Report Summary 1. Report Industry Investment Rating - No industry investment rating is provided in the report [2] 2. Report's Core View - The cotton market is expected to fluctuate slightly weaker. Although the current supply is tight, downstream demand is weak, and there are expectations for quotas. Cotton is in the process of position transfer, and the cotton 2601 contract fluctuates around 13,850 yuan/ton. It is recommended to wait and see for now [2] 3. Summary by Relevant Catalogs Futures Market - Zhengzhou cotton main - contract closing price is 13,680 yuan/ton, up 40 yuan; cotton yarn main - contract closing price is 19,790 yuan/ton, up 185 yuan. - Cotton futures' top 20 net positions are - 24,791 lots, down 4,217 lots; cotton yarn futures' top 20 net positions are 97 lots, down 22 lots. - Cotton main - contract positions are 246,206 lots, down 14,590 lots; cotton yarn main - contract positions are 17,882 lots, up 829 lots. - Cotton warehouse receipts are 8,172 lots, down 80 lots; cotton yarn warehouse receipts are 75 lots, down 8 lots [2] 现货市场 - China's cotton price index (CCIndex:3128B) is 15,178 yuan/ton, down 13 yuan; China's yarn price index (pure - cotton carded yarn 32 - count) is 20,620 yuan/ton, unchanged. - China's imported cotton price index (FCIndexM:1% tariff) is 13,350 yuan/ton, down 70 yuan; the arrival price of imported cotton yarn price index (pure - cotton carded yarn 32 - count) is 22,139 yuan/ton, up 11 yuan. - China's imported cotton price index (FCIndexM:sliding - scale duty) is 14,196 yuan/ton, down 48 yuan; the arrival price of imported cotton yarn price index (pure - cotton combed yarn 32 - count) is 24,019 yuan/ton, up 12 yuan [2] Upstream Situation - China's national cotton sown area is 2,838.3 thousand hectares, and the national cotton output is 616 million tons, an increase of 54 million tons [2] Industry Situation - The cotton - yarn price difference is 5,459 yuan/ton, up 17 yuan. - The national industrial inventory of cotton is 85 million tons, up 2.4 million tons. - The monthly import volume of cotton is 3 million tons, down 1 million tons; the monthly import volume of cotton yarn is 110,000 tons, up 10,000 tons. - The daily profit of imported cotton is 982 yuan/ton, up 35 yuan. - The national commercial inventory of cotton is 282.98 million tons, down 62.89 million tons [2] Downstream Situation - The yarn inventory days are 23.86 days, up 1.52 days; the grey - fabric inventory days are 35.46 days, up 2.57 days. - The monthly output of cloth is 2.779 billion meters, up 0.109 billion meters; the monthly output of yarn is 206.5 million tons, up 11.4 million tons. - The monthly export value of clothing and clothing accessories is 1,526,671,400 US dollars, up 168,897,700 US dollars; the monthly export value of textile yarns, fabrics and products is 1,204,820,700 US dollars, down 58,356,600 US dollars [2] Option Market - The implied volatility of cotton at - the - money call options is 8.67%, down 1.11%; the implied volatility of cotton at - the - money put options is 8.67%, down 1.11%. - The 20 - day historical volatility of cotton is 11.15%, down 0.02%; the 60 - day historical volatility of cotton is 7.78%, unchanged [2] Industry News - According to Mysteel research, the national commercial inventory of cotton continued to decline. As of August 8, 2025, the total commercial inventory of cotton was 2.0067 million tons, a week - on - week decrease of 150,400 tons (a decrease of 6.97%). Among them, the commercial cotton in Xinjiang was 1.2819 million tons, a week - on - week decrease of 129,200 tons (a decrease of 9.16%); the commercial cotton in the inland area was 404,000 tons, a week - on - week decrease of 6,600 tons (a decrease of 1.61%). - Last Friday, the ICE cotton December contract rose 0.42%. On Monday, the cotton 2601 contract rose 0.47%, and the cotton yarn 2511 contract rose 0.15% [2] 提示关注 - There is no news today. In the next few days, the maximum temperature in Xinjiang will be relatively high. Pay attention to the impact of weather on the growth of new crops [2]

