Group 1: Report Industry Investment Rating - No relevant information provided Group 2: Core Viewpoints of the Report - The current market contradictions are not significant. The previous expectation of a downward adjustment in the new - year cotton planting area has been reflected in the market. The cotton sales progress on the demand side is still fast, at a high level in the same period of previous years. Considering the approaching Spring Festival, the short - term change in the demand side is expected to be small. Supported by market bullish factors, the cotton fundamentals still have certain support. It is expected that Zhengzhou cotton will fluctuate slightly stronger in the short term [6]. - It is predicted that the US cotton will likely fluctuate within a range in the short - term, and Zhengzhou cotton will also fluctuate within a range. One can consider building long positions on dips and hold light positions during the Spring Festival. For arbitrage and options, it is recommended to wait and see [7][8][9] Group 3: Summary by Relevant Catalogs First Part: Market Information - **Futures Disk**: The prices of CF01, CF05, and CF09 contracts decreased by 70; the prices of CY05 and CY09 contracts decreased by 45 and 25 respectively, while the CY01 contract had no trading. The trading volume and open interest of each contract also had different changes [2]. - **Spot Price**: The CCIndex3128B price was 15,967 yuan/ton, down 45; Cot A was 72.80 cents/pound, and the price of other spot products also had corresponding fluctuations [2]. - **Price Difference**: There were different price differences in cotton and yarn across different periods and varieties, and the price differences also had corresponding changes. For example, the 1 - 5 month cotton inter - period spread was 530 with no change, and the CY05 - CF05 cross - variety spread was 5,750, up 25 [2]. Second Part: Market News and Views Cotton Market News - On February 11, 2026, the Xinjiang - bound cotton road transport price index was 0.1402 yuan/ton·km, remaining flat month - on - month. It is expected to remain relatively stable in the short term [4]. - In September 2025, the EU's clothing import value was 21.699 billion US dollars, a year - on - year increase of 14.21% and a month - on - month increase of 15.12%. In October, it was 20.407 billion US dollars, a year - on - year increase of 3.93% and a month - on - month decrease of 5.95%. The overall import volume remained high, but the unit price continued to decline [4]. - In January, the proportion of enterprises with an operating rate of 90% and above was 44.74%, a decrease of 6.37 percentage points from the previous month; the proportion of enterprises with an operating rate between 61% - 89% was 36.84%, an increase of 7.95 percentage points. The proportion of enterprises with an increased cotton consumption was 31.58%, a decrease of 1.75 percentage points; the proportion of those with a decreased cotton consumption was 23.68%, an increase of 3.68 percentage points [5]. Trading Logic - With minor market contradictions, the previous expectation of a reduced cotton planting area has been reflected. The cotton sales progress is fast, but considering the Spring Festival, the short - term demand change is expected to be small. Supported by bullish factors, Zhengzhou cotton is expected to fluctuate slightly stronger in the short term [6]. Trading Strategy - **Unilateral**: It is predicted that US cotton will likely fluctuate within a range in the short - term, and Zhengzhou cotton will also fluctuate within a range. One can consider building long positions on dips and hold light positions during the Spring Festival [7]. - **Arbitrage**: Wait and see [8]. - **Options**: Wait and see [9]. Cotton Yarn Industry News - The trading in the pure cotton yarn market has basically stopped, with only a small amount of goods moving in Xinjiang. Some spinning mills have raised their quotes, and inland spinning mills have started to have centralized holidays. The market for all - cotton grey fabrics has basically stopped, and most fabric mills have stopped quoting prices, with prices remaining stable for now [9]. Third Part: Options - **Option Contract Data**: On January 19, 2026, for options such as CF605C14600.CZC, CF605C14200.CZC, and CF605P13800.CZC, there were corresponding data on closing prices, price changes, implied volatility, etc [11]. - **Volatility**: The 60 - day HV of cotton yesterday was 9.2812, with a slight increase in volatility compared to the previous day. The implied volatility of different options was also provided [11]. - **Option Strategy**: The PCR of the main contract of Zhengzhou cotton yesterday was 0.8667, and the volume PCR of the main contract was 0.4688. The trading volume of both call and put options decreased today. It is recommended to wait and see [12][13]. Fourth Part: Relevant Attachments - The report provides relevant figures such as the price difference of domestic and foreign cotton under 1% tariff, the basis of cotton in January, May, and September, the price difference between CY05 and CF05, CY01 and CF01, and the price difference between CF9 - 1 and CF5 - 9 [14][18][23][25]

