停机放假，暂停对原料的采购，纱线库存明显增加。不过市场普遍存在植棉面积调减预期，对棉价形成有 力支撑。考虑到当前长假临近，短期暂且观望为主。 研究员: 王翠冰 期货从业资格号F03139616 期货投资咨询从业证书号Z0021556 免责声明 本报告中的信息均来源于公开可获得资料，瑞达期货股份有限公司力求准确可靠，但对这些信息的准确性及完整性不做任 何保证，据此投资，责任自负。本报告不构成个人投资建议，客户应考虑本报告中的任何意见或建议是否符合其特定状况。本 报告版权仅为我公司所有，未经书面许可，任何机构和个人不得以任何形式翻版、复制和发布。如引用、刊发，需注明出处为 瑞达期货股份有限公司研究院，且不得对本报告进行有悖原意的引用、删节和修改。 棉花(纱)产业日报 2026-02-12 | 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) | 14790 | 45 棉纱主力合约收盘价(日,元/吨) | 20655 | 65 | | | 棉花期货前20名净持仓 ...

棉花(纱)产业日报 2026-02-09 的状态。据Mysteel调研显示，截至2月5日，进口棉主要港口库存周环比增加4.14%，总库存51.59万吨。 数据来源第三方(wind、同花顺、棉花信息网、棉花协会网)，观点仅供参考。市场有风险，投资需谨慎！ 下游纺企陆续停机放假，暂停对原料的采购，纱线库存明显增加。考虑到当前长假临近，短期暂且观望为 研究员: 王翠冰 期货从业资格号F03139616 期货投资咨询从业证书号Z0021556 主。 免责声明 本报告中的信息均来源于公开可获得资料，瑞达期货股份有限公司力求准确可靠，但对这些信息的准确性及完整性不做任 何保证，据此投资，责任自负。本报告不构成个人投资建议，客户应考虑本报告中的任何意见或建议是否符合其特定状况。本 报告版权仅为我公司所有，未经书面许可，任何机构和个人不得以任何形式翻版、复制和发布。如引用、刊发，需注明出处为 瑞达期货股份有限公司研究院，且不得对本报告进行有悖原意的引用、删节和修改。 | 项目类别 | 数据指标 | 最新 | 环比 数据指标 | 最新 | 环比 | | --- | --- | --- | --- | --- | --- | | ...

棉花(纱)产业日报 2026-02-04 本报告中的信息均来源于公开可获得资料，瑞达期货股份有限公司力求准确可靠，但对这些信息的准确性及完整性不做任 何保证，据此投资，责任自负。本报告不构成个人投资建议，客户应考虑本报告中的任何意见或建议是否符合其特定状况。本 报告版权仅为我公司所有，未经书面许可，任何机构和个人不得以任何形式翻版、复制和发布。如引用、刊发，需注明出处为 瑞达期货股份有限公司研究院，且不得对本报告进行有悖原意的引用、删节和修改。 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) | 14680 | 30 棉纱主力合约收盘价(日,元/吨) | 20595 | 180 | | | 棉花期货前20名净持仓(手) | -117884 | 8739 棉纱期货前20名净持仓(手) | -1374 | 115 | | | 主力合约持仓量:棉花(日,手) | 716331 | -1549 主力合约持仓量:棉纱(日,手) | 8752 | 42 ...

，其中，山东地区青岛、济南港口及周边仓41.3万吨，同比减少2.93%，江苏地区张家港港口及周边仓库进 研究员: 王翠冰 期货从业资格号F03139616 期货投资咨询从业证书号Z0021556 口棉库存约3.50万吨，其他港口库存约2.94万吨。考虑到当前长假临近，短期暂且观望为主。 免责声明 棉花(纱)产业日报 2026-02-03 | 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) | 14650 | 75 棉纱主力合约收盘价(日,元/吨) | 20415 | 10 | | | 棉花期货前20名净持仓(手) | -126623 | -9362 棉纱期货前20名净持仓(手) | -1489 | -87 | | | 主力合约持仓量:棉花(日,手) | 717880 | -1626 主力合约持仓量:棉纱(日,手) | 4497 | -387 | | | 仓单数量:棉花(日,张) 中国棉花价格指数:CCIndex:3128B(日,元 | 10400 | 7 ...

