瑞达期货棉花（纱）产业日报-20260326

Report Industry Investment Rating - Not provided in the report Core Viewpoints - ICE cotton futures rose slightly on Wednesday, and investors remained cautious ahead of the US Department of Agriculture's planting intention report next week. The ICE May cotton futures contract closed up 0.56 cents, or 0.83%, at 68.18 cents per pound [2]. - In the domestic market, on the supply side, cotton imports increased significantly year - on - year, and port inventories continued to grow. From January to February 2026, China imported 370,000 tons of cotton, a 41% year - on - year increase. On the consumption side, the demand in the textile industry's "Golden March and Silver April" is slowly starting, spinning mills' operation continues to resume production, yarn sales are good, and inventories have decreased significantly. It is expected that the center of cotton prices will move up [2]. Summary by Directory Futures Market - Zhengzhou cotton main contract closing price (daily, yuan/ton): 15,420, up 80; cotton futures top 20 net positions (lots): - 185,366, up 1,051; main contract positions: cotton (daily, lots): 550,380, down 3,264; warehouse receipt quantity: cotton (daily, sheets): 12,444, up 100; China Cotton Price Index: CCIndex: 3128B (daily, yuan/ton): 16,745, up 34 [2]. - Cotton yarn main contract closing price (daily, yuan/ton): 21,640, down 30; cotton yarn futures top 20 net positions (lots): - 758, up 2; main contract positions: cotton yarn (daily, lots): 11,488, down 1,484; warehouse receipt quantity: cotton yarn (daily, sheets): 227, down 2; China Yarn Price Index: pure cotton carded yarn 32 - count (daily, yuan/ton): 22,180, up 30 [2]. Spot Market - China's imported cotton price index: FCIndexM: 1% tariff (daily, yuan/ton): 13,169, up 101; arrival price: imported cotton yarn price index: pure cotton carded yarn 32 - count (daily, yuan/ton): 22,528, up 12 [2]. - China's imported cotton price index: FCIndexM: sliding - scale duty (daily, yuan/ton): 14,081, up 70; arrival price: imported cotton yarn price index: pure cotton combed yarn 32 - count (daily, yuan/ton): 23,949, up 13 [2]. Upstream Situation - National cotton sowing area (annual, thousand hectares): 2,838.3, up 48.3; national cotton output (annual, ten thousand tons): 616, up 54 [2]. Industry Situation - Cotton and cotton yarn price difference (daily, yuan/ton): 5,469, up 51; industrial inventory: cotton: national (monthly, ten thousand tons): 89.4, up 3.3 [2]. - Cotton: import quantity: monthly value (monthly, ten thousand tons): 17, down 4; cotton yarn: import quantity: monthly value (monthly, tons): 130,000, down 30,000 [2]. - Imported cotton profit (daily, yuan/ton): 2,630, down 91; commercial inventory: cotton: national (monthly, ten thousand tons): 547.7, down 31.17 [2]. Downstream Situation - Inventory days: yarn (monthly, days): 21.45, down 0.26; inventory days: grey cloth (monthly, days): 33.24, up 0.11 [2]. - Cloth: output: monthly value (monthly, billion meters): 30.1, up 2; yarn: output: monthly value (monthly, ten thousand tons): 213.2, up 9.3 [2]. - Clothing and clothing accessories: export amount: monthly value (monthly, ten thousand US dollars): 11,061,465.19, down 2,748,526.81; textile yarns, fabrics and products: export amount: monthly value (monthly, ten thousand US dollars): 11,382,891.7, down 2,808,585.3 [2]. Option Market - Cotton at - the - money call option implied volatility (%): 14.93, up 1.91; cotton at - the - money put option implied volatility (%): 14.93, up 1.9 [2]. - Cotton 20 - day historical volatility (%): 10.03, down 6.19; cotton 60 - day historical volatility (%): 14.44, up 0.1 [2]. Industry News - The Brazilian Cotton Growers Association (Abrapa) reported that Brazil exported 270,500 tons of cotton in February, a 1.5% year - on - year decrease. In the first seven months of the 2025/26 season (from August 2025 to February 2026), cumulative cotton exports reached 1.9925 million tons, a 4.6% year - on - year increase. In February, China, Turkey, and Bangladesh imported 173,000 tons of cotton. Cumulatively in the 2025/26 season, these three countries imported 1.1349 million tons, accounting for 57% of Brazil's cotton exports during the same period [2].