Group 1: Report Industry Investment Rating - No information provided in the report Group 2: Core Viewpoints of the Report - The cotton spot trading is mostly sluggish, and the spot basis is generally stable. The mainstream lower sales basis of 2025/26 southern Xinjiang Kashi machine - picked 3129/29B is CF05 + 1100 - 1200, and that of 2025/26 northern Xinjiang machine - picked 4129/29B is CF05 + 1300 - 1550 [2] - The overall quotation of pure cotton yarn is stable, and the sales are average. The trading center of some categories of a few open - end spinning enterprises has declined steadily, and individual traders have a large negotiation space for sales [2] - The ICE cotton futures rose first and then fell. The USDA's 2026 US cotton planting area intention was higher than market expectations, causing the futures to give back all gains and close slightly down 0.13% [2] Group 3: Summary by Relevant Catalogs 1. Fundamental Tracking - **Futures Data**: - CF2605 closed at 15,295 yuan/ton yesterday with a daily decline of 0.58%, and its night - session price was 15,510 yuan/ton with a night - session increase of 1.41%. The trading volume was 397,954 lots, a decrease of 7,030 lots from the previous day, and the open interest was 1,077,502 lots, a decrease of 10,283 lots [1] - CY2605 closed at 21,545 yuan/ton yesterday with a daily increase of 0.14%, and its night - session price was 21,750 yuan/ton with a night - session increase of 0.95%. The trading volume was 9,872 lots, a decrease of 1,999 lots from the previous day, and the open interest was 7,465 lots, an increase of 1,045 lots [1] - ICE US cotton 5 closed at 69.98 cents/pound yesterday with a daily decline of 0.13% [1] - **Warehouse Receipt Data**: - The number of Zhengzhou cotton warehouse receipts was 12,420, a decrease of 15 from the previous day, and the effective forecast was 489, an increase of 118 [1] - The number of cotton yarn warehouse receipts was 219, a decrease of 1 from the previous day, and the effective forecast was 78, an increase of 142 [1] - **Spot Price Data**: - The price of northern Xinjiang 3128 machine - picked cotton was 16,554 yuan/ton, a decrease of 80 yuan from the previous day, a decline of 0.48% [1] - The price of southern Xinjiang 3128 machine - picked cotton was 16,493 yuan/ton, a decrease of 80 yuan from the previous day, a decline of 0.48% [1] - The price in Shandong was 16,889 yuan/ton, an increase of 21 yuan from the previous day, an increase of 0.12% [1] - The price in Hebei was 16,895 yuan/ton, an increase of 15 yuan from the previous day, an increase of 0.09% [1] - The 3128B index was 16,850 yuan/ton, an increase of 27 yuan from the previous day, an increase of 0.16% [1] - The Cotlook:A index was 80.20 cents/pound, an increase of 0.10 cents from the previous day, an increase of 0.12% [1] - The price of pure cotton carded yarn 32 - count was 22,280 yuan/ton, unchanged from the previous day [1] - The arrival price of pure cotton carded yarn 32 - count was 22,650 yuan/ton, a decrease of 3 yuan from the previous day, a decline of 0.01% [1] - **Spread Data**: - The CF5 - 9 spread was - 135 yuan/ton, a decrease of 5 yuan from the previous day [1] - The spread between northern Xinjiang 3128 machine - picked cotton and CF605 was 1,260 yuan/ton, an increase of 10 yuan from the previous day [1] 2. Macro and Industry News - Domestic cotton spot trading is mostly cold, and the spot basis is generally stable. The sales basis of southern and northern Xinjiang cotton is given [2] - The overall quotation of pure cotton yarn is stable, and the sales are average. Some spinning enterprises and traders have different sales situations [2] - ICE cotton futures rose first and then fell. The USDA's 2026 US cotton planting area intention was higher than market expectations, leading to a decline [2] 3. Trend Intensity - The cotton trend intensity is 0, indicating a neutral trend [4]

Group 1: Report Industry Investment Rating - No relevant content provided Group 2: Core Views of the Report - Cotton: The ICE U.S. cotton rose 0.88% to 70.07 cents per pound, and the main contract of Zhengzhou cotton rose 0.03% to 15,385 yuan per ton, with the main contract positions decreasing by 16,089 lots to 515,100 lots. The spot price index of cotton 3128B increased by 70 yuan to 16,560 yuan per ton. Internationally, due to the ongoing conflict in the Middle East, the crude oil price fluctuated strongly, the U.S. dollar index rose above 100, and the center of the U.S. cotton futures price moved up. The expected reduction in U.S. cotton production in 2026 supported the price. Domestically, the Zhengzhou cotton futures price fluctuated narrowly, and the market focused more on fundamentals. The cotton planting area in Xinjiang is expected to decline in 2026, and the far - month contracts are relatively strong. Historically, when domestic and global cotton production and inventory - to - sales ratio decreased year - on - year, the average annual increase of Zhengzhou cotton futures price exceeded 9%, and the peak increase exceeded 25%. As of now, the increase in 2026 is lower than the historical average. Short - term market disturbances are numerous, and the market needs to pay attention