Report Summary 1. Report Industry Investment Rating - Not provided in the content 2. Core Viewpoints - Cotton is in a destocking state, and supply is tight before the new cotton hits the market. The textile industry is in a consumption off - season, with poor new orders and a continuous decline in the overall operating rate. Enterprises are more cautious in purchasing raw materials due to rising prices. China's cotton planting area increased in 2025, but some areas in Xinjiang face high - temperature heat damage risks. The previous continuous rise in cotton futures prices has digested the supply - tightness bullish factor, and as prices rise, downstream purchasing becomes cautious, leading to weakening upward momentum. The short - term main contract will continue the adjustment trend. It is recommended to wait and see for now, while continuously monitoring weather and macro factors [2] 3. Summary by Directory Futures Market - Zhengzhou cotton main contract closed at 14,160 yuan/ton, down 20 yuan; cotton yarn main contract closed at 20,360 yuan/ton, up 10 yuan. The net position of the top 20 in cotton futures was - 35,734 lots, down 29 lots; for cotton yarn futures, it was - 360 lots, up 87 lots. The main contract positions for cotton were 518,897 lots, down 19,303 lots; for cotton yarn, 12,081 lots, down 1,767 lots. Cotton warehouse receipts were 9,337 sheets, down 45 sheets; cotton yarn warehouse receipts were 96 sheets, unchanged [2] 现货市场 - The China Cotton Price Index (CCIndex:3128B) was 15,563 yuan/ton, up 20 yuan; the China Yarn Price Index for pure - combed 32 - count cotton yarn was 20,740 yuan/ton, unchanged. The China Imported Cotton Price Index (FCIndexM:1% tariff) was 13,728 yuan/ton, unchanged; the landed price of the imported cotton yarn price index for pure - combed 32 - count cotton yarn was 22,042 yuan/ton, down 38 yuan. The China Imported Cotton Price Index (FCIndexM:sliding - scale duty) was 14,438 yuan/ton, unchanged; the landed price of the imported cotton yarn price index for pure - refined 32 - count cotton yarn was 23,914 yuan/ton, down 41 yuan [2] Upstream Situation - The national cotton sowing area was 2,838.3 thousand hectares, an increase of 48.3 thousand hectares; the national cotton output was 6.16 million tons, an increase of 0.54 million tons [2] Industry Situation - The cotton - yarn price difference was 5,177 yuan/ton, down 20 yuan. The national industrial inventory of cotton was 850,000 tons, an increase of 24,000 tons. The monthly import volume of cotton was 30,000 tons, down 10,000 tons; the monthly import volume of cotton yarn was 110,000 tons, up 10,000 tons. The daily profit from importing cotton was 1,105 yuan/ton, down 30 yuan. The national commercial inventory of cotton was 2.8298 million tons, down 0.6289 million tons [2] Downstream Situation - The yarn inventory days were 23.86 days, up 1.52 days; the inventory days of grey cloth were 35.46 days, up 2.57 days. The monthly cloth output was 2.779 billion meters, up 0.109 billion meters; the monthly yarn output was 2.065 million tons, up 0.114 million tons. The monthly export value of clothing and clothing accessories was 1.5266714 billion US dollars, up 0.1688977 billion US dollars; the monthly export value of textile yarns, fabrics and products was 1.2048207 billion US dollars, down 0.0583566 billion US dollars [2] Option Market - The implied volatility of at - the - money call options for cotton was 13.13%, down 0.11%; the implied volatility of at - the - money put options for cotton was 13.13%, down 0.11%. The 20 - day historical volatility of cotton was 8.24%, up 0.22%; the 60 - day historical volatility of cotton was 8.64%, up 0.05% [2] Industry News - In June 2025, China's cotton import volume was 27,400 tons, a month - on - month decrease of 20.85% and a year - on - year decrease of 82.4%, with imports below 100,000 tons for four consecutive months. From January to June 2025, China's cumulative cotton import volume was 461,900 tons, a year - on - year decrease of 74.47%. From September 2024 to September 2024, China's cumulative cotton import volume was 941,900 tons, a year - on - year decrease of 67.63%. The upward revision of US cotton crop ratings and rainfall forecasts in production areas pressured US cotton futures prices. The third round of China - US trade negotiations will be held in Stockholm, Sweden, on the next Monday and Tuesday [2]

