Report Summary 1. Industry Investment Rating - No investment rating is provided in the report. 2. Core View - The current supply - demand situation in the domestic cotton (yarn) market remains loose. The new cotton delivery is almost finished, but the sales progress is slow, and the port inventory is high. The downstream demand has not improved significantly, with fewer new orders for spinning mills and slower yarn sales. Future attention should be paid to the improvement of actual restocking willingness and macro - dynamics [2]. 3. Summary by Directory 3.1 Futures Market - Zhengzhou cotton main contract closed at 13,800 yuan/ton, up 35 yuan; cotton futures top 20 net positions were - 125,271 lots, down 682 lots; main contract cotton positions were 544,158 lots, down 2785 lots; cotton warehouse receipts were 2499, up 96. The main contract of cotton yarn closed at 20,005 yuan/ton, down 40 yuan; cotton yarn futures top 20 net positions were - 696 lots, up 215 lots; main contract cotton yarn positions were 5997 lots, down 546 lots; cotton yarn warehouse receipts were 14, unchanged [2]. 3.2 Spot Market - The China Cotton Price Index (CCIndex:3128B) was 14,980 yuan/ton, up 44 yuan; the China Yarn Price Index for pure - combed 32 - count cotton yarn was 20,770 yuan/ton, unchanged. The 1% tariff - based FCIndexM was 12,956 yuan/ton; the sliding - duty FCIndexM was 13,941 yuan/ton, up 9 yuan. The arrival price of imported pure - combed 32 - count cotton yarn was 20,984 yuan/ton, down 4 yuan; the arrival price of imported pure - combed 32 - count cotton yarn was 22,240 yuan/ton, down 5 yuan [2]. 3.3 Upstream Situation - The national cotton sown area was 2838.3 thousand hectares, up 48.3 thousand hectares; the national cotton output was 6.16 million tons, up 540,000 tons [2]. 3.4 Industry Situation - The cotton - yarn price difference was 5790 yuan/ton, down 44 yuan; the national industrial cotton inventory was 785,000 tons, down 76,000 tons; the monthly import volume of cotton was 90,000 tons, down 10,000 tons; the monthly import volume of cotton yarn was 140,000 tons, up 10,000 tons; the daily profit of imported cotton was 995 yuan/ton, up 31 yuan; the national commercial cotton inventory was 2.9306 million tons, up 1.9089 million tons [2]. 3.5 Downstream Situation - The inventory days of yarn were 26.12 days, up 1.27 days; the inventory days of grey cloth were 31.97 days, up 0.85 days; the monthly output of cloth was 2.62 billion meters, down 180 million meters; the monthly output of yarn was 2.001 million tons, down 73,000 tons; the monthly export value of clothing and clothing accessories was 11003480.43 million US dollars, down 1449766.57 million US dollars; the monthly export value of textile yarns, fabrics and products was 11258418.92 million US dollars, down 708097.08 million US dollars [2]. 3.6 Option Market - The implied volatility of at - the - money call options for cotton was 8.02%, up 0.62%; the implied volatility of at - the - money put options for cotton was 7.91%, up 0.51%; the 20 - day historical volatility of cotton was 6.27%, up 0.06%; the 60 - day historical volatility of cotton was 7.32%, down 0.41% [2]. 3.7 Industry News - As of November 30, 2025, the cumulative notarized inspection of cotton by national cotton processing enterprises was 19045387 bales, totaling 4.299376 million tons, a year - on - year increase of 18.72%. The cumulative notarized inspection of Xinjiang cotton was 4.229727 million tons, a year - on - year increase of 19.93%. ICE cotton futures fell on Monday, with the March contract down 0.08 cents, or 0.12%, to settle at 64.63 cents per pound [2].

