Report Industry Investment Ratings No information provided in the reports regarding industry investment ratings. Core Views Oils and Fats - Malaysian BMD crude palm oil futures are pressured by crude oil trends and may test the support at 4,500 ringgit. Domestic Dalian palm oil futures are in a downward adjustment, seeking support at 9,500 yuan, with a chance of a weak rebound but continued downward pressure [1]. - CBOT soybean oil may rise if the US biodiesel policy is favorable. In China, if the zero - tolerance policy for Brazilian soybeans is relaxed, soybean supply will increase, dragging down the spot basis [1]. - Rapeseed oil prices are affected by geopolitical events. The market is waiting for the US biodiesel policy and the development of the Middle East conflict. Spot prices fluctuate with the market, and the basis fluctuates within 20 yuan/ton [1]. Cotton - ICE cotton futures are affected by a stronger US dollar and inflation concerns. US cotton production is expected to be around 3.05 million tons. It is expected to maintain a wide - range oscillation between 65 - 70 cents/pound. In China, the cotton price may also oscillate widely due to the balance of long - and short - term factors [2]. Sugar - ICE raw sugar futures reach a five - month high, supported by energy prices. Brazilian sugar production may be affected by the preference for ethanol production. Indian sugar production is approaching the end of the season. Short - term raw sugar is expected to be oscillating and slightly stronger. In China, sugar imports in January - February exceed expectations. The spot market has weak sales but stable prices, and the futures market is strong but limited by weak production and sales in February and increased industrial inventory [4]. Red Dates - Affected by macro funds and the good quality of new dates, the futures market rebounds slightly from the low - valuation range, but the upside is limited by weak market conditions. In the off - season, the consumption end is weak, inventory reduction is slow, and the number of futures warehouse receipts registered is decreasing year - on - year. It is recommended to short on rebounds [6]. Apples - The apple spot market shows a more obvious structural differentiation. Good - quality apples have a better trading atmosphere, while ordinary apples in Shandong have inventory pressure. The national apple cold - storage inventory is at a historical low, which supports the futures price. There is a short - term risk of price correction, and attention should be paid to the inventory reduction of ordinary apples and weather changes [11]. Corn and Corn Starch - The supply and demand of corn in the Northeast and North China are relatively balanced, and prices are stable. The demand from deep - processing enterprises exists, but feed enterprises' demand for high - priced corn is average, and wheat substitution is increasing. Policy wheat auctions may squeeze corn demand. Corn prices are under pressure but limited by low social inventory, and the operation range is 2,350 - 2,420 yuan/ton [14]. Meal - The US soybean futures are oscillating around 1,160 cents, with mixed long - and short factors. The domestic soybean meal market has fully priced in concerns about shutdowns and supply continuity. The concern about delayed arrivals of Brazilian soybeans is easing, and the spot market is weak. Short - term inventory is expected to be tight, and soybean meal is expected to maintain a high - level oscillation, waiting for the planting intention report at the end of March [16]. Pigs - The futures and spot prices of pigs continue to decline, and market sentiment is pessimistic. The large number of pig sales, high slaughter weight, and weak price difference between fat and lean pigs are not conducive to secondary fattening. In the off - season, downstream procurement recovers slowly, and the increase in slaughter volume has limited impact. The market focuses on secondary fattening and frozen product storage. The price may stop falling after breaking 10,000 yuan/ton, and the spot price is expected to continue to bottom out [18]. Eggs - On the supply side, the price of culled chickens is high and shows a downward trend, and farmers' willingness to cull chickens has increased. The number of newly - laid hens has increased slightly but is still at a relatively low level. The overall supply is relatively loose, and the inventory pressure is not large this week. On the demand side, the demand is slightly boosted by the Tomb - Sweeping Festival, but the supply is sufficient, and the price increase is limited. The terminal demand is weak, and the egg price is expected to maintain a low - level oscillation [20]. Summary by Related Catalogs Oils and Fats - **Price Changes**: The 05 - 09 spreads of soybean oil, palm oil, and rapeseed oil all decreased, with decreases of 16.22%, 59.26%, and 9.24% respectively. The spot and futures prices of various oils also changed to different degrees [1]. - **Inventory Changes**: The palm oil warehouse receipts decreased by 100% to 0 [1]. Cotton - **Futures Market**: The price of cotton 2605 remained unchanged, while the price of cotton 2609 increased by 0.23%. The 5 - 9 spread decreased by 33.33%. The main contract's open interest decreased by 1.07%, and the number of warehouse receipts decreased by 0.24%, while the valid forecast increased by 22.06% [2]. - **Spot Market**: The Xinjiang arrival price and CC Index of 3128B increased, while the FC Index:M: 1% decreased. The spreads between 3128B and futures contracts and between CC Index:3128B and FC Index:M: 1% all increased [2]. - **Industry Situation**: The weekly inventory decreased by 100%, the industrial inventory increased by 14.5%, the import volume decreased by 19.0%, the bonded area inventory increased by 9.8%, the yarn inventory days decreased by 1.2%, the grey fabric inventory days increased by 0.3%, the spinning enterprise's processing profit decreased by 4.8%, the retail sales of clothing and textiles increased by 7.7%, the year - on - year growth rate of clothing and textiles decreased by 82.9%, and the export volume of textile yarns and clothing decreased [2]. Sugar - **Futures Market**: The prices of sugar 2605 and 2609 decreased by 0.44% and 0.40% respectively, and the 5 - 9 spread decreased by 6.90%. The main contract's open interest decreased by 3.77%, the number of warehouse receipts remained unchanged, and the valid forecast increased from 0 to 520 [4]. - **Spot Market**: The prices in Nanning and Kunming decreased, and the basis increased. The prices of imported Brazilian sugar (both within and outside the quota) increased, and the spreads between imported sugar and Nanning prices also increased [4]. - **Industry Situation**: The cumulative sugar production and sales nationwide and in Guangxi decreased, the sugar sales rate decreased, the industrial inventory increased, and the sugar import volume increased significantly [4]. Red