Report Summary 1. Report Industry Investment Rating - Not provided in the given content 2. Core Viewpoints - The cotton spot trading remains sluggish, and the spot basis is generally stable. The mainstream sales basis of different types of cotton in different regions is in a certain range [2]. - The overall sales of pure - cotton yarn in the market are average, with some high - priced quotes slightly reduced. The transportation cost of cotton yarn has increased due to the rise in oil prices. Downstream transactions are mainly small orders for rigid demand, and the market sentiment is cautious [2]. - The ICE cotton futures rose nearly 1% yesterday. The market is waiting for the USDA's planting area intention report next week, and it is estimated that the US cotton planting area in 2026 will decline slightly compared to 2025 [2]. 3. Summary by Relevant Catalogs 3.1 Fundamental Tracking - **Futures Data**: - CF2605 closed at 15,340 yuan/ton yesterday with a daily increase of 0.82%, and the night - session closing price was 15,370 yuan/ton with a night - session increase of 0.20%. The trading volume was 563,531 lots, an increase of 163,373 lots from the previous day, and the open interest was 1,056,287 lots, a decrease of 12,710 lots [1]. - CY2605 closed at 21,670 yuan/ton yesterday with a daily increase of 0.53%, and the night - session closing price was 21,535 yuan/ton with a night - session decrease of 0.62%. The trading volume was 14,593 lots, a decrease of 1,999 lots from the previous day, and the open interest was 12,972 lots, an increase of 1,045 lots [1]. - ICE US cotton 5 closed at 68.24 cents/pound yesterday with a daily increase of 0.99% [1]. - **Warehouse Receipt Data**: - The number of Zheng cotton warehouse receipts was 12,344, a decrease of 10 from the previous day, and the effective forecast was 430, an increase of 4 [1]. - The number of cotton yarn warehouse receipts was 229, a decrease of 12 from the previous day, and the effective forecast was 67, an increase of 174 [1]. - **Spot Price Data**: - The price of Beijiang 3128 machine - picked cotton was 16,584 yuan/ton, an increase of 125 yuan/ton from the previous day, with a growth rate of 0.76% [1]. - The price of Nanjiang 3128 machine - picked cotton was 16,523 yuan/ton, an increase of 125 yuan/ton from the previous day, with a growth rate of 0.76% [1]. - The price in Shandong was 16,725 yuan/ton, a decrease of 19 yuan/ton from the previous day, with a decline rate of - 0.11% [1]. - The price in Hebei was 16,762 yuan/ton, a decrease of 31 yuan/ton from the previous day, with a decline rate of - 0.18% [1]. - The 3128B index was 16,711 yuan/ton, a decrease of 21 yuan/ton from the previous day, with a decline rate of - 0.13% [1]. - The Cotlook:A index was 77.75 cents/pound, a decrease of 0.10 cents/pound from the previous day, with a decline rate of - 0.13% [1]. - The price of pure - cotton carded yarn 32 - count was 22,180 yuan/ton, an increase of 30 yuan/ton from the previous day, with a growth rate of 0.14% [1]. - The arrival price of pure - cotton carded yarn 32 - count was 22,528 yuan/ton, an increase of 12 yuan/ton from the previous day, with a growth rate of 0.05% [1]. - **Spread Data**: - The CF5 - 9 spread was - 125 yuan/ton, an increase of 15 yuan/ton from the previous day [1]. - The spread between Beijiang 3128 machine - picked cotton and CF605 was 1,240 yuan/ton, unchanged from the previous day [1]. 3.2 Macro and Industry News - **Domestic Cotton Spot**: The cotton spot trading is sluggish, and the spot basis is generally stable. Different types of cotton in different regions have different sales basis ranges [2]. - **Domestic Cotton Textile Enterprises**: The overall sales of pure - cotton yarn in the market are average, with some high - priced quotes slightly reduced. The transportation cost of cotton yarn has increased due to the rise in oil prices. Downstream transactions are mainly small orders for rigid demand, and the market sentiment is cautious. Spinning enterprises maintain normal production, and the production and sales are stable, but the restocking rhythm has slowed down [2]. - **US Cotton**: The ICE cotton futures rose nearly 1% yesterday. The market is waiting for the USDA's planting area intention report next week. The average estimate of the US cotton planting area in 2026 is 9.229 million acres, a slight decrease from 9.283 million acres in 2025 [2]. 3.3 Trend Intensity - The cotton trend intensity is 0, indicating a neutral trend. The trend intensity ranges from - 2 (most bearish) to 2 (most bullish) [4]

Report Industry Investment Rating - Not provided in the content Core Viewpoints - The cotton fundamentals have some support, and it is advisable to consider building long positions on dips. The US cotton is expected to move in a range in the short - term, while the technical performance of Zhengzhou cotton is strong. It is advisable to build long positions on dips rather than chase the highs. For arbitrage and options, the recommendation is to wait and see [7][8][9] Summary by Directory First Part: Market Information - **Futures Market**: The closing prices, price changes, trading volumes, and open interest of various cotton (CF) and cotton yarn (CY) contracts are presented. For example, the CF01 contract closed at 15640 with a price increase of 10, and the trading volume decreased by 1164 to 3,324 lots [2] - **Spot Market**: The prices and price changes of various cotton and cotton yarn spot products are provided. For instance, the CCIndex3128B was 16591 yuan/ton with a decrease of 40, and the