Group 1 - The core viewpoint of the article indicates a slight decline in cotton futures prices on the ICE, with the opening price at 62.85 cents per pound and a current price of 62.79 cents per pound, reflecting a decrease of 0.02% [1] - On February 2, the average price of Xinjiang 3128 cotton delivered was 15,545 yuan per ton, down by 83 yuan per ton, while the price of Xinjiang 32s pure cotton yarn remained stable at 22,000 yuan per ton [2] - The spinning profit increased to 478.7 yuan per ton, up by 94.62 yuan per ton [2] Group 2 - As of February 2, the number of cotton futures warehouse receipts on the Zhengzhou Commodity Exchange was 11,516, an increase of 143 from the previous trading day [2] - By February 1, 2026, the cumulative amount of cotton inspected nationwide for the new season reached 7.2746 million tons, an increase of 889,500 tons year-on-year [2]

Group 1 - The core viewpoint of the news is that cotton futures prices on the ICE are experiencing a downward trend, with the current price at 63.24 cents per pound, reflecting a decrease of 0.35% from the opening price [1] Group 2 - On January 29, the opening price of U.S. cotton was 63.73 cents per pound, with a closing price of 63.44 cents per pound, marking a decline of 0.80% [2] - The average price of Xinjiang 3128 cotton delivered to factories was 15,868 yuan per ton, down by 16 yuan per ton, while the price of Xinjiang 32s pure cotton yarn remained stable at 22,100 yuan per ton [2] - The U.S. Department of Agriculture reported that for the week ending January 22, net sales of U.S. upland cotton for the 2025/2026 marketing year were 204,000 bales, down from 412,000 bales the previous week [2] Group 3 - According to the CFTC data as of January 23, the number of unpriced sell orders for U.S. cotton was 50,908 contracts, a decrease of 1,413 contracts, while unpriced buy orders increased by 2,505 contracts to 98,867 contracts [3] - The number of unpriced contracts for sellers on ICE cotton 2603 was 14,435 contracts, which is a reduction of 4,839 contracts compared to the previous week [3]

Group 1 - The core viewpoint of the news is that cotton futures prices on the ICE are experiencing fluctuations, with a slight increase observed on January 29, 2023, where the price opened at 63.73 cents per pound and reached a high of 63.83 cents per pound, reflecting a 0.16% increase [1] Group 2 - On January 28, 2023, the opening price of U.S. cotton was 63.77 cents per pound, with a closing price of 63.95 cents per pound, marking a 0.31% increase [2] - The average price of Xinjiang 3128 cotton delivered to factories was 15,884 yuan per ton, an increase of 415 yuan per ton [2] - The price of Xinjiang 32s pure cotton yarn remained stable at 22,100 yuan per ton, while spinning profit decreased to 192.24 yuan per ton, down by 473.10 yuan per ton [2] - As of January 27, 2026, the cumulative amount of cotton inspected nationwide for the new season reached 7.1952 million tons, an increase of 812,500 tons year-on-year [2] - In Brazil's Mato Grosso state, the cotton planting progress improved by 19 percentage points to 48% as of January 23, compared to 29% in the same period last year [2]