Dates - **Futures Market**: The prices of red date 2605, 2607, and 2609 all increased, and the 5 - 7 and 5 - 9 spreads also increased. The open interest increased by 0.41%, the number of warehouse receipts remained unchanged, the valid forecast increased by 45.98%, and the sum of warehouse receipts and valid forecasts increased by 1.87% [6]. - **Spot Market**: The prices of Cangzhou's special - grade, first - grade, and second - grade red dates remained unchanged, and the basis decreased [6]. Apples - **Futures Market**: The price of apple 2605 decreased by 0.71%, the price of apple 2610 decreased by 0.09%, the basis decreased by 6.35%, the 5 - 10 spread decreased by 4.25%, the open interest decreased by 10.12%, and the national cold - storage inventory decreased by 6.26% [8]. - **Spot Market**: The arrival volume at some fruit wholesale markets increased [8]. Corn and Corn Starch - **Corn**: The price of corn 2605 decreased by 1.33%, the Jinzhou Port FAS price increased by 0.21%, the basis increased by 370.00%, the 5 - 9 spread decreased by 61.54%, the Shekou Port market price remained unchanged, the north - south trade profit increased by 35.71%, the Brazilian CIF duty - paid price decreased by 0.76%, the import profit increased by 14.08%, the number of remaining vehicles at Shandong deep - processing enterprises in the morning decreased by 19.09%, the open interest decreased by 1.61%, and the number of warehouse receipts remained unchanged [14]. - **Corn Starch**: The price of corn starch 2605 decreased by 1.18%, the average price of corn starch decreased by 0.13%, the basis increased by 16.48%, the Weifang spot price decreased by 0.33%, the Changchun spot price remained unchanged, the 5 - 9 spread decreased by 150.00%, the 05 spread between starch and corn decreased by 0.26%, the Shandong starch profit remained unchanged, the open interest decreased by 2.06%, and the number of warehouse receipts remained unchanged [14]. Meal - **Soybean Meal**: The spot price in Jiangsu decreased by 0.90%, the futures price of M2605 decreased by 0.73%, the basis decreased by 2.49%, the spot basis quote remained unchanged, the Brazilian May shipment basis import crushing profit decreased by 5.6%, and the number of warehouse receipts decreased by 3.6% [16]. - **Rapeseed Meal**: The spot price in Jiangsu decreased by 1.12%, the futures price of RM2605 decreased by 0.99%, the basis decreased by 2.43%, the Canadian July shipment basis import crushing profit increased by 400.00%, and the number of warehouse receipts remained at 0 [16]. - **Soybeans**: The spot price of Harbin soybeans remained unchanged, the futures price of the main soybean contract decreased by 0.83%, the basis increased by 9.76%, the spot price of imported soybeans in Jiangsu remained unchanged, the futures price of the main soybean contract 2 remained unchanged, the basis remained unchanged, and the number of warehouse receipts decreased by 0.50% [16]. - **Spreads**: The 05 - 09 spreads of soybean meal and rapeseed meal decreased, the ratio of soybean to rapeseed meal in the spot market increased by 0.68%, the ratio of oil to meal in the main contract decreased by 0.14%, and the soybean - rapeseed meal spreads in the spot market and 2605 contract remained basically unchanged [16]. Pigs - **Futures Market**: The main contract basis increased by 36.36%, the price of pig 2605 increased by 0.65%, the price of pig 2603 decreased by 3.23%, the 3 - 5 spread decreased by 53.68%, the main contract open interest increased by 2.41%, and the number of warehouse receipts decreased by 1.81% [18]. - **Spot Market**: The prices in various regions decreased to different degrees, and the slaughter rate decreased by 0.47%, the white - strip price, piglet price, and sow price remained unchanged, the slaughter weight increased by 0.05%, the self - breeding profit decreased by 5.13%, the purchased - pig breeding profit decreased by 19.72%, and the number of fertile sows decreased by 0.73% [18]. Eggs - **Futures Market**: The prices of egg 04 and 05 contracts decreased by 0.66% and 1.22% respectively, the basis increased by 27.56%, and the 4 - 5 spread increased by 18.35% [20]. - **Spot Market**: The egg - producing area price remained unchanged, the egg - chick price increased by 2.86%, the culled - chicken price increased by 1.25%, the egg - feed ratio increased by 1.24%, and the breeding profit increased by 9.98% [20].

1. Report Industry Investment Rating No specific industry investment ratings were provided in the report. 2. Core Viewpoints of the Report - Overall, the agricultural market is affected by multiple factors such as geopolitical issues, policies, and supply - demand relationships. Different varieties show different trends, with some being bullish, some bearish, and some in a volatile state. It is recommended to pay attention to the low - buying strategy for some varieties and also to be aware of various risks [1][2][6]. 3. Summary by Variety 3.1 Oils and Fats - **Viewpoint**: Palm oil leads the rise in oils and fats. In the short term, funds are bullish, but there are also potential negative factors. The outlook for soybean oil, palm oil, and rapeseed oil is oscillating strongly. It is recommended to pay attention to the low - buying strategy at the stage [1][2][5]. - **Logic**: Geopolitical issues in the Middle East affect market expectations and crude oil prices. Palm oil: Indonesia tightens exports and accelerates bio - diesel testing, but exports to some regions are affected. Soybean oil: The US bio - diesel policy is expected to be clear, and South American soybeans may have supply efficiency issues. Rapeseed oil: There will be a concentrated arrival of rapeseeds for crushing, and inventory is expected to accumulate [1][5]. 3.2 Protein Meal - **Viewpoint**: There is an increase in positions and a decline in price, and the double - meal market is adjusting. The outlook for soybean meal and rapeseed meal is oscillating. Attention should be paid to the support below [7]. - **Logic**: Internationally, the market expects China to increase the purchase of non - soybean US agricultural products, and the Brazilian soybean harvest progress is affected. Domestically, the decline of US soybeans in the outer market and the weakening of the impact of Brazilian shipping problems lead to an increase in positions and a decline in soybean meal. The low protein content of Australian rapeseed meal causes concerns about warehouse receipt delivery [7]. 3.3 Corn - **Viewpoint**: The spot price is firm, and attention should be paid to policy releases. The outlook is oscillating. In the medium - term, it is generally bullish [8][9][10]. - **Logic**: The price trend of corn in different regions is divided. The supply pressure is limited, and the downstream inventory is low. The increase in wheat supply and the expected improvement of new wheat growth conditions may affect the market [8][9][10]. 