Report Summary 1. Report Industry Investment Rating No investment rating information is provided in the report. 2. Core View The current supply - demand situation in the cotton (yarn) market remains loose. The new cotton delivery is nearly finished, but the new flower sales progress is slow, and the market digestion is below expectations. The port inventory is high, and the downstream demand has no obvious improvement. The new orders of textile enterprises have decreased, and the overall market trading is light. The report suggests paying attention to the improvement of actual replenishment willingness and macro - dynamics in the future [2]. 3. Summary by Directory 3.1 Futures Market - Zhengzhou cotton main contract closing price is 13,765 yuan/ton, up 40 yuan; cotton yarn main contract closing price is 20,045 yuan/ton, down 45 yuan [2]. - Cotton futures top 20 net positions are - 124,589 lots, down 960 lots; cotton yarn futures top 20 net positions are - 911 lots, down 147 lots [2]. - Cotton main contract position is 546,943 lots, up 1,675 lots; cotton yarn main contract position is 6,543 lots, down 1,364 lots [2]. - Cotton warehouse receipt quantity is 2,403 sheets, down 5 sheets; cotton yarn warehouse receipt quantity is 14 sheets, unchanged [2]. 3.2 Spot Market - China Cotton Price Index (CCIndex:3128B) is 14,936 yuan/ton, up 40 yuan; China Yarn Price Index (pure cotton carded yarn 32 - count) is 20,770 yuan/ton, up 30 yuan [2]. - China Imported Cotton Price Index (FCIndexM:1% tariff) is 12,935 yuan/ton, unchanged; imported cotton yarn price index (pure cotton carded yarn 32 - count) arrival price is 20,988 yuan/ton, down 11 yuan [2]. - China Imported Cotton Price Index (FCIndexM:sliding - scale duty) is 13,932 yuan/ton, unchanged; imported cotton yarn price index (pure cotton combed yarn 32 - count) arrival price is 22,245 yuan/ton, down 11 yuan [2]. 3.3 Upstream Situation - National cotton sowing area is 2,838.3 thousand hectares, up 48.3 thousand hectares; national cotton output is 6160 thousand tons, up 540 thousand tons [2]. - Cotton - yarn price difference is 5,834 yuan/ton, down 10 yuan; national industrial inventory of cotton is 785 thousand tons, down 76 thousand tons [2]. 3.4 Industry Situation - Cotton import quantity is 90 thousand tons, down 10 thousand tons; cotton yarn import quantity is 140 thousand tons, up 10 thousand tons [2]. - Imported cotton profit is 964 yuan/ton, up 5 yuan; national commercial inventory of cotton is 2,930.6 thousand tons, up 1,908.9 thousand tons [2]. 3.5 Downstream Situation - Yarn inventory days are 26.12 days, up 1.27 days; grey fabric inventory days are 31.97 days, up 0.85 days [2]. - Cloth output is 2.62 billion meters, down 0.18 billion meters; yarn output is 2001 thousand tons, down 73 thousand tons [2]. - Clothing and clothing accessories export amount is 11003480.43 thousand US dollars, down 1449766.57 thousand US dollars; textile yarns, fabrics and products export amount is 11258418.92 thousand US dollars, down 708097.08 thousand US dollars [2]. 3.6 Option Market - Implied volatility of cotton at - the - money call option is 7.4%, up 2.24%; implied volatility of cotton at - the - money put option is 7.4%, up 2.25% [2]. - 20 - day historical volatility of cotton is 6.21%, up 0.38%; 60 - day historical volatility of cotton is 7.73%, up 0.12% [2]. 3.7 Industry News - As of November 28, 2025, the total commercial inventory of cotton is 4.1794 million tons, a week - on - week increase of 379.3 thousand tons (9.98% increase). Among them, the commercial cotton in Xinjiang is 3.6164 million tons, a week - on - week increase of 373.9 thousand tons (11.53% increase); the commercial cotton in the inland is 182.7 thousand tons, a week - on - week increase of 0.6 thousand tons (0.33% increase) [2]. - As of November 27, the inventory of imported cotton in major ports increased by 1.28% week - on - week, with a total inventory of 380.3 thousand tons. The inventory of imported cotton in Zhangjiagang Port and surrounding warehouses in Jiangsu is about 34.2 thousand tons, and the inventory in other ports is about 29.1 thousand tons [2]. 3.8 View Summary - The supply side: New cotton delivery is nearly finished, but the sales progress is slow, and the market digestion is below expectations. The port inventory remains high, and the RMB shipment volume is limited, with more imports than exports and light market trading [2]. - The demand side: The downstream demand has no obvious improvement. New orders of textile enterprises have decreased significantly, the yarn shipment rhythm has slowed down, and the overall market trading atmosphere is light [2]. - The current supply - demand situation remains loose. In the future, pay attention to whether the actual replenishment willingness improves and macro - dynamics [2].

