瑞达期货棉花（纱）产业日报-20260323

1. Report Industry Investment Rating - No information provided 2. Core View of the Report - The domestic cotton market has a significant year - on - year increase in imports, and the port inventory maintains a growth trend. The "Golden March" demand in the textile industry starts slowly, with spinning mills' production resuming and yarn transactions being good, and inventories decreasing significantly. It is expected that cotton prices may continue to rise after adjustment [2] 3. Summary by Relevant Catalogs Futures Market - Zhengzhou cotton's main contract closing price is 15,280 yuan/ton, up 65 yuan; cotton yarn's main contract closing price is 21,535 yuan/ton, up 60 yuan [2] - The net position of the top 20 in cotton futures is - 188,690 hands, down 109 hands; the net position of the top 20 in cotton yarn futures is - 542 hands, down 167 hands [2] - The main contract's open interest for cotton is 577,806 hands, down 14,645 hands; for cotton yarn, it is 14,439 hands, down 360 hands [2] - The cotton warehouse receipt quantity is 12,384 sheets, down 16 sheets; the cotton yarn warehouse receipt quantity is 251 sheets, down 16 sheets [2] Spot Market - The China Cotton Price Index (CCIndex:3128B) is 16,592 yuan/ton, down 57 yuan; the China Yarn Price Index (pure - combed cotton yarn 32 - count) is 22,100 yuan/ton, unchanged [2] - The China Imported Cotton Price Index (FCIndexM:1% tariff) is 13,068 yuan/ton, down 50 yuan; the arrival price of the imported cotton yarn price index (pure - combed cotton yarn 32 - count) is 22,582 yuan/ton, down 32 yuan [2] - The China Imported Cotton Price Index (FCIndexM:sliding - scale duty) is 14,011 yuan/ton, down 41 yuan; the arrival price of the imported cotton yarn price index (pure - combed cotton yarn 32 - count) is 24,006 yuan/ton, up 51 yuan [2] Upstream Situation - The national cotton sowing area is 2,838.3 thousand hectares, an increase of 48.3 thousand hectares; the national cotton output is 6.16 million tons, an increase of 0.54 million tons [2] Industry Situation - The cotton - yarn price difference (CY C32S - CC3128B) is 5,508 yuan/ton, up 57 yuan; the national industrial inventory of cotton is 861,000 tons, up 13,000 tons [2] - The monthly import volume of cotton is 180,000 tons, an increase of 60,000 tons; the monthly import volume of cotton yarn is 170,000 tons, an increase of 20,000 tons [2] - The daily import cotton profit is 2,581 yuan/ton, down 16 yuan; the national commercial inventory of cotton is 5.7887 million tons, up 4,000 tons [2] Downstream Situation - The inventory days of yarn are 21.71 days, down 3.41 days; the inventory days of grey cloth are 33.13 days, down 0.63 days [2] - The monthly output of cloth is 3.01 billion meters, an increase of 200 million meters; the monthly output of yarn is 2.132 million tons, an increase of 93,000 tons [2] - The monthly export value of clothing and clothing accessories is 134,124,120,000 US dollars, an increase of 18,187,260,000 US dollars; the monthly export value of textile yarns, fabrics and products is 125,796,030,000 US dollars, an increase of 3,038,700,000 US dollars [2] Option Market - The implied volatility of cotton at - the - money call options is 13.02%, up 0.81%; the implied volatility of cotton at - the - money put options is 13.03%, up 0.82% [2] - The 20 - day historical volatility of cotton is 16.22%, up 0.02%; the 60 - day historical volatility of cotton is 14.34%, down 0.02% [2] Industry News - According to Mysteel research, the national commercial inventory of cotton is declining. As of March 20, 2026, the total commercial inventory of cotton is 5.0399 million tons, a week - on - week decrease of 95,200 tons (a decrease of 1.85%) [2] - According to the USDA report, in the week ending March 12, the net export sales of US upland cotton in the 2025/26 season increased by 196,700 bales, a 22% decrease from the previous week and a 30% decrease from the average of the previous four weeks. The export shipment volume of US upland cotton in the 2025/26 season is 273,900 bales, a 26% decrease from the previous week and an 8% increase from the average of the previous four weeks [2]