Report Summary 1. Report Industry Investment Rating No information provided. 2. Core View of the Report The domestic cotton market is under pressure on the supply side as foreign cotton continues to arrive at ports, leading to a significant increase in inventory and continued supply pressure. On the consumption side, textile enterprises have few new orders, mainly shipping previous orders, and the de - stocking speed of finished products has slowed down. Although the downstream is in the traditional small peak season with some rigid demand support, there is still pressure above, and short - term prices may tend to fluctuate [2]. 3. Summary by Relevant Catalogs Futures Market - Zhengzhou cotton main contract closing price is 15,245 yuan/ton, down 50 yuan; cotton futures top 20 net position is - 179,921 hands, down 7,058 hands; main contract position of cotton is 468,553 hands, down 25,027 hands; cotton warehouse receipt quantity is 12,406 sheets, down 14 sheets. - Cotton yarn main contract closing price is 21,565 yuan/ton, up 20 yuan; cotton yarn futures top 20 net position is - 86 hands, up 167 hands; main contract position of cotton yarn is 7,405 hands, down 60 hands; cotton yarn warehouse receipt quantity is - 53 sheets [2]. Spot Market - China Cotton Price Index (CCIndex:3128B) is 16,797 yuan/ton; China Imported Cotton Price Index (FCIndexM:1% tariff) is 14,076 yuan/ton, up 418 yuan; China Imported Cotton Price Index (FCIndexM: sliding duty) is 14,667 yuan/ton, up 277 yuan. - China Yarn Price Index (pure - cotton carded yarn 32 - count) is 22,280 yuan/ton; the arrival price of imported cotton yarn price index (pure - cotton carded yarn 32 - count) is 22,579 yuan/ton, down 71 yuan; the arrival price of imported cotton yarn price index (pure - cotton combed yarn 32 - count) is 24,081 yuan/ton, down 75 yuan [2]. Upstream Situation - The national cotton sowing area is 2,838.3 thousand hectares, and the national cotton output is 616 tons, an increase of 54 tons [2]. Industry Situation - The price difference between cotton and cotton yarn is 5,483 yuan/ton, up 53 yuan; the industrial inventory of cotton nationwide is 89.4 tons, up 3.3 tons. - The import quantity of cotton is 17 tons, down 4 tons; the import quantity of cotton yarn is 130,000 tons, down 30,000 tons. - The profit of imported cotton is 2,130 yuan/ton, down 330 yuan; the commercial inventory of cotton nationwide is 547.7 tons, down 31.17 tons [2]. Downstream Situation - The inventory days of yarn are 21.45 days, down 0.26 days; the inventory days of grey cloth are 33.24 days, up 0.11 days. - The monthly output of cloth is 30.1 billion meters, up 2 billion meters; the monthly output of yarn is 213.2 tons, up 9.3 tons. - The monthly export value of clothing and accessories is 11,061,465.19 million US dollars, down 2,748,526.81 million US dollars; the monthly export value of textile yarns, fabrics and products is 11,382,891.7 million US dollars, down 2,808,585.3 million US dollars [2]. Option Market - The implied volatility of cotton at - the - money call option is 11.62%, down 3.46%; the implied volatility of cotton at - the - money put option is 11.61%, down 3.47%. - The 20 - day historical volatility of cotton is 9.53%, up 0.25%; the 60 - day historical volatility of cotton is 14.51%, up 0.05% [2]. Industry News - As of 24:00 on March 30, 2026, the cumulative notarized inspection of cotton processed by national cotton processing enterprises in the 2025/26 season is 33,725,907 bales, totaling 7,612,902 tons, a year - on - year increase of 12.32%. The cumulative notarized inspection volume of Xinjiang cotton is 7,218,807 tons, a year - on - year increase of 12.49%. - ICE cotton futures fell on Tuesday, giving back previous gains, as the US Department of Agriculture's planting intention report showed an increase in cotton planting area in 2026. The ICE May cotton futures contract closed down 0.19 cents, or 0.20%, at 70.00 cents per pound [2].