Report Date - The report is dated November 24, 2025 [1] Report Industry Investment Rating - Not provided Core View - In the domestic market, the new cotton harvest is nearly finished, commercial cotton inventory is seasonally rising, and the pressure of new cotton listing is emerging. The import cotton ports maintain a pattern of more out than in and are at the highest level in four months. On the demand side, spinning mills' orders increase limitedly, but the tariff reduction is beneficial for domestic cotton textile exports, supporting cotton prices. Overall, domestic demand improves marginally, with support at the bottom and suppression from increased supply at the top. The cotton price is expected to fluctuate in the future [2] Summary by Relevant Catalogs Futures Market - Zhengzhou cotton main - contract closing price is 13,585 yuan/ton, up 125 yuan; cotton yarn main - contract closing price is 20,075 yuan/ton, up 350 yuan. - Cotton futures top 20 net positions are - 89,472 hands, down 10,304 hands; cotton yarn futures top 20 net positions are - 504 hands, down 181 hands. - Cotton main - contract positions are 551,915 hands, up 5,004 hands; cotton yarn main - contract positions are 21,700 hands, up 752 hands. - Cotton warehouse receipts are 2,240 sheets, down 4 sheets; cotton yarn warehouse receipts are 14 sheets, down 3 sheets [2] 现货市场 - China Cotton Price Index (CCIndex:3128B) is 14,793 yuan/ton, down 3 yuan; China Yarn Price Index (pure - cotton carded yarn 32 - count) is 20,590 yuan/ton, unchanged. - China Imported Cotton Price Index (FCIndexM:1% tariff) is 12,792 yuan/ton; Imported Cotton Yarn Price Index (pure - cotton carded yarn 32 - count) arrival price is 21,105 yuan/ton, down 9 yuan. - China Imported Cotton Price Index (FCIndexM:sliding - scale tariff) is 13,852 yuan/ton; Imported Cotton Yarn Price Index (pure - cotton combed yarn 32 - count) arrival price is 22,369 yuan/ton, down 9 yuan [2] Upstream Situation - National cotton sowing area is 2,838.3 thousand hectares, up 48.3 thousand hectares; national cotton output is 6.16 million tons, up 0.54 million tons. - Cotton - yarn price difference is 5,794 yuan/ton, down 5 yuan; national industrial cotton inventory is 785,000 tons, down 76,000 tons [2] Industrial Situation - Cotton import volume is 90,000 tons, down 10,000 tons; cotton yarn import volume is 140,000 tons, up 10,000 tons. - Imported cotton profit is 941 yuan/ton, up 413 yuan; national commercial cotton inventory is 2.9306 million tons, up 1.9089 million tons [2] Downstream Situation - Yarn inventory days are 26.12 days, up 1.27 days; fabric output is 2.62 billion meters, down 1.8 million meters; yarn output is 2.001 million tons, down 73,000 tons; grey - fabric inventory days are 31.97 days, up 0.85 days [2] - For clothing and clothing accessories, the monthly export amount is 110,034.8043 million US dollars, down 14,497.6657 million US dollars; for textile yarns, fabrics and products, the monthly export amount is 112,584.1892 million US dollars, down 7,080.9708 million US dollars [2] Option Market - Cotton at - the - money call option implied volatility is 5.16%, down 0.53 percentage points; cotton at - the - money put option implied volatility is 5.16%, down 0.53 percentage points. - Cotton 20 - day historical volatility is 4.73%, down 0.07 percentage points; cotton 60 - day historical volatility is 7.39%, unchanged [2] Industry News - As of October 7, 2025, US non - commercial long positions in cotton were 70,902 hands, down 1,689 hands from the previous week; non - commercial short positions were 129,324 hands, up 6,748 hands from the previous week; net short positions were 58,422 hands, up 8,437 hands from the previous week. - As of the week ending November 18, about 51% of US cotton - growing areas were affected by drought, up from 47% the previous week. - For the week ending October 2, US current - year cotton export sales increased by 199,000 bales, up 28% from the previous week and 43% from the average of the previous 4 weeks; US cotton export shipments were 157,700 bales, up 34% from the previous week and 25% from the average of the previous 4 weeks [2]

Report Industry Investment Rating - Not provided in the report Core Viewpoints - The cotton market is expected to have a volatile trend. The supply side continues to exert pressure, while the domestic demand shows marginal improvement [2]. Summary by Relevant Catalogs Futures Market - Zhengzhou cotton main - contract closing price is 13,395 yuan/ton, down 50 yuan; cotton yarn main - contract closing price is 19,680 yuan/ton, down 60 yuan [2]. - Cotton futures top 20 net positions are - 80,695 hands, up 3,624 hands; cotton yarn futures top 20 net positions are - 32 hands, down 134 hands [2]. - Cotton main - contract open interest is 564,995 hands, down 6,347 hands; cotton yarn main - contract open interest is 21,554 hands, down 657 hands [2]. - Cotton warehouse receipts are 4,386 sheets, down 10 sheets; cotton yarn warehouse receipts are 28 sheets, unchanged [2]. - China Cotton Price Index (CCIndex:3128B) is 14,789 yuan/ton, down 12 yuan; China Yarn Price Index (pure - cotton carded yarn 32s) is 20,540 yuan/ton, unchanged [2]. Spot Market - China Imported Cotton Price Index (FCIndexM:1% tariff) is 12,844 yuan/ton, down 69 yuan; China Imported Cotton Price Index (FCIndexM:sliding - scale duty) is 13,883 yuan/ton, down 37 yuan [2]. - The arrival price of imported cotton yarn price index (pure - cotton carded yarn 32s) is 21,099 yuan/ton, up 21 yuan; the arrival price of imported cotton yarn price index (pure - cotton combed yarn 32s) is 22,362 yuan/ton, down 62 yuan [2]. Upstream Situation - The national cotton sown area is 2,838.3 thousand hectares, up 48.3 thousand hectares; the national cotton output is 6.16 million tons, up 540,000 tons [2]. Industry Situation - The cotton - yarn price difference is 5,751 yuan/ton, up 12 yuan; the national industrial inventory of cotton is 861,000 tons, down 9,000 tons [2]. - The monthly import volume of cotton is 100,000 tons, up 30,000 tons; the monthly import volume of cotton yarn is 130,000 tons, unchanged [2]. - The import cotton profit is 918 yuan/ton, up 32 yuan; the national commercial inventory of cotton is 1.0217 million tons, down 46,000 tons [2]. Downstream Situation - The inventory days of yarn are 24.85 days, down 1.73 days; the inventory days of grey cloth are 31.12 days, down 2.75 days [2]. - The monthly output of cloth is 2.8 billion meters, up 100 million meters; the monthly output of yarn is 2.074 million tons, up 46,000 tons [2]. - The monthly export value of clothing and clothing accessories is 12,453,247,000 US dollars, down 1,692,656.63 US dollars; the monthly export value of textile yarns, fabrics and products is 11,966,516,000 US dollars, down 426,685.77 US dollars [2]. Option Market - The implied volatility of cotton at - the - money call options is 5.09%, down 10.09%; the implied volatility of cotton at - the - money put options is 5.16%, down 10.01% [2]. - The 20 - day historical volatility of cotton is 4.54%, down 1.17%; the 60 - day historical volatility of cotton is 7.23%, down 0.01% [2]. Industry News - As of the week of November 14, the cotton inventory of mainstream spinning mills in terms of days is 27 days [2]. - ICE cotton futures hit an eight - month low on Monday. The ICE March cotton futures contract closed down 0.28 cents, or 0.43%, at 64.53 cents per pound [2]. Supply - demand Analysis - Supply side: New cotton acquisition and processing progress is fast, and the acquisition is nearly over. The cotton acquisition price has risen, providing cost support. With the release of import quotas, the shipment of high - grade new cotton from Brazil has accelerated, and the import volume in October is expected to increase month - on - month. The port inventory has reached a four - month high, with more arrivals and limited shipments [2]. - Demand side: In October, China's textile and clothing exports showed a double - decline trend in year - on - year and month - on - month terms, with a more significant decline in clothing exports. However, there are signs of marginal improvement in domestic retail demand [2].

Report Summary of Cotton (Yarn) Industry Daily on November 17, 2025 1. Report Industry Investment Rating - Not mentioned in the provided content. 2. Core Viewpoints of the Report - The supply side continues to exert pressure, but the domestic demand shows marginal improvement. The cotton market is expected to maintain a volatile trend [2]. 3. Summary According to Relevant Catalogs 3.1 Futures Market - Zhengzhou cotton main - contract closing price: 13,445 yuan/ton, down 5 yuan; cotton yarn main - contract closing price: 19,740 yuan/ton, up 45 yuan [2]. - Cotton futures top 20 net positions: - 84,319 lots, up 7,104 lots; cotton yarn futures top 20 net positions: 102 lots, up 313 lots [2]. - Cotton main - contract open interest: 571,342 lots, up 14,902 lots; cotton yarn main - contract open interest: 22,211 lots, down 1,293 lots [2]. - Cotton warehouse receipts: 4,396 lots, down 5 lots; cotton yarn warehouse receipts: 28 lots, unchanged [2]. 3.2 Spot Market - China Cotton Price Index (CCIndex:3128B): 14,801 yuan/ton, down 5 yuan; China Yarn Price Index (pure cotton carded 32 - count yarn): 20,540 yuan/ton, up 50 yuan [2]. - China Imported Cotton Price Index (FCIndexM:1% tariff): 12,913 yuan/ton, down 36 yuan; China Imported Cotton Price Index (FCIndexM:sliding - scale tariff): 13,920 yuan/ton, down 26 yuan [2]. - Imported cotton yarn price index (pure cotton carded 32 - count yarn arrival price): 21,078 yuan/ton, up 15 yuan; imported cotton yarn price index (pure cotton combed 32 - count yarn arrival price): 22,424 yuan/ton, up 16 yuan [2]. 3.3 Upstream Situation - National cotton sown area: 2,838.3 thousand hectares, up 48.3 thousand hectares; national cotton output: 6.16 million tons, up 0.54 million tons [2]. 