Report Industry Investment Rating No relevant content provided. Core Viewpoints of the Report - The cotton price in 2026 is expected to show a range - bound oscillation. The international cotton supply in the 2025/26 season is expected to be loose, and the demand remains unoptimistic. The cotton supply and demand in China in the 2025/26 season are likely to be strong. Due to sufficient supply both internationally and domestically, there is a lack of upward drivers for cotton prices, but the downside space is limited. The cotton futures of both domestic and international markets are expected to continue the range - bound oscillation trend of 2025. [2][85][86] - It is recommended to adopt a range - bound trading strategy, combined with on - exchange and off - exchange option operations. [3][86] Summary by Relevant Catalogs 1. 2025 Cotton Futures Market Review - In 2025, most of the time, Zhengzhou Commodity Exchange (CZCE) cotton futures traded within a narrow range of 13,200 - 14,000 yuan/ton. The correlation between CZCE cotton futures and ICE cotton futures was generally low in 2025, and the pricing of domestic cotton futures became more independent. The correlation between CZCE cotton futures and the Shanghai Composite Index was high at certain stages in 2025, indicating that the CZCE cotton futures were affected by external market sentiment. The basis of domestic cotton in 2025 was generally strong. [5][6] 2. 2026 Global Cotton Market Supply and Demand Outlook 2.1 2026 Global Cotton Market Supply - The global cotton supply in 2026 is expected to be loose. The global cotton output in the 2025/26 season is at a relatively high level, mainly due to the significant increase in cotton production in China and Brazil for the second consecutive year. The supply of major cotton - exporting countries is expected to remain stable, but Brazil and the United States face greater export pressure. [13][14][24] - The planting intentions of major cotton - producing countries in 2026 need attention. Brazil's cotton planting area in the 2025/26 season is not expected to decrease, but if there is inventory backlog, it may affect future planting enthusiasm. The cotton - to - grain ratio in the United States is at a historical low, and U.S. cotton exports may affect the 2026 cotton planting area. India's cotton planting area in 2026 is expected to be slightly reduced, and it is necessary to pay attention to its textile and clothing exports and cotton imports. [29][35][40] 2.2 2026 Global Cotton Market Demand - The global cotton consumption outlook remains unoptimistic. The USDA estimates that the global cotton consumption in the 2025/26 season will be 25.88 million tons, a decrease of 40,000 tons compared with the 2024/25 season. The global textile and clothing trade volume in 2026 is cautiously optimistic, but there is a risk of a decline in global trade volume. The direct cotton demand of major textile - producing countries is restricted by weak terminal demand and operational difficulties of textile enterprises. [44][48][50] 3. 2026 China Cotton Market Supply and Demand Outlook 3.1 2026 China Cotton Supply - The total cotton supply in China in 2026 is expected to be sufficient. China's cotton output in 2025 increased significantly for the second consecutive year. The cotton and cotton yarn imports in the 2025/26 season are expected to increase slightly. The initial inventory of cotton in the new season is low, and the supply pressure is postponed to after March 2026. The cotton planting area in Xinjiang is expected to remain stable. [57][58][61] 3.2 2026 China Cotton Consumption - The terminal textile and clothing consumption situation is not optimistic, but the direct cotton demand for textile production is expected to be stable. The continuous release of new textile production capacity will support the domestic cotton demand, but attention should be paid to the profit and inventory status of textile enterprises. [66][67][76]

Core Viewpoint - The cotton futures prices on the Intercontinental Exchange (ICE) are experiencing weak fluctuations, with a slight decline observed in recent trading sessions [1][2]. Group 1: Cotton Futures Market Overview - On December 8, the ICE cotton futures opened at 63.91 cents per pound and are currently at 63.92 cents per pound, reflecting a decrease of 0.05%. The intraday high reached 64.00 cents per pound, while the low dipped to 63.85 cents per pound [1]. - On December 5, the ICE cotton futures had an opening price of 64.03 cents per pound, peaked at 64.42 cents, and closed at 63.90 cents, marking a decline of 0.31% [2]. Group 2: Cotton Market Data - As of December 5, the Zhengzhou Commodity Exchange reported 5,490 cotton futures warehouse receipts, an increase of 70 receipts compared to the previous trading day [2]. - By December 4, the cumulative certified inspection volume of the new cotton year in the country reached 4.6436 million tons [2]. - According to the USDA report, for the week of October 17-23, 2025, the net export contracts for U.S. upland cotton were 30,100 tons, a decrease of 24.4% from the previous week and down 22.9% from the four-week average. The shipment volume for the same period was 39,600 tons, which represents a 9.4% increase from the previous week and a 21.5% increase from the four-week average [2].

Core Viewpoint - The cotton futures prices on the Intercontinental Exchange (ICE) are experiencing fluctuations, with a slight decline observed in the latest trading session [1] Group 1: Cotton Futures Market Overview - On December 1, the ICE cotton futures opened at 64.70 cents per pound and are currently at 64.57 cents per pound, reflecting a decrease of 0.25%. The intraday high reached 64.82 cents per pound, while the low was 64.53 cents per pound [1] - On November 28, the ICE cotton futures had an opening price of 64.66 cents per pound, a high of 64.95 cents, a low of 64.42 cents, and a closing price of 64.71 cents, marking a slight increase of 0.15% [2] Group 2: Inventory and Pricing Data - As of November 27, the inventory of imported cotton at major ports increased by 1.28% week-on-week, totaling 380,300 tons. Notably, the inventory in Shandong's Qingdao and Jinan ports decreased by 22.87% year-on-year to 317,000 tons, while Jiangsu's Zhangjiagang port had approximately 34,200 tons and other ports held about 29,100 tons [2] - The average price of 3128 grade cotton delivered nationwide on November 28 was 14,896 yuan per ton, an increase of 80 yuan per ton. The price for 32s pure cotton yarn remained stable at 21,352 yuan per ton, with spinning profits reported at -1,033.6 yuan per ton, a decrease of 88 yuan per ton [2] Group 3: Export Sales Data - According to the USDA, for the week ending October 16, net sales of U.S. upland cotton for the 2025/2026 marketing year were 176,000 bales, up from 158,000 bales the previous week. For the 2026/2027 marketing year, net sales were 27,000 bales, compared to zero the prior week. Additionally, upland cotton export shipments for the 2025/2026 marketing year totaled 160,000 bales, an increase from 139,000 bales the week before [2]

