Report Summary - **Report Title**: Zheng Cotton Turns to Narrow - Range Fluctuation, Funds Flow Out Before the Festival - Guoxin Futures Cotton Weekly Report - **Report Date**: February 6, 2026 1. Report Industry Investment Rating No relevant information provided. 2. Report's Core View - Domestically, Zheng Cotton showed significantly reduced volatility and narrow - range fluctuations this week. With new cotton processing nearing completion, supply pressure is high. However, yarn prices remained stable or increased while cotton prices fell, and the downstream industry faced limited pressure. Zheng Cotton is expected to maintain short - term fluctuations with a limited range, and it's advisable to exit the market before the Spring Festival [56]. - Internationally, U.S. cotton export data is strong, with stable old - crop exports and record - high new - crop exports. Consumption has overall resilience. But macro factors may have some suppression, such as a weak global economy and a strong U.S. dollar. U.S. cotton is in a weak - range fluctuation, but there is strong support around 60 cents per pound, and low prices may trigger purchases [56]. 3. Summary by Directory 3.1 Cotton Market Analysis - **Futures Prices**: Zheng Cotton had a slight weekly decline of 0.61%, and ICE cotton had a weekly decline of 2.09% [12]. - **Spot Prices**: The cotton price index declined this week. The 3128 index dropped 171 yuan/ton compared to last week, and the 2129 index dropped 158 yuan/ton [17]. - **Import Situation**: In December, 180,000 tons of cotton were imported, a year - on - year increase of 40,000 tons [22]. - **Inventory Situation**: - In the first half of January, the commercial cotton inventory was 5.8623 million tons, and the market entered an accelerated inventory - building phase [27]. - In December, the yarn inventory was 25.12 days, a year - on - year decrease of 3.67 days, and the grey fabric inventory was 33.76 days, a year - on - year increase of 1.33 days [32]. - **Yarn Prices**: This week, yarn prices rose. The price of OEC10S remained flat, the price of C32S increased by 25 yuan/ton compared to last week, and the price of JC40S remained flat [37]. - **Zhengshang Institute Warehouse Receipts and Effective Forecasts**: This week, the total number of Zheng Cotton warehouse receipts and forecasts increased by 410. There were 10,500 warehouse receipts and 1,283 effective forecasts, totaling 11,783 [42]. - **U.S. Cotton Export Situation**: As of January 29, the net sales of U.S. upland cotton exports in the current year increased by 248,300 bales, and the net sales in the next year were 114,900 bales [50]. - **U.S. Weather Situation**: The total area in drought (D1 - D4) in the U.S. was 37.4%, with different drought - level percentages in each category [53]. 3.2后市展望 (Market Outlook) - **Domestic Market**: Zheng Cotton will maintain short - term fluctuations, and it's advisable to exit the market before the Spring Festival due to high supply pressure but limited downstream pressure [56]. - **International Market**: U.S. cotton will maintain a weak - range fluctuation, but there is strong support around 60 cents per pound, and low prices may trigger purchases despite macro suppression [56].