Report Summary 1. Report Industry Investment Rating - Not provided in the content 2. Core Viewpoint of the Report - The cotton market shows an overall trend of slightly stronger fluctuations in a range. In the international market, the favorable weather has increased the good - quality rate of U.S. cotton, and factors such as a stronger dollar and a weaker grain market have pushed down U.S. cotton prices. Macroeconomic factors like U.S. tariff policies pose risks. In the domestic market, it's the off - season for textile consumption, with poor new orders and a slow decline in the overall operating rate. Enterprises are cautious in purchasing raw materials. Cotton is in a de - stocking state, and high - temperature risks in some Xinjiang areas support price increases, but the slow de - stocking process drags down the price rhythm [2] 3. Summary by Relevant Catalogs 3.1 Futures Market - Zhengmian main contract closing price: 13,830 yuan/ton, up 45 yuan; cotton yarn main contract closing price: 19,985 yuan/ton, up 20 yuan - Cotton futures top 20 net positions: - 20,573 lots, up 3,092 lots; cotton yarn futures top 20 net positions: - 14 lots, up 58 lots - Cotton main contract positions: 546,763 lots, up 3,515 lots; cotton yarn main contract positions: 22,435 lots, down 557 lots - Cotton warehouse receipts: 9,932 sheets, down 39 sheets; cotton yarn warehouse receipts: 51 sheets, up 49 sheets - China Cotton Price Index (CCIndex:3128B): 15,184 yuan/ton, down 9 yuan; China Yarn Price Index (pure - cotton carded yarn 32S): 20,420 yuan/ton, unchanged - China Imported Cotton Price Index (FCIndexM:1% tariff): 13,632 yuan/ton; China Imported Cotton Price Index (FCIndexM: sliding - duty tariff): 14,377 yuan/ton; Imported cotton yarn price index (pure - cotton carded yarn 32S) arrival price: 22,044 yuan/ton, up 24 yuan; Imported cotton yarn price index (pure - cotton combed yarn 32S) arrival price: 23,837 yuan/ton, up 26 yuan [2] 3.2 Spot Market - Not mentioned separately other than data in the futures section 3.3 Upstream Situation - National cotton sowing area: 2,838.3 thousand hectares, up 48.3 thousand hectares; national cotton output: 6.16 million tons, up 540,000 tons [2] 3.4 Industry Situation - Cotton - yarn price difference: 5,236 yuan/ton, up 9 yuan; industrial inventory of cotton nationwide: 850,000 tons, up 24,000 tons - Cotton import volume (monthly): 40,000 tons, down 20,000 tons; cotton yarn import volume (monthly): 100,000 tons, down 20,000 tons - Imported cotton profit: 816 yuan/ton, up 62 yuan; commercial inventory of cotton nationwide: 3.4587 million tons, down 693,900 tons [2] 3.5 Downstream Situation - Yarn inventory days: 23.86 days, up 1.52 days; grey fabric inventory days: 35.46 days, up 2.57 days - Monthly cloth production: 2.67 billion meters, down 50 million meters; monthly yarn production: 1.951 million tons, down 36,000 tons - Monthly clothing and clothing accessories export value: 1.3577737 billion US dollars, up 197.1179 million US dollars; monthly textile yarn, fabric and product export value: 1.2631773 billion US dollars, up 5.2109 million US dollars - Cotton at - the - money call option implied volatility: 10.06%, up 1%; cotton at - the - money put option implied volatility: 10.06%, up 1%; cotton 20 - day historical volatility: 5.11%, unchanged; cotton 60 - day historical volatility: 9.22%, down 0.86% [2] 3.6 Industry News - Nationwide commercial cotton inventory is decreasing. As of July 4, 2025, the total commercial cotton inventory was 2.7476 million tons, down 132,300 tons (a decrease of 4.59%) from the previous week. In Xinjiang, the commercial cotton inventory was 1.9128 million tons, down 117,100 tons (a decrease of 5.77%); in inland areas, it was 435,500 tons, down 2,500 tons (a decrease of 0.57%) - According to the U.S. Department of Agriculture (USDA) weekly crop growth report, as of the week ending July 6, 2025, the boll - setting rate of U.S. cotton was 14% (9% the previous week, 18% the same period last year, and a five - year average of 15%); the budding rate was 48% (40% the previous week, 51% the same period last year, and a five - year average of 49%); the good - quality rate was 52% (51% the previous week, 45% the same period last year). Favorable weather has increased the good - quality rate, while a stronger dollar and a weaker grain market have pushed down U.S. cotton prices [2] 3.7 Suggestions - Pay attention to weather and macro - economic factors as the cotton market shows an overall trend of slightly stronger fluctuations in a range, with the de - stocking process being slow and the textile industry in a consumption off - season [2]