to planting intentions and the new round of cotton target price subsidy policy usually announced in early April. It may fluctuate repeatedly in the short term [2]. - Sugar: From March 27th to 30th, 10 more sugar mills in Guangxi completed the sugar - pressing season. As of March 30th, 38 sugar mills in the 2025/26 season in Guangxi had completed the season, with the overall progress over half. The spot prices of sugar groups in Guangxi and Yunnan increased, and the mainstream price of processed sugar also increased. The raw sugar price adjusted downward from the high point last night. There are still risks in crude oil in April, and the sugar - making ratio at the beginning of the Brazilian sugar - pressing season is unstable. The domestic sugar mills in Guangxi and Yunnan are gradually completing the season, with sufficient supply and high inventory. There are both external boosts and domestic supply pressures. The future turning point lies in the import link. The market is shifting positions, and there is no trend - based market in the short term, so it is expected to fluctuate [2]. Group 3: Summary by Relevant Catalogs 1. Daily Data Monitoring - Cotton: The 5 - 9 contract spread is - 130, up 5; the main contract basis is 1438, up 19. The spot price in Xinjiang is 16,656 yuan per ton, up 3; the national spot price is 16,823 yuan per ton, up 9 [3]. - Sugar: The 5 - 9 contract spread is - 23, up 3; the main contract basis is 29, up 33. The spot price in Nanning is 5460 yuan per ton, unchanged; the spot price in Liuzhou is 5470 yuan per ton, up 10 [3]. 2. Market Information - Cotton: On March 30th, the number of cotton futures warehouse receipts was 12,435, an increase of 1 compared to the previous trading day, and the valid forecast was 371. The arrival prices of cotton in different regions on March 30th were: 16,656 yuan per ton in Xinjiang, 16,812 yuan per ton in Henan, 16,868 yuan per ton in Shandong, and 17,017 yuan per ton in Zhejiang. On March 30th, the comprehensive load of yarn was 58, down 0.1 from the previous day; the comprehensive inventory of yarn was 16.6, up 0.1; the comprehensive load of staple - fiber cloth was 60.6, down 0.2; the comprehensive inventory of staple - fiber cloth was 23.6, unchanged [4]. - Sugar: On March 30th, the spot price of sugar in Nanning was 5460 yuan per ton, unchanged from the previous trading day; the spot price in Liuzhou was 5470 yuan per ton, up 10 yuan. The number of sugar futures warehouse receipts on March 30th was 16,862, an increase of 520 compared to the previous trading day, and the valid forecast was 0 [4][5]. 3. Chart Analysis - The report provides multiple charts for cotton and sugar, including the closing price, basis, contract spread, warehouse receipts and valid forecasts, and price indices of the main contracts of cotton and sugar, which can be used to analyze the historical price trends and market conditions of these two commodities [7][9][11][13][15][16][18] 4. Research Team - The research team includes Zhang Xiaojin, the director of resource product research at Everbright Futures Research Institute, who focuses on the sugar industry; Zhang Linglu, an analyst responsible for futures varieties such as urea and soda - ash glass; and Sun Chengzhen, an analyst engaged in the fundamental research and data analysis of varieties such as cotton, cotton yarn, and ferroalloy [20][21][22]

Group 1: Report Industry Investment Rating - Not provided in the given content Group 2: Core Viewpoints of the Report - The domestic cotton futures market lacks new driving forces. ICE cotton futures rose nearly 1% yesterday, hitting a new high for the year, mainly due to the rise during the Asian session. The market remains optimistic ahead of tonight's USDA planting area intention report [2]. - The spot trading of domestic cotton is mostly sluggish, and the spot basis is generally stable. The overall quotation of pure cotton yarn is stable, and the sales are average. The trading focus of some categories of a few open - end spinning mills has declined steadily, and individual traders have a large negotiation space for sales [2]. Group 3: Summary by Relevant Catalogs 1. Fundamental Tracking - **Futures Data**: - CF2605 closed at 15,385 yuan/ton yesterday with a daily decline of 0.06%, and the night - session closing price was 15,405 yuan/ton with a night - session increase of 0.13%. The trading volume was 404,984 lots, a decrease of 62,162 lots from the previous day, and the positions were 1,087,785 lots, a decrease of 67 lots from the previous day [1]. - CY2605 closed at 21,515 yuan/ton yesterday with a daily increase of 0.37%, and the night - session closing price was 21,600 yuan/ton with a night - session increase of 0.40%. The trading volume was 7,586 lots, a decrease of 1,999 lots from the previous day, and the positions were 8,255 lots, an increase of 1,045 lots from the previous day [1]. - ICE US Cotton 5 closed at 70.07 cents/pound yesterday with an increase of 0.86% [1]. - **Warehouse Receipt Data**: - The number of Zhengzhou cotton warehouse receipts was 12,435, an increase of 1 from the previous day, and the effective forecast was 371, an increase of 32 from the previous day [1]. - The number of cotton yarn warehouse receipts was 220, a decrease of 2 from the previous day, and the effective forecast was 78, an increase of 144 from the previous day [1]. - **Spot Price Data**: - The price of Beijiang 3128 machine - picked cotton was 16,634 yuan/ton, a decrease of 10 yuan from the previous day, a decline of 0.06%. The price of Nanjjiang 3128 machine - picked cotton was 16,573 yuan/ton, a decrease of 10 yuan from the previous day, a decline of 0.06% [1]. - The price in Shandong was 16,868 yuan/ton, an increase of 19 yuan from the previous day, an increase of 0.11%. The price in Hebei was 16,880 yuan/ton, an increase of 5 yuan from the previous day, an increase of 0.03% [1]. - The 3128B index was 16,823 yuan/ton, an increase of 9 yuan from the previous day, an increase of 0.05%. The Cotlook:A index was 80.10 cents/pound, an increase of 1.25 cents from the previous day, an increase of 1.59% [1]. - The price of pure cotton carded yarn 32 - count was 22,280 yuan/ton, unchanged from the previous day. The arrival price of pure cotton carded yarn 32 - count was 22,653 yuan/ton, an increase of 44 yuan from the previous day, an increase of 0.19% [1]. - **Spread Data**: - The CF5 - 9 spread was - 130 yuan/ton, an increase of 5 yuan from the previous day's spread [1]. - The spread between Beijiang 3128 machine - picked cotton and CF605 was 1,250 yuan/ton, unchanged from the previous day [1]. 2. Macro and Industry News - **Domestic Cotton Spot Situation**: According to TTEB information, the spot trading of cotton is mostly sluggish, and the spot basis is generally stable. The mainstream lower sales basis of 2025/26 Nanjjiang Kashi machine - picked 3129/29B with impurity within 3.5 and micronaire value above 4 is CF05 + 1100 - 1200, and most quotes are above 1200, for self - pick - up in Xinjiang. The mainstream sales basis of 2025/26 Beijiang machine - picked 4129/29B with impurity within 3.5 is CF05 + 1300 - 1550, mostly above CF05 + 1350, for self - pick - up in Xinjiang [2]. - **Domestic Cotton Textile Enterprises Situation**: According to TTEB information, the overall quotation of pure cotton yarn is stable, and the sales are average. The market has been relatively dull recently, with mediocre sales. The trading focus of some categories of a few open - end spinning mills has declined steadily, and individual traders have a large negotiation space for sales [2]. - **US Cotton Situation**: Yesterday, ICE cotton futures rose nearly 1%, hitting a new high for the year, mainly due to the rise during the Asian session. The market remains optimistic ahead of tonight's USDA planting area intention report [2]. 3. Trend Intensity - The trend intensity of cotton is 0, indicating a neutral trend. The range of trend intensity values is in the [- 2,2] interval, where - 2 represents the most bearish and 2 represents the most bullish [3][4]

Group 1: Report Industry Investment Rating - No information provided Group 2: Core View of the Report - The domestic cotton futures market lacks new driving forces. The trend strength of cotton is rated as neutral with a score of 0 [1][4] Group 3: Summary by Relevant Catalogs 1. Fundamental Tracking - **Futures Data**: CF2605 closed at 15,395 yuan/ton yesterday with a -0.16% daily increase and 15,435 yuan/ton in the night session with a 0.26% increase. CY2605 closed at 21,435 yuan/ton yesterday with a -0.95% daily increase and 21,415 yuan/ton in the night session with a -0.09% increase. ICE US Cotton 5 closed at 69.47 cents/pound with a 0.04% daily increase. The trading volume of CF2605 was 467,146 lots, an increase of 70,249 lots from the previous day, and the open - interest was 1,087,852 lots, an increase of 16,296 lots. The trading volume of CY2605 was 10,775 lots, a decrease of 1,999 lots from the previous day, and the open - interest was 9,504 lots, an increase of 1,045 lots [1] - **Warehouse Receipt Data**: The number of Zhengzhou cotton warehouse receipts was 12,434, a decrease of 10 from the previous day, and the effective forecast was 339, unchanged from the previous day. The number of cotton yarn warehouse receipts was 222, a decrease of 5 from the previous day, and the effective forecast was 78, an increase of 160 [1] - **Spot Price Data**: The price of North Xinjiang 3128 machine - picked cotton was 16,644 yuan/ton, a decrease of 20 yuan/ton from the previous day. The price of South Xinjiang 3128 machine - picked cotton was 16,583 yuan/ton, a decrease of 20 yuan/ton from the previous day. The price in Shandong was 16,849 yuan/ton, an increase of 88 yuan/ton from the previous day. The price in Hebei was 16,875 yuan/ton, an increase of 89 yuan/ton from the previous day. The 3128B index was 16,814 yuan/ton, an increase of 69 yuan/ton from the previous day. The Cotlook:A index was 80.10 cents/pound, an increase of 1.25 cents/pound from the previous day. The price of pure - cotton carded yarn 32s was 22,280 yuan/ton, unchanged from the previous day. The arrival price of pure - cotton carded yarn 32s was 22,609 yuan/ton, an increase of 45 yuan/ton from the previous day [1] - **Spread Data**: The CF5 - 9 spread was - 135 yuan/ton, a decrease of 10 yuan/ton from the previous day. The spread