1. Report Industry Investment Rating - Not provided in the content 2. Core Viewpoints of the Report - Domestically, Zhengzhou cotton (Zhengmian) fluctuated more significantly this week, following the overall trend of commodities. Driven by macro - positive factors, it rose significantly on Wednesday with obvious capital inflows, but was pressured around 15,000 yuan/ton. Fundamentally, although it is the off - season, cotton procurement still has rigid demand support. The strong basis boosts Zhengmian. The yarn and cotton prices are in a linked state, and the industrial chain is relatively healthy. The expected reduction in planting area needs to be implemented step - by - step without official confirmation. Overall, Zhengmian has short - term resistance above and support below, and is expected to maintain a volatile trend [53]. - Internationally, the drought index in the main U.S. cotton - producing areas has slightly declined but remains at a relatively high level in recent years, and drought is expected to continue in the first quarter. The India - EU Free Trade Agreement has been officially signed, and India's textile export tariffs to the EU will be reduced after months of review and approval. Indian cotton prices and the quotes of the Cotton Corporation of India are stable. India has purchased about 30% of the expected production of lint cotton this season, and the auction turnover is lower than the listing volume. The yarn price in Vietnam is stable, orders are active with price - increase expectations, the yarn in Pakistan shows a strong trend, while the Indian yarn has a large bargaining space due to weak demand. Overall, there is support at the bottom of the international market, but the rebound space is limited, and it is expected to maintain a volatile trend [53]. - The operation suggestion is mainly short - term trading [54]. 3. Summary by Relevant Catalogs 3.1 Cotton Market Analysis 3.1.1 Futures Price - Zhengzhou cotton futures fluctuated sharply this week with a weekly decline of 0.17%. ICE cotton futures fluctuated weakly with a weekly decline of 0.97% [9]. 3.1.2 Spot Price - This week, the cotton price index rebounded. The 3128 index decreased by 307 yuan/ton compared with last week, and the 2129 index decreased by 313 yuan/ton compared with last week [14]. 3.1.3 Cotton Import - In December, 180,000 tons of cotton were imported, a year - on - year increase of 40,000 tons [19]. 3.1.4 Cotton Inventory - In the first half of January, the commercial inventory of cotton was 5.8623 million tons. With a large amount of new cotton on the market, the market has entered an accelerated inventory - accumulation stage [24]. 3.1.5 Downstream Inventory - In December, the yarn inventory was 25.12 days, a year - on - year decrease of 3.67 days, and the grey fabric inventory was 33.76 days, a year - on - year increase of 1.33 days [29]. 3.1.6 Yarn Price - This week, yarn prices increased. The price of OE 10S棉纱 increased by 70 yuan/ton compared with last week, the price of C32S棉纱 increased by 110 yuan/ton compared with last week, and the price of JC40S棉纱 increased by 90 yuan/ton compared with last week [34]. 3.1.7 Zhengzhou Commodity Exchange Warehouse Receipts and Valid Forecasts - This week, the total of Zhengzhou cotton warehouse receipts and forecasts increased by 223. The number of warehouse receipts was 10,243, and the valid forecast was 1,072, totaling 11,315 [39]. 3.1.8 Seed Cotton Purchase - The content only shows the price data of Xinjiang seed cotton purchase, but no specific analysis or summary information [42]. 3.1.9 U.S. Cotton Exports - According to the USDA weekly export sales report, as of January 22, the net export sales of U.S. upland cotton in the current year increased by 203,700 bales, and the net export sales in the next year were 15,000 bales [47]. 3.1.10 U.S. Weather - The drought in the U.S. cotton - producing areas is still at a relatively high level. The total area in drought (D1 - D4) accounts for 36.0% [50]. 3.2后市展望 (Market Outlook) - Domestically, Zhengzhou cotton is expected to maintain a volatile trend with short - term resistance above and support below. Internationally, the international cotton market is also expected to maintain a volatile trend with support at the bottom and limited rebound space [53]. - The operation suggestion is mainly short - term trading [54].

Report Summary 1. Report Industry Investment Rating No relevant information provided. 2. Core Viewpoints - Domestically, Zhengzhou cotton broke through upwards this week. With the Fed's interest - rate cut and the expected reduction in Xinjiang's cotton planting area, Zhengzhou cotton may challenge the 14,000 yuan/ton mark despite facing upward pressure [56]. - Internationally, the market fluctuated narrowly. The USDA's monthly supply - demand report was bearish, and U.S. cotton's weekly export data was weak. Short - term U.S. cotton is expected to remain weakly volatile [56]. 3. Summary by Directory 3.1 Cotton Market Analysis - **Futures Prices**: Zhengzhou cotton strengthened this week with a weekly increase of 0.95%, while ICE cotton fluctuated slightly with a weekly increase of 0.01% [11]. - **Spot Prices**: This week, the cotton price index rebounded. The 3128 index rose 16 yuan/ton and the 2129 index rose 15 yuan/ton compared to last week [16]. - **Import Situation**: In October, 90,000 tons of cotton were imported, a year - on - year decrease of 20,000 tons [21]. - **Inventory Situation**: As of the second half of November, the commercial cotton inventory was 4.6836 million tons, and the market entered an accelerated inventory accumulation stage [22]. - **Downstream Inventory**: In November, the yarn inventory was 26.33 days, a year - on - year decrease of 1.13 days, and the grey fabric inventory was 32.34 days, a year - on - year increase of 0.69 days [30]. - **Yarn Prices**: This week, yarn prices rose. The price of open - end spun 10 - count cotton yarn remained flat, while the prices of carded 32 - count and combed 40 - count cotton yarns increased by 30 yuan/ton [34]. - **Zhengzhou Commodity Exchange Warehouse Receipts**: This week, the number of Zhengzhou cotton warehouse receipts plus forecasts increased by 1,062, with 2,967 warehouse receipts and 3,585 valid forecasts, totaling 6,552 [40]. - **U.S. Cotton Export**: As of November 13, the net sales of U.S. upland cotton for the current year increased by 187,600 bales, and for the next year, it was 17,600 bales [47]. - **U.S. Weather**: The total area in drought (D1 - D4) in the U.S. was 33.8%, with different drought levels having different coverage percentages [53]. 3.2后市展望 (Market Outlook) - Domestic market: Zhengzhou cotton is expected to challenge the 14,000 yuan/ton mark due to factors such as the Fed's interest - rate cut and the expected reduction in Xinjiang's planting area, although it faces upward pressure [56]. - International market: U.S. cotton is expected to remain weakly volatile in the short term due to a bearish USDA report and weak export data [56].