CY IndexC32S was 21920 with no change [2] - **Spreads**: Different types of spreads are listed, including cotton and cotton - yarn inter - month spreads and cross - variety spreads. The 1 - 5 month spread of cotton was 385 with a decrease of 20 [2] Second Part: Market News and Views Cotton Market News - **Inventory in Zhangjiagang**: As of March 2, 2026, the total cotton inventory in Zhangjiagang Free Trade Zone was 4.70 million tons, a year - on - year decrease of 0.16%. The inventory increased significantly due to more in - bound and less out - bound shipments before the Spring Festival, mainly with Brazilian cotton [5] - **US Cotton Inspection**: As of February 27, 2026, the cumulative inspection volume of US upland cotton + Pima cotton was 3.0387 billion tons, accounting for 100.3% of the annual US cotton production forecast, a year - on - year decrease of 4%. The final inspection volume is expected to be around 3.05 - 3.07 billion tons [6] - **CFTC Data**: As of February 24, 2026, the net long position ratio of ICE cotton futures funds was - 20.66% (a week - on - week increase of 3.2 percentage points) [6] Trading Logic - The global cotton production has decreased by 3% according to the previous USDA annual report. The overall supply is expected to be 2525, while consumption is 2614, showing a relatively tight balance. If consumption continues to increase, a tight - balance situation may occur [7] Trading Strategy - **Single - side**: It is expected that the US cotton will move in a range in the short - term, and Zhengzhou cotton shows strong technical performance. It is advisable to build long positions on dips and not chase the highs [8] - **Arbitrage**: Wait and see [9] - **Options**: Wait and see [10] Cotton Yarn Industry News - **Cotton Yarn Market**: The trading in the pure cotton yarn market is light, and downstream orders are unclear. The inventory has decreased, and manufacturers are cautious and waiting [12] - **Cotton Grey Cloth Market**: The overall trading atmosphere of all - cotton grey cloth is still insufficient, with few new orders for weavers. Some thin fabric re - orders have been confirmed, while others have not improved much [12] Third Part: Options - **Option Contract Data**: The data of several cotton option contracts are presented, including the closing price, price change rate, implied volatility, and other indicators. For example, the CF605C14600.CZC contract closed at 334.00, with a price change rate of - 16.9% and an implied volatility of 13.3% [14] - **Volatility**: The 60 - day HV of cotton is 9.2812, with a slight increase compared to the previous day [14] - **Option Strategy**: The PCR of the main contract's open interest of Zhengzhou cotton was 0.8667, and the PCR of the main contract's trading volume was 0.4688. The trading volumes of both call and put options decreased. The recommendation is to wait and see [15][16] Fourth Part: Related Attachments - Multiple charts are provided, including the 1% tariff - based domestic and international cotton price difference, cotton 1 - month, 5 - month, and 9 - month basis, CY - CF spreads, and CF inter - month spreads [17][21][26]

Report Industry Investment Rating - Not provided in the given content Core Viewpoint - The domestic cotton market is expected to fluctuate and strengthen. The increase in US cotton prices and the strengthened expectation of a decline in cotton planting area in Xinjiang boost the domestic cotton market. The domestic commercial inventory is in the destocking stage with post - holiday restocking intention, but port inventory is still accumulating and December cotton imports will arrive. The consumption side has sufficient pre - holiday orders and expectations for the post - holiday traditional peak season [2] Summary by Relevant Catalogs Futures Market - Zhengzhou cotton main contract closing price is 15,350 yuan/ton, down 30 yuan; cotton futures top 20 net position is - 177,835 hands, down 21,541 hands; main contract position of cotton is 838,434 hands, up 15,000 hands; cotton warehouse receipt quantity is 11,137 sheets, up 13 sheets. Cotton yarn main contract closing price is 21,255 yuan/ton, down 60 yuan; cotton yarn futures top 20 net position is - 1,065 hands, down 153 hands; main contract position of cotton yarn is 12,899 hands, up 269 hands; cotton yarn warehouse receipt quantity is 352 sheets [2] Spot Market - China Cotton Price Index (CCIndex:3128B) is 16,681 yuan/ton, up 101 yuan; China Imported Cotton Price Index (FCIndexM:1% tariff) is 12,883 yuan/ton, up 61 yuan; China Imported Cotton Price Index (FCIndexM:sliding duty) is 13,901 yuan/ton. Imported cotton yarn price index of pure - combed 32 - count cotton yarn (arrival price) is 21,870 yuan/ton, up 15 yuan; imported cotton yarn price index of pure - combed 32 - count cotton yarn (arrival price) is 22,790 yuan/ton, down 114 yuan; China Yarn Price Index of pure - combed 32 - count cotton yarn is 21,396 yuan/ton, down 108 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 540,000 tons; cotton - yarn price difference is 5,189 yuan/ton, down 337 yuan; industrial inventory of cotton nationwide is 861,000 tons, up 13,000 tons [2] Industry Situation - Cotton import quantity is 180,000 tons, up 60,000 tons; cotton yarn import quantity is 170,000 tons, up 20,000 tons; imported cotton profit is 2,780 yuan/ton, up 291 yuan; commercial inventory of cotton nationwide is 5.7887 million tons, up 4,000 tons [2] Downstream Situation - Inventory days of yarn is 21.71 days, down 3.41 days; inventory days of grey cloth is 33.13 days, down 