between North Xinjiang 3128 machine - picked cotton and CF605 was 1,250 yuan/ton, an increase of 10 yuan/ton from the previous day [1] 2. Macro and Industry News - **Domestic Cotton Spot Situation**: According to TTEB information, the overall basis of domestic cotton spot is stable. The mainstream negotiable basis of 2025/26 North Xinjiang machine - picked 4129/29B with impurity within 3.5 and micronaire value above 4 is mostly in the range of CF05 + 1350 - 1450, and many quotes are above 1400, for self - pick - up in Xinjiang. The mainstream basis of 2025/26 North and South Xinjiang machine - picked 3130/30 in Shandong and Henan warehouses with micronaire value above 4 and impurity within 3 is mostly in the range of CF05+1550 - 1850, and most quotes are above 1600, for self - pick - up in the inland [2] - **Domestic Cotton Textile Enterprises Situation**: According to TTEB information, the quotes of pure - cotton yarn are generally stable, and the market trading is dull. Recently, new orders and inquiries for regular yarn and medium - low - count yarn (including rotor - spun yarn) of textile enterprises are few, the shipment of rotor - spun yarn is weak, and some enterprises offer discounts. For combed high - count yarn, most manufacturers had full orders before, but recently some textile enterprises have spare machines [2] - **US Cotton Situation**: Last Friday, ICE cotton futures fluctuated widely during the day. In the early morning, ICE cotton continued to rise, and the May contract once reached 70.31 cents/pound, a new high this year. However, then there were profit - taking orders, and the May contract retreated to 68.88 cents/pound at most. It rebounded slightly in the late trading and finally closed at 69.47 cents/pound [2] 3. Trend Intensity - The trend intensity of cotton is 0, indicating a neutral trend. The range of trend intensity is an integer in the range of [- 2,2], where - 2 means the most bearish and 2 means the most bullish [4]

1. Report Industry Investment Rating No information provided in the report. 2. Core Viewpoints of the Report - The fundamentals of cotton are generally positive. The global consumption in the 26/27 season is 25 million tons, and the production is 24.8 million tons. In 2026, the cotton planting area in Xinjiang is regulated, with an expected reduction of over 10%. The textile and clothing exports from January to February increased by 17.6% year - on - year, and the cotton and yarn imports also increased. The basis shows a premium over the futures, the 20 - day moving average is upward, and the k - line is above the 20 - day moving average. The main position is long, but the net long position is decreasing, and the main trend is unclear. The textile exports from January to February were good, and with the arrival of the traditional peak season of "Golden March and Silver April", along with the reduction of US tariffs and the easing of Sino - US relations, it is beneficial for textile exports. The main contract of Zhengzhou cotton is about to shift to the 09 contract, with support around 15,000 and resistance around 15,700, suggesting a range - bound trading strategy [4]. - There are both positive and negative factors in the cotton market. Positive factors include the regulation of Xinjiang cotton planting area in 2026 with an expected reduction of over 10%, downstream replenishment before the Spring Festival, the reduction of export tariffs to the US, the easing of Sino - US relations, and the arrival of the "Golden March and Silver April" traditional peak season. Negative factors include the overall decline in foreign trade orders, increased inventory, the large - scale listing of new cotton, and the current traditional off - season for consumption [5][6]. 3. Summary According to the Table of Contents 3.1 Previous Day's Review No information provided in the report. 3.2 Daily Tips - **Fundamentals**: The ICAC predicts that the global consumption in the 26/27 season is 25 million tons and the production is 24.8 million tons. In 2026, the cotton planting area in Xinjiang is regulated, with an expected reduction of over 10%. The USDA March report shows that in the 25/26 season, the production is 26.343 million tons, the consumption is 25.817 million tons, and the ending inventory is 16.631 million tons. From January to February, the textile and clothing exports were $50.45 billion, a year - on - year increase of 17.6%. From January to February, China's cotton imports were 370,000 tons, a year - on - year increase of 41%, and the yarn imports were 290,000 tons, an increase of 80,000 tons year - on - year. The Ministry of Agriculture's March forecast for the 25/26 season shows a production of 6.64 million tons, imports of 1.4 million tons, consumption of 7.6 million tons, and ending inventory of 8.29 million tons [4]. - **Basis**: The national average price of spot 3128b is 16,745, and the basis is 1200 (for the 09 contract), showing a premium over the futures [4]. - **Inventory**: The Ministry of Agriculture's March forecast for the 25/26 season shows an ending inventory of 8.29 million tons [4]. - **Market Trend**: The 20 - day moving average is upward, and the k - line is above the 20 - day moving average [4]. - **Main Position**: The position is long, but the net long position is decreasing, and the main trend is unclear [4]. - **Expectation**: The textile exports from January to February were good. With the arrival of the traditional peak season of "Golden March and Silver April", along with the reduction of US tariffs and the easing of Sino - US relations, it is beneficial for textile exports. The main contract of Zhengzhou cotton is about to shift to the 09 contract, with support around 15,000 and resistance around 15,700, suggesting a range - bound trading strategy [4]. 