1. Report's Industry Investment Rating - Not provided in the content 2. Core View of the Report - Domestically, Zhengzhou cotton fluctuated narrowly this week, facing significant resistance around 13,800 yuan/ton. With new cotton entering the market, commercial inventory and warehouse receipt registration have increased rapidly. Although policies are favorable and external markets have positive factors, the rapid appreciation of the RMB may impact exports. Overall, the short - term upside and downside of Zhengzhou cotton are limited, with an expected trading range of 13,600 - 14,000 yuan/ton. [53] - Internationally, the drought in the US main cotton - producing areas has improved, which is bearish for cotton prices. Export data is also negative. However, Vietnam has not significantly increased its purchases of Brazilian cotton, and the high - level shipments of US cotton to Vietnam may be related to transshipment. Overall, US cotton is under short - term upward pressure and is expected to fluctuate weakly. [53] - The operation suggestion is mainly short - term trading. [54] 3. Summary According to the Directory 3.1 Cotton Market Analysis 3.1.1 Futures Price Trends - Zhengzhou cotton futures fluctuated slightly this week, with a weekly decline of 0.11%. ICE cotton futures trended weakly, with a weekly decline of 1.37%. [11] 3.1.2 Spot Prices - This week's cotton price index rebounded. The 3128 index rose by 148 yuan/ton compared to last week, and the 2129 index rose by 126 yuan/ton. [16] 3.1.3 Cotton Import Situation - In October, 90,000 tons of cotton were imported, a year - on - year decrease of 20,000 tons. [21] 3.1.4 Cotton Inventory Situation - In the first half of November, the commercial cotton inventory was 3.6397 million tons. With new cotton on the market, the market has entered the inventory accumulation stage. [25] 3.1.5 Downstream Inventory Situation - In October, the yarn inventory was 26.12 days, a year - on - year increase of 2.89 days. The grey fabric inventory was 31.97 days, a year - on - year increase of 3.74 days. [30] 3.1.6 Yarn Prices - This week, yarn prices rose. The price of OEC10S cotton yarn increased by 30 yuan/ton compared to last week, the price of C32S cotton yarn increased by 110 yuan/ton, and the price of JC40S cotton yarn increased by 90 yuan/ton. [35] 3.1.7 Zhengzhou Commodity Exchange Warehouse Receipts and Effective Forecasts - This week, the total number of Zhengzhou cotton warehouse receipts and forecasts increased by 1,093. There were 2,639 warehouse receipts and 2,746 effective forecasts, totaling 5,385. [41] 3.1.8 Seed Cotton Purchase Situation - Not elaborated on specific purchase volume or trend, only shows the Xinjiang seed cotton purchase price data. [44][45] 3.1.9 US Cotton Export Situation - As of October 30, the current - year net sales of US upland cotton exports increased by 81,500 bales, and the next - year net sales were 7,900 bales. US cotton weekly contract signings declined significantly, and Vietnam reduced its signings for two consecutive weeks. [46] 3.1.10 US Weather Situation - The proportion of abnormally dry areas in the US is 21.2%, moderate drought areas 21.3%, severe drought areas 11.4%, extreme drought areas 1.9%, and exceptional drought areas 0.2%. The total drought - affected area (D1 - D4) is 34.7%. [52] 3.2后市展望 - Domestically, Zhengzhou cotton has limited short - term upside and downside, with a trading range of 13,600 - 14,000 yuan/ton. [53] - Internationally, US cotton is under short - term upward pressure and is expected to fluctuate weakly. [53] - The operation suggestion is short - term trading. [54]