3.4 Pigs - **Viewpoint**: The supply is sufficient, and the pig price is weakening. The outlook is oscillating weakly. It is recommended to pay attention to the short - selling hedging opportunity in the first half of the year and the reverse - arbitrage strategy in the fourth quarter [10]. - **Logic**: In the short term, the supply increases and the demand decreases. In the medium - term, the supply pressure is large. In the long - term, the production reduction process is not smooth, and it is expected that the pig price will bottom out and pick up in the third quarter [10]. 3.5 Natural Rubber - **Viewpoint**: The wide - range oscillating pattern is temporarily maintained. The outlook is oscillating [11][12]. - **Logic**: The short - term trading logic is affected by geopolitical issues in the Middle East. The market sentiment is weak, and there is a production increase expectation in Yunnan. However, the synthetic rubber provides support, and the fundamentals make the price easy to rise and difficult to fall [11][12]. 3.6 Synthetic Rubber - **Viewpoint**: The geopolitical logic remains unchanged, and the market is oscillating at a high level. If crude oil continues to rise, the market will remain strong in the short term [13][14]. - **Logic**: The Middle East geopolitical situation affects the supply of butadiene, leading to a contraction in supply. Although the fundamentals are weak, the market is still easy to rise and difficult to fall under the current geopolitical situation [13][14]. 3.7 Cotton - **Viewpoint**: The sliding - scale tariff quota is implemented, which is beneficial to the outer market and has a small impact on the inner market. The outlook is oscillating strongly, and it is recommended for long - term allocation [14][15][16]. - **Logic**: The release of the quota is earlier and the quantity is increased compared with previous years. It stimulates foreign cotton imports, promotes the convergence of the price difference between the inner and outer markets, and has a limited impact on the inner market [14]. 3.8 Sugar - **Viewpoint**: In the short term, the domestic and foreign sugar prices are mainly affected by oil price fluctuations. The outlook is oscillating, and the domestic price range can be appropriately widened [16][17]. - **Logic**: In the medium - and long - term, the sugar market is expected to be in a weak - oscillating state. In the short term, the price may oscillate due to oil price fluctuations. High oil prices may affect the sugar - making ratio in Brazil and then affect the sugar supply [16][17]. 3.9 Pulp - **Viewpoint**: The futures market remains weak, and the market expects the industry conference to provide guidance. The outlook is oscillating [18]. - **Logic**: The market is affected by the potential impact of the US - Iran conflict and the increase in shipping costs. Although there is a seasonal recovery in demand in March, the supply - surplus pattern suppresses the price. In April, the price may be weaker [18]. 3.10 Double - Glue Paper - **Viewpoint**: It is oscillating in a narrow range. The outlook is oscillating, and it is recommended to operate within the range of 4000 - 4400 yuan/ton [19][20]. - **Logic**: Paper mills have the intention to support prices, but the shipment is limited. The supply and demand are expected to increase from March to April, and the price is expected to rise first and then fall from March to May [19][20]. 3.11 Logs - **Viewpoint**: Supported by the cost side, the logs are oscillating strongly within the range. The outlook is oscillating, and it is recommended to operate within the range of 770 - 820 yuan/cubic meter [21]. - **Logic**: The increase in shipping costs and exchange rate changes drive up the outer - market quotation, which in turn drives up the domestic spot price. However, the demand recovery is weak, and the market may be under pressure after the arrival of a large number of logs [21]. 4. Commodity Index Data - On March 16, 2026, the comprehensive index was 2607.75, a decrease of 0.63%; the commodity 20 index was 2943.75, a decrease of 1.02%; the industrial product index was 2578.45, a decrease of 0.05%. - The agricultural product index on March 16, 2026, had a daily decline of 0.69%, a 5 - day increase of 1.32%, a 1 - month increase of 5.52%, and an increase of 5.14% since the beginning of the year [183][185].

1. Report Industry Investment Rating - No information provided 2. Core Viewpoints - In 2026, the total amount of processing trade quotas for cotton import sliding duty is 300,000 tons, issued on a contract - based application. The early and increased release of the quota will stimulate foreign cotton imports and ease the "tight - balance" supply expectation in the domestic cotton market [2]. - The expected reduction in Xinjiang's cotton production and the significant shrinkage of the target planting area have formed an expectation of tightened supply in the new year, providing bottom support for cotton futures prices. The high sales rate and decreasing commercial inventory have intensified concerns about subsequent supply [3]. - The demand side has both opportunities and challenges. Although it is the traditional textile peak season, the profit of cotton spinning mills has decreased, and the new orders are limited. However, the macro - economic environment provides support for cotton demand [4]. 3. Summary by Related Content Supply - side - In 2026, the total cotton production target in Xinjiang is stable at around 5.6 million tons, a 9.2% decrease from 6.165 million tons in 2025. The target planting area is expected to be significantly reduced by 500,000 - 700,000 mu [3]. - As of March 5, 2026, the national cotton sales rate reached 71.9%, a year - on - year increase of 19.2 percentage points and 23.5 percentage points higher than the average of the past four years. The domestic cotton commercial inventory is gradually decreasing [3]. Demand - side - March - April is the traditional textile peak season "Golden March and Silver April", with spinning mills' overall operation and production - sales returning to normal levels, but the profit of cotton spinning mills has decreased, and new orders are limited [4]. - The domestic monetary policy is conducive to reducing the cost of textile enterprises and stabilizing cotton demand. In the first two months of this year, China's total value of goods trade imports and exports increased by 18.3% year - on - year, and textile and clothing exports were 50.45 billion US dollars, a year - on - year increase of 17.6% [4]. Operation Suggestion - Hold long positions for the 05 contract below 15,300 yuan/ton [4]