棉花(纱)产业日报 2026-02-02 | 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) | 14575 | -95 棉纱主力合约收盘价(日,元/吨) | 20405 | -90 | | | 棉花期货前20名净持仓(手) | -117261 | 19409 棉纱期货前20名净持仓(手) | -1402 | 391 | | | 主力合约持仓量:棉花(日,手) | 719506 | -33772 主力合约持仓量:棉纱(日,手) | 4884 | -1005 | | | 仓单数量:棉花(日,张) 中国棉花价格指数:CCIndex:3128B(日,元 | 10325 | 36 仓单数量:棉纱(日,张) | 0 | 0 | | | 中国进口棉价格指数:FCIndexM:1%关税( | 16070 | -113 中国纱线价格指数:纯棉普梳纱32支(日, | 21455 | 25 | | | /吨) | | 元/吨) | | | | 现货市场 | | 12377 ...

Report Summary 1. Report Industry Investment Rating No information provided. 2. Report's Core View - ICE cotton futures fell on Wednesday due to concerns about the global economy and geopolitical instability, and the market awaited demand signals. The ICE March cotton futures contract settled down 0.04 cents, or 0.06%, at 64.30 cents per pound. - In the domestic market, the national cotton commercial inventory is rising, and market supply is relatively sufficient. Brazilian cotton is arriving in large quantities, further increasing the inventory. - On the downstream demand side, the price of high - count yarn is firm, but overall market demand is weak. However, driven by cost, yarn prices remain stable, and the rebound in China's textile and clothing export growth in December still supports the market. - On the market, supported by stocking demand, it is expected to fluctuate strongly in the short term. [2] 3. Summary by Relevant Catalogs 3.1 Futures Market - Zhengzhou cotton main contract closed at 14,730 yuan/ton, up 195 yuan; cotton futures top 20 net positions were - 152,789 lots, up 3,158 lots; main contract cotton positions were 799,956 lots, up 12,765 lots; cotton warehouse receipts were 9,944 lots, up 301 lots. - Cotton yarn main contract closed at 20,500 yuan/ton, up 15 yuan; cotton yarn futures top 20 net positions were - 1,850 lots, down 189 lots; main contract cotton yarn positions were 15,805 lots, down 1,156 lots; cotton yarn warehouse receipts were 59 lots, down 11 lots. [2] 3.2 Spot Market - China Cotton Price Index (CCIndex:3128B) was 15,839 yuan/ton, up 20 yuan; China Yarn Price Index (pure cotton carded yarn 32 - count) was 21,320 yuan/ton, unchanged. - China Imported Cotton Price Index (FCIndexM:1% tariff) was 12,514 yuan/ton, unchanged; China Imported Cotton Price Index (FCIndexM:sliding - scale duty) was 13,684 yuan/ton, unchanged. - Imported cotton yarn price index (pure cotton carded yarn 32 - count) arrival price was 21,066 yuan/ton, down 6 yuan; imported cotton yarn price index (pure cotton combed yarn 32 - count) arrival price was 22,555 yuan/ton, down 6 yuan. [2] 3.3 Upstream Situation - The national cotton sowing area was 2,838.3 thousand hectares, up 48.3 thousand hectares; the national cotton output was 6.16 million tons, up 540,000 tons. - The cotton - yarn price difference was 5,481 yuan/ton, down 20 yuan; the national industrial cotton inventory was 850,000 tons, up 65,000 tons. [2] 3.4 Industry Situation - Cotton import volume was 120,000 tons, up 30,000 tons; cotton yarn import volume was 150,000 tons, up 10,000 tons. - Imported cotton profit was 2,135 yuan/ton, up 1 yuan; the national commercial cotton inventory was 4.6836 million tons, up 1.753 million tons. [2] 3.5 Downstream Situation - Yarn inventory days were 26.33 days, up 0.21 days; grey fabric inventory days were 32.34 days, up 0.37 days. - Cloth output was 2.81 billion meters, up 0.19 billion meters; yarn output was 2.039 million tons, up 38,000 tons. - Clothing and clothing accessories export amount was 11,593,686 thousand US dollars, up 590,205.57 thousand US dollars; textile yarns, fabrics and products export amount was 12,275,733 thousand US dollars. [2] 3.6 Option Market - Cotton at - the - money call option implied volatility was 12.11%, up 0.12%; cotton at - the - money put option implied volatility was 12.12%, up 0.16%. - Cotton 20 - day historical volatility was 14.16%, down 0.02%; cotton 60 - day historical volatility was 9.1%, unchanged. [2] 3.7 Industry News - Cotton textile enterprises' cotton industrial inventory was increasing steadily and was at a high level compared to the same period last year. As of the end of December, the in - stock cotton industrial inventory of textile enterprises was 983,800 tons, up 44,200 tons from the end of last month. - Brazil's new cotton sowing continued. As of the week of January 17, the planting rate of Brazil's 2025/26 cotton was 36.3%, slower than last year but faster than the five - year average, 7.9 percentage points higher than the five - year average. [2]