Group 1: Report Industry Investment Rating - No information provided Group 2: Report's Core View - Recently, favorable weather has led to an increase in the good - quality rate of US cotton, limiting its rebound. In China, the textile industry is in a consumption off - season, with poor new orders, a slow decline in the overall operating rate, and cautious raw material procurement. Cotton is in a de - stocking state, and high - temperature weather in some areas of Xinjiang poses a high risk of heat damage to cotton, supporting a slightly stronger price trend. However, the slow de - stocking process drags down the price rhythm, so the overall trend is slightly stronger in a range. Attention should be paid to weather and macro factors, and there are tariff - related macro - factor risks [2] Group 3: Summary by Relevant Catalogs Futures Market - Zhengmian main contract closing price: 13,785 yuan/ton, up 25 yuan; cotton yarn main contract closing price: 19,965 yuan/ton, up 10 yuan. Cotton futures top 20 net positions: - 23,665 hands, down 570 hands; cotton yarn futures top 20 net positions: - 72 hands, up 21 hands. Cotton main contract positions: 543,248 hands, down 617 hands; cotton yarn main contract positions: 22,992 hands, down 574 hands. Cotton warehouse receipts: 9,971 sheets, down 68 sheets; cotton yarn warehouse receipts: 2 sheets, unchanged. China Cotton Price Index (CCIndex:3128B): 15,193 yuan/ton, down 8 yuan; China Yarn Price Index (pure - cotton carded yarn 32S): 20,420 yuan/ton, unchanged. China Imported Cotton Price Index (FCIndexM:1% tariff): 13,736 yuan/ton, unchanged; China Imported Cotton Price Index (FCIndexM: sliding - scale duty): 14,447 yuan/ton, unchanged [2] Spot Market - Arrival price of imported cotton yarn price index (pure - cotton carded yarn 32S): 22,020 yuan/ton, up 82 yuan; arrival price of imported cotton yarn price index (pure - cotton combed yarn 32S): 23,811 yuan/ton, up 83 yuan [2] Upstream Situation - National cotton sowing area: 2,838.3 thousand hectares, up 48.3 thousand hectares; national cotton output: 6.16 million tons, up 0.54 million tons. Cotton - yarn price difference: 5,227 yuan/ton, up 8 yuan; national industrial cotton inventory: 850,000 tons, up 24,000 tons [2] Industry Situation - Cotton import volume: 40,000 tons, down 20,000 tons; cotton yarn import volume: 100,000 tons, down 20,000 tons. Imported cotton profit: 754 yuan/ton, up 1 yuan; national commercial cotton inventory: 3.4587 million tons, down 0.6939 million tons [2] Downstream Situation - Yarn inventory days: 23.86 days, up 1.52 days; grey cloth inventory days: 35.46 days, up 2.57 days. Cloth output: 2.67 billion meters, down 0.05 billion meters; yarn output: 1.951 million tons, down 0.036 million tons. Monthly clothing and clothing accessories export value: 1,357,773,700 US dollars, up 197,117,900 US dollars; monthly textile yarn, fabric and product export value: 1,263,177,300 US dollars, up 5,210,900 US dollars [2] Option Market - Implied volatility of cotton at - the - money call option: 9.06%, up 0.21%; implied volatility of cotton at - the - money put option: 9.06%, up 0.21%. 20 - day historical volatility of cotton: 5.11%, down 0.84%; 60 - day historical volatility of cotton: 10.08%, down 0.79% [2] Industry News - As of the week ending July 6, 2025, the boll - setting rate of US cotton was 14% (9% last week, 18% in the same period last year, 15% as the five - year average), the budding rate was 48% (40% last week, 51% in the same period last year, 49% as the five - year average), and the good - quality rate was 52% (51% last week, 45% in the same period last year) [2]

Report Summary 1. Report Industry Investment Rating No information provided. 2. Core Viewpoints - This week, the main Zhengzhou cotton 2509 contract rose by about 0.15%, while the cotton yarn futures 2509 contract fell by 0.52%. Internationally, weak US cotton weekly export sales and favorable weather for crop growth limited the rebound of US cotton. Domestically, the textile industry is in a consumption off - season, with poor new orders and a slow decline in the overall operating rate. Cotton is in the process of destocking, but the destocking speed is slow due to the off - season, showing a slightly stronger overall oscillation. The high - temperature weather in Xinjiang poses a risk of high - temperature heat damage to cotton [6]. 3. Summary by Directory 3.1 Week - on - Week Summary - **Market Analysis**: The main Zhengzhou cotton 2509 contract rose by about 0.15% this week, and the cotton yarn futures 2509 contract fell by 0.52% [6]. - **Market Outlook**: Weak US cotton export sales, favorable weather for growth and a rise in the good - quality rate limited the rebound of US cotton. In China, the textile industry is in a consumption off - season, with poor new orders and a slow decline in the operating rate. Cotton is destocking slowly. The high - temperature weather in Xinjiang poses risks [6]. - **Future Trading Tips**: Pay attention to changes in foreign cotton prices, macro factors, trade policies, and weather factors [6]. 