0.63 days; cloth output is 3.01 billion meters, up 200 million meters; yarn output is 2.132 million tons, up 93,000 tons; export value of clothing and clothing accessories is 134,124,120,000 US dollars, up 181,872,600 US dollars; export value of textile yarns, fabrics and products is 125,796,030,000 US dollars, up 303,870,000 US dollars [2] Option Market - Implied volatility of at - the - money call option of cotton is 18.84%, up 2.49%; implied volatility of at - the - money put option of cotton is 18.84%, up 2.48%; 20 - day historical volatility of cotton is 18.27%, down 0.01%; 60 - day historical volatility of cotton is 13.48%, unchanged [2] Industry News - As of 24:00 on February 24, 2026, the cumulative notarized inspection of cotton processed by national cotton processing enterprises in accordance with the cotton quality inspection system reform plan is 33,136,222 bales, totaling 7,479,899 tons, a year - on - year increase of 15.49%. The cumulative notarized inspection volume of Xinjiang cotton is 7,105,688 tons, a year - on - year increase of 15.74%. ICE cotton futures rose for the second consecutive trading day on Wednesday, hitting a more than one - month high, mainly boosted by short - covering and a weaker US dollar. Traders are waiting for the US Department of Agriculture's weekly export sales report for demand signals [2]

Report Summary 1. Report Industry Investment Rating No information provided. 2. Core Viewpoints - The fundamentals of cotton remain strong due to supportive market factors, and the recent sharp correction in cotton prices is expected to result in short - term oscillations with a slightly upward bias [6]. - It is recommended to consider buying on dips for Zhengzhou cotton, while maintaining a wait - and - see approach for both arbitrage and options strategies [8][9][10]. 3. Summary by Directory First Part: Market Information - **Futures Market**: The closing prices of CF01, CF05, and CF09 contracts increased by 50, 50, and 15 respectively, while the CY01 contract decreased by 395. The trading volumes of most contracts decreased, and the open interest of some contracts changed. For example, the trading volume of the CF05 contract decreased by 207,513, and its open interest increased by 5,210 [2]. - **Spot Market**: The CCIndex3128B price increased by 113 to 15,970 yuan/ton, and the Cot A price was 75.00 cents/pound. The prices of some other spot products also had corresponding changes [2]. - **Spreads**: In the cotton and棉纱 markets, there were various spread changes. For instance, the 1 - 5 month spread of cotton was 40 with no change, and the 1 - 5 month spread of 棉纱 was - 1,020, a decrease of 440 [2]. Second Part: Market News and Views - **Cotton Market News** - In Xinjiang, the number of ginned cotton factories that ended processing increased last week, and the processing volume continued to decline. The domestic lint market price has been rising during the acquisition and processing period this year, and processing enterprises generally made profits through the "buy - and - sell" model. The average purchase price of inland seed cotton last week was 6.78 yuan/kg, a decrease of 0.17 yuan/kg from the previous week. As of January 11, 1,096 cotton processing enterprises had conducted notarized inspections, with a total inspection weight of 6.784 million tons [4]. - The average temperature in the main cotton - producing areas of the US decreased, and the precipitation remained low. The drought in the main cotton - producing areas of the US is expected to intensify in the first quarter [5]. - In December 2025, Vietnam's textile and clothing imports and exports performed well, with a 47% month - on - month increase in cotton imports [5]. - **Trading Logic**: The cotton sales progress is fast, and the downstream stocking willingness has increased. The fundamentals of cotton remain strong, and the short - term trend is expected to be slightly upward [6]. - **Trading Strategies** - For the single - side strategy, it is expected that the US cotton will oscillate within a range in the short term, and it is advisable to consider buying Zhengzhou cotton on dips [8]. - For the arbitrage and options strategies, a wait - and - see approach is recommended [9][10]. - **Cotton Yarn Industry News** - The overall price of pure cotton yarn is stable with a slight decline. The high - count combed yarn price is firm, but the overall market trading atmosphere is still light. The prices of some yarn products are provided, such as the OEC21S at about 16,600 yuan/ton [10]. - The all - cotton grey fabric market has partial stocking. Most manufacturers believe that there will be no significant improvement this year. The prices of regular varieties are stable, and the dyeing factories plan to start their holidays at the end of January, while some weaving factories will start their holidays in mid - January [11]. Third Part: Options - **Volatility**: The 10 - day HV of cotton increased slightly yesterday. The implied volatilities of CF601 - C - 13400, CF601 - P - 13000, and CF601 - P - 12400 were 6.7%, 11.4%, and 17.8% respectively [13]. - **Options Strategy**: The PCR of the main contract of Zhengzhou cotton decreased, and a wait - and - see approach is recommended for options [14][15]. Fourth Part: Related Attachments - The report provides multiple charts, including the 1% tariff - based price difference between domestic and international cotton markets, cotton basis for different months, and the price difference between cotton yarn and cotton for different contracts [17][20][24][25].

