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 Information - Reported Industry: Cotton [1] - Date: March 20, 2026 [2] - Researchers: Yulan Lan, Zhenlei Lin, Haifeng Wang, Chenliang Hong, Youran Liu [3] 2. Core Viewpoint - The Zhengzhou cotton futures price is in a short - term shock correction. The supply - demand pattern in the 2026/27 season supports the medium - and long - term price trend. There are opportunities to go long at low prices [8]. 3. Summary by Directory 3.1 Market Review and Operation Suggestions - Market Review: Zhengzhou cotton continued to correct. The latest 328 - grade cotton price index was 16,722 yuan/ton, down 175 yuan/ton from the previous trading day. The cotton yarn market had good trading, but downstream orders weakened marginally. The cotton fabric market had stable prices and continuous sales [7]. - Macro and Market Conditions: The Fed kept interest rates unchanged, the dollar index was strong. The international cotton market was in shock correction. After the release of the 3 - million - ton sliding - scale duty processing trade quota, the price difference between domestic and foreign cotton converged. Cotton farmers' enthusiasm for spring plowing was high. From January to February 2026, China imported 380,000 tons of cotton, a year - on - year increase of 41%. The downstream finished product inventory decreased, and the production start - up rate increased significantly [8]. - Operation Suggestions: Pay attention to the realization of the expected reduction in cotton planting area in spring plowing, and look for opportunities to go long at low prices [8]. 3.2 Industry News - Import Data: In February 2026, China imported 170,000 tons of cotton, a year - on - year increase of 50,000 tons (44.1%); from January to February, the cumulative import was 380,000 tons, a year - on - year increase of 110,000 tons (41%). In February 2026, China imported 130,000 tons of cotton yarn, a year - on - year increase of 20,000 tons (13.1%); from January to February, the cumulative import was 290,000 tons, a year - on - year increase of 80,000 tons (40.2%) [9]. - Inspection Data: As of March 18, 2026, 1,100 cotton processing enterprises had processed and inspected 7.5762 million tons of cotton, a year - on - year increase of 12.1%, including 7.4736 million tons in Xinjiang and 64,000 tons in inland areas [9]. 3.3 Data Overview - The report provides multiple data charts, including the China Cotton Price Index, cotton spot price, cotton futures price, cotton basis change, price spreads between different contract months, cotton commercial inventory, cotton industrial inventory, warehouse receipt volume, and exchange rates of the US dollar against the RMB and the Indian rupee [16][17][18][20][27][29]

Group 1: Report Industry Investment Rating - No information provided Group 2: Core Views of the Report - The cotton market is waiting for new drivers. The overall situation of the cotton market is complex, with different trends in futures, spot, and related industries [1][2][3] - The trend strength of cotton is 1, indicating a neutral view [5] Group 3: Summary by Relevant Catalogs 1. Fundamental Tracking - **Futures Data**: CF2605 closed at 15,295 yuan/ton with a daily increase of 0.30% and a night - session closing price of 15,310 yuan/ton with a night - session increase of 0.10%. CY2605 closed at 21,205 yuan/ton with a daily increase of 0.71% and a night - session closing price of 21,215 yuan/ton with a night - session increase of 0.05%. ICE US cotton 5 closed at 64.21 cents/pound with a daily increase of 0.23% [1] - **Trading Volume and Position**: The trading volume of CF2605 was 391,727 lots, a decrease of 339,985 lots from the previous day, and the position was 1,167,705 lots, a decrease of 1,878 lots. The trading volume of CY2605 was 9,386 lots, a decrease of 1,999 lots from the previous day, and the position was 14,616 lots, an increase of 1,045 lots [1] - **Warehouse Receipts**: The number of Zheng cotton warehouse receipts was 11,443, an increase of 53, and the effective forecast was 1,275, an increase of 22. The number of cotton yarn warehouse receipts was 0, unchanged, and the effective forecast was 368, a decrease of 363 [1] - **Spot Prices**: The price of Beijiang 3128 machine - picked cotton was 16,494 yuan/ton, an increase of 