3.4 Industry Situation - Cotton - yarn price difference: 5,739 yuan/ton, up 55 yuan; national industrial inventory of cotton: 861,000 tons, down 9,000 tons [2]. - Cotton import volume: 100,000 tons, up 30,000 tons; cotton yarn import volume: 130,000 tons, unchanged [2]. - Imported cotton profit: 886 yuan/ton, up 13 yuan; national commercial inventory of cotton: 1.0217 million tons, down 460,000 tons [2]. 3.5 Downstream Situation - Yarn inventory days: 24.85 days, down 1.73 days; grey fabric inventory days: 31.12 days, down 2.75 days [2]. - Cloth output: 2.8 billion meters, up 0.1 billion meters; yarn output: 2.074 million tons, up 46,000 tons [2]. - Export value of clothing and clothing accessories: 124,532,470,000 US dollars, down 1,692,656.63 US dollars; export value of textile yarns, fabrics, and products: 119,665,160,000 US dollars, down 426,685.77 US dollars [2]. 3.6 Option Market - Implied volatility of at - the - money call options on cotton: 15.18%, up 4.51%; implied volatility of at - the - money put options on cotton: 15.17%, up 4.51% [2]. - 20 - day historical volatility of cotton: 5.71%, up 0.14%; 60 - day historical volatility of cotton: 7.24%, down 0.01% [2]. 3.7 Industry News - The 2025/26 US cotton November supply - demand outlook shows that compared with September, production, exports, and ending inventory have increased, while consumption and imports remain unchanged. US production forecast is nearly 900,000 bales higher, reaching 14.1 million bales, with the national average yield forecast up nearly 7%. Exports are forecast to increase by 200,000 bales to 12.2 million bales, and ending inventory increases by nearly 20% to 4.3 million bales, with a stock - to - use ratio of 30.9% [2]. 3.8 Market Analysis - Domestic market: On the supply side, new cotton acquisition and processing progress is fast, and acquisition is nearly finished. The cotton acquisition price has risen, providing cost support. However, with the issuance of import quotas and faster shipment of high - grade new Brazilian cotton, the import volume in October is expected to increase month - on - month. The port inventory has reached a four - month high, with more arrivals and limited shipments. On the demand side, China's textile and apparel exports in October showed a year - on - year and month - on - month decline, with clothing exports falling more significantly than textiles. But domestic retail demand shows marginal improvement, and later orders should be monitored [2].

1. Report Industry Investment Rating - No relevant information provided 2. Core View of the Report - The pressure of new cotton listing is increasing, but the yield per unit of Xinjiang cotton is lower than expected, which supports the cotton market. The downstream demand is weak, but the tariff reduction is beneficial to cotton - textile exports, also providing certain support. Currently, with long and short factors intertwined, the market will fluctuate in the short term [2] 3. Summary by Related Catalogs Futures Market - Zhengzhou cotton main - contract closing price is 13,515 yuan/ton, down 45 yuan; cotton yarn main - contract closing price is 19,790 yuan/ton, down 65 yuan. The net position of the top 20 in cotton futures is - 101,265 lots, an increase of 15,021 lots; for cotton yarn futures, it is - 183 lots, a decrease of 166 lots. The main - contract positions of cotton are 564,881 lots, down 9,024 lots; for cotton yarn, they are 24,392 lots, down 234 lots. The cotton warehouse - receipt quantity is 3,884 lots, an increase of 265 lots; for cotton yarn, it is 31 lots, an increase of 12 lots. The China Cotton Price Index (CCIndex:3128B) is 14,851 yuan/ton, and the China Yarn Price Index (pure - cotton carded yarn 32 - count) is 20,490 yuan/ton, down 30 yuan. The China Imported Cotton Price Index (FCIndexM:1% tariff) is 13,092 yuan/ton, and the arrival price of the Imported Cotton Yarn Price Index (pure - cotton carded yarn 32 - count) is 21,203 yuan/ton, down 7 yuan [2] Spot Market - The China Imported Cotton Price Index (FCIndexM: sliding - scale tariff) is 14,037 yuan/ton, and the arrival price of the Imported Cotton Yarn Price Index (pure - cotton combed yarn 32 - count) is 22,636 yuan/ton, down 8 yuan [2] Upstream Situation - The national cotton sowing area is 2,838.3 thousand hectares, and the national cotton output is 6.16 million tons, an increase of 540,000 tons. The cotton - yarn price difference is 5,639 yuan/ton, down 39 yuan. The industrial inventory of cotton nationwide is 861,000 tons, down 9,000 tons [2] Industry Situation - The monthly import quantity of cotton is 100,000 tons, an increase of 30,000 tons; for cotton yarn, it is 130,000 tons, unchanged. The profit of imported cotton is 805 yuan/ton, down 81 yuan. The commercial inventory of cotton nationwide is 1.0217 million tons, down 460,000 tons [2] Downstream Situation - The inventory days of yarn are 24.85 days, down 1.73 days; for grey cloth, they are 31.12 days, down 2.75 days. The monthly output of cloth is 2.8 billion meters, an increase of 100 million meters; for yarn, it is 2.074 million tons, an increase of 46,000 tons. The monthly export