1. Report Industry Investment Rating - Not provided in the report 2. Core Viewpoints of the Report - ICE cotton futures resumed their upward trend after ending the adjustment, with technical buying and short - covering driving each contract to a new high for the year. The market is more concerned about the planting area intention report to be released by USDA on March 31, and the average market expectation is that the U.S. cotton planting area in the 26/27 season will decrease slightly compared with the 25/26 season [1][6]. - The upward momentum of domestic cotton futures has slowed down. Although the rise in foreign cotton futures has narrowed the price difference between domestic and foreign cotton, providing positive support for domestic cotton futures, the optimistic expectation for demand in the 25/26 season has been fully traded in the short - term. The increase in cotton import quotas has also eased the concern about tight supply. In the short term, domestic cotton futures lack upward drivers, and the market focus is expected to shift to new - season planting. It is expected that Zhengzhou cotton futures will maintain a range - bound trend in the short term [1][19]. 3. Summary by Relevant Catalogs 3.1. Market Data | Variety | Opening Price | Highest Price | Lowest Price | Closing Price | Change | Change Rate (%) | Trading Volume (Lots) | Trading Volume Change (Lots) | Open Interest (Lots) | Open Interest Change (Lots) | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | ICE Cotton Main - linked | 67.60 | 70.31 | 66.65 | 69.47 | 2.13 | 3.16% | 174,723 | - 78,914 | 139,012 | - 8,589 | | Zhengzhou Cotton Main - linked | 15,215 | 15,455 | 15,165 | 15,395 | 180 | 1.18% | 1,401,772 | - 677,304 | 531,174 | - 61,277 | | Cotton Yarn Main - linked | 21,465 | 21,710 | 21,380 | 21,435 | - 40 | - 0.19% | 57,830 | - 1,255 | 9,504 | - 5,295 | [5] 3.2. Fundamental Analysis 3.2.1. International Cotton Situation - ICE cotton reached a new high for the year. The U.S. cotton weekly export sales data improved slightly, but the improvement was limited. The market is more concerned about the USDA's planting area report [6]. - As of the week ending March 19, 2025/26 U.S. upland cotton weekly contracts were 45,900 tons, a 3% week - on - week increase and a 5% decrease compared with the four - week average. 2026/27 U.S. upland cotton weekly contracts were 6,100 tons. The 2025/26 U.S. upland cotton weekly shipment was 90,800 tons, a 46% week - on - week increase and a 43% increase compared with the four - week average. The total signed and sold volume of U.S. upland cotton and Pima cotton in the 2025/26 season was 2.2449 million tons, accounting for 86% of the annual forecast total export volume; the cumulative export shipment volume was 1.3465 million tons, accounting for 60% of the annual total signed volume [6]. - India: In January, cotton imports decreased month - on - month but increased year - on - year. The export of raw cotton decreased month - on - month, the export of cotton yarn increased, and the export of textiles increased month - on - month but decreased year - on - year [7]. - Brazil: The production forecast is stable at around 3.8 million tons. Some are worried that rainfall in April may affect production. The cotton farmer sales rate of the 2025 crop may reach 90% - 95%, and about 60% of the 2026 output is in the hands of traders [8]. - Bangladesh: As Ramadan approaches, import demand has slowed down slightly. The industry is worried about the impact of the Middle - East situation on business operations. Cotton imports in February decreased compared with January and were lower than the same period in 2025 [8][9]. - Pakistan: Cotton planting is progressing actively. Import demand is active, but actual transactions are limited due to rising freight costs. The export demand for yarn has slowed down, but China still has purchasing interest [10]. - Australia: The reservoir water volume is lower than the same period last year. The 2025/26 lint production is expected to be 1 million tons, a 17% decrease from the previous year [11]. - Southeast Asian textile industry: As of the week ending March 27, the operating rates of textile enterprises in India, Vietnam, and Pakistan were 69%, 72%, and 66% respectively [11]. 3.2.2. Domestic Cotton Situation - Cotton prices rose, and trading became lighter. After the rise in cotton prices, textile mills' purchasing willingness decreased. The mainstream basis of cotton spot prices remained stable, with local sales basis slightly reduced by 10 - 50 yuan/ton [12]. - As of March 27, the registered warehouse receipts of No. 1 cotton were 12,434, and the reported warehouse receipts were 339, with a total of 12,773, equivalent to 536,466 tons [12]. - Downstream trading cooled slightly, and yarn mill profits improved. The cotton yarn market was weak, with fewer inquiries and new orders. Spinning mills mainly executed previous orders. The operating rate of spinning mills remained high, and inventory was low. The cotton fabric market was weak, with strong wait - and - see sentiment. The operating rate of weaving mills was 60.5%, and inventory was 24.5 days [13][14]. 