3.2 Futures and Spot Market - **US Cotton Market**: The price of the US cotton December contract fell by about 1.28% this week. As of June 24, 2025, the non - commercial long - position of ICE No. 2 cotton increased by 5.61% month - on - month, the non - commercial short - position decreased by 1.86% month - on - month, and the CFTC net position increased by 14.91% month - on - month [9]. - **Foreign Cotton Spot Market**: For the week ending June 26, US current - market - year cotton export sales increased by 23,700 bales, a 13% decrease from the previous week and a 66% decrease from the four - week average. Next - market - year export sales increased by 106,600 bales. US cotton export shipments were 255,800 bales, a 39% increase from the previous week and a 9% increase from the four - week average. As of July 1, 2025, the Cotlook:A index was 78.9 cents per pound, a 1.56% decrease month - on - month [14]. - **Futures Market**: The main Zhengzhou cotton 2509 contract rose by about 0.15% this week, and the cotton yarn futures 2509 contract fell by 0.52%. As of this week, the top - 20 net position of cotton futures was - 27,247, and that of cotton yarn futures was - 113. The cotton futures warehouse receipt was 10,067, and the cotton yarn futures warehouse receipt was 2 [17][24][30]. - **Spot Market**: As of July 4, 2025, the spot price index of cotton 3128B was 15,200 yuan per ton, and the Chinese cotton yarn spot C32S index price was 20,420 yuan per ton. As of July 3, 2025, the CY index:OEC10s (rotor yarn) was 14,560 yuan per ton [35][45]. - **Imported Cotton (Yarn) Cost**: As of July 2, 2025, the imported cotton price index (FC Index):M:1% quota port pick - up price was 13,667 yuan per ton, a 0.15% decrease month - on - month; the sliding - scale duty port pick - up price was 14,400 yuan per ton, a 0.06% decrease month - on - month. As of June 25, 2025, the imported cotton yarn price index (FCY Index):port pick - up price:C32S was 20,997 yuan per ton, a 0.10% increase month - on - month [51]. - **Imported Cotton Cost - Profit**: As of July 2, 2025, the cost - profit of imported cotton sliding - scale duty port pick - up price (M) was 763 yuan per ton; the cost - profit of imported cotton quota port pick - up price (1%) was 1,496 yuan per ton [55]. 3.3 Industry Situation - **Supply Side - Commercial Cotton Inventory**: As of May, the total national commercial cotton inventory was 3.4587 million tons, a 16.71% decrease month - on - month and an 8.36% decrease year - on - year. As of the end of May, the in - stock industrial cotton inventory of textile enterprises was 941,100 tons, a 13,100 - ton decrease month - on - month [59]. - **Supply Side - Imported Cotton Volume**: In May 2025, China imported about 40,000 tons of cotton, a 20,000 - ton decrease month - on - month and an 86.3% decrease year - on - year. From September 2024 to May 2025, China imported about 920,000 tons of cotton. In May 2025, China's cotton yarn import volume was 100,000 tons, a 14.5% decrease year - on - year and a 16.67% decrease month - on - month [63]. - **Mid - end Industry - Demand Side**: As of the end of May, the yarn inventory of textile enterprises was 22.34 days, an increase of 1.36 days from the previous month. The grey fabric inventory was 31.2 days, an increase of 1.72 days from the previous month [67]. - **Terminal Consumption - Demand Side**: From January to May 2025, the cumulative export of textile and clothing was 838.33 billion yuan, a 2.1% increase year - on - year. In May, the export of textile and clothing was 188.84 billion yuan, a 0.2% increase year - on - year and an 8.9% increase month - on - month. As of May 2025, the cumulative retail sales of clothing, shoes, hats, needles, and textiles were 613.8 billion yuan, a 3.3% increase year - on - year [71][73]. 3.4 Options and Stock Market - related Market - **Options Market**: Information about the implied volatility of at - the - money cotton options this week is presented, but no specific data is given [75]. - **Stock Market - Xinjiang Nongkai Development Co., Ltd.**: Information about the price - earnings ratio trend of Xinjiang Nongkai Development Co., Ltd. is presented, but no specific data is given [80].