amount of clothing and clothing accessories is 12,453,247 million US dollars, a decrease of 1,692,656.63 million US dollars; for textile yarns, fabrics and products, it is 11,966,516 million US dollars, a decrease of 426,685.77 million US dollars [2] Option Market - The implied volatility of cotton at - the - money call options is 3.89%, down 2.91%; for at - the - money put options, it is also 3.89%, down 2.91%. The 20 - day historical volatility of cotton is 5.38%, down 0.09%; the 60 - day historical volatility is 7.75%, down 0.1% [2] Industry News - As of 24:00 on November 10, 2025, the cumulative notarized inspection of cotton processed by national cotton processing enterprises in the 2025/26 season is 11,285,194 bales, totaling 2.548547 million tons, a year - on - year increase of 27.57%. The cumulative notarized inspection volume of Xinjiang cotton is 2.5062 million tons, a year - on - year increase of 29.02%. The ICE cotton futures fell on Tuesday, and investors are waiting for the supply - demand report from the US Department of Agriculture later this week. The ICE March cotton futures contract closed down 0.39 cents, or 0.59%, at 65.38 cents per pound [2] Viewpoint Summary - As of November 3, 2025, the cotton picking progress in Xinjiang is about 96.1%, 2.1 percentage points faster than the same period last year. The picking and purchasing progress of Xinjiang cotton has accelerated, and the purchasing price has slightly decreased. The current commercial inventory is gradually rising, and the inventory of imported cotton has increased significantly, reaching a 3.5 - month high. Due to less outbound of imported cotton, the market trading volume is limited, and the arrival volume is stable. On the demand side, the spinning processing profit has slightly improved, and enterprises' confidence in future demand shows signs of turning, but the increase in new orders is still limited. Attention should be paid to the export situation [2]

Report Summary 1. Report Industry Investment Rating - Not provided in the content 2. Core View of the Report - The new cotton listing pressure is increasing, but the lower - than - expected yield per unit of Xinjiang cotton supports the cotton market. The downstream demand is weak, but the tariff reduction is beneficial for cotton textile exports, also providing some support. With the current situation of long - short factors intertwined, it is advisable to wait and see in the short term [2] 3. Summary by Relevant Catalogs Futures Market - Zhengzhou cotton main contract closing price is 13,560 yuan/ton, down 20 yuan; cotton yarn main contract closing price is 19,855 yuan/ton, down 10 yuan [2] - Cotton futures top 20 net positions are - 116,286 lots, down 1,085 lots; cotton yarn futures top 20 net positions are - 17 lots, up 3 lots [2] - Cotton main contract open interest is 573,905 lots, up 3,733 lots; cotton yarn main contract open interest is 24,626 lots, down 341 lots [2] - Cotton warehouse receipt quantity is 3,619 pieces, up 325 pieces; cotton yarn warehouse receipt quantity is 19 pieces, unchanged [2] Spot Market - China Cotton Price Index (CCIndex:3128B) is 14,842 yuan/ton, down 2 yuan; China Yarn Price Index for pure cotton carded yarn 32s is 20,520 yuan/ton, unchanged [2] - China Imported Cotton Price Index (FCIndexM:1% tariff) is 12,972 yuan/ton, down 115 yuan; the arrival price of imported cotton yarn price index for pure cotton carded yarn 32s is 21,210 yuan/ton, up 8 yuan [2] - China Imported Cotton Price Index (FCIndexM: sliding duty) is 13,958 yuan/ton; the arrival price of imported cotton yarn price index for pure cotton combed yarn 32s is 22,644 yuan/ton, up 9 yuan [2] Upstream Situation - The national cotton sowing area is 2,838.3 thousand hectares, up 48.3 thousand hectares; the national cotton output is 616 tons, up 54 tons [2] Industry Situation - The cotton - yarn price difference is 5,678 yuan/ton, up 2 yuan; the national industrial inventory of cotton is 86.1 tons, down 0.9 tons [2] - The monthly import volume of cotton is 10 tons, up 3 tons; the monthly import volume of cotton yarn is 130,000 tons, unchanged [2] - The daily profit of imported cotton is 886 yuan/ton, up 58 yuan; the national commercial inventory of cotton is 102.17 tons, down 46 tons [2] Downstream Situation - The inventory days of yarn are 24.85 days, down 1.73 days; the inventory days of grey cloth are 31.12 days, down 2.75 days [2] - The monthly output of cloth is 2.8 billion meters, up 0.1 billion meters; the monthly output of yarn is 207.4 tons, up 4.6 tons [2] - The monthly export value of clothing and clothing accessories is 12,453,247 million US dollars, down 1,692,656.63 million US dollars; the monthly export value of textile yarns, fabrics and products is 11,966,516 million US dollars, down 426,685.77 million US dollars [2] Option Market - The implied volatility of cotton at - the - money call options is 6.8%, down 5.43%; the implied volatility of cotton at - the - money put options is 6.8%, down 5.43% [2] - The 