50 yuan or 0.30% from the previous day. The price of Nanjiang 3128 machine - picked cotton was 16,427 yuan/ton, an increase of 50 yuan or 0.31% from the previous day. The price in Shandong was 16,702 yuan/ton, an increase of 97 yuan or 0.58% from the previous day. The price in Hebei was 16,703 yuan/ton, an increase of 95 yuan or 0.57% from the previous day. The 3128B index was 16,678 yuan/ton, an increase of 95 yuan or 0.57% from the previous day. The Cotlook:A index was 74.65 cents/pound, a decrease of 0.10 cents or 0.13% from the previous day. The price of pure - cotton carded yarn 32 - count was 21,940 yuan/ton, an increase of 20 yuan or 0.09% from the previous day. The arrival price of pure - cotton carded yarn 32 - count was 21,765 yuan/ton, a decrease of 61 yuan or 0.28% from the previous day [1] - **Price Spreads**: The CF5 - 9 spread was - 50 yuan/ton, an increase of 20 yuan from the previous day. The spread between Beijiang 3128 machine - picked cotton and CF605 was 1,200 yuan/ton, an increase of 10 yuan from the previous day [1] 2. Macro and Industry News - **Domestic Cotton Spot**: Cotton spot trading was sluggish, with relatively good procurement by some local traders. The basis of cotton spot remained stable. The sales basis of 2025/26 Nanjiang Kashi machine - picked 3129/29B with impurity within 3.5 and micronaire value above 4 was mostly at CF05 + 1100 or higher. The basis of inland warehouse spot was generally stable [2] - **Domestic Cotton Textile Enterprises**: The overall quotation of pure - cotton yarn remained stable, and the market trading atmosphere gradually recovered. After the Lantern Festival, downstream workers returned to work, and terminal orders were gradually issued. The market's acceptance of cotton yarn prices increased slightly. High - count combed yarn was in short supply, while the sales of rotor - spun yarn were still slow. The overall sales in Xinjiang were good, while the trading in the inland area was still in the process of recovery. The trading in the all - cotton grey fabric market increased, and the sales accelerated. The orders of weaving factories increased, with an increase in domestic sales orders and a delay in the expected placement of export orders. Weaving factories increased their procurement of cotton yarn [2] - **US Cotton**: Last Friday, ICE cotton futures rose slightly. Affected by the sharp rise in crude oil prices due to the Middle East situation, which drove the general rise of commodities, ICE cotton futures also stabilized and rebounded slightly [3]

Group 1: Report Industry Investment Rating - No relevant information provided Group 2: Core View of the Report - The cotton market is waiting for new drivers. The trend strength of cotton is rated as 1, indicating a relatively neutral outlook [1][6] Group 3: Summary by Related Catalogs Fundamental Tracking - **Futures Data**: CF2605 closed at 15,255 yuan/ton with a daily increase of 0.20% and a night - session decrease of 0.62%. CY2605 closed at 21,100 yuan/ton with no daily change and a night - session decrease of 0.59%. ICE Cotton 5 closed at 64.16 cents/pound with a decrease of 0.99%. The trading volume and positions of CF2605 and CY2605 changed compared to the previous day, and the number of warehouse receipts and effective forecasts of Zheng cotton and cotton yarn also had corresponding changes [1] - **Spot Data**: The prices of various cotton and cotton yarn products showed different changes. For example, the price of North Xinjiang 3128 machine - picked cotton increased by 0.30%, while the 3128B index decreased by 0.25%. The price of pure - cotton combed yarn 32 - count remained unchanged, and its arrival price increased by 1.36% [1] - **Spread Data**: The CF5 - 9 spread was - 45 yuan/ton, and the spread between North Xinjiang 3128 machine - picked cotton and CF605 was 1,190 yuan/ton, with a change of 20 yuan compared to the previous day [1] Macro and Industry News - **Domestic Cotton Spot**: The trading of domestic cotton spot has improved, with most transactions based on locked basis. The basis of cotton spot has remained stable. Different regions have different basis quotes [2] - **Domestic Cotton Textile Enterprises**: The price of pure - cotton yarn has been stable with a slight decline. The market is in a wait - and - see state. The downstream market has not fully started, and the new orders in the pure - cotton yarn market are insufficient. The actual transaction price is significantly lower than the quoted price. The trading in the all - cotton grey cloth market has generally recovered, but there has been no significant improvement [2] - **US Cotton**: The ICE cotton futures continued to fall by nearly 1% due to the risk - aversion sentiment caused by the Iran situation [3] Trend Intensity - The trend intensity of cotton is 1, with the range of values being in the [-2, 2] interval, where - 2 represents the most bearish and 2 represents the most bullish [6]