3.3. Basic Data Charts - The report provides 14 charts, including cotton sales progress, commercial inventory, spinning mill cotton inventory, weaving mill yarn inventory, spinning mill yarn inventory, cotton fabric enterprise inventory, spinning mill operating rate, cotton fabric enterprise operating rate, cotton yarn profit, cotton fabric profit, cotton 5 - 9 spread, cotton import profit, cotton basis, and Zhengzhou cotton warehouse receipts [16][17][18] 3.4. Operation Suggestions - ICE cotton futures continue their upward trend. The market is waiting for the USDA's planting area report, and concerns about the supply of fertilizers due to the Iran situation may affect global cotton planting. The forward December contract is stronger than the near - month contract. - Domestic cotton futures' upward momentum has slowed down. It is expected that Zhengzhou cotton futures will maintain a range - bound trend in the short term, and the market focus will shift to new - season planting [19]

Report Industry Investment Rating - Not provided in the report Core Viewpoints - ICE cotton futures rose slightly on Wednesday, and investors remained cautious ahead of the US Department of Agriculture's planting intention report next week. The ICE May cotton futures contract closed up 0.56 cents, or 0.83%, at 68.18 cents per pound [2]. - In the domestic market, on the supply side, cotton imports increased significantly year - on - year, and port inventories continued to grow. From January to February 2026, China imported 370,000 tons of cotton, a 41% year - on - year increase. On the consumption side, the demand in the textile industry's "Golden March and Silver April" is slowly starting, spinning mills' operation continues to resume production, yarn sales are good, and inventories have decreased significantly. It is expected that the center of cotton prices will move up [2]. Summary by Directory Futures Market - Zhengzhou cotton main contract closing price (daily, yuan/ton): 15,420, up 80; cotton futures top 20 net positions (lots): - 185,366, up 1,051; main contract positions: cotton (daily, lots): 550,380, down 3,264; warehouse receipt quantity: cotton (daily, sheets): 12,444, up 100; China Cotton Price Index: CCIndex: 3128B (daily, yuan/ton): 16,745, up 34 [2]. - Cotton yarn main contract closing price (daily, yuan/ton): 21,640, down 30; cotton yarn futures top 20 net positions (lots): - 758, up 2; main contract positions: cotton yarn (daily, lots): 11,488, down 1,484; warehouse receipt quantity: cotton yarn (daily, sheets): 227, down 2; China Yarn Price Index: pure cotton carded yarn 32 - count (daily, yuan/ton): 22,180, up 30 [2]. Spot Market - China's imported cotton price index: FCIndexM: 1% tariff (daily, yuan/ton): 13,169, up 101; arrival price: imported cotton yarn price index: pure cotton carded yarn 32 - count (daily, yuan/ton): 22,528, up 12 [2]. - China's imported cotton price index: FCIndexM: sliding - scale duty (daily, yuan/ton): 14,081, up 70; arrival price: imported cotton yarn price index: pure cotton combed yarn 32 - count (daily, yuan/ton): 23,949, up 13 [2]. Upstream Situation - National cotton sowing area (annual, thousand hectares): 2,838.3, up 48.3; national cotton output (annual, ten thousand tons): 616, up 54 [2]. Industry Situation - Cotton and cotton yarn price difference (daily, yuan/ton): 5,469, up 51; industrial inventory: cotton: national (monthly, ten thousand tons): 89.4, up 3.3 [2]. - Cotton: import quantity: monthly value (monthly, ten thousand tons): 17, down 4; cotton yarn: import quantity: monthly value (monthly, tons): 130,000, down 30,000 [2]. - Imported cotton profit (daily, yuan/ton): 2,630, down 91; commercial inventory: cotton: national (monthly, ten thousand tons): 547.7, down 31.17 [2]. Downstream Situation - Inventory days: yarn (monthly, days): 21.45, down 0.26; inventory days: grey cloth (monthly, days): 33.24, up 0.11 [2]. - Cloth: output: monthly value (monthly, billion meters): 30.1, up 2; yarn: output: monthly value (monthly, ten thousand tons): 213.2, up 9.3 [2]. - Clothing and clothing accessories: export amount: monthly value (monthly, ten thousand US dollars): 11,061,465.19, down 2,748,526.81; textile yarns, fabrics and products: export amount: monthly value (monthly, ten thousand US dollars): 11,382,891.7, down 2,808,585.3 [2]. Option Market - Cotton at - the - money call option implied volatility (%): 14.93, up 1.91; cotton at - the - money put option implied volatility (%): 14.93, up 1.9 [2]. - Cotton 20 - day historical volatility (%): 10.03, down 6.19; cotton 60 - day historical volatility (%): 14.44, up 0.1 [2]. Industry News - The Brazilian Cotton Growers Association (Abrapa) reported that Brazil exported 270,500 tons of cotton in February, a 1.5% year - on - year decrease. In the first seven months of the 2025/26 season (from August 2025 to February 2026), cumulative cotton exports reached 1.9925 million tons, a 4.6% year - on - year increase. In February, China, Turkey, and Bangladesh imported 173,000 tons of cotton. Cumulatively in the 2025/26 season, these three countries imported 1.1349 million tons, accounting for 57% of Brazil's cotton exports during the same period [2].