1. Report's Industry Investment Rating - No information provided 2. Core View of the Report - The current national cotton inspection is accelerating, and the market supply is relatively sufficient. With the quota issuance, port pick - up increases, and Brazilian cotton arrives in a concentrated manner, leading to a continuous increase in inventory. Downstream textile enterprises have limited orders, lower than the previous year's level, and some weaving factories may have early holidays. However, the general market expectation of a decline in the cotton planting area in the new year supports the cotton market to some extent. The short - term cotton price center is expected to continue to rise, and the impact of macro and policies should be focused on [2] 3. Summary by Relevant Catalogs 3.1 Futures Market - Zhengzhou cotton main - contract closing price: 14,625 yuan/ton, down 50 yuan; cotton yarn main - contract closing price: 20,640 yuan/ton, down 50 yuan - Cotton futures top 20 net positions: - 170,777 lots, up 6,745 lots; cotton yarn futures top 20 net positions: - 1,850 lots, up 98 lots - Cotton main - contract positions: 817,953 lots, down 31,033 lots; cotton yarn main - contract positions: 16,185 lots, down 631 lots - Cotton warehouse receipt quantity: 7,768 sheets, unchanged; cotton yarn warehouse receipt quantity: 60 sheets, unchanged [2] 3.2 Spot Market - China Cotton Price Index (CCIndex:3128B): 15,857 yuan/ton, down 73 yuan; China Yarn Price Index (pure - cotton carded yarn 32s): 21,300 yuan/ton, unchanged - China Imported Cotton Price Index (FCIndexM:1% tariff): 12,531 yuan/ton, down 68 yuan; China Imported Cotton Price Index (FCIndexM: sliding - duty tariff): 13,691 yuan/ton, down 38 yuan - Imported cotton yarn arrival price (pure - cotton carded yarn 32s): 21,021 yuan/ton, down 23 yuan; imported cotton yarn arrival price (pure - cotton combed yarn 32s): 22,348 yuan/ton, down 24 yuan [2] 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 0.54 million tons [2] 3.4 Industry Situation - Cotton - yarn price difference: 5,443 yuan/ton, up 73 yuan; national industrial cotton inventory: 850,000 tons, up 65,000 tons - Cotton import volume: 120,000 tons, up 30,000 tons; cotton yarn import volume: 150,000 tons, up 10,000 tons - Imported cotton profit: 2,239 yuan/ton, down 24 yuan; national commercial cotton inventory: 4.6836 million tons, up 1.753 million tons [2] 3.5 Downstream Situation - Yarn inventory days: 26.33 days, up 0.21 days; grey - cloth inventory days: 32.34 days, up 0.37 days - Cloth output: 2.81 billion meters, up 0.19 billion meters; yarn output: 2.039 million tons, up 0.038 million tons - Export value of clothing and clothing accessories: 11,593,686 thousand US dollars, up 590,205.57 thousand US dollars; export value of textile yarns, fabrics and products: 12,275,733 thousand US dollars, up 1,017,314.08 thousand US dollars [2] 3.6 Option Market - Cotton at - the - money call option implied volatility: 13.35%, down 1.46%; cotton at - the - money put option implied volatility: 13.34%, down 1.47% - Cotton 20 - day historical volatility: 13.2%, up 0.31%; cotton 60 - day historical volatility: 8.79%, up 0.09% [2] 3.7 Industry News - According to Mysteel research, the national commercial cotton inventory is increasing. As of January 9, 2026, the total commercial cotton inventory was 5.573 million tons, a week - on - week increase of 284,200 tons (a 5.37% increase). Among them, the commercial cotton in Xinjiang was 4.6841 million tons, a week - on - week increase of 192,600 tons (a 4.29% increase), and the commercial cotton in the inland area was 489,400 tons, a week - on - week increase of 89,400 tons (a 22.35% increase) - According to the USDA report, in the week ending January 1, the net export sales of U.S. upland cotton in the 2025/26 season increased by 98,000 bales, a 27% decrease from the previous week and a 49% decrease from the average of the previous four weeks. The export shipment volume of U.S. upland cotton in the 2025/26 season was 154,000 bales, a 9% increase from the previous week and an 18% increase from the average of the previous four weeks. The U.S. cotton export contract volume continued to decline [2]

1. Overall Investment Ratings - No industry investment ratings are provided in the reports. 2. Core Views 2.1 Oils and Fats - Palm oil: Malaysian BMD crude palm oil futures are under pressure and may fall further, with potential support at 4000 - 4100 ringgit. Dalian palm oil futures are also under pressure, expected to test 8500 - 8600 yuan for support. Overall, a view of near - term weakness and long - term strength is maintained [1]. - Soybean oil: There are both bullish and bearish factors. The overall supply - demand pattern is oversupplied, but due to factors such as high Brazilian soybean prices and potential factory shutdowns, the spot basis quote has limited short - term fluctuation space [1]. 