1. Report Industry Investment Rating - Not mentioned in the report 2. Core Views of the Report - Short - term cotton market is likely to maintain a slightly stronger oscillatory trend. Future issuance of sliding - duty quotas will be a major influencing factor on the supply side, and the shift from the off - season to the peak season in August will affect demand. If demand fails to meet expectations, it will have a negative impact on Zhengzhou cotton futures [8]. - The U.S. cotton is expected to be slightly stronger in an oscillatory manner, and Zhengzhou cotton is expected to maintain a slightly stronger oscillatory trend in the short - term, but with limited upward space [9]. 3. Summary by Relevant Catalogs 3.1 Market Information - **Futures Market**: For cotton futures, the closing prices of CF01, CF05, and CY05 contracts increased, while CF09, CY09 decreased, and CY01 had a small increase. For volume, most contracts showed a decrease. In terms of open interest, most also decreased. For cotton yarn futures, similar trends were observed in terms of price, volume, and open interest changes [3]. - **Spot Market**: The CCIndex3128B price increased by 143 yuan/ton, Cot A increased by 0.50 cents/pound, and the price of polyester staple fiber increased by 70 yuan/ton. Other spot prices remained stable or decreased slightly [3]. - **Spreads**: In cotton and cotton yarn inter - delivery spreads, there were different changes in spreads between different delivery months. In cross - variety spreads, the CY - CF spreads also changed, and the internal - external spreads of cotton and yarn also had corresponding fluctuations [3]. 3.2 Market News and Views - **Cotton Market News** - By the week ending August 30, Brazil's cotton harvest progress was 72.8%, 12.5 percentage points higher than the previous week but 14.8% slower than the same period last year. The progress in major producing states was slow, but sunny weather in Mato Grosso is expected to speed up the harvest [6]. - As of the week ending September 1, 2025, India's weekly cotton market volume was 0.7 million tons, a year - on - year decline of 87%. The cumulative market volume in the 2024/25 season was 5.1749 million tons, a year - on - year decline of 5%. The final market volume is expected to be around 5.2 - 5.22 million tons [6]. - Pakistan's cotton imports in the 2024 - 2025 season increased from 683,000 tons to 814,000 tons, and the year - on - year growth rate increased from 233% to 298% [7]. - The total amount of sliding - duty processing trade quotas for cotton imports in 2025 is 200,000 tons, and they will be issued based on contracts [7]. - **Trading Logic**: After the Sino - US talks, tariffs are likely to be extended for 90 days, and China's anti - involution policies have a positive impact on commodities. On the supply side, whether additional sliding - duty quotas will be issued is the main influencing factor. On the demand side, demand is expected to improve in August as it shifts from the off - season to the peak season. If demand is weaker than expected, it will be negative for Zhengzhou cotton [8]. - **Trading Strategies** - **Single - side**: The U.S. cotton is expected to be slightly stronger in an oscillatory manner, and Zhengzhou cotton is expected to maintain a slightly stronger oscillatory trend in the short - term with limited upward space [9]. - **Arbitrage**: Adopt a wait - and - see approach [9]. - **Options**: Adopt a wait - and - see approach [10]. - **Cotton Yarn Industry News** - The trading volume in the pure - cotton yarn market is average. After the decline of Zhengzhou cotton, the market sentiment is cautious, and downstream purchases are mainly for rigid demand. The price of pure - cotton yarn is expected to be stable [12]. - The trading volume in the all - cotton grey fabric market has not recovered as well as in previous years. Mills reported limited order increases, especially in foreign orders. It is difficult to raise the price of grey fabrics, and mills mostly choose to wait and see. If the raw material price continues to rise, mills may try to raise prices [12]. 3.3 Options - **Option Contract Data**: On September 2, 2025, for options such as CF601C14000.CZC, CF601P13600.CZC, and CF601P13400.CZC, there were different changes in closing prices, implied volatilities, and other indicators [14]. - **Volatility**: The 120 - day HV of cotton decreased slightly compared to the previous day. The implied volatilities of different option contracts were around 11.3% - 11.6% [14]. - **Option Strategy Suggestion**: The PCR of the main contract of Zhengzhou cotton showed certain values, and the trading volumes of both call and put options increased. It is recommended to adopt a wait - and - see approach for options [15][16]. 3.4 Relevant Attachments - The report provides multiple charts including the internal - external cotton price spread under 1% tariff, the basis of different delivery months of cotton, the spread between cotton yarn and cotton futures, and the inter - delivery spreads of cotton futures, showing the historical trends of relevant data [17][23][25][30]