1. Report Industry Investment Rating - No information provided 2. Core View of the Report - The domestic cotton market has a significant year - on - year increase in imports, and the port inventory maintains a growth trend. The "Golden March" demand in the textile industry starts slowly, with spinning mills' production resuming and yarn transactions being good, and inventories decreasing significantly. It is expected that cotton prices may continue to rise after adjustment [2] 3. Summary by Relevant Catalogs Futures Market - Zhengzhou cotton's main contract closing price is 15,280 yuan/ton, up 65 yuan; cotton yarn's main contract closing price is 21,535 yuan/ton, up 60 yuan [2] - The net position of the top 20 in cotton futures is - 188,690 hands, down 109 hands; the net position of the top 20 in cotton yarn futures is - 542 hands, down 167 hands [2] - The main contract's open interest for cotton is 577,806 hands, down 14,645 hands; for cotton yarn, it is 14,439 hands, down 360 hands [2] - The cotton warehouse receipt quantity is 12,384 sheets, down 16 sheets; the cotton yarn warehouse receipt quantity is 251 sheets, down 16 sheets [2] Spot Market - The China Cotton Price Index (CCIndex:3128B) is 16,592 yuan/ton, down 57 yuan; the China Yarn Price Index (pure - combed cotton yarn 32 - count) is 22,100 yuan/ton, unchanged [2] - The China Imported Cotton Price Index (FCIndexM:1% tariff) is 13,068 yuan/ton, down 50 yuan; the arrival price of the imported cotton yarn price index (pure - combed cotton yarn 32 - count) is 22,582 yuan/ton, down 32 yuan [2] - The China Imported Cotton Price Index (FCIndexM:sliding - scale duty) is 14,011 yuan/ton, down 41 yuan; the arrival price of the imported cotton yarn price index (pure - combed cotton yarn 32 - count) is 24,006 yuan/ton, up 51 yuan [2] Upstream Situation - The national cotton sowing area is 2,838.3 thousand hectares, an increase of 48.3 thousand hectares; the national cotton output is 6.16 million tons, an increase of 0.54 million tons [2] Industry Situation - The cotton - yarn price difference (CY C32S - CC3128B) is 5,508 yuan/ton, up 57 yuan; the national industrial inventory of cotton is 861,000 tons, up 13,000 tons [2] - The monthly import volume of cotton is 180,000 tons, an increase of 60,000 tons; the monthly import volume of cotton yarn is 170,000 tons, an increase of 20,000 tons [2] - The daily import cotton profit is 2,581 yuan/ton, down 16 yuan; the national commercial inventory of cotton is 5.7887 million tons, up 4,000 tons [2] Downstream Situation - The inventory days of yarn are 21.71 days, down 3.41 days; the inventory days of grey cloth are 33.13 days, down 0.63 days [2] - The monthly output of cloth is 3.01 billion meters, an increase of 200 million meters; the monthly output of yarn is 2.132 million tons, an increase of 93,000 tons [2] - The monthly export value of clothing and clothing accessories is 134,124,120,000 US dollars, an increase of 18,187,260,000 US dollars; the monthly export value of textile yarns, fabrics and products is 125,796,030,000 US dollars, an increase of 3,038,700,000 US dollars [2] Option Market - The implied volatility of cotton at - the - money call options is 13.02%, up 0.81%; the implied volatility of cotton at - the - money put options is 13.03%, up 0.82% [2] - The 20 - day historical volatility of cotton is 16.22%, up 0.02%; the 60 - day historical volatility of cotton is 14.34%, down 0.02% [2] Industry News - According to Mysteel research, the national commercial inventory of cotton is declining. As of March 20, 2026, the total commercial inventory of cotton is 5.0399 million tons, a week - on - week decrease of 95,200 tons (a decrease of 1.85%) [2] - According to the USDA report, in the week ending March 12, the net export sales of US upland cotton in the 2025/26 season increased by 196,700 bales, a 22% decrease from the previous week and a 30% decrease from the average of the previous four weeks. The export shipment volume of US upland cotton in the 2025/26 season is 273,900 bales, a 26% decrease from the previous week and an 8% increase from the average of the previous four weeks [2]

Report Industry Investment Rating - Not provided in the report Core Viewpoints - ICE cotton futures rose first and then fell this week, maintaining an overall upward trend. The main 05 contract reached a high of 69.22 cents/pound, driven by China's issuance of a 300,000 - ton processing trade cotton import quota. However, due to poor weekly US cotton export data and concerns about a global economic recession, the futures prices declined later. It is expected that ICE cotton futures will have a higher bottom but will not show a trending upward movement for now [1][4]. - Domestic cotton futures declined this week. The announcement of an additional 300,000 - ton cotton processing trade import quota alleviated concerns about the tight supply in the 2025/26 cotton year. With good current demand, the market's