Group 1: Report Information - Report Title: "Zhengzhou Cotton Under Pressure, New Cotton Gradually Coming to Market - Guoxin Futures Cotton Weekly Report" [2] - Report Date: October 12, 2025 [2] Group 2: Industry Investment Rating - No information provided. Group 3: Core Views - Domestically, after the National Day holiday, Zhengzhou cotton rebounded with fluctuations, reaching a maximum of 13,420 yuan/ton, and the purchase price of Xinjiang seed cotton increased slightly. As the purchase of seed cotton fully unfolds, the supply pressure gradually increases, and hedging currently has a small profit, significantly suppressing Zhengzhou cotton. Technically, Zhengzhou cotton tried to rebound but was pressured around 13,500 yuan/ton. In the short term, there is support around 13,000 yuan/ton and significant pressure around 13,500 yuan/ton [53]. - Internationally, due to the U.S. government shutdown and data suspension, the market sentiment is cautious, and market fluctuations may be limited before data resumes. Fundamentally, countries such as India, Pakistan, Vietnam, and Bangladesh face significant resistance in exporting cotton products and clothing to the U.S. due to substantial tariff increases. As a countermeasure, they will increase purchases of Brazilian cotton, and U.S. cotton exports face certain challenges. It is expected that U.S. cotton will be under pressure and remain weak [53]. Group 4: Cotton Market Analysis Futures Prices - Zhengzhou cotton rebounded slightly this week, with a weekly increase of 0.83%. ICE cotton futures continued to be weak, with a weekly decline of 1.45% [9]. Spot Prices - This week, the cotton price index increased. The 3128 index rose by 17 yuan/ton compared to last week, and the 2129 index rose by 4 yuan/ton [13]. Import Situation - In August, 70,000 tons of cotton were imported, a year-on-year decrease of 80,000 tons [18]. Inventory Situation - As of the first half of September, the commercial cotton inventory was 1.1759 million tons, a decrease of 305,800 tons compared to the second half of August [19]. Downstream Inventory - In August, the yarn inventory was 26.58 days, a year-on-year increase of 1.35 days, and the grey fabric inventory was 33.87 days, a year-on-year increase of 4.11 days [26]. Yarn Prices - This week, yarn prices decreased. The price of 10 - count air - spun cotton yarn decreased by 80 yuan/ton compared to last week, the price of 32 - count carded cotton yarn decreased by 155 yuan/ton, and the price of 40 - count combed cotton yarn decreased by 150 yuan/ton [31]. Zhengzhou Commodity Exchange Warehouse Receipts and Valid Forecasts - This week, the total number of Zhengzhou cotton warehouse receipts and forecasts decreased by 554. The number of warehouse receipts was 3,030, and the valid forecasts were 11, totaling 3,041 [37]. Seed Cotton Purchase - The purchase price of Xinjiang machine - picked cotton increased slightly compared to the previous week [42]. U.S. Cotton Exports - As of September 11, the current - year net export sales of U.S. upland cotton increased by 186,100 bales, and the next - year net export sales were 19,000 bales [44][47]. U.S. Weather - The total area in drought (D1 - D4) in the U.S. was 34.2%, with different drought levels having varying proportions [50]. Group 5: Market Outlook - Domestically, Zhengzhou cotton has support around 13,000 yuan/ton and significant pressure around 13,500 yuan/ton in the short term [53]. - Internationally, the market may have limited fluctuations before data resumes, and U.S. cotton exports face challenges and are expected to remain weak [53].