1. Report Information - Report Date: February 27, 2026 [2] - Industry: Cotton [1] - Researchers: Yu Lanlan, Lin Zhenlei, Wang Haifeng, Hong Chenliang, Liu Youran [3] 2. Investment Rating - No investment rating information provided in the report. 3. Core Views - Zhengzhou cotton is under pressure at high levels with a differentiated trend. The spot cotton price index for grade 328 has increased, and the basis difference in Xinjiang shows certain characteristics. The trading of pure - cotton yarn has not fully recovered, while the operating rate of cotton fabric factories is rising. There is an intention to increase prices, pending downstream acceptance [7][8]. - In the international market, the drought index in the main cotton - producing areas of the United States has slightly increased, and the drought is expected to continue from February to April. The U.S. grain - to - cotton price ratio is slightly lower than last year, and the cotton - planting area may increase slightly, but the high drought level could lead to a higher abandonment rate. The expansion of the domestic - foreign price difference restricts the upward space of Zhengzhou cotton. In the domestic market, the cumulative inspection volume has increased year - on - year, and the commercial inventory has started to decline. The downstream industry is still recovering after the holiday, and the short - term trend is expected to be oscillating and slightly stronger, depending on post - holiday demand, cotton - planting intention reports, and target price policies [9]. 4. Section Summaries 4.1 Market Review and Operation Suggestions - **Market Review**: Zhengzhou cotton shows a high - level pressured and differentiated trend. The latest cotton price index for grade 328 is 16,681 yuan/ton, up 352 yuan/ton from the previous trading day. The quotations of machine - picked cotton in southern and northern Xinjiang have certain basis differences. The trading of pure - cotton yarn has not recovered, and some spinning mills have increased prices by 300 - 500 yuan. The operating rate of cotton fabric factories has increased, and they have an intention to increase prices [7][8]. - **International Market**: The drought index in the main U.S. cotton - producing areas has slightly increased, and the drought is expected to last from February to April. The U.S. grain - to - cotton price ratio is 6.68, slightly lower than last year. There is a possibility of a slight increase in the cotton - planting area, but the high drought level may lead to a higher abandonment rate. The expansion of the domestic - foreign price difference after the holiday restricts the upward space of Zhengzhou cotton [9]. - **Domestic Market**: As of February 25, 2026, the national cumulative inspection volume is 747.99 million tons, a year - on - year increase of 14.7%, with Xinjiang accounting for 737.95 million tons. As of mid - February, the domestic commercial cotton inventory is 550.37 million tons, showing a downward trend with a year - on - year decrease of 17.74 million tons. The downstream industry is still recovering after the holiday, and the short - term trend is expected to be oscillating and slightly stronger [9]. 4.2 Industry News - As of February 25, 2026, in the 2025 cotton year, 1099 cotton processing enterprises in China have processed and conducted notarized inspections on cotton. The national cumulative inspection volume is 747.99 million tons, a year - on - year increase of 14.7%, with Xinjiang accounting for 737.95 million tons and the inland area accounting for 6.18 million tons [10]. 4.3 Data Overview - The report provides multiple charts related to cotton, including price indices, spot and futures prices, basis differences, inventory, and exchange rates, with data sources from Wind and the Research and Development Department of CCB Futures [17][19][20]