optimistic demand expectations support Zhengzhou cotton futures. The market focus will shift to the new - year domestic cotton planting, and Zhengzhou cotton futures are expected to maintain a volatile and slightly upward trend, but new upward drivers are needed to reach new highs [1][14]. Summary by Directory 1. Market Data | Variety | Opening Price | High Price | Low Price | Closing Price | Change | Change Rate (%) | Trading Volume (lots) | Trading Volume Change (lots) | Open Interest (lots) | Open Interest Change (lots) | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | ICE Cotton Main - continuous | 65.90 | 69.22 | 65.90 | 67.34 | 1.54 | 2.34 | 253,637 | 105,475 | 147,601 | - 7,780 | | Zhengzhou Cotton Main - continuous | 15,445 | 15,600 | 15,035 | 15,215 | - 200 | - 1.30 | 2,079,076 | - 1,245,065 | 592,451 | - 132,870 | | Cotton Yarn Main - continuous | 21,590 | 21,650 | 21,270 | 21,475 | - 90 | - 0.42 | 59,085 | - 30,155 | 14,799 | 550 | [4] 2. Fundamental Analysis International Cotton Situation - ICE cotton futures rose first and then fell this week, maintaining an overall upward trend. The main 05 contract reached 69.22 cents/pound, driven by China's issuance of a 300,000 - ton processing trade cotton import quota. Later, due to poor US cotton export data and concerns about a global economic recession, the prices declined [4]. - As of the week ending March 12, 2026, the weekly signing volume of 2025/26 US upland cotton was 44,600 tons, a 22% week - on - week decline and a 30% decrease from the four - week average. The weekly signing volume of 2026/27 US upland cotton was 27,700 tons, with China signing 11,000 tons. The weekly shipment volume of 2025/26 US upland cotton was 62,100 tons, a 26% week - on - week decline but an 8% increase from the four - week average. The total signed and sold volume of US upland and Pima cotton in the 2025/26 season was 2.1919 million tons, accounting for 84% of the annual forecasted export volume. The cumulative export shipment volume was 1.2539 million tons, accounting for 57% of the total annual signed volume [5]. - India: The Cotton Association of India (CAI) raised the production and consumption forecasts for the 2025/26 season and lowered the ending inventory forecast. The production forecast was raised by 350,000 bales to 32.05 million bales (170 kg per bale), and the consumption forecast was raised by 1 million bales to 31.5 million bales. The import volume was expected to be 4.7 million bales, a 300,000 - bale reduction from the previous month's forecast, and the export volume remained at 1.5 million bales [5]. - Brazil: The Brazilian official forecasting agency CONAB slightly lowered the 2026 cotton production forecast. The cotton production was adjusted down to 3.795 million tons. In the first two weeks of March, the raw cotton export volume was about 172,300 tons, a significant increase compared to the same period last year. As of February, the cumulative export volume in this sales year reached 1.992 million tons, nearly 90,000 tons higher than the same period in the 2024/25 season [6]. - Bangladesh: As Ramadan approached, the import demand slowed down slightly. Local enterprises reduced production or suspended operations, and import procurement decreased. However, some buyers with rigid demand entered the market to replenish stocks. The ongoing conflict in the Middle East was expected to disrupt shipping and increase freight rates, and the recent sharp rise in oil prices also put pressure on the country's foreign exchange reserves, making it more difficult to open letters of credit for imports [6]. - Pakistan: The cotton import demand was moderate. The cotton - growing areas experienced continuous high - temperature and drought, with only sporadic rainfall in some areas. The cotton sowing progress in the early - sown areas of Sindh and Punjab was good. The current high cotton prices increased some cotton farmers' willingness to plant cotton compared to alternative crops. This week, the import demand was relatively moderate. Spinning enterprises were cautious about the rising futures prices and freight - driven basis quotes. Spinning enterprises with inventory shortages continued to seek to replenish orders and lock in supplies. The export value of the five major textile categories in February was $1.07 billion, a 24% month - on - month and 7% year - on - year decline. Most categories declined month - on - month, except for a slight month - on - month increase in cotton yarn exports. The cumulative export value in the first eight months of the 2025/26 fiscal year was about $10.08 billion, basically the same as the same period in the 2024/25 fiscal year [7]. - Southeast Asian textile industry's operating rates: As of the week ending March 20, the operating rate of Indian textile enterprises was 68%, the same as last week, March, and February's monthly average was 69.5%. The operating rate of Vietnamese textile enterprises was 72.5% this