Group 1: Report Industry Investment Rating - Not provided Group 2: Core View of the Report - In the short - term, the market is likely to maintain a slightly stronger oscillating trend. The future trend of US cotton is expected to be slightly stronger with oscillations, and Zhengzhou cotton is expected to maintain a slightly stronger oscillating trend in the short - term, but the upward space is relatively limited. The trading strategy for options is to sell put options, and for arbitrage, it is to wait and see [8][9][12] Group 3: Summary by Relevant Catalogs Market Information - **Futures Disk**: For cotton futures, the closing prices of CF01, CF05, and CF09 contracts decreased by 20, and the closing price of CY01 increased by 5, CY05 remained unchanged, and CY09 decreased by 35. The trading volumes and open interests of each contract also had corresponding changes. For example, the trading volume of CF01 decreased by 94,563, and the open interest increased by 3,455 [3] - **Spot Price**: The CCIndex3128B price was 15,334 yuan/ton, up 91; the CY IndexC32S price was 20,760, up 20. The Cot A price was 78.90 cents/pound, unchanged; the FCY IndexC33S price was 21,880, down 11. Other spot prices also had corresponding changes [3] - **Spreads**: In cotton spreads, the 1 - 5 month spread was 45 with no change, the 5 - 9 month spread was 275 with no change, and the 9 - 1 month spread was - 320 with no change. In yarn spreads, the 1 - 5 month spread was - 235, up 5, the 5 - 9 month spread was 315, up 35, and the 9 - 1 month spread was - 80, down 40. The CY01 - CF01 spread was 6,060, up 25, and the 1% tariff internal - external cotton spread was 1,437, up 99 [3] Market News and Views - **Cotton Market News** - As of August 23, Brazil's cotton harvesting progress was 60.3%, up 11.4 percentage points week - on - week, 15.8% slower than last year, mainly due to the lag in Mato Grosso [6] - As of August 24, the boll - setting rate of US cotton was 81%, 7 percentage points slower than last year and 6 percentage points slower than the five - year average. The flocculation rate was 20%, the same as last year and 2 percentage points slower than the five - year average. The excellent and good rate was 55%, 15 percentage points higher than last year and 11 percentage points higher than the five - year average [6] - As of August 25, India's weekly cotton market volume was 0.8 million tons, down 20% year - on - year. The cumulative market volume in the 2024/25 season was 5.1675 million tons, down 4% year - on - year. The CAI cumulative market volume reached 98% of the 24/25 season forecast balance sheet output, the same as last year [7] - In 2025, the total volume of the sliding - scale duty processing trade quota for cotton imports is 200,000 tons, and it will be issued on a contract - based application basis [7] - **Trading Logic**: After the recent China - US talks, tariffs are likely to be extended by 90 days, and the short - term tariff impact may weaken. China's anti - involution policies have a certain positive impact on commodities. On the supply side, cotton supply is still tight, and whether to issue additional sliding - scale duty quotas in the future will be the main influencing factor. On the demand side, demand is expected to improve from the off - season to the peak season in August. If demand is lower than expected, it will have a negative impact on Zhengzhou cotton [8] - **Trading Strategy** - **Single - side**: The future trend of US cotton is likely to be slightly stronger with oscillations, and Zhengzhou cotton is expected to maintain a slightly stronger oscillating trend in the short - term, but the upward space is limited [9] - **Arbitrage**: Wait and see [10] - **Options**: Sell put options [12] - **Cotton Yarn Industry News** - Recently, the transaction in the pure cotton yarn market is okay, and spinning mills are selling at reasonable prices to reduce inventory, but there is still resistance to price increases. The market is worried about large - scale spinning mills' low - price promotions in early September, and the yarn price is expected to be stable in the short - term [12] - The price of the pure cotton grey fabric market is stable with a weak trend, the overall transaction atmosphere is still weak, and fabric mills are mainly digesting inventory. Most fabric mills still have large inventory pressures, and the order improvement is not sustainable. The dyeing factory's order scheduling recovery is limited and weaker than in previous years [12] Options - **Volatility**: Today, the 120 - day HV of cotton increased slightly compared to the previous day. The implied volatility of CF601 - C - 14000 was 10.5%, CF601 - P - 13600 was 9.8%, and CF601 - P - 13400 was 10.1% [14] - **Option Strategy Suggestion**: Today, the PCR of the main contract of Zhengzhou cotton was 0.7560, and the PCR of the trading volume of the main contract was 0.6197. The trading volumes of both call and put options increased. The option strategy is to sell put options [15][16] Relevant Attachments - The report provides multiple charts, including the 1% tariff internal - external cotton price spread, cotton 1 - month basis, cotton 5 - month basis, cotton 9 - month basis, CY05 - CF05 spread, CY01 - CF01 spread, CF9 - 1 spread, and CF5 - 9 spread [17][24][27]