Group 1: Report Information - Industry: Cotton [1] - Date: January 30, 2026 [2] - Researchers: Yu Lanlan, Lin Zhenlei, Wang Haifeng, Hong Chenliang, Liu Youran [3] Group 2: Market Review and Operation Suggestions - Zhengzhou cotton closed up with a significant reduction in trading volume. The latest cotton price index for Grade 328 was 16,103 yuan/ton, up 170 yuan/ton from the previous trading day. The mainstream basis for machine - picked cotton of Grade 31, double 29/impurity within 3 in southern Xinjiang's Kashgar in the 2025/26 season was mostly above CF05 + 950, and the basis in the 950 - 1000 range decreased significantly. In northern Xinjiang, it was mostly above 1100, with a small amount below this price, and many quotes were close to 1200 or above, all for self - pick - up in Xinjiang [7]. - The trading in the pure - cotton yarn market was differentiated. Some inland spinning enterprises gradually reduced production capacity, small - scale spinning enterprises began to take holidays, and orders were not sustainable, mainly for inventory preparation; Xinjiang spinning enterprises continued to maintain a certain level of sales and high operation rates. The demand in the all - cotton grey fabric market decreased, fabric mills were gradually winding up, and inquiries in the spot market decreased. In terms of varieties, the sales of common varieties such as regular C32S, C21S and below yarn cards were not as good as before, and the current prices were mainly stable [7]. - Macroeconomically, the Federal Reserve kept the interest rate range unchanged, in line with market expectations, and the sentiment in the commodity market remained strong. Overseas, according to CONAB, as of January 24, the cotton planting in Brazil for the 2025/26 season was 60.6% completed, a 24.3 - percentage - point increase from the previous week and 14.3 percentage points faster than the same period last year. After the first - crop soybean harvest in Mato Grosso, the cotton planting progress increased rapidly. In the domestic market, the expected decrease in the cotton planting area in Xinjiang for the 2026/27 season has been partially factored in, and the market news indicates that the reduction plan will be gradually implemented over 3 - 5 years. On the demand side, downstream procurement has weakened overall since late January, and the operation rate has been continuously decreasing recently. The market is concerned about the demand performance during the traditional peak season after the Spring Festival. Boosted by macro factors, Zhengzhou cotton closed up with a reduction in positions, testing the previous high resistance level. If there is no effective breakthrough, it may maintain range - bound adjustment [8]. Group 3: Industry News - According to CONAB, as of the week of January 24, the cotton planting rate in Brazil for the 2025/26 season was 60.6%, compared with 36.3% in the previous week, 46.3% in the same period last year, and a five - year average of 40.9% [9]. - According to the National Bureau of Statistics, the yarn output of large - scale enterprises in December 2025 was 2.132 million tons, a year - on - year decrease of 1.1%. The cumulative yarn output from January to December was 22.158 million tons, a year - on - year decrease of 0.1%. The cloth output of large - scale enterprises in December 2025 was 3.01 billion meters, a year - on - year increase of 3.8%. The cumulative cloth output from January to December was 30.67 billion square meters, a year - on - year increase of 0.2% [9]. Group 4: Data Overview - The report provides multiple data charts including CF5 - 9 spread, CF9 - 1 spread, China Cotton Price Index, cotton spot price, cotton futures price, cotton basis change, CF1 - 5 spread, cotton commercial inventory, cotton industrial inventory, warehouse receipt total, US dollar against RMB, and US dollar against Indian rupee, with data sources from Wind and the Research and Development Department of CCB Futures [16][18][19][21][28][30]

