建信期货棉花日报-20260327

1. Report Information - Reported industry: Cotton [1] - Date: March 27, 2026 [2] - Researchers: Yu Lanlan, Lin Zhenlei, Wang Haifeng, Hong Chenliang, Liu Youran [3] 2. Core Viewpoints - Zhengzhou cotton closed higher in a volatile manner. The spot cotton price index rose, and the downstream market was generally lackluster. Spinning mills mainly executed previous orders, with few new orders and increasing inventory. The international market is awaiting the US crop planting intention report, and the domestic market is preparing for spring sowing. The short - term market lacks new drivers, and attention should be paid to the new cotton expectations and actual planting conditions for the 2026/27 season [7][8] 3. Summary by Directory 3.1. Market Review and Operation Suggestions - Market Review: Zhengzhou cotton futures showed different price changes. For example, CF2605 opened at 15310, closed at 15340, with a change of 110 and a change rate of 0.72%. The latest 328 - grade cotton price index was 16745 yuan/ton, up 34 yuan/ton from the previous trading day. The downstream market was weak, with general cotton yarn trading, few new orders, and increasing inventory. The international market is awaiting the US crop planting intention report, and the domestic market is preparing for spring sowing [7][8] - Operation Suggestions: The short - term market lacks new drivers, and attention should be paid to the new cotton expectations and actual planting conditions for the 2026/27 season [8] 3.2. Industry News - Brazil exported 27.05 tons of cotton in February 2026, and the cumulative cotton export volume from August 2025 to February 2026 reached 1.9925 million tons, a 4.6% increase year - on - year [9] - As of March 25, 2026, the national cumulative cotton inspection volume was 7.6037 million tons, a 12.3% increase year - on - year, with 7.4998 million tons in Xinjiang and 65,300 tons in the inland [9] 3.3. Data Overview - The report provides multiple data charts, including the China Cotton Price Index, cotton spot price, cotton futures price, cotton basis change, various futures spreads, cotton commercial and industrial inventories, warehouse receipt volume, and exchange rates [17][18][20][28][30]