning mills continued to resume production. The current market is in the traditional consumption peak season of "Golden March and Silver April", but the import cotton data from January to February increased significantly year - on - year, and the price continued to decline [2]. 3. Summary by Relevant Catalogs 3.1 Futures Market - Zhengzhou cotton main contract closing price was 15,150 yuan/ton, a decrease of 60 yuan; cotton futures top 20 net positions were - 197,718 lots, an increase of 3,437 lots; main contract positions of cotton were 619,756 lots, a decrease of 33,751 lots; cotton warehouse receipt quantity was 12,437 lots, a decrease of 43 lots; China Cotton Price Index (CCIndex:3128B) was 16,722 yuan/ton, a decrease of 175 yuan; China Imported Cotton Price Index (FCIndexM:1% tariff) was 13,287 yuan/ton, unchanged [2]. - Cotton yarn main contract closing price was 21,285 yuan/ton, a decrease of 15 yuan; cotton yarn futures top 20 net positions were - 499 lots, an increase of 320 lots; main contract positions of cotton yarn were 14,190 lots, an increase of 237 lots; cotton yarn warehouse receipt quantity was 282 lots, a decrease of 19 lots; China Yarn Price Index (pure cotton carded yarn 32 - count) was 22,050 yuan/ton, unchanged; imported cotton yarn price index (pure cotton carded yarn 32 - count) arrival price was 22,628 yuan/ton, an increase of 60 yuan [2]. 3.2 Spot Market - China Imported Cotton Price Index (FCIndexM: sliding duty) was 14,155 yuan/ton, unchanged; imported cotton yarn price index (pure cotton combed yarn 32 - count) arrival price was 23,971 yuan/ton, an increase of 63 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 was 5,328 yuan/ton, an increase of 175 yuan; the industrial inventory of cotton nationwide was 861,000 tons, an increase of 13,000 tons; the import quantity of cotton was 170,000 tons, an increase of 30,000 tons; the import quantity of cotton yarn was 130,000 tons, a decrease of 30,000 tons; the import cotton profit was 2,567 yuan/ton, a decrease of 175 yuan; the commercial inventory of cotton nationwide 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; 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 amount of clothing and clothing accessories was 134,124,120 US dollars, an increase of 18,187,260 US dollars; the monthly export amount of textile yarns, fabrics and products was 125,796,030 US dollars, an increase of 3,038,700 US dollars [2]. 3.6 Option Market - The implied volatility of cotton at - the - money call options was 13.22%, a decrease of 5.04%; the implied volatility of cotton at - the - money put options was 13.22%, a decrease of 5.09%; the 20 - day historical volatility of cotton was 16.16%, an increase of 1.01%; the 60 - day historical volatility of cotton was 14.43%, an increase of 0.34% [2]. 3.7 Industry News - In February 2026, China imported 130,000 tons of cotton yarn, a decrease of 30,000 tons month - on - month and an increase of 20,000 tons year - on - year. From January to February 2026, the cumulative import volume of cotton yarn was 290,000 tons, an increase of 80,000 tons or 38% compared with the same period last year. The ICE cotton futures fell on Wednesday, pressured by the stronger US dollar. The May ICE cotton futures contract closed down 0.07 cents, or 0.10%, at 68.70 cents per pound [2].