Morning session notice 早盘提示 Morning session notice 更多精彩内容请关注格林大华期货官方微信 重要事项: 本报告中的信息均源于公开资料，格林大华期货研究院对信息的准确性及完备性不作任何保 证，也不保证所包含的信息和建议不会发生任何变更。我们力求报告内容的客观、公正，但 文中的观点、结论和建议仅供参考，报告中的信息和意见并不构成所述期货合约的买卖出价 和征价，投资者据此作出的任何投资决策与本公司和作者无关，格林大华期货有限公司不承 担因根据本报告操作而导致的损失，敬请投资者注意可能存在的交易风险。本报告版权仅为 任何机构和个人不得以任何形式翻版 更多精彩内容请关注格林大华期货官方微信 格林大华期货研究院 证监许可【2011】1288 号 2026 年 02 月 12 日星期四 研究员： 王子健 从业资格：F03087965 交易咨询资格：Z0019551 联系方式：17803978037 | 板块 | 品种 | 多（空） | 推荐理由 【行情复盘】 | | --- | --- | --- | --- | | | | | 郑棉总成交 348681 持仓 104259 ...

行业 棉花 日期 2026 年 2 月 12 日 研究员：余兰兰 021-60635732 yulanlan@ccb.ccbfutures.com 期货从业资格号：F0301101 研究员：林贞磊 021-60635740 linzhenlei@ccb.ccbfutures.com 期货从业资格号：F3055047 研究员：王海峰 021-60635727 wanghaifeng@ccb.ccbfutures.com 期货从业资格号：F0230741 研究员：洪辰亮 021-60635572 hongchenliang@ccb.ccbfutures.com 期货从业资格号：F3076808 研究员：刘悠然 021-60635570 liuyouran@ccb.ccbfutures.com 期货从业资格号：F03094925 农产品研究团队 、 请阅读正文后的声明 ＃summary＃ 每日报告 郑棉窄幅震荡。现货方面，最新棉花价格指数 328 级在 16029 元/吨，较上一 交易日涨 41 元/吨。2025/26 南疆喀什机采 31 级双 29/杂 3 内主流基差暂多在 CF05+1000 及以上，少量低于该 ...

Morning session notice 早盘提示 Morning session notice 早盘提示 重要事项: 本报告中的信息均源于公开资料，格林大华期货研究院对信息的准确性及完备性不作任何保 证，也不保证所包含的信息和建议不会发生任何变更。我们力求报告内容的客观、公正，但 文中的观点、结论和建议仅供参考，报告中的信息和意见并不构成所述期货合约的买卖出价 和征价，投资者据此作出的任何投资决策与本公司和作者无关，格林大华期货有限公司不承 担因根据本报告操作而导致的损失，敬请投资者注意可能存在的交易风险。本报告版权仅为 任何机构和个人不得以任何形式翻版 如引用、转载、刊发，须注明出处为格林大华期货有限公司。 联系方式：17803978037 | 板块 | 品种 | 多（空） | 推荐理由 | 【行情复盘】 | | | | | | | | | | | | | | | | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | ...

行业 棉花 日期 2026 年 2 月 11 日 研究员：余兰兰 021-60635732 yulanlan@ccb.ccbfutures.com 期货从业资格号：F0301101 研究员：林贞磊 021-60635740 linzhenlei@ccb.ccbfutures.com 期货从业资格号：F3055047 研究员：王海峰 021-60635727 wanghaifeng@ccb.ccbfutures.com 期货从业资格号：F0230741 研究员：洪辰亮 021-60635572 hongchenliang@ccb.ccbfutures.com 期货从业资格号：F3076808 研究员：刘悠然 021-60635570 liuyouran@ccb.ccbfutures.com 期货从业资格号：F03094925 农产品研究团队 、 请阅读正文后的声明 ＃summary＃ 每日报告 据巴西国家商品供应公司(Conab)，截至 2 月 7 日当周，巴西 2025/26 年度棉花种植率为 88.1%，此前一周为 78.6%，上年同期为 87.4%，五年 均值为 62.3%。 请阅读正文后的声明 - 2 ...