Report Title - "Fund Game Escalates, Zhengzhou Cotton Accelerates Upward - Guoxin Futures Cotton Weekly Report" [2] Report Date - July 20, 2025 [2] Core Views - Domestically, Zhengzhou cotton broke through and rose this week. Without additional quotas or state reserve sales, the supply shortage intensified as the basis continued to rise. With rising cotton prices, yarn quotes also increased significantly. Short - term supply shortage is difficult to resolve without external supply increase, and price rise is a reasonable outcome. The upward trend depends on position changes and unexpected policy implementation, and a significant reduction in positions is needed to end the rally [51]. - Internationally, the US initiated a new round of tariff hikes, and negotiations are ongoing. US cotton weekly export data remained weak, with this - year's signing declining seasonally and next - year's signing lackluster. US main growing areas, especially Texas, saw a drop in the drought index and a continuous rise in the good - to - excellent rate. US cotton is expected to fluctuate between 65 - 70 cents per pound [51]. Cotton Market Analysis Futures Price - Zhengzhou cotton futures rose strongly this week, with a weekly increase of 2.77%. ICE cotton futures were strong, with a weekly increase of 2.24% [9]. Spot Price - This week, the cotton price index rose. The 3128 index increased by 255 yuan/ton compared to last week, and the 2129 index increased by 242 yuan/ton [14]. Import Situation - In May, 40,000 tons of cotton were imported, a year - on - year decrease of 220,000 tons [17]. Inventory Situation - In June, the commercial cotton inventory was 2.8298 million tons, a year - on - year decrease of 443,700 tons. The industrial cotton inventory was 903,000 tons, a year - on - year increase of 65,500 tons [25]. Downstream Inventory - In June, the yarn inventory was 27.23 days, a year - on - year decrease of 3.71 days. The grey cloth inventory was 36.61 days, a year - on - year increase of 2.58 days [30]. Yarn Price - This week, yarn prices rose. The price of OEC10S increased by 160 yuan/ton, C32S by 240 yuan/ton, and JC40S by 280 yuan/ton compared to last week [34]. Zhengzhou Commodity Exchange Warehouse Receipts - This week, the total of Zhengzhou cotton warehouse receipts and valid forecasts decreased by 276. There were 9,585 warehouse receipts and 223 valid forecasts, totaling 9,808 [38]. US Cotton Export - As of July 10, the net sales of US upland cotton for the current year increased by 5,500 bales, and the net sales for the next year were 73,000 bales [41]. Market Outlook - Domestic: The upward trend of Zhengzhou cotton depends on position changes and unexpected policy implementation. A significant reduction in positions is needed to end the rally [51]. - International: US cotton is expected to fluctuate between 65 - 70 cents per pound [51]. Operation Suggestion - Short - term trading is recommended [52]

Group 1: Report Title and Date - The report is titled "Weakening Consumption, Lackluster Rebound of Zhengzhou Cotton - Guoxin Futures Cotton Weekly Report" and was released on June 22, 2025 [2] Group 2: Industry Investment Rating - No industry investment rating is provided in the report Group 3: Core Viewpoints - Domestically, this week Zhengzhou cotton oscillated within a narrow range, and the market trend was indecisive. The basis in Xinjiang continued to strengthen, with a supply shortage in some areas. Consumption pressure remained high, with a decline in the operating rates of textile and weaving enterprises, an accumulation of finished - product inventories, and a lack of new orders. The impact of high - temperature forecasts in southern Xinjiang on cotton growth was expected to be limited. Internationally, in the short term, cotton prices were affected by oil price fluctuations due to the international situation. The war situation would continue to disrupt the market. Fundamentally, the drought index in the main U.S. cotton - producing areas was at the five - year average level and showed a slight downward trend weekly. Precipitation increased recently, and the drought index in most areas dropped to 0. There were few catalysts for U.S. cotton. China's procurement of U.S. cotton was at a standstill. Overall, there were no major fundamental contradictions, and prices might fluctuate following macro - events [52] Group 4: Cotton Market Analysis Futures Price Trends - Zhengzhou cotton futures oscillated within a narrow range this week, with a weekly increase of 0.04%. ICE cotton futures weakened, with a weekly decline of 1.81% [11] Spot Prices - This week, the cotton price index rose. The 