Group 1: Report Overview - Report Title: Cotton and Cotton Yarn Daily Report [2] - Date: August 21, 2024 [2] - Researcher: Liu Qiannan [2] Group 2: Market Information Futures Market - CF01 contract closed at 14030, down 25; trading volume was 145,497 lots, a decrease of 137,731 lots; open interest was 481,950 lots, an increase of 3,484 lots [3] - CF05 contract closed at 14005, down 35; trading volume was 5,618 lots, a decrease of 11,691 lots; open interest was 54,311 lots, an increase of 863 lots [3] - CF09 contract closed at 13770, down 30; trading volume was 23,693 lots, a decrease of 21,059 lots; open interest was 96,107 lots, a decrease of 9,010 lots [3] - CY01 contract closed at 20055, down 30; trading volume was 54 lots, a decrease of 86 lots; open interest was 373 lots, a decrease of 23 lots [3] - CY05 contract closed at 20290; trading volume was 1 lot; open interest was 4 lots [3] - CY09 contract closed at 20025, down 20; trading volume was 108 lots, a decrease of 86 lots; open interest was 662 lots, a decrease of 38 lots [3] Spot Market - CCIndex3128B was priced at 15,210 yuan/ton, down 33 yuan; CY IndexC32S was 20,700 yuan, unchanged [3] - Cot A was 78.95 cents/pound, down 0.35 cents; FCY IndexC33S was 22,045 yuan, down 88 yuan [3] - (FC Index):M: arrival price was 76.85 cents/pound, down 0.30 cents; Indian S - 6 was 54,000 yuan, unchanged [3] - Polyester staple fiber was 7,450 yuan, up 70 yuan; pure polyester yarn T32S was 11,030 yuan, unchanged [3] - Viscose staple fiber was 12,900 yuan, unchanged; viscose yarn R30S was 17,250 yuan, unchanged [3] Spreads - Cotton inter - month spreads: 1 - 5 spread was 25, up 10; 5 - 9 spread was 235, down 5; 9 - 1 spread was - 260, down 5 [3] - Cotton yarn inter - month spreads: 1 - 5 spread was - 235, down 20,320; 5 - 9 spread was 265, up 20,310; 9 - 1 spread was - 30, up 10 [3] - Cross - variety spread: CY01 - CF01 was 6025, down 5; CY05 - CF05 was 6285, up 20,325; CY09 - CF09 was 6255, up 10 [3] - Domestic - foreign spreads: 1% tariff cotton spread was 1304, up 4; sliding - scale tariff cotton spread was 653, down 7; domestic - foreign yarn spread was - 1345, up 88 [3] Group 3: Market News and Views Cotton Market News - As of the week ending August 18, 2025, India's weekly cotton market volume was 46,000 tons, a year - on - year increase of 401%; the cumulative market volume in the 2024/25 season was 5.1596 million tons, a year - on - year decrease of 4% [6] - From August 14 - 20, 2025, the weekly rainfall in India's major cotton - producing areas (93.6%) was 108.2mm, 60mm higher than normal and 71mm higher than the same period last year [6] - As of July 31, 2025, CAI's assessment of India's 2024/25 cotton balance sheet showed an increase in initial inventory by 150,000 tons, demand by 100,000 tons, exports by 20,000 tons, and ending inventory by 30,000 tons compared to the previous month's assessment [7] Trading Logic - After recent China - US talks, tariffs are likely to be extended by 90 days, with a weakened short - term impact; China's anti - involution policies have a positive impact on commodities [8] - On the supply side, cotton supply remains tight, and the issuance of sliding - scale tariff quotas will be a key factor; on the demand side, demand is expected to improve from the off - season to the peak season in August [8] - In general, the short - term market is likely to maintain a slightly bullish and volatile trend [8] Trading Strategies - Unilateral: US cotton is likely to be slightly bullish and volatile, and Zhengzhou cotton is expected to maintain a slightly bullish and volatile trend in the short term but with limited upward space [9] - Arbitrage: Hold a wait - and - see attitude [10] - Options: Sell put options [11] Cotton Yarn Industry News - The pure cotton yarn market has seen some transactions recently, with increased downstream replenishment purchases, but overall it is still average, and feedback from spinning mills varies [11] - Cotton yarn prices are strong and stable with a slight increase, but there is no obvious increase in downstream orders yet [11] - The demand for cotton grey fabrics has not improved significantly, with no