2.2 Corn and Corn Starch - Corn: Currently, the supply is abundant, and the price is in a downward channel. The demand is mainly for rigid needs, and the futures market is expected to fluctuate weakly and approach the new - season cost price of 2050 yuan. In the long - term, it will be in a tight - balance pattern with policy support [2]. - Corn starch: The price of corn starch 2601 has increased slightly, and the market situation is affected by the corn market [2]. 2.3 Meal Products - Meal products: The expectation of China purchasing US soybeans has increased, and the domestic cost support remains. With high domestic soybean and soybean meal inventories and poor crushing margins, the domestic soybean meal trend is expected to be strong [5]. 2.4 Live Pigs - Live pigs: The market supply is relatively loose, and the pig price has weakened. There may be short - term support from secondary fattening, but there will be increased supply pressure in November and December, and the futures market is following the spot market down [7]. 2.5 Sugar - Sugar: The expected increase in supply surplus and weak energy prices have led to a weakening of raw sugar prices. Domestic sugar prices are also under pressure but have cost support at around 5400 yuan, and the market is expected to maintain a low - level oscillation [10]. 2.6 Cotton - Cotton: The new cotton cost provides support, but there is also hedging pressure. The downstream demand is weak, and the cotton price is expected to oscillate within a range in the short term [12]. 2.7 Eggs - Eggs: The short - term supply - demand imbalance persists, and the price is expected to be in a state of being difficult to rise or fall. With the slow recovery of demand, the price may gradually rise, with a reference range of 2900 - 3300 [14]. 3. Summary by Related Catalogs 3.1 Oils and Fats - **Soybean oil**: On October 31, the spot price in Jiangsu was 8400 yuan, unchanged from the previous day; the futures price of Y2601 was 8128 yuan, down 40 yuan (- 0.49%); the basis was 272 yuan, up 40 yuan (17.24%) [1]. - **Palm oil**: On October 31, the spot price in Guangdong was 8700 yuan, down 50 yuan (- 0.57%); the futures price of P2601 was 8764 yuan, down 64 yuan (- 0.72%); the basis was - 64 yuan, up 14 yuan (17.95%) [1]. - **Rapeseed oil**: On October 31, the spot price in Jiangsu was 9750 yuan, down 50 yuan (- 0.51%); the futures price of O1601 was 9422 yuan, down 107 yuan (- 1.12%); the basis was 328 yuan, up 57 yuan (21.03%) [1]. 3.2 Corn and Corn Starch - **Corn**: On November 3, the flat - hatch price of corn 2601 in Jinzhou Port was 2130 yuan, up 19 yuan (0.90%); the basis was 0 yuan, down 9 yuan (- 100.00%); the 1 - 5 spread was - 97 yuan, up 5 yuan (4.90%) [2]. - **Corn starch**: On November 3, the price of corn starch 2601 was 2440 yuan, up 21 yuan (0.87%); the basis was 70 yuan, down 21 yuan (- 23.08%); the 1 - 5 spread was - 108 yuan, up 3 yuan (2.70%) [2]. 3.3 Meal Products - **Soybean meal**: On November 3, the spot price in Jiangsu was 3020 yuan, up 50 yuan (1.68%); the futures price of M2601 was 3021 yuan, up 27 yuan (0.90%); the basis was - 1 yuan, up 23 yuan (95.83%) [5]. - **Rapeseed meal**: On November 3, the spot price in Jiangsu was 2470 yuan, down 10 yuan (- 0.40%); the futures price of RM2601 was 2388 yuan, down 13 yuan (- 0.54%); the basis was 82 yuan, up 3 yuan (3.80%) [5]. 3.4 Live Pigs - **Futures**: On November 3, the price of live pigs 2605 was 11895 yuan, down 5 yuan (- 0.04%); the price of live pigs 2601 was 11815 yuan, down 65 yuan (- 0.55%); the 1 - 5 spread was - 80 yuan, down 60 yuan (- 300.00%) [7]. - **Spot**: The spot prices in different regions showed slight fluctuations, with the price in Henan at 12500 yuan, up 50 yuan; the price in Shandong at 12550 yuan, unchanged; etc [7]. 3.5 Sugar - **Futures**: On November 3, the price of sugar 2601 was 5483 yuan, up 11 yuan (0.20%); the price of sugar 2605 was 5413 yuan, up 6 yuan (0.11%); the 1 - 5 spread was 70 yuan, up 5 yuan (7.69%) [10]. - **Spot**: The spot price in Nanning was 5750 yuan, unchanged; the spot price in Kunming was 5710 yuan, down 10 yuan (- 0.17%); the Nanning basis was 337 yuan, down 6 yuan (- 1.75%); the Kunming basis was 297 yuan, down 16 yuan (- 5.11%) [10]. 3.6 Cotton - **Futures**: On November 3, the price of cotton 2605 was 13605 yuan, down 2 yuan (- 0.04%); the price of cotton 2601 was 13595 yuan, down 5 yuan (- 0.04%); the 5 - 1 spread was 10 yuan, unchanged [12]. - **Spot**: The Xinjiang arrival price of 3128B was 14674 yuan, up 16 yuan (0.11%); the CC Index of 3128B was 14860 yuan, up 17 yuan (0.11%); the 3128B - 01 contract spread was 1069 yuan, up 21 yuan (2.00%) [12]. 3.7 Eggs - **Futures**: On November 3, the price of the egg 12 - contract was 3146 yuan, down 11 yuan (- 0.35%); the price of the egg 01 - contract was 3318 yuan, down 35 yuan (- 1.04%); the basis was - 203 yuan, up 21 yuan (9.39%); the 12 - 01 spread was - 172 yuan, up 24 yuan (12.24%) [14]. - **Related indicators**: The egg - laying hen chick price was 2.80 yuan, up 0.15 yuan (5.66%); the culled hen price was 4.11 yuan, down 0.18 yuan (- 4.20%); the egg - feed ratio was 2.35, up 0.04 (1.73%); the breeding profit was - 26.10 yuan, up 2.61 yuan (9.09%) [14].