1. Report Industry Investment Rating - Not mentioned in the report 2. Core Views of the Report - Short - term cotton market is likely to maintain a slightly stronger oscillatory trend. Future issuance of sliding - duty quotas will be a major influencing factor on the supply side, and the shift from the off - season to the peak season in August will affect demand. If demand fails to meet expectations, it will have a negative impact on Zhengzhou cotton futures [8]. - The U.S. cotton is expected to be slightly stronger in an oscillatory manner, and Zhengzhou cotton is expected to maintain a slightly stronger oscillatory trend in the short - term, but with limited upward space [9]. 3. Summary by Relevant Catalogs 3.1 Market Information - **Futures Market**: For cotton futures, the closing prices of CF01, CF05, and CY05 contracts increased, while CF09, CY09 decreased, and CY01 had a small increase. For volume, most contracts showed a decrease. In terms of open interest, most also decreased. For cotton yarn futures, similar trends were observed in terms of price, volume, and open interest changes [3]. - **Spot Market**: The CCIndex3128B price increased by 143 yuan/ton, Cot A increased by 0.50 cents/pound, and the price of polyester staple fiber increased by 70 yuan/ton. Other spot prices remained stable or decreased slightly [3]. - **Spreads**: In cotton and cotton yarn inter - delivery spreads, there were different changes in spreads between different delivery months. In cross - variety spreads, the CY - CF spreads also changed, and the internal - external spreads of cotton and yarn also had corresponding fluctuations [3]. 3.2 Market News and Views - **Cotton Market News** - By the week ending August 30, Brazil's cotton harvest progress was 72.8%, 12.5 percentage points higher than the previous week but 14.8% slower than the same period last year. The progress in major producing states was slow, but sunny weather in Mato Grosso is expected to speed up the harvest [6]. - As of the week ending September 1, 2025, India's weekly cotton market volume was 0.7 million tons, a year - on - year decline of 87%. The cumulative market volume in the 2024/25 season was 5.1749 million tons, a year - on - year decline of 5%. The final market volume is expected to be around 5.2 - 5.22 million tons [6]. - Pakistan's cotton imports in the 2024 - 2025 season increased from 683,000 tons to 814,000 tons, and the year - on - year growth rate increased from 233% to 298% [7]. - The total amount of sliding - duty processing trade quotas for cotton imports in 2025 is 200,000 tons, and they will be issued based on contracts [7]. - **Trading Logic**: After the Sino - US talks, tariffs are likely to be extended for 90 days, and China's anti - involution policies have a positive impact on commodities. On the supply side, whether additional sliding - duty quotas will be issued is the main influencing factor. On the demand side, demand is expected to improve in August as it shifts from the off - season to the peak season. If demand is weaker than expected, it will be negative for Zhengzhou cotton [8]. - **Trading Strategies** - **Single - side**: The U.S. cotton is expected to be slightly stronger in an oscillatory manner, and Zhengzhou cotton is expected to maintain a slightly stronger oscillatory trend in the short - term with limited upward space [9]. - **Arbitrage**: Adopt a wait - and - see approach [9]. - **Options**: Adopt a wait - and - see approach [10]. - **Cotton Yarn Industry News** - The trading volume in the pure - cotton yarn market is average. After the decline of Zhengzhou cotton, the market sentiment is cautious, and downstream purchases are mainly for rigid demand. The price of pure - cotton yarn is expected to be stable [12]. - The trading volume in the all - cotton grey fabric market has not recovered as well as in previous years. Mills reported limited order increases, especially in foreign orders. It is difficult to raise the price of grey fabrics, and mills mostly choose to wait and see. If the raw material price continues to rise, mills may try to raise prices [12]. 3.3 Options - **Option Contract Data**: On September 2, 2025, for options such as CF601C14000.CZC, CF601P13600.CZC, and CF601P13400.CZC, there were different changes in closing prices, implied volatilities, and other indicators [14]. - **Volatility**: The 120 - day HV of cotton decreased slightly compared to the previous day. The implied volatilities of different option contracts were around 11.3% - 11.6% [14]. - **Option Strategy Suggestion**: The PCR of the main contract of Zhengzhou cotton showed certain values, and the trading volumes of both call and put options increased. It is recommended to adopt a wait - and - see approach for options [15][16]. 3.4 Relevant Attachments - The report provides multiple charts including the internal - external cotton price spread under 1% tariff, the basis of different delivery months of cotton, the spread between cotton yarn and cotton futures, and the inter - delivery spreads of cotton futures, showing the historical trends of relevant data [17][23][25][30]

Group 1: Report Industry Investment Rating - Not provided Group 2: Core View of the Report - In the short - term, the market is likely to maintain a slightly stronger oscillating trend. The future trend of US cotton is expected to be slightly stronger with oscillations, and Zhengzhou cotton is expected to maintain a slightly stronger oscillating trend in the short - term, but the upward space is relatively limited. The trading strategy for options is to sell put options, and for arbitrage, it is to wait and see [8][9][12] Group 3: Summary by Relevant Catalogs Market Information - **Futures Disk**: For cotton futures, the closing prices of CF01, CF05, and CF09 contracts decreased by 20, and the closing price of CY01 increased by 5, CY05 remained unchanged, and CY09 decreased by 35. The trading volumes and open interests of each contract also had corresponding changes. For example, the trading volume of CF01 decreased by 94,563, and the open interest increased by 3,455 [3] - **Spot Price**: The CCIndex3128B price was 15,334 yuan/ton, up 91; the CY IndexC32S price was 20,760, up 20. The Cot A price was 78.90 cents/pound, unchanged; the FCY IndexC33S price was 21,880, down 11. Other spot prices also had corresponding changes [3] - **Spreads**: In cotton spreads, the 1 - 5 month spread was 45 with no change, the 5 - 9 month spread was 275 with no change, and the 9 - 1 month spread was - 320 with no change. In yarn spreads, the 1 - 5 month spread was - 235, up 5, the 5 - 9 month spread was 315, up 35, and the 9 - 1 month spread was - 80, down 40. The CY01 - CF01 spread was 6,060, up 25, and the 1% tariff internal - external cotton spread was 1,437, up 99 [3] Market News and Views - **Cotton Market News** - As of August 23, Brazil's cotton harvesting progress was 60.3%, up 11.4 percentage points week - on - week, 15.8% slower than last year, mainly due to the lag in Mato Grosso [6] - As of August 24, the boll - setting rate of US cotton was 81%, 7 percentage points slower than last year and 6 percentage points slower than the five - year average. The flocculation rate was 20%, the same as last year and 2 percentage points slower than the five - year average. The