Core Viewpoint - The cotton futures prices on the Intercontinental Exchange (ICE) have shown a slight increase, indicating a stable market environment for cotton trading [1][2]. Group 1: Cotton Futures Market Overview - On November 24, ICE cotton futures opened at 63.95 cents per pound and are currently at 64.15 cents per pound, reflecting a 0.34% increase [1]. - The intraday trading range for cotton futures reached a high of 64.24 cents per pound and a low of 63.95 cents per pound [1]. Group 2: Historical Price Data - On November 21, ICE cotton futures had an opening price of 63.76 cents per pound, a closing price of 63.77 cents per pound, with a maximum price of 63.94 cents and a minimum of 63.11 cents, resulting in a slight decrease of 0.06% [2]. - As of November 20, the inventory of deliverable 2nd grade cotton contracts on ICE remained unchanged at 20,344 bales [2]. Group 3: Domestic Market Conditions - On November 21, the Zhengzhou Commodity Exchange reported 3,465 cotton futures warehouse receipts, a decrease of 1,185 receipts compared to the previous trading day [2]. - The average price of 3128 grade cotton delivered nationwide was stable at 14,639 yuan per ton, while the price for 32s pure cotton yarn was also stable at 21,396 yuan per ton [2]. - Spinning profit remained unchanged at -706.9 yuan per ton, indicating no significant changes in the profitability of spinning enterprises [2].

Group 1 - The core viewpoint of the article highlights the fluctuations in cotton futures prices on the ICE, with current trading at 64.43 cents per pound, reflecting a slight decrease of 0.02% [1] - On November 18, the opening price for cotton futures was 64.10 cents per pound, reaching a high of 64.87 cents and a low of 63.75 cents, closing at 64.56 cents, which represents an increase of 0.59% [2] - The USDA's weekly crop progress report indicates that as of November 16, the cotton harvest rate in the U.S. was 71%, compared to 76% during the same period last year and a five-year average of 72% [2] Group 2 - In October, China's cotton imports totaled 90,000 tons, marking a year-on-year decrease of 15.6% [2] - The Brazilian CEPEA/ESALQ cotton price index reported a price of 64.62 cents per pound on November 18, which is an increase of 0.14% from the previous day and a rise of 0.09% compared to the same period last month [2]

Group 1 - The core viewpoint of the article indicates that cotton futures prices on the Intercontinental Exchange (ICE) are experiencing a slight decline, with the current price at 66.18 cents per pound, reflecting a decrease of 0.23% [1] - On September 26, the opening price for U.S. cotton was 66.21 cents per pound, with a closing price of 66.35 cents per pound, showing a slight increase of 0.17% [2] - As of September 28, 2025, a total of 107,811 bales of cotton have been inspected and certified, amounting to 24,381 tons, which is a significant year-on-year increase of 1,511.43% [2] Group 2 - The Brazilian CEPEA/ESALQ cotton price index reported a price of 67.92 cents per pound on September 26, marking an increase of 0.55% from the previous day but a decrease of 5.48% compared to the same period last month [2] - The national cotton processing rate in China was reported at 22.0% as of September 25, which is a year-on-year decrease of 0.8 percentage points but an increase of 5.9 percentage points compared to the average of the past four years [2] - The sale of new cotton has not yet commenced, indicating a potential delay in market activity [2]

Group 1 - The core viewpoint of the article highlights the fluctuations in cotton futures prices on the Intercontinental Exchange (ICE), with a slight decline observed in recent trading sessions [1][2] - As of September 2, the opening price for cotton futures was reported at 66.63 cents per pound, with a closing price of 66.06 cents per pound, reflecting a decrease of 0.71% [2] - The USDA's weekly crop progress report indicated that the good-to-excellent rating for U.S. cotton was at 51%, down from 54% the previous week, while the blooming rate reached 94%, significantly higher than the previous week's 81% [2] Group 2 - The ICE reported that as of August 29, the inventory of deliverable 2nd grade cotton contracts remained stable at 15,474 bales [2] - On September 2, the Zhengzhou Commodity Exchange reported a total of 6,131 cotton futures warehouse receipts, which is a decrease of 189 receipts compared to the previous trading day [3]