Report Industry Investment Rating - Not provided in the content Core Viewpoints - The current national commercial inventory of cotton continues to rise, and market supply is relatively sufficient. Additionally, port pick - up has increased, and Brazilian cotton has started to arrive in large quantities, leading to a continued increase in inventory. In terms of downstream demand, the price of high - count yarn is firm, but overall market demand is weak. However, driven by costs, yarn prices remain stable. Moreover, the growth rate of China's textile and clothing exports in December rebounded compared to the previous month, still supporting the market. On the market, the previous expectation of a decrease in cotton planting area has been reflected in the market, and it is expected to be in an adjustment state in the short term [2] Summary According to Related Catalogs Futures Market - Zhengzhou cotton's main contract closing price is 14,525 yuan/ton, down 20 yuan; cotton yarn's main contract closing price is 20,500 yuan/ton, down 10 yuan. - The net position of the top 20 in cotton futures is - 150,374 lots, an increase of 10,718 lots; the net position of the top 20 in cotton yarn futures is - 1,509 lots, a decrease of 144 lots. - The main contract position of cotton is 788,099 lots, a decrease of 12,920 lots; the main contract position of cotton yarn is 16,289 lots, an increase of 1,511 lots. - The number of cotton warehouse receipts is 9,647 sheets, a decrease of 11 sheets; the number of cotton yarn warehouse receipts is 70 sheets, unchanged [2] 现货市场 - The China Cotton Price Index (CCIndex: 3128B) is 15,856 yuan/ton, down 24 yuan; the China Yarn Price Index for pure - combed 32 - count cotton yarn is 21,300 yuan/ton, unchanged. - The China Imported Cotton Price Index (FCIndexM: 1% tariff) is 12,582 yuan/ton, unchanged; the arrival price of the Imported Cotton Yarn Price Index for pure - combed 32 - count cotton yarn is 21,059 yuan/ton, down 8 yuan. - The China Imported Cotton Price Index (FCIndexM: sliding - scale tariff) is 13,722 yuan/ton, unchanged; the arrival price of the Imported Cotton Yarn Price Index for pure - combed 32 - count cotton yarn is 22,547 yuan/ton, down 9 yuan [2] Upstream Situation - The national cotton sowing area is 5,444 thousand hectares; the national cotton output is 6160 thousand tons; the national industrial inventory of cotton is 850 thousand tons [2] Industrial Situation - The monthly import volume of cotton is 120 thousand tons, an increase of 30 thousand tons; the monthly import volume of cotton yarn is 150 thousand tons, an increase of 10 thousand tons. - The daily profit of imported cotton is 2,158 yuan/ton, a decrease of 51 yuan; the national monthly commercial inventory of cotton is 468360 tons, an increase of 175300 tons [2] Downstream Situation - The inventory days of yarn are 26.33 days, an increase of 0.21 days; the inventory days of grey cloth are 32.34 days, an increase of 0.37 days. - The monthly output of cloth is 2.81 billion meters, an increase of 0.19 billion meters; the monthly output of yarn is 2039 thousand tons, an increase of 38 thousand tons. - The monthly export value of clothing and clothing accessories is 11,593,686 thousand US dollars; the monthly export value of textile yarns, fabrics and products is 12,275,733,101,731.408 thousand US dollars [2] Option Market - The implied volatility of at - the - money call options for cotton is 12%, a decrease of 1.35%; the implied volatility of at - the - money put options for cotton is 12%, unchanged. - The 20 - day historical volatility of cotton is 14.15%, an increase of 0.13%; the 60 - day historical volatility of cotton is 9.16%, an increase of 0.04% [2] Industry News - Mysteel research shows that the national commercial inventory of cotton is on the rise. As of January 16, 2026, the total commercial inventory of cotton is 5.6863 million tons, a week - on - week increase of 0.1133 million tons (a growth rate of 2.03%). Among them, the commercial cotton in Xinjiang is 4.7063 million tons, a week - on - week increase of 0.0222 million tons (a growth rate of 0.47%); the commercial cotton in the inland area is 0.533 million tons, a week - on - week increase of 0.0436 million tons (a growth rate of 8.91%). - The Intercontinental Exchange (ICE) market was closed on Monday due to the US Martin Luther King Jr. Day holiday [2]