Group 1: Report Basics - Reported industry: Cotton [1] - Date: January 29, 2026 [2] - Researchers: Yu Lanlan, Lin Zhenlei, Wang Haifeng, Hong Chenliang, Liu Youran [3] Group 2: Market Review and Recommendations Market Review - Zhengzhou cotton prices soared. The latest price index for 328-grade cotton was 15,933 yuan/ton, down 20 yuan/ton from the previous trading day. The mainstream basis for 31-grade double 29/ impurity within 3 for machine-picked cotton in southern Xinjiang's Kashgar in the 2025/26 season was mostly at CF05 + 950 or higher, with the 950 - 1000 basis range narrowing. In northern Xinjiang, it was mostly above 1100, with some below, and many quotes close to 1200 or higher, all for self-pickup in Xinjiang [7]. - The trading in the pure cotton yarn market was divided. Some inland spinning enterprises gradually reduced production capacity, and small spinning enterprises began to take holidays. Orders lacked sustainability, and the focus was on inventory preparation. Xinjiang spinning enterprises maintained a certain level of sales and high operation rates. The demand in the all-cotton grey fabric market decreased, and fabric mills were winding down. Spot market inquiries declined. In terms of varieties, the sales of regular C32S, C21S, and lower-grade yarn cards were weaker than before, and current prices remained stable [7]. Market Analysis - Macroeconomically, due to Trump's "yo-yo" remarks on the US dollar and signs that traders were watching for possible coordinated actions by the US and Japan to intervene in the foreign exchange market, the US dollar index hit a four-year low, and the commodity market was generally strong. Overseas, according to the US Department of Agriculture, as of the week ending January 23, 2026, the cumulative inspection volume of US upland cotton + Pima cotton was 2.9374 million tons, accounting for 96.9% of the estimated US cotton production for the year, 7% slower year-on-year (the estimated US cotton production for the 2025/26 season was 2.95 million tons). The overseas market rebounded from a low. In the domestic market, the expected decline in the cotton planting area in Xinjiang for the 2026/27 season had been partially factored in, and the reduction plan was to be gradually implemented over 3 - 5 years. On the demand side, orders for some medium and high-grade varieties were stable, while others were weak. Manufacturers in the yarn and fabric sectors were eager to collect payments, and most merchants expected enterprises to start taking holidays next week. Affected by macro factors, Zhengzhou cotton rebounded sharply with increased positions. Attention should be paid to the performance at the previous high resistance level [8]. Group 3: Industry News - According to the Brazilian National Supply Company (Conab), as of the week ending January 24, the cotton planting rate in Brazil for the 2025/26 season was 60.6%, up from 36.3% the previous week, compared with 46.3% in the same period last year and a five-year average of 40.9% [9]. - According to the National Bureau of Statistics, the yarn production of large-scale enterprises in December 2025 was 2.132 million tons, a year-on-year decrease of 1.1%. The cumulative yarn production from January to December was 22.158 million tons, a year-on-year decrease of 0.1%. The fabric production of large-scale enterprises in December 2025 was 3.01 billion meters, a year-on-year increase of 3.8%. The cumulative fabric production from January to December was 30.67 billion square meters, a year-on-year increase of 0.2% [9] Group 4: Data Overview - The report provides multiple data charts including the China Cotton Price Index, cotton spot and futures prices, cotton basis changes, CF spreads, cotton commercial and industrial inventories, warehouse receipt totals, and exchange rates of the US dollar against the Chinese yuan and Indian rupee, with data sources from Wind and the Research and Development Department of CCB Futures [18][19][29]

