Report Information - Industry: Cotton [1] - Date: April 3, 2025 [2] - Researchers: Yu Lanlan, Lin Zhenlei, Wang Haifeng, Hong Chenliang, Liu Youran [3] Core Viewpoints - The rebound of US cotton prices has boosted the rise of Zhengzhou cotton futures. The current spot price of 328-grade cotton is 14,874 yuan/ton, up 10 yuan/ton from the previous trading day. The downstream market has shown some improvement in demand, but there are still concerns about the end of the traditional peak season after the Tomb-Sweeping Festival [7]. - The projected cotton planting area in the US for the 2025/26 season is 9.867 million acres, slightly lower than market expectations and the February forecast. This reduction in planting area provides some support for US cotton prices. In the domestic market, downstream product inventories are low and production remains stable. Spinning mills with low raw material inventories have increased their demand for cotton in the short term, providing support for cotton prices. However, the market is still waiting for a clear direction, and attention should be paid to the impact of external markets and tariff policies [8]. Section Summaries 1. Market Review and Operational Suggestions - **Market Review**: US cotton prices continued to rebound, driving up Zhengzhou cotton futures. The spot price of 328-grade cotton rose, and the basis for different grades of cotton in Xinjiang was reported. The cotton yarn market remained stable, with spinning mills selling products at reasonable prices. The downstream orders were short-term sustainable, and some spinning mills planned to have a 2 - 3 day holiday during the Tomb-Sweeping Festival. The cotton fabric market had rigid demand, but overall production and sales were difficult to balance due to weak downstream demand, and the loom operating rate remained stable [7]. - **Operational Suggestions**: The reduction in the projected US cotton planting area in the 2025/26 season supports US cotton prices. In the domestic market, downstream demand has improved, and cotton prices are supported. However, the market is waiting for a clear direction. Attention should be paid to the actual planting situation in the US, the drought in Texas, the potential summer demand, and the end of the traditional peak season after the Tomb-Sweeping Festival. Short-term market direction depends on external markets and tariff policies [8]. 2. Industry News - The projected cotton planting area in the US for the 2025/26 season is 9.867 million acres, lower than the February forecast of 10 million acres and the 2024 final planting area of 11.182 million acres [9]. - As of the week ending March 28, 2025, the cumulative inspection volume of US upland cotton and Pima cotton reached 3.1825 million tons, accounting for 101.4% of the estimated annual cotton production, 19.5% faster than the same period last year. The inspection progress of upland cotton was 101.44%, 19% faster year-on-year, and that of Pima cotton was 100.5%, 49% faster year-on-year [9]. 3. Data Overview - The report provides various data charts related to the cotton market, including price indices, spot and futures prices, basis, spreads, commercial and industrial inventories, and currency exchange rates [16][18][20]

Group 1: General Information - Reported industry: Cotton [1] - Report date: April 2, 2025 [2] - Researchers: Yu Lanlan, Lin Zhenlei, Wang Haifeng, Hong Chenliang, Liu Youran [3] Group 2: Market Review and Operational Suggestions - Market situation: After the release of the intended cotton planting area in the US, Zhengzhou cotton futures fluctuated within a range. The latest price index for Grade 328 cotton was 14,864 yuan/ton, down 17 yuan/ton from the previous trading day. The cotton yarn and fabric markets were weak, with insufficient market confidence in the future [7]. - US planting area: The US cotton planting area for the 2025/26 season is 9.867 million acres, slightly lower than the previous market estimate and the February forecast of 10 million acres. The reduction in planting area may support the price of US cotton [8][9]. - Domestic market: Downstream finished - product inventory is low and the operating rate is stable. Spinning mills have increased their rigid - demand purchases of cotton recently. The cotton price has support at the bottom. The market is concerned about potential summer demand and the end of the traditional peak season after the Tomb - Sweeping Festival. The short - term market is waiting for a directional choice [8]. Group 3: Industry News - US planting area report: The US cotton planting area for the 2025/26 season is 9.867 million acres, compared with 10 million acres predicted in the February 2025 outlook forum and 11.182 million acres in 2024 [9]. - US cotton inspection: As of the week ending March 28, 2025, the cumulative inspection volume of US upland cotton + Pima cotton was 3.1825 million tons, accounting for 101.4% of the estimated annual output, 19.5% faster than the same period last year [9]. Group 4: Data Overview - Data includes various charts such as China Cotton Price Index, cotton spot and futures prices, basis changes, spreads, commercial and industrial inventories, and exchange rates [16][18][20]