3.3 Today's Focus No information provided in the report. 3.4 Fundamental Data - **USDA Global Cotton Supply - Demand Forecast (March)**: In the 25/26 season, the global cotton production is 26.343 million tons, the consumption is 25.817 million tons, and the ending inventory is 16.631 million tons. Different countries have different changes in production, consumption, imports, exports, and ending inventory [10][11]. - **Global Cotton Supply - Demand Balance Sheet (ICAC)**: In the 26/27 season, the global cotton production is expected to be 24.8 million tons, a 4.0% decrease; the consumption is 25 million tons, a 0.7% decrease; the ending inventory is 16.6 million tons, a 1.0% decrease; the inventory - to - consumption ratio is 66.40%, a 0.2 - percentage - point decrease; the global cotton trade volume is expected to be 9.6 million tons, a 1.0% decrease; the yield per unit area is expected to be 822 kg/ha, a 1.6% decrease; and the planting area is expected to be 30.2 million hectares, a 0.7% decrease [12]. - **China's Cotton Data (Ministry of Agriculture)**: In the 25/26 season, the expected production is 6.64 million tons, imports are 1.4 million tons, consumption is 7.6 million tons, and ending inventory is 8.29 million tons. The domestic average price of cotton 3128B is expected to be between 15,000 - 17,000 yuan/ton, and the Cotlook A index is expected to be between 75 - 100 cents/pound [14]. 3.5 Position Data No information provided in the report.

Report Summary 1. Report Industry Investment Rating No relevant information provided. 2. Core View of the Report The report focuses on the cotton market, including domestic and US cotton conditions. Domestic cotton spot trading is cold, with stable basis overall and slight adjustments in some areas. The cotton - textile market has general trading, with few new orders. US cotton futures continued to rise, hitting a new high this year, and the market is concerned about the upcoming US Department of Agriculture's planting area intention report due to concerns about rising agricultural product planting costs caused by the Middle - East situation [2][3]. 3. Summary by Directory 3.1 Fundamental Tracking - **Futures Data**: CF2605 closed at 15,420 yuan/ton with a daily increase of 0.52% and a night - session close of 15355 yuan/ton with a - 0.42% change. CY2605 closed at 21,640 yuan/ton with a - 0.14% daily change and a night - session close of 21495 yuan/ton with a - 0.67% change. ICE US cotton 5 closed at 69.44 cents/pound with a 1.76% increase. Trading volume and positions of CF2605 and CY2605 had different changes compared to the previous day [1]. - **Warehouse Receipt Data**: Zhengzhou cotton had 12,444 warehouse receipts, an increase of 100 compared to the previous day, and 339 valid forecasts, a decrease of 91. Cotton yarn had 227 warehouse receipts, a decrease of 2, and 67 valid forecasts, an increase of 162 [1]. - **Spot Price Data**: The price of North Xinjiang 3128 machine - picked cotton was 16,664 yuan/ton, an increase of 80 yuan or 0.48% compared to the previous day. The 3128B index was 16,745 yuan/ton, an increase of 34 yuan or 0.20%. The Cotlook:A index was 78.20 cents/pound, an increase of 0.45 cents or 0.58% [1]. - **Spread Data**: The CF5 - 9 spread was - 125 yuan/ton, with no change compared to the previous day. The spread between North Xinjiang 3128 machine - picked cotton and CF605 was 1,240 yuan/ton, with no change [1]. 3.2 Macro and Industry News - **Domestic Cotton Spot**: Cotton spot trading remained cold, with the basis generally stable and a slight reduction of 10 - 20 yuan/ton in some areas. Different regions had different basis ranges for different cotton grades [2]. - **Domestic Cotton - Textile Enterprises**: The pure - cotton yarn market had general trading, with few inquiries and new orders. Spinning mills mainly executed previous orders, with relatively smooth sales and a slight increase in inventory. The price was basically stable, with spinning mills having firm quotes and traders having some room for price concessions. The all - cotton grey fabric market had a weakening trading atmosphere, with continuous inquiries but no follow - up in transactions [2]. - **US Cotton**: ICE cotton futures continued to rise, hitting a new high this year. Although the weekly US cotton export sales data was average, concerns about rising agricultural product planting costs due to the Middle - East situation made the market more concerned about the upcoming US Department of Agriculture's planting area intention report [3]. 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) [5].