Report Summary 1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints - The domestic cotton commercial inventory is continuously rising, and the market supply is relatively sufficient. The arrival of Brazilian cotton at ports increases the inventory. The downstream demand is generally weak, but the yarn price remains stable due to cost - driven factors. The growth in textile and clothing export in December supports the market. The previous expectation of reduced cotton planting area has been reflected in the market, and the market is expected to be in an adjustment state in the short term [2]. 3. Summary by Directory Futures Market - Zhengzhou cotton main - contract closing price is 14,545 yuan/ton, down 45 yuan; cotton yarn main - contract closing price is 20,510 yuan/ton, down 25 yuan. - Cotton futures' top 20 net positions are - 161,092 hands, an increase of 7,703 hands; cotton yarn futures' top 20 net positions are - 1,365 hands, an increase of 102 hands. - Cotton main - contract positions are 801,019 hands, down 21,592 hands; cotton yarn main - contract positions are 14,778 hands, down 437 hands. - Cotton warehouse receipts are 9,658 sheets, down 8 sheets; cotton yarn warehouse receipts are 70 sheets, unchanged [2]. Spot Market - China Cotton Price Index (CCIndex:3128B) is 15,880 yuan/ton, down 51 yuan; China Yarn Price Index (pure - cotton carded yarn 32 - count) is 21,300 yuan/ton, unchanged. - China's imported cotton price index (FCIndexM:1% tariff) is 12,582 yuan/ton, down 52 yuan; the arrival price of imported cotton yarn price index (pure - cotton carded yarn 32 - count) is 21,067 yuan/ton, down 10 yuan. - China's imported cotton price index (FCIndexM:sliding - scale duty) is 13,722 yuan/ton, down 32 yuan; the arrival price of imported cotton yarn price index (pure - cotton combed yarn 32 - count) is 22,556 yuan/ton, down 11 yuan [2]. Upstream Situation - The national cotton sowing 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 5,420 yuan/ton, an increase of 51 yuan. - The national industrial inventory of cotton is 850,000 tons, an increase of 65,000 tons. - The monthly import volume of cotton is 120,000 tons, an increase of 30,000 tons; the monthly import volume of cotton yarn is 150,000 tons, an increase of 10,000 tons. - The daily profit of imported cotton is 2,209 yuan/ton, down 9 yuan; the national commercial inventory of cotton is 4.6836 million tons, an increase of 1.753 million tons [2]. Downstream Situation - The inventory days of yarn are 26.33 days, an increase of 0.21 days; the inventory days of grey cloth are 32.34 days, an increase of 0.37 days. - The monthly output of cloth is 2.81 billion meters, an increase of 0.19 billion meters; the monthly output of yarn is 2.039 million tons, an increase of 38,000 tons. - The monthly export value of clothing and clothing accessories is 11,593,686 thousand US dollars, an increase of 590,205.57 thousand US dollars; the monthly export value of textile yarns, fabrics and products is 12,275,733 thousand US dollars, an increase of 1,731,408 thousand US dollars [2]. Option Market - The implied volatility of cotton at - the - money call options is 13.35%, down 0.17%; the implied volatility of cotton at - the - money put options is 13.35%, down 0.19%. - The 20 - day historical volatility of cotton is 14.02%, an increase of 0.25%; the 60 - day historical volatility of cotton is 9.12%, an increase of 0.09% [2]. Industry News - In December 2025, China's total cotton import volume was about 180,000 tons, a month - on - month increase of 60,000 tons and a year - on - year increase of 31%. From January to December 2025, China's cumulative cotton import volume was 1.07 million tons, a year - on - year decrease of 59.1%. - According to the USDA report, in the week ending January 8, 2025/26, the net export sales of US upland cotton increased by 339,700 bales, reaching the annual high, a 247% increase from the previous week and an 89% increase from the average of the previous four weeks. The export shipment volume of US upland cotton was 156,100 bales, a 1% increase from the previous week and an 8% increase from the average of the previous four weeks [2].