excellent and good rate was 55%, 15 percentage points higher than last year and 11 percentage points higher than the five - year average [6] - As of August 25, India's weekly cotton market volume was 0.8 million tons, down 20% year - on - year. The cumulative market volume in the 2024/25 season was 5.1675 million tons, down 4% year - on - year. The CAI cumulative market volume reached 98% of the 24/25 season forecast balance sheet output, the same as last year [7] - In 2025, the total volume of the sliding - scale duty processing trade quota for cotton imports is 200,000 tons, and it will be issued on a contract - based application basis [7] - **Trading Logic**: After the recent China - US talks, tariffs are likely to be extended by 90 days, and the short - term tariff impact may weaken. China's anti - involution policies have a certain positive impact on commodities. On the supply side, cotton supply is still tight, and whether to issue additional sliding - scale duty quotas in the future will be the main influencing factor. On the demand side, demand is expected to improve from the off - season to the peak season in August. If demand is lower than expected, it will have a negative impact on Zhengzhou cotton [8] - **Trading Strategy** - **Single - side**: The future trend of US cotton is likely to be slightly stronger with oscillations, and Zhengzhou cotton is expected to maintain a slightly stronger oscillating trend in the short - term, but the upward space is limited [9] - **Arbitrage**: Wait and see [10] - **Options**: Sell put options [12] - **Cotton Yarn Industry News** - Recently, the transaction in the pure cotton yarn market is okay, and spinning mills are selling at reasonable prices to reduce inventory, but there is still resistance to price increases. The market is worried about large - scale spinning mills' low - price promotions in early September, and the yarn price is expected to be stable in the short - term [12] - The price of the pure cotton grey fabric market is stable with a weak trend, the overall transaction atmosphere is still weak, and fabric mills are mainly digesting inventory. Most fabric mills still have large inventory pressures, and the order improvement is not sustainable. The dyeing factory's order scheduling recovery is limited and weaker than in previous years [12] Options - **Volatility**: Today, the 120 - day HV of cotton increased slightly compared to the previous day. The implied volatility of CF601 - C - 14000 was 10.5%, CF601 - P - 13600 was 9.8%, and CF601 - P - 13400 was 10.1% [14] - **Option Strategy Suggestion**: Today, the PCR of the main contract of Zhengzhou cotton was 0.7560, and the PCR of the trading volume of the main contract was 0.6197. The trading volumes of both call and put options increased. The option strategy is to sell put options [15][16] Relevant Attachments - The report provides multiple charts, including the 1% tariff internal - external cotton price spread, cotton 1 - month basis, cotton 5 - month basis, cotton 9 - month basis, CY05 - CF05 spread, CY01 - CF01 spread, CF9 - 1 spread, and CF5 - 9 spread [17][24][27]

Group 1: Report Overview - Report Title: Cotton and Cotton Yarn Daily Report [2] - Date: August 21, 2024 [2] - Researcher: Liu Qiannan [2] Group 2: Market Information Futures Market - CF01 contract closed at 14030, down 25; trading volume was 145,497 lots, a decrease of 137,731 lots; open interest was 481,950 lots, an increase of 3,484 lots [3] - CF05 contract closed at 14005, down 35; trading volume was 5,618 lots, a decrease of 11,691 lots; open interest was 54,311 lots, an increase of 863 lots [3] - CF09 contract closed at 13770, down 30; trading volume was 23,693 lots, a decrease of 21,059 lots; open interest was 96,107 lots, a decrease of 9,010 lots [3] - CY01 contract closed at 20055, down 30; trading volume was 54 lots, a decrease of 86 lots; open interest was 373 lots, a decrease of 23 lots [3] - CY05 contract closed at 20290; trading volume was 1 lot; open interest was 4 lots [3] - CY09 contract closed at 20025, down 20; trading volume was 108 lots, a decrease of 86 lots; open interest was 662 lots, a decrease of 38 lots [3] Spot Market - CCIndex3128B was priced at 15,210 yuan/ton, down 33 yuan; CY IndexC32S was 20,700 yuan, unchanged [3] - Cot A was 78.95 cents/pound, down 0.35 cents; FCY IndexC33S was 22,045 yuan, down 88 yuan [3] - (FC Index):M: arrival price was 76.85 cents/pound, down 0.30 cents; Indian S - 6 was 54,000 yuan, unchanged [3] - Polyester staple fiber was 7,450 yuan, up 70 yuan; pure polyester yarn T32S was 11,030 yuan, unchanged [3] - Viscose staple fiber was 12,900 yuan, unchanged; viscose yarn R30S was 17,250 yuan, unchanged [3] Spreads - Cotton inter - month spreads: 1 - 5 spread was 25, up 10; 5 - 9 spread was 235, down 5; 9 - 1 spread was - 260, down 5 [3] - Cotton yarn inter - month spreads: 1 - 5 spread was - 235, down 20,320; 5 - 9 spread was 265, up 20,310; 9 - 1 spread was - 30, up 10 [3] - Cross - variety spread: CY01 - CF01 was 6025, down 5; CY05 - CF05 was 6285, up 20,325; CY09 - CF09 was 6255, up 10 [3] - Domestic - foreign spreads: 1% tariff cotton spread was 1304, up 4; sliding - scale tariff cotton spread was 653, down 7; domestic - foreign yarn spread was - 1345, up 88 [3] Group 3: Market News and Views Cotton Market News - As of the week ending August 18, 2025, India's weekly cotton market volume was 46,000 tons, a year - on - year increase of 401%; the cumulative market volume in the 2024/25 season was 5.1596 million tons, a year - on - year decrease of 4% [6] - From August 14 - 20, 2025, the weekly rainfall in India's major cotton - producing areas (93.6%) was 108.2mm, 60mm higher than normal and 71mm higher than the same period last year [6] - As of July 31, 2025, CAI's assessment of India's 2024/25 cotton balance sheet showed an increase in initial inventory by 150,000 tons, demand by 100,000 tons, exports by 20,000 tons, and ending inventory by 30,000 tons compared to the previous month's assessment [7] Trading Logic - After recent China - US talks, tariffs are likely to be extended by 90 days, with a weakened short - term impact; China's anti - involution policies have a positive impact on commodities [8] - On the supply side, cotton supply remains tight, and the issuance of sliding - scale tariff quotas will be a key factor; on the demand side, demand is expected to improve from the off - season to the peak season in August [8] - In general, the short - term market is likely to maintain a slightly bullish and volatile trend [8] Trading Strategies - Unilateral: US cotton is likely to be slightly bullish and volatile, and Zhengzhou cotton is expected to maintain a slightly bullish and volatile trend in the short term but with limited upward space [9] - Arbitrage: Hold a wait - and - see attitude [10] - Options: Sell put options [11] Cotton Yarn Industry News - The pure cotton yarn market has seen some transactions