Report Summary 1) Report Industry Investment Rating No information provided. 2) Core View of the Report Cotton prices fluctuate with market sentiment. The domestic cotton spot market has light trading, while the cotton yarn market has fair transactions and slightly rising prices. The cotton fabric market has slightly improved, but overall orders are still insufficient, and export orders have limited improvement. ICE cotton continues to decline, lacking upward momentum in the short term [1][2][3]. 3) Summary by Relevant Catalogs Fundamental Tracking - **Futures Data**: CF2509 closed at 13,390 yuan/ton with a daily decline of 0.19%, and CY2507 closed at 19,620 yuan/ton with a daily decline of 0.41%. ICE cotton 07 closed at 65.14 cents/pound with a daily decline of 0.53%. The trading volume of CF2509 decreased by 35,159 lots to 245,332 lots, and the trading volume of CY2507 decreased by 1,999 lots to 4,054 lots [1]. - **Spot Data**: The price of North Xinjiang 3128 machine - picked cotton was 14,448 yuan/ton, a decrease of 20 yuan compared to the previous day. The price of South Xinjiang 3128 machine - picked cotton was 14,243 yuan/ton, also a decrease of 20 yuan. The 3128B index was 14,577 yuan/ton, an increase of 53 yuan [1]. - **Spread Data**: The CF9 - 1 spread was - 55 yuan/ton, with a 20 - yuan change compared to the previous day. The spread between North Xinjiang 3128 machine - picked cotton and CF509 was 1,060 yuan/ton, with a 10 - yuan change [1]. Macro and Industry News - **Domestic Cotton Spot**: The overall trading of cotton spot is still light, and most spot basis prices are stable. Different grades of cotton in Xinjiang have different sales basis prices, and the cotton outbound freight by truck has little change [2]. - **Domestic Cotton Textile Enterprises**: The transaction of pure cotton yarn is fair, the price is slightly rising, the inventory of spinning mills has decreased, but the profit has deteriorated. The transaction of cotton fabric has slightly improved, some orders have returned, but overall orders are still insufficient, and export orders have limited improvement [2]. - **US Cotton**: ICE cotton continued to decline last Friday. The weather in the US cotton - growing areas is good, and the market is concerned about the progress of trade negotiations between the US and other countries. There is a lack of upward momentum in the short term [3]. Trend Intensity The cotton trend intensity is - 1, indicating a relatively bearish view [5].

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Industry - The industry covered in the report is cotton [1] Report Date - The report is dated April 11, 2025 [2] Researchers - The researchers are Yu Lanlan, Lin Zhenlei, Wang Haifeng, Hong Chenliang, and Liu Youran [3] Core Viewpoints - Amid the ongoing round - based game between China and the US, Zhengzhou cotton has rebounded. The latest 328 - grade cotton price index is 14,144 yuan/ton, down 320 yuan/ton from the previous trading day. The cotton yarn and cotton fabric markets are cautious, with reduced trading volumes [7] - Trump has suspended the reciprocal tariff policy for most countries for 90 days for negotiations, still imposing a 10% global tariff during this period. China has raised the tariff rate on imported goods from the US from 34% to 84%, and Trump has increased tariffs on China to 125%. The White House will increase tariffs on small parcels from the Chinese mainland and Hong Kong to 90% starting May 2. The current high tariff rates have led to an effective decoupling, but the re - export trade window remains. As of April 8, the cotton planting rate in 15 major US cotton - growing states is 4%, slightly slower than last year's 5%. Cotton spring sowing has fully started in three major cotton - growing areas in China. After the release of pessimistic sentiment, the commodity market has rebounded. Attention should be paid to the weekly US cotton export contract signing and the USDA's April supply - demand report [8] Section Summaries 1. Market Review and Operation Suggestions - **Market Review**: The latest 328 - grade cotton price index is 14,144 yuan/ton, down 320 yuan/ton. The basis quotes for cotton in different regions and contracts vary. The cotton yarn market is cautious, and the cotton fabric market has significantly reduced trading volumes [7] - **Policy and International Situation**: Trump's tariff policies and China's counter - measures have led to high tariff rates and an effective decoupling, but the re - export trade window remains. The cotton planting rate in the US is slightly slower than last year, and cotton spring sowing has started in China. After the release of pessimistic sentiment, the commodity market has rebounded. Attention should be paid to US cotton export contracts and the USDA report [8] 2. Industry News - In the US, new cotton sowing has started, with a planting rate of 4% as of April 6, 2025. Texas and Arizona have the highest planting rates at 6% and 13% respectively. In China, cotton spring sowing has fully started in three major cotton - growing areas, and local governments are promoting measures to improve cotton quality [9] 3. Data Overview - The report presents multiple charts related to cotton, including price indices, spot and futures prices, basis changes, inventory levels, and exchange rates, with data sourced from Wind and the Research and Development Department of Jianxin Futures [16][23][30]