improvement in downstream inquiries and sampling; the shipment speed of weaving factories has not accelerated, and the enthusiasm of traders to purchase has not increased [13] Group 4: Options - As of August 21, 2025, for option contract CF601C14000.CZC, the underlying contract price was 14,030 yuan, the closing price was 338 yuan, up 0.9%, with an implied volatility (IV) of 10.5% [14] - For option contract CF601P13600.CZC, the underlying contract price was 14,030 yuan, the closing price was 138 yuan, down 9.8%, with an IV of 10.1% [14] - For option contract CF601P13400.CZC, the underlying contract price was 14,030 yuan, the closing price was 85 yuan, down 18.3%, with an IV of 10% [14] - The 120 - day historical volatility (HV) of cotton on this day was 10.2496, slightly higher than the previous day [14] - The PCR of the main contract of Zhengzhou cotton was 0.7867, and the volume PCR was 0.6430, with an increase in both call and put trading volumes [15] - Option strategy suggestion: Sell put options [16] Group 5: Related Attachments - Figures include 1% tariff domestic - foreign cotton price spread, cotton January basis, cotton May basis, cotton September basis, CY05 - CF05 spread, CY01 - CF01 spread, CF9 - 1 spread, and CF5 - 9 spread [18][22][25][29]

Group 1: Report Overview - Report Title: Cotton and Cotton Yarn Daily Report - Date: August 20, 2024 - Researcher: Liu Qiannan [2] Group 2: Market Information Futures Market - CF01 contract closed at 14,055, down 45; trading volume was 283,228 lots, an increase of 136,381 lots; open interest was 478,466 lots, a decrease of 10,082 lots [3] - CY01 contract closed at 20,085, down 55; trading volume was 140 lots, an increase of 15 lots; open interest was 396 lots, an increase of 24 lots [3] Spot Market - CCIndex3128B was 15,240 yuan/ton, up 6; CY IndexC32S was 20,700 yuan/ton, unchanged [3] - Cot A was 79.30 cents/pound, up 0.15; FCY IndexC33S was 22,045 yuan/ton, down 88 [3] Spreads - Cotton inter - month spread: 1 - 5 month spread was 15, down 5; 5 - 9 month spread was 240, down 20; 9 - 1 month spread was - 255, up 25 [3] - Yarn inter - month spread: 1 - 5 month spread was 20,085, down 55; 5 - 9 month spread was - 20,045, up 50; 9 - 1 month spread was - 40, up 5 [3] - Cross - variety spread: CY01 - CF01 was 6,030, down 10; CY05 - CF05 was - 14,040, up 40; CY09 - CF09 was 6,245, down 30 [3] - Domestic - foreign spread: 1% tariff domestic - foreign cotton spread was 1,300, up 41; sliding - scale domestic - foreign cotton spread was 660, up 28; domestic - foreign yarn spread was - 1,345, up 88 [3] Group 3: Market News and Views Cotton Market News - As of August 16, Brazil's cotton harvest progress was 48.9% (98% of the area), a 9.9 - percentage - point increase from the previous week, 16.3% slower than last year [6] - As of August 16, 2025, India's 2025/26 cotton planting area was 10.696 million hectares, a 3.7% year - on - year decrease [6] - As of July 31, 2025, CAI's assessment of India's 2024/25 cotton balance sheet showed an increase in beginning inventory by 150,000 tons, demand by 100,000 tons, exports by 20,000 tons, and ending inventory by 30,000 tons compared to the previous month [7] Trading Logic - Macro: After recent China - US talks, tariffs are likely to be extended for 90 days, and China's anti - involution policies have a positive impact on commodities [8] - Fundamentals: Supply is tight, and the issuance of sliding - scale tariff quotas is a key factor; demand is expected to improve from the off - season to the peak season in August, but if it falls short of expectations, it will be negative for Zhengzhou cotton [8] - Overall: The short - term market is likely to be slightly bullish and volatile [8] Trading Strategies - Unilateral: US cotton is likely to be slightly bullish and volatile, and Zhengzhou cotton is expected to be slightly bullish and volatile in the short term with limited upside [9] - Arbitrage: Wait and see [10] - Options: Sell put options [11] Cotton Yarn Industry News - Pure - cotton yarn market: Recent transactions are fair, spinning mills' inventory has decreased slightly, but profit margins have not improved significantly, with inland spinning mills' cash - flow losses at around 500 yuan/ton; short - term yarn prices are expected to be stable [13] - Cotton gray fabric market: Demand has not improved continuously, weaving mills' shipment speed is average, and traders' purchasing enthusiasm is low; inventory is slowly decreasing [13] Group 4: Options Option Data - On August 20, 2025, for CF601C14000.CZC, the underlying contract price was 14,055, the closing price was 363, down 7.9%, IV was 10.7%, Delta was 0.5385, etc. [15] - The 120 - day HV of cotton was 10.2651, with a slight increase from the previous day; the implied volatility of CF601 - C - 14000 was 10.7%, CF601 - P - 13600 was 10.4%, and CF601 - P - 13400 was 10.4% [15] Option Strategies - The PCR of the main contract of Zhengzhou cotton was 0.7956 for open interest and 0.8463 for trading volume; both call and put trading volumes increased [16] - Recommendation: Sell put options [17]