Report Summary 1. Report Industry Investment Rating - Not provided in the content 2. Core Viewpoints of the Report - The domestic cotton market is expected to see an accelerated growth in commercial inventory as the national cotton inspection volume has exceeded 5.5 million tons, and the November cotton import volume increased slightly month - on - month. The import port inventory is expected to maintain an upward trend. On the demand side, after the peak - season procurement of downstream spinning mills ended, the off - season characteristics of spinning mills are emerging, and the market shipment speed is slow. Therefore, the cotton price is expected to fluctuate in the short term [2] 3. Summary by Relevant Catalogs 3.1 Futures Market - Zhengzhou cotton main contract closing price (daily, yuan/ton): 14,070, up 55; cotton yarn main contract closing price (daily, yuan/ton): 20,110, up 60 - Cotton futures top 20 net positions (lots): - 138,546, down 1,226; cotton yarn futures top 20 net positions (lots): - 1,260, down 345 - Main contract positions: cotton (daily, lots): 785,062, up 23,519; cotton yarn (daily, lots): 23,294, up 473 - Warehouse receipt quantity: cotton (daily, sheets): 4,075, up 205; cotton yarn (daily, sheets): 9, unchanged - China Cotton Price Index: CCIndex: 3128B (daily, yuan/ton): 15,154; China Yarn Price Index: pure cotton carded yarn 32s (daily, yuan/ton): 20,990, up 60 - China Imported Cotton Price Index: FCIndexM: 1% tariff (daily, yuan/ton): 12,769, up 9; arrival price: Imported Cotton Yarn Price Index: pure cotton carded yarn 32s (daily, yuan/ton): 21,133, down 5 - China Imported Cotton Price Index: FCIndexM: sliding duty (daily, yuan/ton): 13,827, down 3; arrival price: Imported Cotton Yarn Price Index: pure cotton combed yarn 32s (daily, yuan/ton): 22,306, up 78 [2] 3.2 Spot Market - Data presented in the futures market section above also reflects the spot - related price indices [2] 3.3 Upstream Situation - National cotton sown area (annual, thousand hectares): 2,838.3, up 48.3; national cotton output (annual, million tons): 6.16, up 0.54 [2] 3.4 Industry Situation - Cotton - yarn price difference (CY C32S - CC3128B, yuan/ton): 5,836, up 51; industrial inventory: cotton: national (monthly, million tons): 85, up 6.5 - Cotton: import quantity: monthly value (monthly, million tons): 9, down 1; cotton yarn: import quantity: monthly value (monthly, tons): 140,000, up 10,000 - Imported cotton profit (daily, yuan/ton): 1,318, up 9; commercial inventory: cotton: national (monthly, million tons): 293.06, up 190.89 [2] 3.5 Downstream Situation - Inventory days: yarn (monthly, days): 26.12, up 1.27; inventory days: grey fabric (monthly, days): 31.97, up 0.85 - Cloth: output: monthly value (monthly, billion meters): 26.2, down 1.8; yarn: output: monthly value (monthly, million tons): 200.1, down 7.3 - Apparel and clothing accessories: export value: monthly value (monthly, million US dollars): 11,003,480.43, down 1,449,766.57; textile yarns, fabrics and products: export value: monthly value (monthly, million US dollars): 11,258,418.92, down 708,097.08 [2] 3.6 Option Market - Cotton at - the - money call option implied volatility (%): 9.14, down 0.5; cotton at - the - money put option implied volatility (%): 9.14, down 0.5 - Cotton 20 - day historical volatility (%): 5.26, down 0.16; cotton 60 - day historical volatility (%): 6.29, down 0.24 [2] 3.7 Industry News - According to Mysteel research, the national commercial inventory of cotton is increasing. As of December 19, 2025, the total commercial cotton inventory was 5.0473 million tons, a week - on - week increase of 255,000 tons (a 5.32% increase). Among them, the commercial cotton in Xinjiang was 4.351 million tons, a week - on - week increase of 189,600 tons (a 4.56% increase), and that in inland areas was 304,400 tons, a week - on - week increase of 63,800 tons (a 26.52% increase) - According to the USDA report, in the week ending November 27, the net export sales of US upland cotton in the 2025/26 season increased by 135,900 bales, a decrease of 8% from the previous week and 23% from the average of the previous four weeks. The export shipment volume of US upland cotton in the 2025/26 season was 122,100 bales, a 1% increase from the previous week and a 5% decrease from the average of the previous four weeks. The US cotton export contract volume decreased and the shipment volume increased slightly month - on - month [2]

