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1. Report's Industry Investment Rating - No information provided 2. Core Viewpoints of the Report - Domestically, this week, Zhengzhou cotton futures fluctuated within a range with a lower center of gravity, following market supply - demand and internal - external price difference logic. Currently in the middle of the cotton sales period, Xinjiang cotton's available supply is tightening. Downstream textile enterprises purchase raw materials mainly for rigid needs, with stable spot trading volume. There's no short - term large - scale boost for the market, but cotton consumption is proceeding steadily. Around 15,000 yuan/ton, the cotton price rebounded quickly, indicating potential support. It is recommended to buy on dips within the range [52]. - Internationally, this week, US cotton entered a high - level consolidation phase after a previous rally, digesting the positive news of China's issuance of sliding - scale import quotas. The US cotton - growing regions are approaching the spring sowing window, and there are still potential short - term weather disruptions. The market will likely focus on new - crop planting expectations, export data, and the global supply - demand situation. In the short term, the global cotton market has relatively loose supply and a steady export pace, with a relatively stable US cotton trend. A planting area report will be released at the end of March, awaiting key data guidance [52]. 3. Summary by Relevant Catalogs 3.1 Cotton Market Analysis 3.1.1 Futures Price Trends - Zhengzhou cotton futures weakened this week, with a weekly decline of 1.2%. ICE cotton futures rebounded, with a weekly increase of 3.48% [9]. 3.1.2 Spot Prices - This week, the cotton price index declined. The 3128 index dropped by 239 yuan/ton compared to last week, and the 2129 index fell by 228 yuan/ton [13]. 3.1.3 Cotton Import Situation - In January - February, 380,000 tons of cotton were imported, a year - on - year increase of 110,000 tons. As of the second half of February, the commercial cotton inventory was 5.477 million tons, showing a continuous decline [18][20]. 3.1.4 Cotton Inventory Situation - The commercial cotton inventory has been decreasing, with 5.477 million tons in the second half of February [20]. 3.1.5 Downstream Inventory Situation - In February, the yarn inventory was 21.45 days, a year - on - year decrease of 0.87 days, and the grey fabric inventory was 33.24 days, a year - on - year increase of 3.81 days [28]. 3.1.6 Yarn Prices - This week, yarn prices rose. The price of OEC10S remained unchanged, the price of C32S increased by 50 yuan/ton compared to last week, and the price of JC40S was flat [33]. 3.1.7 Zhengzhou Commodity Exchange Warehouse Receipts and Effective Forecasts - This week, the total number of Zhengzhou cotton warehouse receipts and forecasts decreased by 31. There were 12,437 warehouse receipts and 323 effective forecasts, totaling 12,760 [38]. 3.1.8 Seed - cotton Purchase Situation - No specific analysis content provided, only the price data of Xinjiang seed - cotton purchase is shown [41]. 3.1.9 US Cotton Export Situation - As of March 12, according to the USDA weekly export sales report, the current - year net sales of US upland cotton exports increased by 196,700 bales, and the next - year net sales were 122,200 bales [46]. 3.1.10 US Weather Situation - The proportion of abnormally dry areas in the US is 20.1%, the proportion of moderately drought - affected areas is 24.8%, the proportion of severely drought - affected areas is 15.2%, the proportion of extremely drought - affected areas is 5.4%, the proportion of exceptionally drought - affected areas is 0.4%, and the total drought - affected area (D1 - D4) is 45.8% [49]. 3.2后市展望 (Market Outlook) - Domestically, the market is expected to continue to operate based on supply - demand and price differences. It is advisable to buy on dips around the support level [52]. - Internationally, the market will focus on new - crop planting, export data, and the global supply - demand pattern. The release of the planting area report at the end of March will provide key guidance [52].