1. Report Information - Reported industry: Cotton [1] - Report date: January 27, 2026 [2] - Researchers: Yu Lanlan, Lin Zhenlei, Wang Haifeng, Hong Chenliang, Liu Youran [3] 2. Core Viewpoint - The Zhengzhou cotton market is experiencing a volatile correction. In the short - term, with limited changes in the fundamentals, it will be in a range - bound adjustment, and the strategy is mainly to go long at low levels [7][8] 3. Summary by Directory 3.1 Market Review and Operation Suggestions - **Domestic market**: The Zhengzhou cotton market is in a volatile correction. The latest 328 - grade cotton price index is 15,995 yuan/ton, up 125 yuan/ton from the previous trading day. The mainstream basis of 2025/26 southern Xinjiang Kashi machine - picked 31 - grade double 29/impurity within 3 is mostly at CF05 + 950 or above. The cotton yarn market has average trading, and the grey cloth market is in the final stage with a weak trading atmosphere. The 2026/27 Xinjiang cotton planting area reduction expectation has been partially factored in, and the demand for some medium - and high - count varieties is stable [7][8] - **Overseas market**: As of the week ending January 15, 2025/26 US upland cotton weekly contracts were 93,500 tons, a weekly increase of 21% and a 119% increase compared to the average of the previous four weeks. Weekly shipments were 42,600 tons, a weekly increase of 20% and a 26% increase compared to the average of the previous four weeks. However, the external market trend is still weak [8] 3.2 Industry News - According to CFTC, as of the week ending January 20, the non - commercial long positions of CFTC US cotton futures funds were 92,421 (+3,587) contracts, increasing for the fourth consecutive week; short positions were 118,245 (+1,980) contracts, increasing for the second consecutive week; the total ICE positions were 338,853 (+11,060) contracts, increasing for the eighth consecutive week. The net long ratio was - 7.6%, a 0.7 - percentage - point increase from the previous period and a 7.2 - percentage - point increase year - on - year [9] - According to the China Cotton Inspection Network, as of January 25, 2026, the national cumulative inspection was 31,695,452 bales, a total of 7.1547 million tons, an increase of 17,800 tons from the previous day. Among them, the inspection volume in Xinjiang was 31,283,967 bales, a total of 7.0625 million tons, an increase of 17,800 tons from the previous day; the inspection volume in the inland was 243,727 bales, a total of 54,200 tons [9] 3.3 Data Overview - Multiple figures are provided, including China's cotton price index, cotton spot price, cotton futures price, cotton basis change, CF5 - 9 spread, CF9 - 1 spread, CF1 - 5 spread, cotton commercial inventory, cotton industrial inventory, total warehouse receipts, US dollar against RMB, and US dollar against Indian rupee, with data sources from Wind and the Research and Development Department of Jianxin Futures [14][17][18]

Report Overview - Report Date: January 23, 2026 [2] - Industry: Cotton [1] - Research Analysts: Yu Lanlan, Lin Zhenlei, Wang Haifeng, Hong Chenliang, Liu Youran [3] 1. Investment Rating - No investment rating information is provided in the report. 2. Core View - The Zhengzhou cotton futures market has been oscillating and rising. The domestic cotton spot price is supported by a firm basis, while the international cotton price remains weak, leading to a widening gap between domestic and foreign cotton prices. The demand side of the cotton yarn market shows a differentiated trend, with high - count yarn orders better than medium - and low - count yarns. In the short term, Zhengzhou cotton has entered a wide - range oscillating adjustment phase, and the strategy of buying on dips remains unchanged [7][8] 3. Summary by Section 3.1 Market Review and Operation Suggestions - **Market Performance**: Zhengzhou cotton oscillated and rose. The latest 328 - grade cotton price index was 15,839 yuan/ton, up 20 yuan/ton from the previous trading day. The mainstream basis for machine - picked cotton in southern Xinjiang and northern Xinjiang was relatively high. The price of pure cotton yarn remained stable overall, with high - count yarn prices strong due to low production capacity and high demand, while the transaction focus of air - spun and low - count yarns moved slightly downward. The shipment of all - cotton grey cloth in some local markets was acceptable, and thin plain grey cloth had relatively better sales [7] - **Domestic Market Data**: As of January 21, 2026, the cumulative national cotton inspection was 7.0601 million tons, an increase of 19,900 tons from the previous day, with 6.9698 million tons in Xinjiang, an increase of 18,000 tons. Recently, cotton merchants have increased their purchases of cotton spot, and the