week, up from 70% last week, with a March monthly average of 70.17% and a February rate of 65.67%. The operating rate of Pakistani textile enterprises was 53% this week, down from 68.5% last week, with a March monthly average of 63.33% and a February monthly average of 69.5% [7]. Domestic Cotton Situation - Cotton prices fell, and trading improved. In the week of March 20, cotton futures and spot prices declined. Cotton spot trading was significantly better than the previous week. When Zhengzhou cotton prices fell on March 18, spinning enterprises increased their purchases. Later, as prices continued to fall, enterprises became more cautious. After the night session on Thursday, spot trading improved again. This week, the mainstream sales basis of cotton spot remained stable. Cotton merchants with more inventory were more willing to sell, and did not raise the basis after good sales. The prices of 2025/26 southern Xinjiang Kashi machine - picked 31 - grade double 29 with less than 3% impurity were mostly quoted at CF05 + 1100 or higher, and the higher quotes in northern Xinjiang were above 1400, with the mainstream negotiable price between 1300 - 1400, for self - pick - up in Xinjiang [8]. - Cotton warehouse receipt situation: As of March 20, there were 12,400 registered warehouse receipts and 328 pending warehouse receipts for No. 1 cotton, totaling 12,728 receipts, equivalent to 534,576 tons. There were 259 registered warehouse receipts for domestic cotton and 12,141 for Xinjiang cotton (including 1,655 in northern Xinjiang warehouses, 1,350 in southern Xinjiang warehouses, and 9,136 in inland warehouses) in the 2025/26 season [8]. - Downstream trading cooled slightly, and spinning mill profits improved. According to TTEB data, the trading in the pure - cotton yarn market cooled slightly compared to the previous period, and the overall inquiry activity declined. Inland spinning enterprises mainly focused on fulfilling existing orders. Except for the relatively slow - moving air - jet spun yarn with stable - to - decreasing market prices, the overall price of pure - cotton yarn was stable. The production schedules of regular yarn and combed high - count yarn basically covered the "Golden March" period, and some could extend to the "Silver April". Due to the tight inventory of imported yarn, after some enterprises lowered the prices of air - jet spun products, the order acceptance situation improved slightly. Affected by the international situation, the prices of other types of yarn increased. Driven by price - increase expectations, there was some purchasing and inventory - building behavior in local areas, and the downstream mainly made rigid - demand purchases. In terms of cash flow, the immediate theoretical cash flow of Xinjiang spinning enterprises was about 1,200 yuan/ton, and that of inland spinning enterprises was about - 300 yuan/ton, showing an improvement compared to last week. Some inland spinning enterprises with high raw - material inventories made small profits. The trading atmosphere in the all - cotton grey fabric market weakened compared to last week, and the fabric mills' sales decreased. The in - production orders were still mainly domestic sales orders, and there was little improvement in export sales. The new orders of fabric mills decreased, and the orders could maintain production until the end of March or early April, and some large mills could produce until mid - to - late April. The grey fabric prices were lower than before, and fabric mills were eager to sell, with prices negotiable. Currently, fabric mills still had difficulty making a profit. In terms of operation, fabric mills maintained normal production with an operating rate of 60.5%. The decline rate of the finished - product inventory was slower than last week, and the current inventory of fabric mills was 24.8 days. Fabric mills maintained small - volume purchases based on orders [9]. 3. Basic Data Charts - The report provides 14 charts, including those on cotton sales progress, commercial inventory, spinning mill cotton inventory, weaving mill yarn inventory, spinning enterprise yarn inventory, cotton fabric enterprise cotton fabric inventory, yarn enterprise operating rate, cotton fabric enterprise operating rate, pure - cotton yarn profit, pure - cotton fabric CGC32 profit, cotton 5 - 9 spread, cotton import profit, cotton basis, and Zhengzhou cotton warehouse receipts [11][12][13] 4. Operation Suggestions - ICE cotton futures rebounded from a low due to China's issuance of additional import quotas. However, the US cotton and international cotton markets currently lack further upward drivers. The situation in Iran has a two - way impact on ICE cotton. The rise in crude oil prices drives up commodity prices in sentiment but also raises the risk of a global economic recession. Attention should be paid to the cotton planting and production in major producing countries such as India, the US, and Brazil in 2026. It is expected that ICE cotton futures will have a higher bottom but will not show a trending upward movement for now. - Domestic cotton futures declined this week. The announcement of an additional 300,000 - ton cotton processing trade import quota alleviated concerns about the tight supply in the 2025/26 cotton year. With good current demand, the market's optimistic demand expectations support Zhengzhou cotton futures. The market focus will shift to the new - year domestic cotton planting, and Zhengzhou cotton futures are expected to maintain a volatile and slightly upward trend, but new upward drivers are needed to reach new highs [14]