1. Report Industry Investment Rating There is no information provided in the report regarding the industry investment rating. 2. Core View of the Report - The cotton fundamentals remain strong with an upward trend in the long - term. It is recommended to build long positions on dips. The expected reduction in Xinjiang's cotton planting area in 2026 and the upcoming textile projects in Xinjiang are factors influencing the market [6]. - In the short - term, both US cotton and Zhengzhou cotton are likely to trade in a range. The trading strategies suggest building long positions on dips for the unilateral trade, and adopting a wait - and - see approach for arbitrage and options [7]. 3. Summary by Relevant Catalogs 3.1 Market Information - **Futures Market**: The CF01, CF05, and CF09 contracts of cotton all decreased by 70, while the CY05 and CY09 contracts of cotton yarn decreased by 45 and 25 respectively. The CY01 contract had no trading volume. The trading volume of most contracts decreased, and the open interest of some contracts changed. For example, the open interest of the CF01 contract increased by 84, and that of the CF05 contract decreased by 270 [2]. - **Spot Market**: The CCIndex3128B price was 15,967 yuan/ton, down 45; the CY IndexC32S price was 21,455 yuan, unchanged. The prices of other varieties such as Cot A, FCY IndexC33S, etc., also had corresponding changes [2]. - **Spreads**: In the cotton and cotton yarn markets, there were changes in cross - period spreads and cross - variety spreads. For example, the 1 - 5 month spread of cotton was 530, unchanged; the CY05 - CF05 spread was 5,750, up 25 [2]. 3.2 Market News and Views Cotton Market News - As of January 22, 2026, the sowing progress of Brazil's 2025/26 cotton was 55.5%. As of February 6, the planting was 88.1% complete, up 9.5 percentage points month - on - month, 0.7 percentage points faster year - on - year, and 3.6 percentage points slower than the three - year average. The planting progress in Mato Grosso and Bahia is in the middle - late stage [4]. - As of the week of February 6, 2026, the cumulative inspection volume of US upland cotton + Pima cotton was 2.9894 million tons, accounting for 98.7% of the estimated annual US cotton output, 6% slower year - on - year. The inspection progress of upland cotton was 98.6%, down 5% year - on - year; that of Pima cotton was 99.5%, 17% slower year - on - year. The weekly deliverable ratio was 78.1%, and the quarterly deliverable ratio was 81.8%, 1.2 percentage points higher year - on - year [5]. Trading Logic - According to the National Bureau of Statistics, Xinjiang's cotton planting area in 2025 was 38.87 million mu. It is expected to decrease by 2.66 million mu to 36.21 million mu in 2026, a reduction of 7%. Some large - scale planters have received relevant notices. Several large textile projects are expected to be launched in Xinjiang this year, which is beneficial to cotton consumption [6]. Trading Strategies - **Unilateral**: It is expected that US cotton will trade in a range in the short - term, and Zhengzhou cotton will also trade in a range. It is advisable to build long positions on dips. - **Arbitrage**: Adopt a wait - and - see approach. - **Options**: Adopt a wait - and - see approach [7]. Cotton Yarn Industry News - The trading in the pure cotton yarn market has become quiet, with more spinning mills on holiday. Yarn prices are generally stable, and some spinning mills have slightly increased their quotes. - The full - cotton grey fabric market is getting more festive, and the market remains sluggish. Traders are gradually returning home. Some weaving mills report that post - holiday orders are fewer than in previous years. Weaving mills continue to stop production and reduce loads, and there is expected to be no significant change before the Spring Festival [9]. 3.3 Options - **Option Contract Information**: On January 19, 2026, for options such as CF605C14600.CZC, CF605C14200.CZC, and CF605P13800.CZC, the closing prices decreased by 16.9%, 17.7%, and 34.1% respectively, and the implied volatilities were 13.3%, 11.3%, and 11.2% respectively [11]. - **Volatility and Volume PCR**: The 60 - day HV of cotton yesterday was 9.2812, with a slight increase in volatility. The PCR of the main contract of Zhengzhou cotton yesterday was 0.8667, and the volume PCR was 0.4688. The trading volumes of both call and put options decreased today [11][12]. - **Option Strategy**: Adopt a wait - and - see approach [13].