Report Summary 1. Report Industry Investment Rating - Not provided in the given content 2. Core View of the Report - The current situation of loose supply and demand in the cotton market continues. New cotton sales progress is significantly slow, market digestion rhythm is below expectations, and port inventories remain high. Downstream demand shows no obvious improvement, with fewer new orders for textile enterprises and a slowdown in cotton yarn shipment rhythm. The short - term rebound space of cotton prices is limited, and attention should be paid to the improvement of actual restocking willingness and macro - dynamics [2][3] 3. Summary by Relevant Catalogs 3.1 Futures Market - Zhengzhou cotton main contract closing price is 13,790 yuan/ton, up 10 yuan; cotton yarn main contract closing price is 20,095 yuan/ton, up 170 yuan - Cotton futures top 20 net positions are - 132,985 lots, down 4,146 lots; cotton yarn futures top 20 net positions are - 413 lots, up 34 lots - Cotton main contract positions are 513,147 lots, down 9,021 lots; cotton yarn main contract positions are 13,558 lots, up 8,642 lots - Cotton warehouse receipt quantity is 2,639 sheets, up 50 sheets; cotton yarn warehouse receipt quantity is 12 sheets, down 1 sheet [2] 3.2 Spot Market - China Cotton Price Index (CCIndex:3128B) is 14,998 yuan/ton, down 7 yuan; China Yarn Price Index (pure cotton carded yarn 32 - count) is 20,770 yuan/ton, unchanged - China Imported Cotton Price Index (FCIndexM:1% tariff) is 12,936 yuan/ton, down 5 yuan; arrival price of imported cotton yarn price index (pure cotton carded yarn 32 - count) is 20,978 yuan/ton, up 19 yuan - China Imported Cotton Price Index (FCIndexM:sliding duty) is 13,932 yuan/ton, down 5 yuan; arrival price of imported cotton yarn price index (pure cotton combed yarn 32 - count) is 22,234 yuan/ton, up 20 yuan [2] 3.3 Upstream Situation - National cotton sowing area is 2,838.3 thousand hectares, an increase of 48.3 thousand hectares; national cotton output is 6.16 million tons, an increase of 0.54 million tons - Cotton - yarn price difference is 5,772 yuan/ton, up 7 yuan; national industrial inventory of cotton is 785,000 tons, down 76,000 tons [2] 3.4 Industry 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 1,073 yuan/ton, up 30 yuan; national commercial inventory of cotton is 2.9306 million tons, up 1.9089 million tons [2] 3.5 Downstream Situation - Yarn inventory days are 26.12 days, up 1.27 days; grey cloth inventory days are 31.97 days, up 0.85 days - Cloth output is 2.62 billion meters, down 0.18 billion meters; yarn output is 2.001 million tons, down 73,000 tons - Export value of clothing and clothing accessories is 110,034,804,300 US dollars, down 14,497,665,700 US dollars; export value of textile yarns, fabrics and products is 112,584,189,200 US dollars, down 7,080,970,800 US dollars [2] 3.6 Option Market - Implied volatility of cotton at - the - money call option is 10.99%, up 1.46%; implied volatility of cotton at - the - money put option is 11%, up 1.47% - 20 - day historical volatility of cotton is 5.73%, down 0.24%; 60 - day historical volatility of cotton is 6.67%, down 0.01% [2] 3.7 Industry News - As of December 3, 2025, 20,147,916 bales of cotton have been inspected, totaling 4,548,335 tons, a year - on - year increase of 16.88%. Xinjiang cotton cumulative inspection volume is 4,474,521 tons, a year - on - year increase of 18.34% - Intercontinental Exchange (ICE) cotton futures fell slightly on Wednesday. The ICE March cotton futures contract closed down 0.11 cents, or 0.17%, at 64.46 cents per pound [2] 3.8 Viewpoint Summary - On the supply side, new cotton sales progress is slow, and port inventory remains high. As of November 27, the inventory of imported cotton in major ports increased by 1.28% week - on - week, with a total inventory of 380,300 tons - On the demand side, downstream demand has not improved significantly, with fewer new orders for textile enterprises and a slowdown in cotton yarn shipment rhythm. The current situation of loose supply and demand continues, and the short - term rebound space of cotton prices is limited [2][3]