1. Report's Industry Investment Rating - No information provided 2. Core Viewpoints of the Report - Domestically, this week, Zhengzhou cotton futures fluctuated within a range with a lower center of gravity, following market supply - demand and internal - external price difference logic. Currently in the middle of the cotton sales period, Xinjiang cotton's available supply is tightening. Downstream textile enterprises purchase raw materials mainly for rigid needs, with stable spot trading volume. There's no short - term large - scale boost for the market, but cotton consumption is proceeding steadily. Around 15,000 yuan/ton, the cotton price rebounded quickly, indicating potential support. It is recommended to buy on dips within the range [52]. - Internationally, this week, US cotton entered a high - level consolidation phase after a previous rally, digesting the positive news of China's issuance of sliding - scale import quotas. The US cotton - growing regions are approaching the spring sowing window, and there are still potential short - term weather disruptions. The market will likely focus on new - crop planting expectations, export data, and the global supply - demand situation. In the short term, the global cotton market has relatively loose supply and a steady export pace, with a relatively stable US cotton trend. A planting area report will be released at the end of March, awaiting key data guidance [52]. 3. Summary by Relevant Catalogs 3.1 Cotton Market Analysis 3.1.1 Futures Price Trends - Zhengzhou cotton futures weakened this week, with a weekly decline of 1.2%. ICE cotton futures rebounded, with a weekly increase of 3.48% [9]. 3.1.2 Spot Prices - This week, the cotton price index declined. The 3128 index dropped by 239 yuan/ton compared to last week, and the 2129 index fell by 228 yuan/ton [13]. 3.1.3 Cotton Import Situation - In January - February, 380,000 tons of cotton were imported, a year - on - year increase of 110,000 tons. As of the second half of February, the commercial cotton inventory was 5.477 million tons, showing a continuous decline [18][20]. 3.1.4 Cotton Inventory Situation - The commercial cotton inventory has been decreasing, with 5.477 million tons in the second half of February [20]. 3.1.5 Downstream Inventory Situation - In February, the yarn inventory was 21.45 days, a year - on - year decrease of 0.87 days, and the grey fabric inventory was 33.24 days, a year - on - year increase of 3.81 days [28]. 3.1.6 Yarn Prices - This week, yarn prices rose. The price of OEC10S remained unchanged, the price of C32S increased by 50 yuan/ton compared to last week, and the price of JC40S was flat [33]. 3.1.7 Zhengzhou Commodity Exchange Warehouse Receipts and Effective Forecasts - This week, the total number of Zhengzhou cotton warehouse receipts and forecasts decreased by 31. There were 12,437 warehouse receipts and 323 effective forecasts, totaling 12,760 [38]. 3.1.8 Seed - cotton Purchase Situation - No specific analysis content provided, only the price data of Xinjiang seed - cotton purchase is shown [41]. 3.1.9 US Cotton Export Situation - As of March 12, according to the USDA weekly export sales report, the current - year net sales of US upland cotton exports increased by 196,700 bales, and the next - year net sales were 122,200 bales [46]. 3.1.10 US Weather Situation - The proportion of abnormally dry areas in the US is 20.1%, the proportion of moderately drought - affected areas is 24.8%, the proportion of severely drought - affected areas is 15.2%, the proportion of extremely drought - affected areas is 5.4%, the proportion of exceptionally drought - affected areas is 0.4%, and the total drought - affected area (D1 - D4) is 45.8% [49]. 3.2后市展望 (Market Outlook) - Domestically, the market is expected to continue to operate based on supply - demand and price differences. It is advisable to buy on dips around the support level [52]. - Internationally, the market will focus on new - crop planting, export data, and the global supply - demand pattern. The release of the planting area report at the end of March will provide key guidance [52].