Report Summary 1. Report Industry Investment Rating There is no information provided regarding the report industry investment rating. 2. Core View of the Report - Short - term market利多 factors for Zhengzhou cotton (郑棉) are relatively clear. It is expected that the downward space of Zhengzhou cotton is limited, and it will probably maintain a slightly stronger oscillating trend. The future trend of US cotton is likely to be slightly stronger in oscillation, while Zhengzhou cotton is expected to maintain a slightly stronger oscillating trend in the short term but with limited upward space [8][9]. 3. Summary by Relevant Catalogs Market Information - **Futures Market**: For cotton futures, CF01 closed at 14100 with a decline of 25, CF05 at 14080 with a decline of 5, and CF09 at 13820 with a decline of 10. For cotton yarn futures, CY01 closed at 20140 with a decline of 25, CY05 at 20330 with no change, and CY09 at 20095 with a decline of 25. Volume and open - interest changes varied among contracts [3]. - **Spot Market**: CCIndex3128B was priced at 15243 yuan/ton with an increase of 27, Cot A at 79.15 cents/pound with a decline of 0.25. Different yarn and fiber products also had their respective price changes [3]. - **Spreads**: Cotton and cotton yarn inter - month spreads and cross - variety spreads showed different changes. For example, the 1 - 5 month spread of cotton was 20 with a decline of 20, and the CY01 - CF01 spread was 6040 with no change [3]. Market News and Views - **Cotton Market News** - As of August 17, the budding rate of US cotton in 15 major cotton - growing states was 97%, 1 percentage point slower than last year and 4 percentage points faster than the five - year average. The boll - setting rate was 73%, 10 percentage points slower than last year and 7 percentage points slower than the five - year average. The boll - opening rate was 13%, 5 percentage points slower than last year and 3 percentage points slower than the five - year average. The good - quality rate was 55%, 13 percentage points higher than last year and 10 percentage points higher than the five - year average [6]. - As of the week ending August 16, the total harvesting progress of Brazilian cotton was 48.9%, an increase of 9.9 percentage points from the previous week but 16.3% slower than last year. The Brazilian National Commodity Supply Company (CONAB) slightly reduced the production forecast for the 2024/25 season to 3.935 million tons [6][7]. - **Trading Logic**: Macroscopically, after the China - US talks, tariffs are likely to be extended for 90 days, weakening the short - term tariff impact. The domestic anti - involution policy has a positive impact on commodities. Fundamentally, the cotton supply is still tight, and the key factor for supply is whether additional sliding - scale tariff quotas will be issued. In August, demand is expected to improve from the off - season to the peak season. If demand fails to meet expectations, it will have a negative impact on Zhengzhou cotton [8]. - **Trading Strategies** - **Single - side**: It is expected that the future trend of US cotton will be slightly stronger in oscillation, and Zhengzhou cotton will maintain a slightly stronger oscillating trend in the short term but with limited upward space [9]. - **Arbitrage**: Adopt a wait - and - see approach [10]. - **Options**: Sell put options [11]. - **Cotton Yarn Industry News** - The Zhengzhou cotton market has been oscillating recently. The overall market of pure - cotton yarn has improved but is still mediocre. There is resistance to price increases, and market confidence is average. Spinning mills focus on sales, with inland spinning mills operating at low capacity, stable overall operation, and slightly reduced inventory [13]. - The overall demand for all - cotton gray fabrics has not been fully released. Although some report an improvement compared to July, most fabric mills say sales are still slow, with few actual orders. The production enthusiasm of some local fabric mills has slightly recovered, and the operating rate has increased, but it is expected to be difficult to further recover [13]. Options - **Option Data**: The implied volatility of CF601C14000.CZC was 10.2%, CF601P13600.CZC was 10.3%, and CF601P13400.CZC was 10.3%. The 120 - day historical volatility (HV) of cotton increased slightly compared to the previous day [15]. - **Option Strategy Suggestion**: The position PCR of the main contract of Zhengzhou cotton was 0.7849, and the trading volume PCR was 0.7600. Both the trading volumes of call and put options increased. The option strategy is to sell put options [16][17].

