郑棉宽幅震荡，关注种植收紧情况

1. Report Industry Investment Rating - Not provided in the given content 2. Core Viewpoints of the Report - For the domestic cotton market, the reduction of cotton - planting area in Xinjiang in the 2026/27 season provides cost and supply support. The "Golden March and Silver April" textile peak season with increased replenishment demand and high - level downstream enterprise operations offer upward impetus. However, the release of sliding - duty quotas, large import volume due to the wide price gap between domestic and international cotton, and weak downstream spinning profits may limit price increases. The overall price range is expected to be around 14,500 - 16,000 yuan/ton, and if the reduction in planting area exceeds expectations, prices may rise further [1][33]. - In the international market, the global supply - demand pattern is tightening. Drought in the US cotton - producing areas and the high probability of El Niño weather may lead to a decrease in cotton production. The current low price of US cotton and China's purchase demand will support international cotton prices [2][33]. - The operation suggestion is to view Zhengzhou cotton from a medium - term oscillatory perspective and mainly go long on dips [3][34]. 3. Summary by Directory 3.1 Market Review - Domestic Market: In the first quarter, Zhengzhou cotton fluctuated upward, rising first and then falling. The main contract price ranged from 14,500 to 15,765 yuan/ton. The reduction of inventory, increased demand, and concerns about new - season supply were the core supports, while the quota was only a short - term disturbance [5]. - International Market: In the first quarter, US cotton showed a strong and upward - trending oscillation. The ICE cotton futures main contract price ranged from 60 to 68.71 cents/pound. The drought in the main - producing areas and the expectation of a supply shortage were the core supports [6]. 3.2 Domestic Market Analysis - Domestic Production: As of March 24, 2026, the inspected cotton quantity was 33,652,621 bales, with a weight of 7.6005 million tons, higher than the expected 7.4 million tons. The national cotton - planting intention area in 2026 showed a slight decline, with different situations in different regions. Xinjiang plans to reduce the planting area, and the actual reduction will affect cotton prices [8][10]. - Consumption and Inventory: After the Spring Festival, the operating rates of textile and weaving enterprises recovered rapidly. By March 20, the operating rates reached 61.9% and 60.5% respectively, and the finished - product inventories of these enterprises decreased to 14.8 days and 24.8 days [12][15]. - Imports: From January to February 2026, China's cotton imports increased significantly year - on - year. The state issued 300,000 tons of sliding - duty quotas, which is expected to keep imports stable and regulate the import order [17][19]. - Exports: From January to February 2026, China's textile and clothing exports increased by 17.6% year - on - year. Multiple factors contributed to this growth, but the subsequent export growth may face challenges [21]. 3.3 International Market Analysis - Global Supply - Demand Situation: According to the USDA's March report, the US cotton supply - demand situation remained stable, while the global market showed an increase in supply, a decrease in demand, and a slight increase in inventory pressure [25]. - Northern Hemisphere Planting: In the 2026/27 season, the cotton - planting intentions in the US and India showed different trends. Weather conditions and crop price ratios are key factors affecting planting. The US may face drought and El Niño risks, while India may face pest risks [28][29]. 3.4 Conclusion and Operation Suggestions - Domestic Market: The reduction of cotton - planting area in Xinjiang provides support, but factors such as quota release and import volume may limit price increases. The overall price range is around 14,500 - 16,000 yuan/ton [1][33]. - International Market: The global supply - demand pattern is tightening, and factors such as drought and El Niño may lead to a decrease in production. China's purchase demand will support international cotton prices [2][33]. - Operation Suggestion: Treat Zhengzhou cotton from a medium - term oscillatory perspective and mainly go long on dips [3][34].