1. Reported Industry Investment Rating - No relevant information provided 2. Core View of the Report - The 2026/27 cotton supply-demand pattern is tight, supporting the medium- and long-term price trend. Short-term Zhengzhou cotton has a technical correction with reduced positions. Attention should be paid to the opportunity of buying on dips [8] 3. Summary According to the Table of Contents 3.1 Market Review and Operation Suggestions - **Market Review**: Zhengzhou cotton decreased in price with reduced positions. The latest 328-grade cotton price index was 16,897 yuan/ton, up 76 yuan/ton from the previous trading day. The domestic cotton yarn market's trading atmosphere was stable and improving, with some manufacturers slightly raising their quotes. The cotton fabric market was generally stable, but the recovery of export orders was still not as expected [7][8] - **International Market**: CONAB's March 2026 forecast for the 2025/26 Brazilian cotton season shows a total output of 3.795 million tons, a 0.8 - million - ton decrease from the previous forecast. The planting area was reduced to 2.0136 million hectares, while the yield per mu remained stable at 125.6 kg. Exports increased by 180,000 tons year - on - year, and the ending inventory decreased by 190,000 tons year - on - year [8] - **Domestic Market**: After the release of 300,000 tons of sliding - scale tariff processing trade quotas, the price gap between domestic and foreign cotton narrowed. From January to February 2026, China imported 380,000 tons of cotton, a 41% year - on - year increase. The downstream finished product inventory decreased, and the operating rate rebounded significantly. The demand side was still supported during the peak season [8] - **Operation Suggestion**: Pay attention to the opportunity of buying on dips [8] 3.2 Industry News - In February 2026, China imported 170,000 tons of cotton, a 50,000 - ton (44.1%) year - on - year increase. From January to February 2026, the cumulative cotton imports were 380,000 tons, an 110,000 - ton (41%) year - on - year increase. In February 2026, China imported 130,000 tons of cotton yarn, a 20,000 - ton (13.1%) year - on - year increase. From January to February 2026, the cumulative cotton yarn imports were 290,000 tons, an 80,000 - ton (40.2%) year - on - year increase [9] 3.3 Data Overview - The report presents multiple data charts, including the China Cotton Price Index, cotton spot price, cotton futures price, cotton basis change, price spreads between different cotton futures contracts, cotton commercial and industrial inventories, warehouse receipt volume, and exchange rates such as the US dollar against the Chinese yuan and the Indian rupee [16][17][18]

1. Report Industry Investment Rating - Not provided in the given content 2. Core Viewpoints of the Report - The ICE cotton futures rose yesterday, boosted by the news that China issued a 300,000 - ton cotton processing trade import quota [3] - The domestic cotton spot trading remained sluggish, with spinning mills' procurement willingness temporarily weak, and the overall mainstream basis of spot cotton was stable. Some spinning mills had more new orders and full production schedules due to the Shanghai exhibition, and there were low inventories of regular and medium - high - count yarns in Xinjiang and inland spinning mills, with the operating rate significantly higher than the same period last year [2] 3. Summary by Relevant Catalogs 3.1 Fundamental Tracking - **Futures Data**: - CF2605 closed at 15,480 yuan/ton yesterday with a daily increase of 0.42%, and the night - session closing price was 15,570 yuan/ton with a night - session increase of 0.58%. Its trading volume was 630,024 lots, a decrease of 383,334 lots from the previous day, and the position was 1,149,608 lots, a decrease of 533 lots [1] - CY2605 closed at 21,485 yuan/ton yesterday with a daily decrease of 0.37%, and the night - session closing price was 21,520 yuan/ton with a night - session increase of 0.16%. Its trading volume was 12,915 lots, a decrease of 1,999 lots from the previous day, and the position was 13,725 lots, an increase of 1,045 lots [1] - ICE cotton futures (ICE美棉5) closed at 68.44 cents/pound yesterday with a daily increase of 4.01% [1] - **Warehouse Receipt Data**: - The number of Zhengzhou cotton warehouse receipts was 12,495, a decrease of 11 from the previous day, and the effective forecast was 293, an increase of 8 [1] - The number of cotton yarn warehouse receipts was 319, a decrease of 1 from the previous day, and the effective forecast was 67, an increase of 253 [1] - **Spot Price Data**: - The price of Northern Xinjiang 3128 machine - picked cotton was 16,744 yuan/ton, an increase of 50 yuan or 0.30% from the previous day [1] - The price of Southern Xinjiang 3128 machine - picked cotton was 16,683 yuan/ton, an increase of 50 yuan or 0.30% from the previous day [1] - The price in Shandong was 16,943 yuan/ton, an increase of 10 yuan or 0.06% from the previous day [1] - The price in Hebei was 16,925 yuan/ton, an increase of 13 yuan or 0.08% from the previous day [1] - The 3128B index was 16,884 