Report Summary 1. Report Industry Investment Rating - Not provided in the content 2. Core View of the Report - ICE US cotton futures ended eight consecutive days of decline, with the 03 contract settling at 61.61 cents, up 0.9%. As the Spring Festival approaches, market trading is light, with fewer new orders for enterprises. Rising freight costs and logistics pressure restrict market activity, leading to a strong wait - and - see sentiment. Overall, the main Zheng cotton contract will remain volatile before the Spring Festival [2]. 3. Summary by Relevant Catalogs 3.1. Market Quotes - Zheng cotton's total trading volume is 334,671, and the open interest is 1,046,048. The settlement prices are 14,615 for the May contract, 14,730 for the September contract, and 15,130 for the January contract. The ICE March contract settled at 61.61 cents, up 55 points; the May contract at 63.76 cents, up 72 points; the July contract at 65.45 cents, up 62 points, with a trading volume of about 131,000 lots [2]. 3.2. Important News - On January 29, spinning enterprises in the Bazhou area of southern Xinjiang purchased Class 31 double - 29 machine - picked new cotton with less than 2.7% impurity in the Xinjiang warehouse. The basis price of the 2605 contract was 1,150 - 1,250 yuan/ton, and the pick - up price was 16,050 - 16,200 yuan/ton, up about 50 - 100 yuan/ton from the previous day [2]. - According to US Department of Commerce data, in November 2025, US retail sales of clothing and clothing accessories (seasonally adjusted) were $27.493 billion, a year - on - year increase of 7.54% (down - adjusted to $25.565 billion in the same period last year) and a month - on - month increase of 0.88% (up - adjusted to $27.254 billion last month) [2]. - As of the week of January 29, the net signing of US upland cotton for this year was 57,000 tons, and the shipment was 53,000 tons. The net signing to China was 8,000 tons, and the shipment was 4,000 tons [2]. - So far this year, the Cotton Corporation of India (CCI) has cumulatively purchased about 4.37 million tons of seed cotton, with 34% from Telangana. Converted at a lint percentage of 35%, the cumulative purchase of CCI is equivalent to about 1.53 million tons of lint cotton [2]. - On January 29, the cotton yarn futures continued to increase in volume and reduce positions, with prices rising, and the spot price slightly increased. Zheng cotton remained stable, while cotton yarn futures rose significantly. The spot market prices were mostly stable with a small increase. Some spinning enterprises raised their quotes by 100 - 300 yuan/ton, but most maintained their quotes, mainly because there was pressure for the price increase of medium - and low - count yarns [2]. 3.3. Market Logic - ICE US cotton futures ended the decline, and as the Spring Festival approaches, market trading is light, with fewer new orders and rising freight and logistics pressure, resulting in a wait - and - see sentiment. The main Zheng cotton contract will remain volatile before the Spring Festival [2]. 3.4. Trading Strategy - The 05 contract will operate in the range of 14,500 - 15,000 yuan/ton [2].

行业 棉花 日期 2026 年 2 月 10 日 研究员：余兰兰 021-60635732 yulanlan@ccb.ccbfutures.com 期货从业资格号：F0301101 研究员：林贞磊 021-60635740 linzhenlei@ccb.ccbfutures.com 期货从业资格号：F3055047 研究员：王海峰 021-60635727 wanghaifeng@ccb.ccbfutures.com 期货从业资格号：F0230741 研究员：洪辰亮 021-60635572 hongchenliang@ccb.ccbfutures.com 期货从业资格号：F3076808 研究员：刘悠然 021-60635570 liuyouran@ccb.ccbfutures.com 期货从业资格号：F03094925 农产品研究团队 、 请阅读正文后的声明 ＃summary＃ 每日报告 一、行情回顾与操作建议 | 表1：行情回顾 | | --- | 国际市场，CFTC 美棉基金净持仓周环比下降，周度签约装运稳中向好，关注 2 月供需报告调整。国内市场，截至 2 月 8 日全国棉花累积公检 745.27 ...