1. Report Industry Investment Rating - Not provided in the content 2. Core Viewpoints of the Report - The domestic textile and apparel exports increased significantly in the first two months of 2026, with textile exports reaching 25.57 billion US dollars, a year - on - year increase of 20.5%, and clothing exports reaching 24.87 billion US dollars, a year - on - year increase of 14.8%. The "Golden March" demand in the textile industry started slowly, and spinning mills continued to resume production. The current market is in the traditional consumption peak season of "Golden March and Silver April", but the import cotton data from January to February increased significantly year - on - year, and the price continued to decline [2]. 3. Summary by Relevant Catalogs 3.1 Futures Market - Zhengzhou cotton main contract closing price was 15,150 yuan/ton, a decrease of 60 yuan; cotton futures top 20 net positions were - 197,718 lots, an increase of 3,437 lots; main contract positions of cotton were 619,756 lots, a decrease of 33,751 lots; cotton warehouse receipt quantity was 12,437 lots, a decrease of 43 lots; China Cotton Price Index (CCIndex:3128B) was 16,722 yuan/ton, a decrease of 175 yuan; China Imported Cotton Price Index (FCIndexM:1% tariff) was 13,287 yuan/ton, unchanged [2]. - Cotton yarn main contract closing price was 21,285 yuan/ton, a decrease of 15 yuan; cotton yarn futures top 20 net positions were - 499 lots, an increase of 320 lots; main contract positions of cotton yarn were 14,190 lots, an increase of 237 lots; cotton yarn warehouse receipt quantity was 282 lots, a decrease of 19 lots; China Yarn Price Index (pure cotton carded yarn 32 - count) was 22,050 yuan/ton, unchanged; imported cotton yarn price index (pure cotton carded yarn 32 - count) arrival price was 22,628 yuan/ton, an increase of 60 yuan [2]. 3.2 Spot Market - China Imported Cotton Price Index (FCIndexM: sliding duty) was 14,155 yuan/ton, unchanged; imported cotton yarn price index (pure cotton combed yarn 32 - count) arrival price was 23,971 yuan/ton, an increase of 63 yuan [2]. 3.3 Upstream Situation - The national cotton sowing area was 2,838.3 thousand hectares, an increase of 48.3 thousand hectares; the national cotton output was 6.16 million tons, an increase of 0.54 million tons [2]. 3.4 Industry Situation - The cotton - yarn price difference was 5,328 yuan/ton, an increase of 175 yuan; the industrial inventory of cotton nationwide was 861,000 tons, an increase of 13,000 tons; the import quantity of cotton was 170,000 tons, an increase of 30,000 tons; the import quantity of cotton yarn was 130,000 tons, a decrease of 30,000 tons; the import cotton profit was 2,567 yuan/ton, a decrease of 175 yuan; the commercial inventory of cotton nationwide was 5.7887 million tons, an increase of 4,000 tons [2]. 3.5 Downstream Situation - The inventory days of yarn were 21.71 days, a decrease of 3.41 days; the inventory days of grey cloth were 33.13 days, a decrease of 0.63 days; the monthly output of cloth was 3.01 billion meters, an increase of 200 million meters; the monthly output of yarn was 2.132 million tons, an increase of 93,000 tons; the monthly export amount of clothing and clothing accessories was 134,124,120 US dollars, an increase of 18,187,260 US dollars; the monthly export amount of textile yarns, fabrics and products was 125,796,030 US dollars, an increase of 3,038,700 US dollars [2]. 3.6 Option Market - The implied volatility of cotton at - the - money call options was 13.22%, a decrease of 5.04%; the implied volatility of cotton at - the - money put options was 13.22%, a decrease of 5.09%; the 20 - day historical volatility of cotton was 16.16%, an increase of 1.01%; the 60 - day historical volatility of cotton was 14.43%, an increase of 0.34% [2]. 3.7 Industry News - In February 2026, China imported 130,000 tons of cotton yarn, a decrease of 30,000 tons month - on - month and an increase of 20,000 tons year - on - year. From January to February 2026, the cumulative import volume of cotton yarn was 290,000 tons, an increase of 80,000 tons or 38% compared with the same period last year. The ICE cotton futures fell on Wednesday, pressured by the stronger US dollar. The May ICE cotton futures contract closed down 0.07 cents, or 0.10%, at 68.70 cents per pound [2].