20 - day historical volatility of cotton is 5.46%, down 0.09%; the 60 - day historical volatility of cotton is 7.85%, down 0.01% [2] Industry News - According to Mysteel research, the national commercial inventory of cotton has increased significantly with the concentrated listing of new cotton. As of November 7, 2025, the total commercial inventory of cotton is 2.8478 million tons, a week - on - week increase of 0.5217 million tons (a 22.43% increase). Among them, the commercial cotton in Xinjiang is 2.3115 million tons, a week - on - week increase of 0.4725 million tons (a 25.69% increase), and the commercial cotton in the inland area is 0.01883 million tons, a week - on - week increase of 0.00231 million tons (a 13.98% increase) [2] - ICE cotton futures rose on Monday. The sign of the end of the US government shutdown boosted the market sentiment. The December ICE cotton futures contract closed up 0.69 cents, or 1.08%, at 64.31 cents per pound [2] Supply - demand Analysis - Supply side: As of November 3, 2025, the cotton picking progress in Xinjiang is about 96.1%, 2.1 percentage points faster than the same period last year. The picking and purchasing progress of Xinjiang cotton has accelerated, and the purchasing price has slightly decreased. The current commercial inventory is gradually recovering, and the inventory of imported cotton has increased significantly, reaching a new high in 3.5 months. Due to less outbound of imported cotton, the market trading volume is limited, and the arrival volume is stable [2] - Demand side: The spinning processing profit has slightly improved, and enterprises' confidence in future demand shows signs of improvement, but the increase in new orders is still limited. Attention should be paid to the export situation [2]

支撑。当前多空交织，短期暂且观望。 免责声明 | 项目类别 | 数据指标 | 最新 | 环比 数据指标 | 最新 | 环比 | | --- | --- | --- | --- | --- | --- | | 期货市场 | 郑棉主力合约收盘价(日,元/吨) | 13580 | 0 棉纱主力合约收盘价(日,元/吨) | 19865 | 15 | | | 棉花期货前20名净持仓(手) | -115201 | -1940 棉纱期货前20名净持仓(手) | -20 | 71 | | | 主力合约持仓量:棉花(日,手) | 570172 | -6107 主力合约持仓量:棉纱(日,手) | 24967 | -75 | | | 仓单数量:棉花(日,张) 中国棉花价格指数:CCIndex:3128B(日,元 | 3294 | 281 仓单数量:棉纱(日,张) | 19 | 13 | | 现货市场 | | 14844 | -15 中国纱线价格指数:纯棉普梳纱32支(日, | 20520 | 0 | | | /吨) 中国进口棉价格指数:FCIndexM:1%关税( | | 元/吨) -109 到港价:进口棉纱价格指数:纯棉普梳纱3 ...

Report Industry Investment Rating - No information provided Core View of the Report - The new cotton cost is fixed, which supports the cotton price, but the upside is pressured by supply. It is expected that the cotton price will mainly fluctuate. The downstream demand has not fully started, orders are less than expected, and the market lacks confidence in future demand. Cotton textile enterprises mostly adopt a wait - and - see attitude and replenish inventory based on rigid demand. [2] Summary by Relevant Catalogs Futures Market - Zhengzhou cotton's main contract closing price is 13,605 yuan/ton, a decrease of 10 yuan; cotton yarn's main contract closing price is 19,870 yuan/ton, an increase of 50 yuan. - Cotton futures' top 20 net positions are - 113,512 lots, a decrease of 4,096 lots; cotton yarn futures' top 20 net positions are - 155 lots, an increase of 5 lots. - The main contract positions of cotton are 579,138 lots, a decrease of 1,553 lots; the main contract positions of cotton yarn are 25,040 lots, an increase of 19 lots. - The number of cotton warehouse receipts is 2,769 sheets, an increase of 17 sheets; the number of cotton yarn warehouse receipts is 6 sheets, unchanged. [2] Spot Market - The China Cotton Price Index (CCIndex:3128B) is 14,820 yuan/ton, a decrease of 5 yuan; the China Yarn Price Index for pure - combed 32 - count cotton yarn is 20,520 yuan/ton, unchanged. - The China Imported Cotton Price Index (FCIndexM:1% tariff) is 13,196 yuan/ton, a decrease of 67 yuan; the arrival price of the imported cotton yarn price index for pure - combed 32 - count cotton yarn is 21,221 yuan/ton, a decrease of 7 yuan. - The China Imported Cotton Price Index (FCIndexM: sliding - scale tariff) is 14,096 yuan/ton, a decrease of 46 yuan; the arrival price of the imported cotton yarn price index for pure - combed 32 - count cotton yarn is 22,655 yuan/ton, an increase of 76 yuan. [2] Upstream Situation - The national cotton sown area is 2,838.3 thousand hectares, an increase of 48.3 thousand hectares; the national cotton output is 6.16 million tons, an increase of 540,000 tons. [2] Industry Situation - The cotton - yarn price difference is 5,700 yuan/ton, an increase of 5 yuan; the national industrial inventory of cotton is 861,000 tons, a decrease of 9,000 tons. - The monthly import volume of cotton is 100,000 tons, an increase of 30,000 tons; the monthly import volume of cotton yarn is 130,000 tons, unchanged. - The daily import cotton profit is 729 yuan/ton, an increase of 30 yuan; the national commercial inventory of cotton is 1.0217 million tons, a decrease of 460,000 tons. [2] Downstream Situation - The yarn inventory days are 25.24 days, an increase of 0.39 days; the坯布 inventory days