F03118729、F3013727 投资咨询证号： Z0022817、Z0014425 研究所 农产品研发报告 农产品日报 2026 年 02 月 09 日 研究员：王玺圳、刘倩楠 期货从业证号： 联系方式： :wangxizhen_qh@chin astock.com.cn 棉花、棉纱日报 第一部分 市场信息 | 期货盘面 | 收盘 | 涨跌幅 | 成交量(手) | 增减幅 | 空盘量 | 增减量 | | --- | --- | --- | --- | --- | --- | --- | | CF01合约 | 15140 | -70 | 472 | -452 | 5,483 | 84 | | CF05合约 | 14610 | -70 | 246,422 | -13325 | 700,704 | -270 | | CF09合约 | 14735 | -70 | 55,110 | -3624 | 169,643 | 4673 | | CY01合约 | 0 | 0 | 0 | 0 | 0 | 0 | | CY05合约 | 20360 | -45 | 6709 | -536 | 11525 | 360 | | CY ...

1. Report's Industry Investment Rating - The investment rating for the cotton in the agricultural, forestry, and livestock sector is "oscillation" [2] 2. Report's Core View - ICE US cotton futures closed lower, and the market is awaiting the release of the USDA monthly report. As the Spring Festival approaches, downstream weaving and printing and dyeing enterprises are gradually shutting down, leading to a weakening of the production and sales expectations for cotton yarn. The overall market trading has become sluggish, and the Zhengzhou cotton main contract is expected to remain oscillating before the Spring Festival. The 05 contract is expected to trade in the range of 14,500 - 15,000 yuan/ton [2] 3. Summary by Relevant Catalogs 3.1. Market Quotes - ICE March contract settled at 61.06 cents, down 70 points; May at 63.04 cents, down 46 points; July at 64.83 cents, down 43 points, with trading volume of about 121,000 lots. Zhengzhou cotton's total trading volume was 356,519, and the open interest was 1,036,886. The settlement prices were 14,590 for May, 14,720 for September, and 15,125 for January [2] 3.2. Important Information - On January 29th, spinning enterprises in the Bazhou area of southern Xinjiang purchased Class 31 double-29 machine-picked new cotton with less than 2.7% impurity in Xinjiang warehouses. The basis transaction price of the 2605 contract was 1,150 - 1,250 yuan/ton, and the pick-up price was 16,050 - 16,200 yuan/ton, up 50 - 100 yuan/ton from the previous day [2] - According to US Department of Commerce data, the seasonally adjusted retail sales of clothing and clothing accessories in the US in November 2025 were $27.493 billion, a year-on-year increase of 7.54% (downwardly adjusted to $25.565 billion in the same period last year) and a month-on-month increase of 0.88% (upwardly adjusted to $27.254 billion last month) [2] - As of the week ending January 29th, the net signing of US upland cotton for this year was 57,000 tons, and the shipment was 53,000 tons. Among them, the net signing to China was 8,000 tons, and the shipment was 4,000 tons [2] - So far this year, the Cotton Corporation of India (CCI) has cumulatively purchased about 4.37 million tons of seed cotton, of which 34% is from Telangana. Converted at a lint percentage of 35%, the CCI's cumulative purchase is equivalent to about 1.53 million tons of lint [2] - On January 29th, the cotton yarn futures continued to increase in volume and decrease in open interest, with prices rising, while the spot prices slightly increased. Zhengzhou cotton remained stable, the cotton yarn futures rose significantly, and most spot market prices were stable with a few increases. Some spinning enterprises raised their quotes by 100 - 300 yuan/ton, while most maintained their quotes, mainly due to the pressure on the rise of medium and low-count yarns [2] 3.3. Market Logic - ICE US cotton futures closed lower, with the market focusing on the USDA monthly report. The main 03 contract settled at 61.06 cents, a decline of 1.1% and a 3.3% drop on the weekly line. As the Spring Festival approaches, downstream enterprises are shutting down, weakening the production and sales expectations for cotton yarn. The overall market trading is becoming sluggish. Enterprises are mainly focused on recovering payments and clearing inventories, with fewer new orders. The increase in freight and logistics pressure further restricts market activity, and the overall wait-and-see sentiment is strong [2] 3.4. Trading Strategy - The 05 contract is expected to trade in the range of 14,500 - 15,000 yuan/ton [2]