Group 1: Report General Information - Report Name: Cotton, Cotton Yarn Daily Report [2] - Date: August 13, 2024 [2] - Researcher: Liu Qiannan [2] Group 2: Market Information Futures Market - CF01 contract closed at 14130, up 150, with a trading volume of 359,282 hands (an increase of 175,100) and an open interest of 455,926 (an increase of 42,969) [3] - CF05 contract closed at 14090, up 180, with a trading volume of 19,441 hands (an increase of 10,428) and an open interest of 38,510 (an increase of 6,918) [3] - CF09 contract closed at 13830, up 95, with a trading volume of 131,743 hands (an increase of 35,958) and an open interest of 179,148 (a decrease of 32,545) [3] - CY01 contract closed at 20165, up 185, with a trading volume of 301 hands (an increase of 95) and an open interest of 385 (an increase of 57) [3] - CY05 contract closed at 20345, up 275, with a trading volume of 13 hands (an increase of 10) and an open interest of 6 (an increase of 1) [3] - CY09 contract closed at 20115, up 120, with a trading volume of 389 hands (a decrease of 117) and an open interest of 1112 (a decrease of 188) [3] Spot Market - CCIndex3128B was priced at 15,188 yuan/ton, up 27 [3] - Cot A was priced at 78.20 cents/pound, up 0.20 [3] - (FC Index):M: arrival price was 76.05 cents/pound, up 0.10 [3] - Polyester staple fiber was priced at 7,450 yuan/ton, up 70 [3] - Viscose staple fiber was priced at 12,900 yuan/ton, unchanged [3] - CY IndexC32S was priced at 20,620 yuan/ton, down 20 [3] - FCY IndexC33S was priced at 22,149 yuan/ton, up 19 [3] - Indian S - 6 was priced at 54,000 yuan/ton, unchanged [3] - Pure polyester yarn T32S was priced at 11,030 yuan/ton, unchanged [3] - Viscose yarn R30S was priced at 17,250 yuan/ton, unchanged [3] Spreads - Cotton inter - month spreads: 1 - 5 spread was 40, down 30; 5 - 9 spread was 260, up 85; 9 - 1 spread was - 300, down 55 [3] - Cotton yarn inter - month spreads: 1 - 5 spread was - 180, down 90; 5 - 9 spread was 230, up 155; 9 - 1 spread was - 50, down 65 [3] - Cross - variety spread: CY01 - CF01 spread was 6035, up 35; CY05 - CF05 spread was 6255, up 95; CY09 - CF09 spread was 6285, up 25 [3] - Domestic - foreign spreads: 1% tariff domestic - foreign cotton spread was 1413, down 23; sliding - scale tariff domestic - foreign cotton spread was 714, down 12; domestic - foreign cotton yarn spread was - 22149, down 20639 [3] Group 3: Market News and Views Cotton Market News - In the US cotton main production areas (accounting for 92.9% of the output), the average temperature was 82.14°F, 3.25°F lower than the same period last year, and the average rainfall was 0.72 inches, 0.11 inches higher than the same period last year. In Texas, the average temperature was 86.22°F, 1.17°F lower than the same period last year, and the average rainfall was 0.4 inches, 0.18 inches higher than the same period last year. The cotton growth rate was slightly behind, but the growth quality was good [6] - According to the latest USDA production and sales forecast, in August, the global cotton output was adjusted down by 390,000 tons to 25.39 million tons, the total consumption decreased by 30,000 tons to 25.69 million tons, and the ending inventory decreased by 740,000 tons to 16.09 million tons [6] - The estimated US cotton planting area in August was 9.28 million acres, a decrease of 840,000 acres from the previous month. The abandonment rate increased by 6.26%, and the yield per acre increased by 53 pounds to 862 pounds [6] Trading Logic - Macroeconomically, after the recent China - US talks, the current tariffs are expected to be extended by 90 days with a high probability, and the short - term impact of tariffs may be weakened. China's anti - involution policies have a certain positive impact on commodities. Fundamentally, the current cotton supply is still tight, and whether the market will issue additional sliding - scale tariff quotas in the future will be the main influencing factor on the supply side. In August, demand will gradually shift from the off - season to the peak season, and demand is expected to improve. If demand fails to meet expectations, it will have a certain negative impact on Zhengzhou cotton. Overall, short - term market bullish factors are relatively clear, and it is expected that the downward space of Zhengzhou cotton is limited, and it will probably maintain a slightly stronger oscillating trend [7] Trading Strategies - Unilateral: It is expected that the future trend of US cotton will probably be slightly stronger in