1. Report Industry Investment Rating No information provided in the reports. 2. Core Views of the Reports Oils and Fats - Malaysian BMD crude palm oil futures are expected to remain weakly volatile, with a chance of a short - term rebound in the 4200 - 4250 ringgit range. Dalian palm oil futures may follow the downward trend of Malaysian palm oil. Domestic soybean oil fundamentals are bearish, and the 1 - month contract of Dalian soybean oil may test the 8000 - yuan support and may break it [1]. Meal Products - Although domestic soybean and soybean meal inventories are at a high level, the cost - side support is strengthening. The trend of domestic soybean meal is expected to be bullish as it is difficult to source cheap soybeans in the near term [3]. Livestock (Pigs) - The secondary fattening enthusiasm has declined, and the market supply is relatively loose. Pig prices have weakened from a strong position. In the short term, prices may not fall significantly, but there will be an increase in the number of pigs for sale in November and December, and risks should be monitored around the Winter Solstice [4]. Sugar - Brazilian sugar supply is expected to be abundant, and raw sugar prices will remain weakly volatile. Domestic sugar prices have limited downward momentum as they approach the production cost, and the current bottom - shock pattern may continue [9]. Cotton - The downstream textile enterprises' demand for cotton is resilient, and the rising cost of new cotton provides support. However, cotton prices may face hedging pressure, and short - term prices are expected to fluctuate within a range [10]. Corn - Due to sufficient grain sources in the Northeast and the behavior of farmers in North China, the overall corn price is stable with limited upside. With the supply pressure remaining, the futures market will maintain a low - level shock in the short term [11]. Eggs - Egg supply is sufficient, and demand may first increase and then decrease this week. Egg prices are expected to rise slightly and then stabilize, with overall pressure [17]. 3. Summary by Directory Oils and Fats - **Soybean Oil**: The spot price in Jiangsu is 8400 yuan, the Y2601 futures price is 8168 yuan, and the basis is 232 yuan. The market is affected by the outcome of the Sino - US summit, and there is a risk of the 1 - month contract testing the 8000 - yuan support [1]. - **Palm Oil**: The spot price of 24 - degree palm oil in Guangdong is 8750 yuan. The BMD crude palm oil futures are weakly volatile, and Dalian palm oil may follow the downward trend [1]. - **Rapeseed Oil**: The spot price of third - grade rapeseed oil in Jiangsu is 9800 yuan, and the OI601 futures price is 9529 yuan [1]. Meal Products - **Soybean Meal**: The spot price in Jiangsu is 2970 yuan, the M2601 futures price is 2994 yuan, and the basis is - 24 yuan. The cost - side support is strengthening, and the trend is expected to be bullish [3]. - **Rapeseed Meal**: The spot price in Jiangsu is 2480 yuan, the RM2601 futures price is 2401 yuan, and the basis is 79 yuan [3]. - **Soybeans**: The spot price of Harbin soybeans is 3900 yuan, the main contract of Soybean No. 1 is 4103 yuan, and the basis is - 203 yuan. The spot price of imported soybeans in Jiangsu is 3940 yuan, the main contract of Soybean No. 2 is 3704 yuan, and the basis is 236 yuan [3]. Livestock (Pigs) - **Futures**: The 2605 contract price is 11900 yuan/ton, the 2601 contract price is 11880 yuan/ton, and the 1 - 5 spread is - 20 yuan [4]. - **Spot**: The spot prices in Henan, Shandong, Sichuan and other regions have different degrees of decline or stability [4]. Sugar - **Futures**: The 2601 contract price is 5472 yuan/ton, the 2605 contract price is 5407 yuan/ton, and the ICE raw sugar main contract is 14.25 cents/lb [9]. - **Spot**: The spot price in Nanning is 5720 yuan/ton, and the basis is 343 yuan [9]. Cotton - **Futures**: The 2605 contract price is 13610 yuan/ton, the 2601 contract price is 13600 yuan/ton, and the ICE US cotton main contract is 65.09 cents/lb [10]. - **Spot**: The Xinjiang arrival price of 3128B cotton is 14658 yuan/ton, and the CC Index of 3128B is 14843 yuan/ton [10]. Corn - **Corn**: The 2601 contract price is 2111 yuan/ton, the Jinzhou Port FAS price is 2120 yuan/ton, and the basis is 9 yuan [11]. - **Corn Starch**: The 2601 contract price is 2419 yuan/ton, the Changchun spot price is not provided, and the Weifang spot price is 2750 yuan/ton [11]. Eggs - **Futures**: The December contract price is 3157 yuan/500KG, the January contract price is 3353 yuan/500KG, and the 12 - 01 spread is - 196 yuan [16]. - **Spot**: The egg - producing area price is 2.93 yuan/T, and the basis is - 224 yuan/500KG [16].

