建信期货棉花日报-20260401

1. Report Information - Industry: Cotton [1] - Date: April 1, 2026 [2] - Researchers: Yu Lanlan, Lin Zhenlei, Wang Haifeng, Hong Chenliang, Liu Youran [3] 2. Core View - Zhengzhou cotton fluctuates and adjusts. The latest cotton price index for Grade 328 is 16,850 yuan/ton, up 27 yuan/ton from the previous trading day. The downstream market has a general trading volume, with increasing inventory and weakening prices [7]. - Macroeconomic factors lead to rising market risk - aversion. The net position of CFTC US cotton funds continues to rise week - on - week, and the signing and shipment of US cotton turn from weak to strong. The domestic new cotton planting will start intensively in mid - to - early April, and the market is waiting for new information [8]. 3. Section Summaries 3.1. Market Review and Operation Suggestions - Market Review: Zhengzhou cotton is in a fluctuating adjustment. The spot cotton price is rising, the trading of pure cotton yarn is average with increasing inventory, the all - cotton grey cloth market is weakening, and clothing orders are approaching the end with difficult subsequent order connection. The net position of CFTC US cotton funds is rising, and the signing and shipment are getting better. The domestic new cotton planting is about to start intensively [7][8]. - Suggestions: Before the release of the cotton planting intention report, the market is in a wait - and - see mood. Attention should be paid to the new cotton expectations and actual planting conditions in the 2026/27 season [8]. 3.2. Industry News - StoneX maintains the forecast of Brazil's 2025/26 cotton production at 3.74 million tons. The growth of cotton in Mato Grosso is in the early stage, and the rainfall in April will determine the cotton yield per unit area, especially in late - sown areas [9]. 3.3. Data Overview - The report provides multiple charts related to cotton prices (including spot, futures, price index), spreads, inventories (commercial, industrial), and exchange rates (USD/CNY, USD/INR) [17][18][30].