are 31.43 days, an increase of 0.31 days. - The monthly cloth output is 2.811 billion meters, an increase of 110 million meters; the monthly yarn output is 2.0738 million tons, an increase of 45,900 tons. - The monthly export value of clothing and clothing accessories is 1245.3247 million US dollars, a decrease of 169.2657 million US dollars; the monthly export value of textile yarns, fabrics and products is 1196.6516 million US dollars, a decrease of 42.6686 million US dollars. [2] Option Market - The implied volatility of cotton at - the - money call options is 8.61%, an increase of 3.05%; the implied volatility of cotton at - the - money put options is 8.62%, an increase of 3.12%. - The 20 - day historical volatility of cotton is 5.68%, a decrease of 1.1%; the 60 - day historical volatility of cotton is 7.87%, an increase of 0.1%. [2] Industry News - As of 24:00 on November 3, 2025, the cumulative notarized inspection of cotton processed by national cotton processing enterprises in the 2025/26 season is 8,812,496 bales, totaling 1.990242 million tons, a year - on - year increase of 42.83%. The cumulative notarized inspection volume of Xinjiang cotton is 1.955048 million tons, a year - on - year increase of 44.01%. - The Intercontinental Exchange (ICE) cotton futures were stable on Wednesday. Investors focused on the supply - demand report to be released next week. The ICE December cotton futures contract rose 0.03 cents, or 0.10%, to settle at 65.23 cents per pound. [2]

Report Industry Investment Rating - Not provided Core Viewpoints - The domestic cotton market has low commercial inventory, but the new - year harvest is significant, increasing supply pressure. The demand side shows no obvious improvement in textile factory orders, with the operating rate lower than the same period last year, and the traditional "Golden September and Silver October" peak season did not occur. It is recommended to wait and see for now and pay attention to post - holiday restocking and the listing rhythm [2] Summary by Relevant Catalogs Futures Market - Zhengzhou cotton's main contract closed at 13,265 yuan/ton, down 35 yuan; cotton yarn's main contract closed at 19,290 yuan/ton, down 70 yuan. - The net position of the top 20 in cotton futures was - 66,624 lots, up 551 lots; the net position of the top 20 in cotton yarn futures was - 560 lots, down 214 lots. - The position volume of the main cotton contract was 567,989 lots, up 4,581 lots; the position volume of the main cotton yarn contract was 16,412 lots, up 2,780 lots. - The number of cotton warehouse receipts was 2,823, down 44; the number of cotton yarn warehouse receipts was 0, unchanged [2] Spot Market - China's imported cotton price index (1% tariff) was 14,755 yuan/ton, down 17 yuan; the landed price of imported cotton yarn (pure - combed 32 - count) was 20,440 yuan/ton, unchanged. - China's imported cotton price index (sliding - scale duty) was 13,866 yuan/ton, down 6 yuan; the landed price of imported cotton yarn (pure - combed 32 - count) was 22,524 yuan/ton, up 23 yuan [2] Upstream Situation - The national cotton sown area was 2,838.3 thousand hectares, up 48.3 thousand hectares; the national cotton output was 6.16 million tons, up 0.54 million tons [2] Industry Situation - The cotton - yarn price difference was 5,685 yuan/ton, up 20 yuan; the national industrial inventory of cotton was 870,000 tons, up 13,000 tons. - The monthly import volume of cotton was 70,000 tons, up 20,000 tons; the monthly import volume of cotton yarn was 130,000 tons, up 20,000 tons. - The profit of imported cotton was 903 yuan/ton, unchanged; the national commercial inventory of cotton was 1.4817 million tons, down 708,100 tons [2] Downstream Situation - The yarn inventory days were 26.58 days, down 0.65 days; the inventory days of grey cloth were 33.87 days, down 1.31 days. - The monthly output of cloth was 2.701 billion meters, up 0.01 billion meters; the monthly output of yarn was 2.0279 million tons, up 36,400 tons. - The monthly export value of clothing and clothing accessories was 14,145,904,000 US dollars, down 1,015,855,000 US dollars; the monthly export value of textile yarns, fabrics and products was 12,393,202,000 US dollars, up 789,193,000 US dollars [2] Option Market - The implied volatility of at - the - money call options for cotton was 9.72%, up 0.95%; the implied volatility of at - the - money put options for cotton was 9.71%, up 0.98%. - The 20 - day historical volatility of cotton was 7.29%, down 0.03%; the 60 - day historical volatility of cotton was 7.76%, unchanged [2] Industry News - In September 2025, China's textile and clothing exports were 24.4197 billion US dollars, a year - on - year decrease of 1.50% and a month - on - month decrease of 7.99%. From January to September 2025, the cumulative textile and clothing exports were 221.6863 billion US dollars, a year - on - year decrease of 0.2%. - The ICE cotton futures closed down on Monday due to lingering demand concerns caused by trade tensions [2]