Ruida Futures(SZ:002961) Rui Da Qi Huo·2026-04-01 09:08Report Summary 1. Report Industry Investment Rating No information provided. 2. Core View of the Report The domestic cotton market is under pressure on the supply side as foreign cotton continues to arrive at ports, leading to a significant increase in inventory and continued supply pressure. On the consumption side, textile enterprises have few new orders, mainly shipping previous orders, and the de - stocking speed of finished products has slowed down. Although the downstream is in the traditional small peak season with some rigid demand support, there is still pressure above, and short - term prices may tend to fluctuate [2]. 3. Summary by Relevant Catalogs Futures Market - Zhengzhou cotton main contract closing price is 15,245 yuan/ton, down 50 yuan; cotton futures top 20 net position is - 179,921 hands, down 7,058 hands; main contract position of cotton is 468,553 hands, down 25,027 hands; cotton warehouse receipt quantity is 12,406 sheets, down 14 sheets. - Cotton yarn main contract closing price is 21,565 yuan/ton, up 20 yuan; cotton yarn futures top 20 net position is - 86 hands, up 167 hands; main contract position of cotton yarn is 7,405 hands, down 60 hands; cotton yarn warehouse receipt quantity is - 53 sheets [2]. Spot Market - China Cotton Price Index (CCIndex:3128B) is 16,797 yuan/ton; China Imported Cotton Price Index (FCIndexM:1% tariff) is 14,076 yuan/ton, up 418 yuan; China Imported Cotton Price Index (FCIndexM: sliding duty) is 14,667 yuan/ton, up 277 yuan. - China Yarn Price Index (pure - cotton carded yarn 32 - count) is 22,280 yuan/ton; the arrival price of imported cotton yarn price index (pure - cotton carded yarn 32 - count) is 22,579 yuan/ton, down 71 yuan; the arrival price of imported cotton yarn price index (pure - cotton combed yarn 32 - count) is 24,081 yuan/ton, down 75 yuan [2]. Upstream Situation - The national cotton sowing area is 2,838.3 thousand hectares, and the national cotton output is 616 tons, an increase of 54 tons [2]. Industry Situation - The price difference between cotton and cotton yarn is 5,483 yuan/ton, up 53 yuan; the industrial inventory of cotton nationwide is 89.4 tons, up 3.3 tons. - The import quantity of cotton is 17 tons, down 4 tons; the import quantity of cotton yarn is 130,000 tons, down 30,000 tons. - The profit of imported cotton is 2,130 yuan/ton, down 330 yuan; the commercial inventory of cotton nationwide is 547.7 tons, down 31.17 tons [2]. Downstream Situation - The inventory days of yarn are 21.45 days, down 0.26 days; the inventory days of grey cloth are 33.24 days, up 0.11 days. - The monthly output of cloth is 30.1 billion meters, up 2 billion meters; the monthly output of yarn is 213.2 tons, up 9.3 tons. - The monthly export value of clothing and accessories is 11,061,465.19 million US dollars, down 2,748,526.81 million US dollars; the monthly export value of textile yarns, fabrics and products is 11,382,891.7 million US dollars, down 2,808,585.3 million US dollars [2]. Option Market - The implied volatility of cotton at - the - money call option is 11.62%, down 3.46%; the implied volatility of cotton at - the - money put option is 11.61%, down 3.47%. - The 20 - day historical volatility of cotton is 9.53%, up 0.25%; the 60 - day historical volatility of cotton is 14.51%, up 0.05% [2]. Industry News - As of 24:00 on March 30, 2026, the cumulative notarized inspection of cotton processed by national cotton processing enterprises in the 2025/26 season is 33,725,907 bales, totaling 7,612,902 tons, a year - on - year increase of 12.32%. The cumulative notarized inspection volume of Xinjiang cotton is 7,218,807 tons, a year - on - year increase of 12.49%. - ICE cotton futures fell on Tuesday, giving back previous gains, as the US Department of Agriculture's planting intention report showed an increase in cotton planting area in 2026. The ICE May cotton futures contract closed down 0.19 cents, or 0.20%, at 70.00 cents per pound [2].