Group 1: Market Information - The closing prices of CF01, CF05, and CF09 contracts were 13620, 13625, and 13780 respectively, with a rise of 55 each; CY01 and CY05 contracts closed at 19865 and 19775, up 100 and 25 respectively, while CY09 remained at 0 [2]. - The trading volume of CF01 contract was 185,465 hands, an increase of 63550, and the open - interest was 578,488, a decrease of 596 [2]. - CCIndex3128B price was 14840 yuan/ton, up 7; Cot A was 75.95 cents/pound [2]. - The 1 - month to 5 - month spread of cotton was - 5, unchanged; the 1 - month to 5 - month spread of棉纱 was 90, up 75 [2]. Group 2: Market News and Views Cotton Market - On October 29, 2025, the road transportation price index of Xinjiang - outbound cotton was 0.1803 yuan/ton·km, remaining flat, and it's expected to fluctuate upward in the short term [4]. - As of October 27, 2025, the cotton picking progress in Xinjiang was about 82.8%, with different progress in southern, northern, and eastern Xinjiang, and the picking is expected to end soon [4]. - In July 2025, the EU's clothing import value was $20.269 billion, up 18.6% year - on - year and 22.45% month - on - month [5]. - The supply - side acquisition is at its peak with stable prices around 6.2 yuan/kg, and the demand - side changes little. After the Sino - US economic and trade consultations, Zhengzhou cotton is expected to be slightly stronger in the short term [6]. Trading Strategies - Unilateral: US cotton is likely to fluctuate, and Zhengzhou cotton is expected to be slightly stronger [7]. - Arbitrage: Wait and see [8]. - Options: Wait and see [9]. Cotton Yarn Industry - The Zhengzhou cotton futures fluctuated at night, with obvious hedging pressure. The cotton yarn market had a tepid transaction, with stable prices, weakening downstream demand, and small and urgent orders [11]. - The cotton grey fabric market was dull, with smooth sales at cost, large losses, and difficulty in order connection [11]. Group 3: Options - On October 28, 2025, the closing price of CF601C13400.CZC was 240, down 10.4%; the closing price of CF601P13000.CZC was 29, down 63.8%; the closing price of CF601P12400.CZC was 8, down 85.2% [13]. - The 120 - day HV of cotton was 8.0835, slightly lower than the previous day. The implied volatilities of CF601 - C - 13400, CF601 - P - 13000, and CF601 - P - 12400 were 7.5%, 10%, and 13.5% respectively [13]. - The PCR of the main contract of Zhengzhou cotton was 0.7379 for open - interest and 0.6827 for trading volume, and both call and put trading volumes decreased [14]. - Option strategy: Wait and see [15]. Group 4: Related Attachments - There are eight figures including the 1% tariff price difference between domestic and foreign cotton markets, the 1 - month, 5 - month, and 9 - month basis of cotton, CY05 - CF05 and CY01 - CF01 spreads, and CF9 - 1, CF5 - 9 spreads [16][20][26][28].

1. Report Industry Investment Rating - The report suggests a bearish strategy for cotton investment [5] 2. Core View of the Report - Zhengzhou cotton continued its weak performance this week. New cotton listing is delayed, and downstream demand shows signs of weakening. With new cotton about to enter the market, cotton prices face significant hedging pressure [3][5] 3. Summary by Relevant Catalogs Domestic Market - **Supply**: As of September 18, the national new cotton picking progress was 0.8%, up 0.3 percentage points year - on - year and down 0.2 percentage points from the four - year average. The national delivery rate was 15.8%, up 6 percentage points year - on - year and 7.1 percentage points from the four - year average [1] - **Import**: In August, China's cotton import volume was 70,000 tons, a month - on - month increase of 20,000 tons and a year - on - year decrease of 80,000 tons. The棉纱 import volume was 130,000 tons, a month - on - month increase of 20,000 tons and a year - on - year increase of 20,000 tons [1] - **Demand**: In August, domestic textile and clothing retail sales were 104.5 billion yuan, a month - on - month increase of 8.74% and a year - on - year increase of 3.1%. Textile and clothing export volume was $26.539 billion, a month - on - month decrease of 0.85% and a year - on - year decrease of 5% [1] - **Inventory**: As of September 15, the national cotton industrial and commercial inventory was 2.038 million tons, a decrease of 336,000 tons from the end of August. Commercial inventory was 1.1759 million tons, a decrease of 305,800 tons, and industrial inventory was 862,100 tons, a decrease of 30,200 tons [1] International Market - **US Supply**: As of September 21, the US cotton boll opening rate was 60%, 2 percentage points behind year - on - year and 1 percentage point ahead of the five - year average. The picking progress was 12%, 1 percentage point behind year - on - year and the same as the five - year average. The overall good and excellent rate of cotton plants was 47%, a month - on - month decrease of 5 percentage points and a year - on - year increase of 10 percentage points [1] - **US Demand**: From September 12 - 18, the net signing of US 25/26 - year - old upland cotton was 19,527 tons, a month - on - month decrease of 54% and a decrease of 54% compared with the four - week average. The shipment of upland cotton was 31,116 tons, a month - on - month increase of 14% and an increase of 6% compared with the four - week average. The net signing of Pima cotton was 1,928 tons, and the shipment was 1,179 tons. There were no new signings for 26/27 - year - old upland and Pima cotton this week [1] - **Southeast Asian Supply**: As of recently, India's cotton planting area was 10.964 million hectares, a 2.5% decrease from the same period last year. Some southern states had an increase in planting area, but due to rainfall, there are still differences in the market's prediction of India's new - year cotton output [1] - **Southeast Asian Demand**: In August, Vietnam's textile and clothing export volume was $3.86 billion, a month - on - month decrease of 1.3% and a year - on - year decrease of 4.8%. Bangladesh's clothing export volume was $3.17 billion, a month - on - month decrease of 20.1% and a year - on - year decrease of 4.7%. In July, India's clothing export volume was $1.34 billion, a month - on - month increase of 2.2% and a year - on - year increase of 4.8%. In August, Pakistan's textile and clothing export volume was $1.524 billion, a month - on - month decrease of 9.29% and a year - on - year decrease of 7.34% [4] Market Outlook - New cotton in Xinjiang may be concentrated on the market during the National Day. Downstream yarn mills maintain stable load and replenish raw materials as needed, but the overall operating rate of fabric mills has slightly decreased, and the off - take speed of finished products has slowed down. Brazil's cotton production is expected to increase, but its market expansion faces challenges. Last week, the weekly export volume of US cotton decreased [3]