3128 index increased by 59 yuan/ton compared with last week, and the 2129 index increased by 37 yuan/ton [15] Cotton Import Situation - In May, 40,000 tons of cotton were imported, a year - on - year decrease of 220,000 tons [17] Cotton Inventory Situation - In May, the commercial cotton inventory was 3.4587 million tons, a year - on - year decrease of 315,400 tons. The industrial cotton inventory was 941,100 tons, a year - on - year increase of 55,200 tons [26] Downstream Inventory Situation - In May, the yarn inventory was 22.34 days, a year - on - year decrease of 5.19 days. The grey fabric inventory was 32.89 days, a year - on - year increase of 1.94 days [31] Yarn Prices - This week, yarn prices remained stable. The prices of OE 10s, Combed 32s, and Combed 40s cotton yarns were the same as last week [34] Zhengzhou Commodity Exchange Warehouse Receipts and Valid Forecasts - This week, the total number of Zhengzhou cotton warehouse receipts and forecasts decreased by 161. There were 10,607 warehouse receipts and 308 valid forecasts, totaling 10,915 [38] U.S. Cotton Export Situation - According to the USDA weekly export sales report, as of June 5, the net sales of U.S. upland cotton for the current market year increased by 60,200 bales, and the net sales for the next market year were 36,100 bales [41] U.S. Weather Situation - The drought index in the main U.S. cotton - producing areas and Texas was at the five - year average level and showed a slight downward trend weekly. Recently, precipitation increased in the main producing areas, and the drought index in most areas except Texas and Arizona dropped to 0 [52] Group 5: Market Outlook - Domestically, the market was in a stalemate, with supply shortages in some areas and high consumption pressure. The impact of high - temperature forecasts on cotton growth needed further monitoring. Internationally, the market was affected by the international situation and war. Fundamentally, U.S. cotton lacked catalysts, and China's procurement was at a standstill. Overall, prices might fluctuate with macro - events [52]

Group 1: Report Information - Report Title: "Macro Changes Desensitized, Zhengzhou Cotton Turns to Fluctuation - Guoxin Futures Cotton Weekly Report" [2] - Report Date: April 20, 2025 [2] Group 2: Market Analysis Futures Prices - Zhengzhou cotton futures prices fell slightly this week, with a weekly decline of 0.66%. ICE cotton futures turned to a fluctuating trend, with a weekly increase of 0.15% [8] Spot Prices - This week, the cotton price index continued to decline. The 3128 index dropped by 59 yuan/ton compared to last week, and the 2129 index decreased by 66 yuan/ton [12] Import Situation - In March, 70,000 tons of cotton were imported, a year-on-year increase of 30,000 tons [17] Inventory Situation - In March, the commercial cotton inventory was 4.8396 million tons, a year-on-year decrease of 19,800 tons. The industrial cotton inventory was 959,300 tons, a year-on-year increase of 59,600 tons [22] Downstream Inventory - In March, the yarn inventory was 19.15 days, a year-on-year decrease of 4 days. The grey fabric inventory was 28.7 days, a year-on-year increase of 0.05 days [27] Yarn Prices - This week, yarn prices dropped significantly. The price of rotor-spun 10-count cotton yarn decreased by 20 yuan/ton compared to last week, the price of carded 32-count cotton yarn fell by 80 yuan/ton, and the price of combed 40-count cotton yarn declined by 30 yuan/ton [32] Zhengzhou Commodity Exchange Warehouse Receipts - This week, the total number of Zhengzhou cotton warehouse receipts and valid forecasts decreased by 84. The number of warehouse receipts was 9,833, and the valid forecasts were 2,828, totaling 12,661 [36] US Cotton Exports - As of April 10, according to the USDA weekly export sales report, the net sales of US upland cotton for the current year increased by 202,000 bales, and the net sales for the next year were 66,000 bales [40][41] US Weather - The drought index in the main cotton-producing areas of the US remained basically the same month-on-month, with a slight increase in drought in Texas [45] Group 3: Core Views - Domestic market: This week, the Zhengzhou cotton market turned to a slight fluctuation and became desensitized to macro events. The market lacks upward momentum, but there is strong support at the 12,000 yuan/ton level. In the short term, Zhengzhou cotton will fluctuate and wait for new catalysts [45] - International market: The bottom support for US cotton is emerging. However, there is currently a lack of strong factors to drive it higher. Continued attention should be paid to macro changes [45]