Report Summary 1. Report Industry Investment Rating No information provided. 2. Core Viewpoints - The textile industry's consumption off - season is evident, with poor new orders, a slow decline in overall operating rates, some spinning mills accumulating inventory, and poor profit margins, leading to cautious raw material procurement [2]. - The raw material inventory of textile enterprises remains stable. Cotton is in a de - stocking state, but the de - stocking speed is slow due to the consumption off - season, showing a slightly stronger overall oscillation. Weather and macro factors should be continuously monitored [2]. 3. Summary by Relevant Catalogs Futures Market - Zhengzhou cotton's main contract closing price is 13,745 yuan/ton, up 5 yuan; cotton yarn's main contract closing price is 20,045 yuan/ton, up 55 yuan [2]. - The net position of the top 20 in cotton futures is - 27,960 lots, an increase of 5,817 lots; for cotton yarn futures, it is - 210 lots, an increase of 80 lots [2]. - The main contract position of cotton is 563,236 lots, a decrease of 11,709 lots; for cotton yarn, it is 22,023 lots, an increase of 247 lots [2]. - The cotton warehouse receipt quantity is 10,211 sheets, a decrease of 62 sheets; for cotton yarn, it is 2 sheets, unchanged [2]. - The China Cotton Price Index (CCIndex:3128B) is 15,212 yuan/ton, up 58 yuan; the China Yarn Price Index for pure - cotton carded yarn 32s is 20,420 yuan/ton, up 40 yuan [2]. Spot Market - The China Imported Cotton Price Index (FCIndexM:1% tariff) is 13,688 yuan/ton, a decrease of 221 yuan; the arrival price of imported cotton yarn price index for pure - cotton carded yarn 32s is 21,910 yuan/ton, a decrease of 23 yuan [2]. - The China Imported Cotton Price Index (FCIndexM: sliding - duty tax) is 14,409 yuan/ton; the arrival price of imported cotton yarn price index for pure - cotton combed yarn 32s is 23,698 yuan/ton, a decrease of 24 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 0.54 million tons [2]. Industry Situation - The cotton - yarn price difference is 5,208 yuan/ton, a decrease of 58 yuan; the national industrial inventory of cotton is 82.6 million tons, a decrease of 0.7 million tons [2]. - The monthly import volume of cotton is 40,000 tons, a decrease of 20,000 tons; the monthly import volume of cotton yarn is 100,000 tons, a decrease of 20,000 tons [2]. - The daily profit of imported cotton is 593 yuan/ton, a decrease of 23 yuan; the national commercial inventory of cotton is 345.87 million tons, a decrease of 69.39 million tons [2]. Downstream Situation - The yarn inventory days are 21.12 days, an increase of 0.14 days; the inventory days of grey cloth are 32.54 days, an increase of 1.37 days [2]. - The monthly cloth output is 2.67 billion meters, a decrease of 0.05 billion meters; the monthly yarn output is 1.951 million tons, a decrease of 0.036 million tons [2]. - The monthly export value of clothing and clothing accessories is 1,357,773,700 US dollars, an increase of 197,117,900 US dollars; the monthly export value of textile yarns, fabrics and products is 1,263,177,300 US dollars, an increase of 5,210,900 US dollars [2]. Option Market - The implied volatility of cotton at - the - money call options is 9.86%, an increase of 0.2%; the implied volatility of cotton at - the - money put options is 9.86%, an increase of 0.2% [2]. - The 20 - day historical volatility of cotton is 6.44%, a decrease of 0.16%; the 60 - day historical volatility of cotton is 12.81%, a decrease of 0.01% [2]. Industry News - The US Department of Agriculture's planting intention report shows that the expected cotton planting area in the US in 2025 is 10.12 million acres, higher than the previous market estimate of 9.735 million acres. The actual cotton planting area in the US in 2024 was 11.183 million acres [2].