1. Report Industry Investment Rating - No relevant information provided 2. Core Views of the Report - The price of the main contract of Zhengzhou Cotton 2601 decreased by about 1.0% this week. It is recommended to wait and see in the short - term. Attention should be paid to changes in foreign cotton prices, demand, and inventory. Internationally, the US cotton export signing and shipment volumes decreased significantly. Domestically, the inventory remains low, the market supply is still tight, downstream orders have slightly increased, and the spinning mills' startup rate remains low. [6][7][21] 3. Summary by Directory 3.1 Week - on - Week Summary - Strategy suggestion: Wait and see for the Zhengzhou Cotton 2601 contract in the short - term [6] - Future trading tips: Monitor foreign cotton price changes, demand, and inventory [7] - Market review: The price of the main contract of Zhengzhou Cotton 2601 decreased by about 1.0% this week [7] - Market outlook: Internationally, the US cotton export signing and shipment volumes decreased significantly. Domestically, the inventory is low, the market supply is tight, downstream orders increased slightly, and the spinning mills' startup rate remains low [7] 3.2 Futures and Spot Market 3.2.1 US Cotton Market - The price of the US Cotton December contract increased by about 0.75% this week. As of September 2, 2025, the non - commercial long positions in US cotton futures were 70,472 lots, an increase of 3,012 lots from the previous week; the non - commercial short positions were 118,684 lots, an increase of 13,618 lots from the previous week; the net short position was 48,212 lots, an increase of 10,606 lots from the previous week [11] 3.2.2 Foreign Cotton Spot Market - As of September 4, the net increase in US cotton export sales was 129,600 bales, a 47% decrease from the previous week and a 33% decrease from the average of the previous 4 weeks. The current international cotton spot price is 77.85 cents per pound, a 0.35 - cent increase from last week [16] 3.2.3 Futures Market - The price of the Zhengzhou Cotton 2601 contract decreased by about 1.0% this week, and the price of the Cotton Yarn Futures 2511 contract decreased by about 0.60%. As of this week, the net position of the top 20 in cotton futures was - 29,297 lots, and that in cotton yarn futures was - 288 lots. The number of cotton futures warrants at the Zhengzhou Commodity Exchange was 5,017, and that of cotton yarn futures was 90 [21][27][33] 3.2.4 Spot Market - As of September 12, 2025, the spot price index of Cotton 3128B was 15,248 yuan per ton, and the spot price index of Chinese Cotton Yarn C32S was 20,745 yuan per ton. The CY index for OEC10s (rotor - spun yarn) was 14,800 yuan per ton, and for OEC10s (combed yarn) was 23,880 yuan per ton [41][52] 3.2.5 Imported Cotton (Yarn) Cost - As of September 11, the sliding - scale duty price of imported cotton was 14,176 yuan per ton, a 48 - yuan increase from last week; the quota price of imported cotton was 13,319 yuan per ton, a 70 - yuan increase from last week. The price indices of imported cotton yarn (FCY Index) for port pick - up prices of C21S, C32S, and JC32S were 20,180 yuan per ton, 21,235 yuan per ton, and 23,080 yuan per ton respectively [56] 3.2.6 Imported Cotton Price Cost - Profit - As of September 11, the estimated profit of imported cotton with sliding - scale duty was 1,110 yuan per ton, a 227 - yuan decrease from last week; the estimated profit of imported cotton with quota was 1,967 yuan per ton, a 249 - yuan decrease from last week [59] 3.3 Industry Chain Situation 3.3.1 Supply Side - As of the end of August, the national commercial cotton inventory was 1.4817 million tons, a decrease of 708,100 tons from the previous month, a decline of 32.34%. As of July 31, the industrial cotton inventory was 898,400 tons, a 1.85% increase from the previous month. In July 2025, China's cotton import volume was 50,000 tons, a 66.67% increase from the previous month. As of July, the import volume of cotton yarn was 110,000 tons, unchanged from the previous month [62][69] 3.3.2 Mid - end Industry - In July, the yarn inventory days of textile enterprises were 27.67 days, a 2.43% decrease from the previous month. The grey fabric inventory days were 36.14 days, a 2.95% decrease from the previous month [72] 3.3.3 Terminal Consumption - In July 2025, the export value of textile yarns, fabrics, and products was 11,604.009 million US dollars, a 3.69% decrease from the previous month. The export value of clothing and clothing accessories was 15,161.759 million US dollars, a 0.69% decrease from the previous month. As of July 31, 2025, the cumulative retail sales of clothing, shoes, hats, needles, and textiles were 837.1 billion yuan, a 12.73% increase from the previous month, and the cumulative year - on - year growth was 2.9%, a 6.45% decrease from the previous month [78][82] 3.4 Options and Stock Market - related Market - No specific analysis content provided for the options market, only mentioned the implied volatility of at - the - money cotton options this week. For the stock market, only the price - to - earnings ratio trend of Xinjiang Nongkai Development Co., Ltd. was presented [83][86]