recently, with increased downstream replenishment purchases, but overall it is still average, and feedback from spinning mills varies [11] - Cotton yarn prices are strong and stable with a slight increase, but there is no obvious increase in downstream orders yet [11] - The demand for cotton grey fabrics has not improved significantly, with no improvement in downstream inquiries and sampling; the shipment speed of weaving factories has not accelerated, and the enthusiasm of traders to purchase has not increased [13] Group 4: Options - As of August 21, 2025, for option contract CF601C14000.CZC, the underlying contract price was 14,030 yuan, the closing price was 338 yuan, up 0.9%, with an implied volatility (IV) of 10.5% [14] - For option contract CF601P13600.CZC, the underlying contract price was 14,030 yuan, the closing price was 138 yuan, down 9.8%, with an IV of 10.1% [14] - For option contract CF601P13400.CZC, the underlying contract price was 14,030 yuan, the closing price was 85 yuan, down 18.3%, with an IV of 10% [14] - The 120 - day historical volatility (HV) of cotton on this day was 10.2496, slightly higher than the previous day [14] - The PCR of the main contract of Zhengzhou cotton was 0.7867, and the volume PCR was 0.6430, with an increase in both call and put trading volumes [15] - Option strategy suggestion: Sell put options [16] Group 5: Related Attachments - Figures include 1% tariff domestic - foreign cotton price spread, cotton January basis, cotton May basis, cotton September basis, CY05 - CF05 spread, CY01 - CF01 spread, CF9 - 1 spread, and CF5 - 9 spread [18][22][25][29]

Group 1: Report Overview - Report Title: Cotton and Cotton Yarn Daily Report - Date: August 20, 2024 - Researcher: Liu Qiannan [2] Group 2: Market Information Futures Market - CF01 contract closed at 14,055, down 45; trading volume was 283,228 lots, an increase of 136,381 lots; open interest was 478,466 lots, a decrease of 10,082 lots [3] - CY01 contract closed at 20,085, down 55; trading volume was 140 lots, an increase of 15 lots; open interest was 396 lots, an increase of 24 lots [3] Spot Market - CCIndex3128B was 15,240 yuan/ton, up 6; CY IndexC32S was 20,700 yuan/ton, unchanged [3] - Cot A was 79.30 cents/pound, up 0.15; FCY IndexC33S was 22,045 yuan/ton, down 88 [3] Spreads - Cotton inter - month spread: 1 - 5 month spread was 15, down 5; 5 - 9 month spread was 240, down 20; 9 - 1 month spread was - 255, up 25 [3] - Yarn inter - month spread: 1 - 5 month spread was 20,085, down 55; 5 - 9 month spread was - 20,045, up 50; 9 - 1 month spread was - 40, up 5 [3] - Cross - variety spread: CY01 - CF01 was 6,030, down 10; CY05 - CF05 was - 14,040, up 40; CY09 - CF09 was 6,245, down 30 [3] - Domestic - foreign spread: 1% tariff domestic - foreign cotton spread was 1,300, up 41; sliding - scale domestic - foreign cotton spread was 660, up 28; domestic - foreign yarn spread was - 1,345, up 88 [3] Group 3: Market News and Views Cotton Market News - As of August 16, Brazil's cotton harvest progress was 48.9% (98% of the area), a 9.9 - percentage - point increase from the previous week, 16.3% slower than last year [6] - As of August 16, 2025, India's 2025/26 cotton planting area was 10.696 million hectares, a 3.7% year - on - year decrease [6] - As of July 31, 2025, CAI's assessment of India's 2024/25 cotton balance sheet showed an increase in beginning inventory by 150,000 tons, demand by 100,000 tons, exports by 20,000 tons, and ending inventory by 30,000 tons compared to the previous month [7] Trading Logic - Macro: After recent China - US talks, tariffs are likely to be extended for 90 days, and China's anti - involution policies have a positive impact on commodities [8] - Fundamentals: Supply is tight, and the issuance of sliding - scale tariff quotas is a key factor; demand is expected to improve from the off - season to the peak season in August, but if it falls short of expectations, it will be negative for Zhengzhou cotton [8] - Overall: The short - term market is likely to be slightly bullish and volatile [8] Trading Strategies - Unilateral: US cotton is likely to be slightly bullish and volatile, and Zhengzhou cotton is expected to be slightly bullish and volatile in the short term with limited upside [9] - Arbitrage: Wait and see [10] - Options: Sell put options [11] Cotton Yarn Industry News - Pure - cotton yarn market: Recent transactions are fair, spinning mills' inventory has decreased slightly, but profit margins have not improved significantly, with inland spinning mills' cash - flow losses at around 500 yuan/ton; short - term yarn prices are expected to be stable [13] - Cotton gray fabric market: Demand has not improved continuously, weaving mills' shipment speed is average, and traders' purchasing enthusiasm is low; inventory is slowly decreasing [13] Group 4: Options Option Data - On August 20, 2025, for CF601C14000.CZC, the underlying contract price was 14,055, the closing price was 363, down 7.9%, IV was 10.7%, Delta was 0.5385, etc. [15] - The 120 - day HV of cotton was 10.2651, with a slight increase from the previous day; the implied volatility of CF601 - C - 14000 was 10.7%, CF601 - P - 13600 was 10.4%, and CF601 - P - 13400 was 10.4% [15] Option Strategies - The PCR of the main contract of Zhengzhou cotton was 0.7956 for open interest and 0.8463 for trading volume; both call and put trading volumes increased [16] - Recommendation: Sell put options [17]

Report Summary 1. Report Industry Investment Rating There is no information provided regarding the report industry investment rating. 2. Core View of the Report - Short - term market利多 factors for Zhengzhou cotton (郑棉) are relatively clear. It is expected that the downward space of Zhengzhou cotton is limited, and it will probably maintain a slightly stronger oscillating trend. The future trend of US cotton is likely to be slightly stronger in oscillation, while Zhengzhou cotton is expected to maintain a slightly stronger oscillating trend in the short term but with limited upward space [8][9]. 