yuan/ton, an increase of 7 yuan or 0.04% from the previous day [1] - The Cotlook:A index was 75.75 cents/pound, an increase of 0.05 cents or 0.07% from the previous day [1] - The price of pure - cotton carded yarn 32 - count was 22,000 yuan/ton, unchanged from the previous day [1] - The arrival price of pure - cotton carded yarn 32 - count was 22,312 yuan/ton, an increase of 112 yuan or 0.50% from the previous day [1] - **Spread Data**: - The CF5 - 9 spread decreased by 75 yuan/ton compared with the previous day, with a change of 20 [1] - The spread between Northern Xinjiang 3128 machine - picked cotton and CF605 was 1,260 yuan/ton, a decrease of 20 yuan from the previous day [1] 3.2 Macro and Industry News - **Domestic Cotton Spot Situation**: According to TTEB information, the mainstream basis of domestic cotton spot remained stable, with the mainstream sales basis of 2025/26 Southern Xinjiang Kashgar machine - picked 3129/29B (impurity within 3.5, micronaire value 4 and above) at CF05 + 1100 and above, and that of 2025/26 Northern Xinjiang machine - picked 4129/29B (impurity within 3.5) at CF05 + 1250 - 1350, mostly at CF05 + 1350 and above, both for self - pick - up in Xinjiang [2] - **Domestic Cotton Textile Enterprises Situation**: According to TTEB information, the quotation of pure - cotton yarn remained stable, and spinning mills continued to reduce inventories. Affected by the Shanghai exhibition, some spinning mills had more new orders and full production schedules, and there were low inventories of regular and medium - high - count yarns in Xinjiang and inland spinning mills, with the operating rate significantly higher than the same period last year. The follow - up downstream order trend should be continuously monitored [2] 3.3 Trend Intensity - The trend intensity of cotton is 1, indicating a "neutral" state according to the classification where the trend intensity ranges from - 2 (most bearish) to 2 (most bullish) [4][5]

Report Industry Investment Rating - No relevant information provided. Core Viewpoints - For sugar, the overnight Zhengzhou sugar main contract oscillated upward and is at the upper edge of the range. The Iran situation may push up the ethanol - to - sugar price, and sugar mills may adjust the sugar - making ratio, with a possible decline in the 26/27 sugar - making ratio. In the short term, raw sugar will maintain an oscillating operation. In the medium term, the risk of a downward adjustment of Brazil's expected output may offset part of the supply surplus. In the domestic market, Zhengzhou sugar is boosted by the external market, and attention should be paid to the impact of the macro - environment on the market [5]. - For cotton, the Zhengzhou cotton main contract rose and then fell with a reduction in positions, and the price center shifted upward. The escalation of the Middle East situation may end the recent market adjustment, and the expected callback range is relatively limited. In the long - term, with the expectation of tight supply and demand, cotton prices may still have room to rise. In the domestic market, consumption has increased, and with last year's carry - over inventory at a low level, the supply this year is expected to be tight. Policy regulation on the expected planting area may support cotton prices in the long - term [5]. Summary by Related Catalogs Futures Market - For domestic sugar futures, the prices of contracts SR2609, SR2605, and SR2611 all rose, with increases of 36, 31, and 36 respectively, and the increase rates were 0.66%, 0.57%, and 0.66% respectively. The prices of 11 - sugar contracts 2610, 2607, and 2605 had little change, with the increase rate of 2607 being 0.14% [2]. - For cotton, the Zhengzhou cotton main contract rose and then fell with a reduction in positions, and the price center shifted upward [5]. Spot Market - The current spot price of white sugar in Liuzhou is 5500, and in Kunming is 5335. The current import prices of Brazilian sugar within the quota and outside the quota are 3331 and 4239 respectively, and those of Thai sugar are 3847 and 4912 respectively [2]. Industry Information - On March 15, 2026, the road transportation price index of Xinjiang - bound cotton was 0.1593 yuan/ton·km, remaining the same as the previous period. In the short - term, the freight index is expected to remain relatively stable [3]. - From March 11 to 13, 4 more sugar mills in Guangxi completed the sugar - pressing season, and as of the 13th, a total of 11 sugar mills in Guangxi had completed the 2025/26 sugar - pressing season, 51 less than the same period last year. The total production capacity of the completed sugar mills is 9.1 tons/day, a year - on - year decrease of 43.15 tons/day. The sugar - pressing cycle of this season has been extended [3]. - The FAO sugar price index in February averaged 86.2 points, a month - on - month decrease of 3.7 points (4.1%) and a year - on - year decrease of 32.4 points (27.3%), reaching the lowest level since October 2020. The market's expectation of sufficient global supply this season continues to put downward pressure on international sugar prices [4].