oscillation, and Zhengzhou cotton is expected to maintain a slightly stronger oscillating trend in the short term, but the upward space is relatively limited [8] - Arbitrage: Wait and see [9] - Options: Sell put options [10] Cotton Yarn Industry News - This week, Zhengzhou cotton rebounded. With the approaching peak season, the pure cotton yarn market has slightly improved, with fewer low - price resources and a slightly higher trading center. However, market operations are still cautious, and downstream fabric mills and traders have not made large - scale replenishment. It is expected that yarn prices will remain stable in the short term [10] - The overall demand for all - cotton grey fabrics has not been significantly released. Only some areas reported a slight improvement in demand compared with July. Fabric mills said they were actively clearing inventories, and the growth rate of grey fabric inventory has decreased. Fabric mills reported an increase in samples, but most real orders have not been placed. Prices are mainly stable, and real - order prices are still negotiated based on quantity. Continuously monitor market dynamics [10] Group 4: Options Option Contract Information - On August 13, 2025, the CF601C14000.CZC option contract had a closing price of 396.00, up 34.7%, with an implied volatility of 10.2% [14] - The CF601P13600.CZC option contract had a closing price of 131.00, down 24.3%, with an implied volatility of 10.3% [14] - The CF601P13400.CZC option contract had a closing price of 82.00, down 31.7%, with an implied volatility of 10.3% [14] Volatility and Strategy - Today, the 120 - day HV of cotton was 10.2534, and the volatility slightly increased compared with the previous day. The implied volatility of CF601 - C - 14000 was 10.2%, that of CF601 - P - 13600 was 10.3%, and that of CF601 - P - 13400 was 10.3% [14] - Today, the position PCR of the main Zhengzhou cotton contract was 0.7270, and the trading volume PCR of the main contract was 0.2862. The trading volumes of both call and put options increased. The option strategy is to sell put options [15][16]

Group 1: Report Overview - Report Title: Cotton and Cotton Yarn Daily Report [2] - Date: July 15, 2024 [2] - Researcher: Liu Qiannan [2] Group 2: Market Information Futures Market - CF01 closed at 13820 with a 5-point increase, volume of 59,553 hands (up 21286), and open interest of 215,751 (up 1145) [3] - CF05 closed at 13785 with a 5-point decrease, volume of 1,874 hands (up 958), and open interest of 10,369 (up 132) [3] - CF09 closed at 13850 with a 25-point decrease, volume of 207,411 hands (up 68734), and open interest of 546,688 (down 11044) [3] - CY01 closed at 20035 with a 35-point decrease, volume of 21 hands (down 15), and open interest of 92 (up 1) [3] - CY05 closed at 0 with no change, volume of 0 hands, and open interest of 2 (no change) [3] - CY09 closed at 20050 with a 70-point decrease, volume of 7077 hands (up 1693), and open interest of 21168 (down 1042) [3] Spot Market - CCIndex3128B was at 15302 yuan/ton, up 36 [3] - Cot A was at 78.05 cents/pound, down 0.40 [3] - (FC Index):M: arrival price was at 76.62, down 0.30 [3] - Polyester staple fiber was at 7450 yuan/ton, up 70 [3] - Viscose staple fiber was at 12600 yuan/ton, no change [3] Spreads - Cotton inter - month spreads: 1 - 5 spread was 35 (up 10), 5 - 9 spread was - 65 (up 20), 9 - 1 spread was 30 (down 30) [3] - Cotton yarn inter - month spreads: 1 - 5 spread was 20035 (down 35), 5 - 9 spread was - 20050 (up 70), 9 - 1 spread was 15 (down 35) [3] - Cross - variety spreads: CY01 - CF01 was 6215 (down 40), CY05 - CF05 was (13785) (up 5), CY09 - CF09 was 6200 (down 45) [3] - Domestic - foreign spreads: 1% tariff domestic - foreign cotton spread was 1508 (up 77), sliding - scale tariff domestic - foreign cotton spread was 822 (up 53), domestic - foreign cotton yarn spread was - 1589 (down 14) [3] Group 3: Market News and Views Cotton Market News - As of the week ending July 12, Brazil's cotton harvest progress was 13.6% (up 6.3 percentage points week - on - week, 3.1 percentage points slower than last year) [6] - As of July 13, the budding rate of US cotton in 15 major planting states was 61% (1 percentage point slower than last year and the five - year average), the boll - setting rate was 23% (3 percentage points slower than last year, 1 percentage point slower than the five - year average), and the good - to - excellent rate was 54% (9 percentage points higher than last year, 8 percentage points higher than the five - year average) [6] - CONAB's July 2024/25 Brazilian cotton production forecast was 393.8 million tons (up 2.5 million tons from the previous month), with planted area at 2.0838 million hectares and yield at 126 kg/mu [6] Trading Logic - US cotton may be slightly weak in the short term but has potential upside due to possible trade negotiations and weather factors [7] - Zhengzhou cotton may face limited upside due to average downstream demand and potential additional sliding - scale tariff quotas, despite low current supply [7] Trading Strategy - Unilateral: US cotton is expected to be slightly bullish and range - bound, while Zhengzhou cotton is expected to be bullish and range - bound in the short term [8] - Arbitrage: Hold off [9] - Options: Sell put options [9][15] Cotton Yarn Industry News - The all - cotton greige fabric market has been sluggish, with low sales, high inventory, few orders, and low loom operation rates [11] - The pure - cotton yarn market has seen little change, with stable prices, low downstream purchases, and continued production cuts by inland spinning mills [11] Group 4: Options Option Data - CF509C13800.CZC closed at 180.00 (down 41.9%), with an implied volatility of 9.3% [13] - CF509P13600.CZC closed at 62.00 (down 50.8%), with an implied volatility of 9.7% [13] - CF509P13000.CZC closed at 16.00 (up 23.1%), with an implied volatility of 14.3% [13] Volatility - The 10 - day HV of Zhengzhou cotton was 3.2429, slightly lower than the previous day [13] Option Strategy - The PCR of the main Zhengzhou cotton contract's open interest was 0.9770, and the PCR of trading volume was 0.7034, with increased trading volume for both calls and puts and a rise in bearish sentiment [14] - Recommend selling put options [15]

Group 1: Report Overview - The report is an agricultural product daily report released on July 10, 2024, focusing on cotton and cotton yarn markets [2] Group 2: Market Information Futures Market - CF01 closed at 13810 with a 25-point increase, CF05 at 13790 (20-point increase), CF09 at 13865 (35-point increase), CY01 at 19980 (25-point increase), CY05 at 19915 (no change), and CY09 at 20030 (45-point increase) [3] - Trading volumes and open interest of various contracts showed different changes [3] Spot Market - CCIndex3128B was priced at 15196 yuan/ton with a 3-yuan increase, and Cot A was 78.15 cents/pound with a 0.60-cent decrease [3] - Price changes were also observed in other spot prices such as CY IndexC32S, FCY IndexC33S, etc [3] Price Spreads - Cotton and cotton yarn inter - period spreads and cross - variety spreads had different changes, e.g., the 1 - 5 spread of cotton was 20 with a 5 - point increase [3] Group 3: Market News and Views Cotton Market - As of June 23, 2025, the cotton planting area in India was 5.466 million hectares, 0.531 million hectares lower than the previous year, with a target of 12.95 million hectares [6] - During July 3 - 9, 2025, the weekly rainfall in Indian cotton - growing areas was 85.4mm, higher than normal and last year [6] - As of July 6, 2025, the weekly cotton listing volume in India was 13,000 tons, a 59% year - on - year decline, and the cumulative listing volume for 2024/25 was 4.9356 million tons, a 5% decline [7] - The current cotton commercial inventory and imports are at low levels, but the potential issuance of sliding - scale duty quotas and trade uncertainties may limit the upward space of Zhengzhou cotton [8] Trading Strategies for Cotton - Unilateral: US cotton is expected to be slightly bullish in a range, and Zhengzhou cotton is expected to be slightly bullish in the short term [9] - Arbitrage: Hold a wait - and - see attitude [11] - Options: Sell put options [11] Cotton Yarn Industry - The cotton yarn market is still sluggish with insufficient orders, and prices are expected to remain stable or slightly bullish [10] - The all - cotton grey fabric market is also quiet, with low production willingness of weaving factories [13] Group 4: Options - The 30 - day HV of cotton increased slightly today, and the implied volatilities of different options were 9.1%, 9.7%, and 13.8% respectively [15] - The PCR of the main contract of Zhengzhou cotton showed that the bearish sentiment in the market increased [16] - Option strategy: Sell put options [17] Group 5: Related Attachments - The report includes charts such as the price spread of domestic and foreign cotton under 1% tariff, cotton basis for different months, and spreads between cotton yarn and cotton contracts [18][19][20]