3. Summary by Relevant Catalogs Market Information - **Futures Market**: For cotton futures, CF01 closed at 14100 with a decline of 25, CF05 at 14080 with a decline of 5, and CF09 at 13820 with a decline of 10. For cotton yarn futures, CY01 closed at 20140 with a decline of 25, CY05 at 20330 with no change, and CY09 at 20095 with a decline of 25. Volume and open - interest changes varied among contracts [3]. - **Spot Market**: CCIndex3128B was priced at 15243 yuan/ton with an increase of 27, Cot A at 79.15 cents/pound with a decline of 0.25. Different yarn and fiber products also had their respective price changes [3]. - **Spreads**: Cotton and cotton yarn inter - month spreads and cross - variety spreads showed different changes. For example, the 1 - 5 month spread of cotton was 20 with a decline of 20, and the CY01 - CF01 spread was 6040 with no change [3]. Market News and Views - **Cotton Market News** - As of August 17, the budding rate of US cotton in 15 major cotton - growing states was 97%, 1 percentage point slower than last year and 4 percentage points faster than the five - year average. The boll - setting rate was 73%, 10 percentage points slower than last year and 7 percentage points slower than the five - year average. The boll - opening rate was 13%, 5 percentage points slower than last year and 3 percentage points slower than the five - year average. The good - quality rate was 55%, 13 percentage points higher than last year and 10 percentage points higher than the five - year average [6]. - As of the week ending August 16, the total harvesting progress of Brazilian cotton was 48.9%, an increase of 9.9 percentage points from the previous week but 16.3% slower than last year. The Brazilian National Commodity Supply Company (CONAB) slightly reduced the production forecast for the 2024/25 season to 3.935 million tons [6][7]. - **Trading Logic**: Macroscopically, after the China - US talks, tariffs are likely to be extended for 90 days, weakening the short - term tariff impact. The domestic anti - involution policy has a positive impact on commodities. Fundamentally, the cotton supply is still tight, and the key factor for supply is whether additional sliding - scale tariff quotas will be issued. In August, demand is expected to improve from the off - season to the peak season. If demand fails to meet expectations, it will have a negative impact on Zhengzhou cotton [8]. - **Trading Strategies** - **Single - side**: It is expected that the future trend of US cotton will be slightly stronger in oscillation, and Zhengzhou cotton will maintain a slightly stronger oscillating trend in the short term but with limited upward space [9]. - **Arbitrage**: Adopt a wait - and - see approach [10]. - **Options**: Sell put options [11]. - **Cotton Yarn Industry News** - The Zhengzhou cotton market has been oscillating recently. The overall market of pure - cotton yarn has improved but is still mediocre. There is resistance to price increases, and market confidence is average. Spinning mills focus on sales, with inland spinning mills operating at low capacity, stable overall operation, and slightly reduced inventory [13]. - The overall demand for all - cotton gray fabrics has not been fully released. Although some report an improvement compared to July, most fabric mills say sales are still slow, with few actual orders. The production enthusiasm of some local fabric mills has slightly recovered, and the operating rate has increased, but it is expected to be difficult to further recover [13]. Options - **Option Data**: The implied volatility of CF601C14000.CZC was 10.2%, CF601P13600.CZC was 10.3%, and CF601P13400.CZC was 10.3%. The 120 - day historical volatility (HV) of cotton increased slightly compared to the previous day [15]. - **Option Strategy Suggestion**: The position PCR of the main contract of Zhengzhou cotton was 0.7849, and the trading volume PCR was 0.7600. Both the trading volumes of call and put options increased. The option strategy is to sell put options [16][17].

Group 1: Report General Information - Report Name: Cotton, Cotton Yarn Daily Report [2] - Date: August 13, 2024 [2] - Researcher: Liu Qiannan [2] Group 2: Market Information Futures Market - CF01 contract closed at 14130, up 150, with a trading volume of 359,282 hands (an increase of 175,100) and an open interest of 455,926 (an increase of 42,969) [3] - CF05 contract closed at 14090, up 180, with a trading volume of 19,441 hands (an increase of 10,428) and an open interest of 38,510 (an increase of 6,918) [3] - CF09 contract closed at 13830, up 95, with a trading volume of 131,743 hands (an increase of 35,958) and an open interest of 179,148 (a decrease of 32,545) [3] - CY01 contract closed at 20165, up 185, with a trading volume of 301 hands (an increase of 95) and an open interest of 385 (an increase of 57) [3] - CY05 contract closed at 20345, up 275, with a trading volume of 13 hands (an increase of 10) and an open interest of 6 (an increase of 1) [3] - CY09 contract closed at 20115, up 120, with a trading volume of 389 hands (a decrease of 117) and an open interest of 1112 (a decrease of 188) [3] Spot Market - CCIndex3128B was priced at 15,188 yuan/ton, up 27 [3] - Cot A was priced at 78.20 cents/pound, up 0.20 [3] - (FC Index):M: arrival price was 76.05 cents/pound, up 0.10 [3] - Polyester staple fiber was priced at 7,450 yuan/ton, up 70 [3] - Viscose staple fiber was priced at 12,900 yuan/ton, unchanged [3] - CY IndexC32S was priced at 20,620 yuan/ton, down 20 [3] - FCY IndexC33S was priced at 22,149 yuan/ton, up 19 [3] - Indian S - 6 was priced at 54,000 yuan/ton, unchanged [3] - Pure polyester yarn T32S was priced at 11,030 yuan/ton, unchanged [3] - Viscose yarn R30S was priced at 17,250 yuan/ton, unchanged [3] Spreads - Cotton inter - month spreads: 1 - 5 spread was 40, down 30; 5 - 9 spread was 260, up 85; 9 - 1 spread was - 300, down 55 [3] - Cotton yarn inter - month spreads: 1 - 5 spread was - 180, down 90; 5 - 9 spread was 230, up 155; 9 - 1 spread was - 50, down 65 [3] - Cross - variety spread: CY01 - CF01 spread was 6035, up 35; CY05 - CF05 spread was 6255, up 95; CY09 - CF09 spread was 6285, up 25 [3] - Domestic - foreign spreads: 1% tariff domestic - foreign cotton spread was 1413, down 23; sliding - scale tariff domestic - foreign cotton spread was 714, down 12; domestic - foreign cotton yarn spread was - 22149, down 20639 [3] Group 3: Market News and Views Cotton Market News - In the US cotton main production areas (accounting for 92.9% of the output), the average temperature was 82.14°F, 3.25°F lower than the same period last year, and the average rainfall was 0.72 inches, 0.11 inches higher than the same period last year. In Texas, the average temperature was 86.22°F, 1.17°F lower than the same period last year, and the average rainfall was 0.4 inches, 0.18 inches higher than the same period last year. The cotton growth rate was slightly behind, but the growth quality was good [6] - According to the latest USDA production and sales forecast, in August, the global cotton output was adjusted down by 390,000 tons to 25.39 million tons, the total consumption decreased by 30,000 tons to 25.69 million tons, and the ending inventory decreased by 740,000 tons to 16.09 million tons [6] - The estimated US cotton planting area in August was 9.28 million acres, a decrease of 840,000 acres from the previous month. The abandonment rate increased by 6.26%, and the yield per acre increased by 53 pounds to 862 pounds [6] Trading Logic - Macroeconomically, after the recent China - US talks, the current tariffs are expected to be extended by 90 days with a high probability, and the short - term impact of tariffs may be weakened. China's anti - involution policies have a certain positive impact on commodities. Fundamentally, the current cotton supply is still tight, and whether the