basis for cotton spot sales has gradually risen [8] - **Market Situation and Suggestions**: The domestic cotton spot price is difficult to fall due to the firm basis, while the international cotton price is weak, resulting in a continuous high gap between domestic and foreign cotton prices. The import volume of cotton yarn has increased recently. The demand side of the cotton yarn market is differentiated. With limited changes in fundamentals, Zhengzhou cotton has entered a wide - range oscillating adjustment phase in the short term, and the low - buying strategy remains unchanged [8] 3.2 Industry News - The US Trade Representative Greer said that Trump plans to visit China in April, and there may be a new round of trade negotiations between China and the US before the visit, focusing on basic goods and services and avoiding sensitive issues such as technology and rare earths. The Chinese Foreign Ministry spokesman called on both sides to implement the consensus of the heads of state to inject stability into economic and trade cooperation [9] 3.3 Data Overview - The report provides multiple data charts, including the China Cotton Price Index, cotton spot price, cotton futures price, cotton basis change, CF spreads, cotton commercial inventory, cotton industrial inventory, warehouse receipt volume, and exchange rates between the US dollar and the Chinese yuan and the Indian rupee, with data sources from Wind and the Research and Development Department of CCB Futures [12][17][27]

Group 1: Market Information - Futures: CF01 closed at 15155 with a 10-point increase, CF05 at 14535 (10-point increase), CF09 at 14705 (5-point increase), CY05 at 20515 (unchanged), and CY09 at 20625 (55-point decrease). CY01 had no trading [2]. - Spot: CCIndex3128B was 15819 yuan/ton (-61), Cot A was 74.80 cents/pound, and various other spot prices were provided with their respective changes [2]. - Spreads: Cotton and棉纱跨期 spreads, as well as跨品种 and内外价差, were presented with their corresponding values and changes [2]. Group 2: Market News and Views Cotton Market - On January 21, 2026, the Xinjiang cotton road transport price index was 0.1678 yuan/ton·km, up 0.96% from the previous day. It's expected to fluctuate within a narrow range in the short term [4]. - As of January 15, 2026, Pakistan's 2025/26 new cotton market volume reached 85.1 tons, almost the same as the previous year. Textile mills purchased 75 tons (down 1%), and unsold new cotton was 7.4 tons (down 5%) [4]. - In December 2025, the export of all-cotton grey cloth was 48.85 million meters (up 9.3% year-on-year), and the export value was $45.68 million (up 5.3%). For the whole year of 2025, the cumulative export was 639 million meters (up 23.17%) and the cumulative export value was $613 million (up 9.34%) [5]. Trading Logic - Cotton sales are progressing quickly and are at a high level compared to previous years. Downstream demand for stocking is increasing, but considering the approaching Spring Festival, the market is expected to fluctuate within a range in the short term [6]. Trading Strategy - Unilateral: Both US cotton and Zhengzhou cotton are expected to fluctuate within a range in the short term. - Arbitrage: Hold off on trading. - Options: Hold off on trading [7]. Cotton Yarn Industry - The domestic pure cotton yarn market is sluggish overall, with a differentiation between product categories. High-count combed yarns are in high demand, while low-count yarn prices are stable or decreasing, and regular yarn orders are mediocre [8]. - The all-cotton grey cloth market has continuous transactions, mainly small and scattered orders. Some areas are starting to collect payments, and factories are increasing production to fulfill orders [8]. Group 3: Options - Volatility: On January 19, 2026, the 60-day HV of cotton was 9.2812, slightly higher than the previous day. The implied volatilities of CF605-C-14600, CF605-C-14200, and CF605-P-13800 were 13.3%, 11.3%, and 11.2% respectively [10]. - Strategy: Hold off on trading options [12]. Group 4: Related Attachments - The report includes charts showing various cotton price spreads and basis, such as the 1% tariff on the domestic and international cotton price spread, cotton 1st, 5th, and 9th month basis, CY05-CF05 and CY01-CF01 spreads, and CF9-1 and CF5-9 spreads [14][17][21]