market will issue additional sliding - scale tariff quotas in the future will be the main influencing factor on the supply side. In August, demand will gradually shift from the off - season to the peak season, and demand is expected to improve. If demand fails to meet expectations, it will have a certain negative impact on Zhengzhou cotton. Overall, short - term market bullish factors are relatively clear, and it is expected that the downward space of Zhengzhou cotton is limited, and it will probably maintain a slightly stronger oscillating trend [7] Trading Strategies - Unilateral: It is expected that the future trend of US cotton will probably be slightly stronger in oscillation, and Zhengzhou cotton is expected to maintain a slightly stronger oscillating trend in the short term, but the upward space is relatively limited [8] - Arbitrage: Wait and see [9] - Options: Sell put options [10] Cotton Yarn Industry News - This week, Zhengzhou cotton rebounded. With the approaching peak season, the pure cotton yarn market has slightly improved, with fewer low - price resources and a slightly higher trading center. However, market operations are still cautious, and downstream fabric mills and traders have not made large - scale replenishment. It is expected that yarn prices will remain stable in the short term [10] - The overall demand for all - cotton grey fabrics has not been significantly released. Only some areas reported a slight improvement in demand compared with July. Fabric mills said they were actively clearing inventories, and the growth rate of grey fabric inventory has decreased. Fabric mills reported an increase in samples, but most real orders have not been placed. Prices are mainly stable, and real - order prices are still negotiated based on quantity. Continuously monitor market dynamics [10] Group 4: Options Option Contract Information - On August 13, 2025, the CF601C14000.CZC option contract had a closing price of 396.00, up 34.7%, with an implied volatility of 10.2% [14] - The CF601P13600.CZC option contract had a closing price of 131.00, down 24.3%, with an implied volatility of 10.3% [14] - The CF601P13400.CZC option contract had a closing price of 82.00, down 31.7%, with an implied volatility of 10.3% [14] Volatility and Strategy - Today, the 120 - day HV of cotton was 10.2534, and the volatility slightly increased compared with the previous day. The implied volatility of CF601 - C - 14000 was 10.2%, that of CF601 - P - 13600 was 10.3%, and that of CF601 - P - 13400 was 10.3% [14] - Today, the position PCR of the main Zhengzhou cotton contract was 0.7270, and the trading volume PCR of the main contract was 0.2862. The trading volumes of both call and put options increased. The option strategy is to sell put options [15][16]

Group 1: Report Overview - Report Title: Cotton and Cotton Yarn Daily Report [2] - Date: July 15, 2024 [2] - Researcher: Liu Qiannan [2] Group 2: Market Information Futures Market - CF01 closed at 13820 with a 5-point increase, volume of 59,553 hands (up 21286), and open interest of 215,751 (up 1145) [3] - CF05 closed at 13785 with a 5-point decrease, volume of 1,874 hands (up 958), and open interest of 10,369 (up 132) [3] - CF09 closed at 13850 with a 25-point decrease, volume of 207,411 hands (up 68734), and open interest of 546,688 (down 11044) [3] - CY01 closed at 20035 with a 35-point decrease, volume of 21 hands (down 15), and open interest of 92 (up 1) [3] - CY05 closed at 0 with no change, volume of 0 hands, and open interest of 2 (no change) [3] - CY09 closed at 20050 with a 70-point decrease, volume of 7077 hands (up 1693), and open interest of 21168 (down 1042) [3] Spot Market - CCIndex3128B was at 15302 yuan/ton, up 36 [3] - Cot A was at 78.05 cents/pound, down 0.40 [3] - (FC Index):M: arrival price was at 76.62, down 0.30 [3] - Polyester staple fiber was at 7450 yuan/ton, up 70 [3] - Viscose staple fiber was at 12600 yuan/ton, no change [3] Spreads - Cotton inter - month spreads: 1 - 5 spread was 35 (up 10), 5 - 9 spread was - 65 (up 20), 9 - 1 spread was 30 (down 30) [3] - Cotton yarn inter - month spreads: 1 - 5 spread was 20035 (down 35), 5 - 9 spread was - 20050 (up 70), 9 - 1 spread was 15 (down 35) [3] - Cross - variety spreads: CY01 - CF01 was 6215 (down 40), CY05 - CF05 was (13785) (up 5), CY09 - CF09 was 6200 (down 45) [3] - Domestic - foreign spreads: 1% tariff domestic - foreign cotton spread was 1508 (up 77), sliding - scale tariff domestic - foreign cotton spread was 822 (up 53), domestic - foreign cotton yarn spread was - 1589 (down 14) [3] Group 3: Market News and Views Cotton Market News - As of the week ending July 12, Brazil's cotton harvest progress was 13.6% (up 6.3 percentage points week - on - week, 3.1 percentage points slower than last year) [6] - As of July 13, the budding rate of US cotton in 15 major planting states was 61% (1 percentage point slower than last year and the five - year average), the boll - setting rate was 23% (3 percentage points slower than last year, 1 percentage point slower than the five - year average), and the good - to - excellent rate was 54% (9 percentage points higher than last year, 8 percentage points higher than the five - year average) [6] - CONAB's July 2024/25 Brazilian cotton production forecast was 393.8 million tons (up 2.5 million tons from the previous month), with planted area at 2.0838 million hectares and yield at 126 kg/mu [6] Trading Logic - US cotton may be slightly weak in the short term but has potential upside due to possible trade negotiations and weather factors [7] - Zhengzhou cotton may face limited upside due to average downstream demand and potential additional sliding - scale tariff quotas, despite low current supply [7] Trading Strategy - Unilateral: US cotton is expected to be slightly bullish and range - bound, while Zhengzhou cotton is expected to be bullish and range - bound in the short term [8] - Arbitrage: Hold off [9] - Options: Sell put options [9][15] Cotton Yarn Industry News - The all - cotton greige fabric market has been sluggish, with low sales, high inventory, few orders, and low loom operation rates [11] - The pure - cotton yarn market has seen little change, with stable prices, low downstream purchases, and continued production cuts by inland spinning mills [11] Group 4: Options Option Data - CF509C13800.CZC closed at 180.00 (down 41.9%), with an implied volatility of 9.3% [13] - CF509P13600.CZC closed at 62.00 (down 50.8%), with an implied volatility of 9.7% [13] - CF509P13000.CZC closed at 16.00 (up 23.1%), with an implied volatility of 14.3% [13] Volatility - The 10 - day HV of Zhengzhou cotton was 3.2429, slightly lower than the previous day [13] Option Strategy - The PCR of the main Zhengzhou cotton contract's open interest was 0.9770, and the PCR of trading volume was 0.7034, with increased trading volume for both calls and puts and a rise in bearish sentiment [14] - Recommend selling put options [15]