1. Report Industry Investment Rating No relevant information provided. 2. Core Viewpoints - The textile and apparel exports in the first two months of 2026 showed significant growth. From January to February 2026, China's textile and apparel export volume was $50.45 billion, a year - on - year increase of 17.6%. Among them, textile exports were $25.57 billion, a year - on - year increase of 20.5%, and clothing exports were $24.87 billion, a year - on - year increase of 14.8%. The "Golden March and Silver April" traditional consumption season in the textile industry has started, and spinning mills' production is resuming. However, after the previous price increase, there is a short - term technical adjustment [2]. 3. Summary by Directory 3.1 Futures Market - Zhengzhou cotton main contract closing price was 15,210 yuan/ton, a decrease of 205 yuan; cotton yarn main contract closing price was 21,300 yuan/ton, a decrease of 180 yuan [2]. - Cotton futures top 20 net positions were - 201,155 lots, an increase of 13,319 lots; cotton yarn futures top 20 net positions were - 819 lots, an increase of 380 lots [2]. - Cotton main contract positions were 653,507 lots, a decrease of 56,651 lots; cotton yarn main contract positions were 13,953 lots, a decrease of 89 lots [2]. - Cotton warehouse receipt quantity was 12,480 lots, a decrease of 2 lots; cotton yarn warehouse receipt quantity was 301 lots, a decrease of 6 lots [2]. 3.2 Spot Market - China Cotton Price Index (CCIndex:3128B) was 16,897 yuan/ton, an increase of 76 yuan; China Yarn Price Index (pure cotton carded yarn 32 - count) was 22,050 yuan/ton, unchanged [2]. - China Imported Cotton Price Index (FCIndexM:1% tariff) was 13,287 yuan/ton; China Imported Cotton Price Index (FCIndexM:sliding duty) was 14,155 yuan/ton. The arrival price of imported cotton yarn price index (pure cotton carded yarn 32 - count) was 22,568 yuan/ton, an increase of 72 yuan; the arrival price of imported cotton yarn price index (pure cotton combed yarn 32 - count) was 23,908 yuan/ton, a decrease of 7 yuan [2]. 3.3 Upstream Situation - The national cotton sowing area was 2,838.3 thousand hectares, an increase of 48.3 thousand hectares; the national cotton output was 6.16 million tons, an increase of 0.54 million tons [2]. 3.4 Industry Situation - The cotton - yarn price difference (CY C32S - CC3128B) was 5,153 yuan/ton, a decrease of 76 yuan; the national industrial inventory of cotton was 861,000 tons, an increase of 13,000 tons [2]. - The monthly import volume of cotton was 180,000 tons, an increase of 60,000 tons; the monthly import volume of cotton yarn was 170,000 tons, an increase of 20,000 tons [2]. - The daily import cotton profit was 2,742 yuan/ton, an increase of 7 yuan; the national commercial inventory of cotton was 5.7887 million tons, an increase of 4,000 tons [2]. 3.5 Downstream Situation - The inventory days of yarn were 21.71 days, a decrease of 3.41 days; the inventory days of grey cloth were 33.13 days, a decrease of 0.63 days [2]. - The monthly output of cloth was 3.01 billion meters, an increase of 0.2 billion meters; the monthly output of yarn was 2.132 million tons, an increase of 93,000 tons [2]. - The monthly export value of clothing and clothing accessories was $134,124,120, an increase of $18,187,260; the monthly export value of textile yarns, fabrics and products was $125,796,030, an increase of $3,038,700 [2]. 3.6 Option Market - The implied volatility of cotton at - the - money call options was 18.26%, a decrease of 1.85%; the implied volatility of cotton at - the - money put options was 18.31%, a decrease of 1.79% [2]. - The 20 - day historical volatility of cotton was 15.14%, an increase of 0.19%; the 60 - day historical volatility of cotton was 14.09%, an increase of 0.02% [2]. 3.7 Industry News - As of 24:00 on March 16, 2026, the cumulative notarized inspection of cotton processed by national cotton processing enterprises in the 2025/26 season was 33,498,830 bales, totaling 7,561,747 tons, a year - on - year increase of 12.10%. The cumulative notarized inspection volume of Xinjiang cotton was 7,175,028 tons, a year - on - year increase of 12.25% [2]. - ICE cotton futures climbed on Tuesday, continuing the previous day's gains. ICE May cotton futures contract rose 0.58 cents, or 0.85%, to settle at 68.77 cents per pound [2]. - On the domestic supply side, port inventories increased significantly, and the inventory of Brazilian cotton remained at a high level. As of March 12, the inventory of major imported cotton ports was 571,500 tons, a month - on - month increase of 2.7% [2].

1. Report Industry Investment Rating There is no information about the industry investment rating in the report. 2. Core Viewpoints of the Report - The supply side shows a significant increase in port inventory, with Brazilian cotton inventory remaining at a high level. As of March 12, the inventory at major ports for imported cotton was 57.15 million tons, a month - on - month increase of 2.7% [2]. - The consumption side indicates that China's textile and clothing exports increased significantly in the first two months. From January to February 2026, China's textile and clothing export volume was $50.45 billion, a year - on - year increase of 17.6%. Among them, textile exports were $25.57 billion, a year - on - year increase of 20.5%, and clothing exports were $24.87 billion, a year - on - year increase of 14.8% [2]. - The textile industry's "Golden March" demand is slowly starting, and textile enterprises' production is continuing to recover. The current market is in the traditional consumption peak season of "Golden March and Silver April", and it is expected that the short - term cotton price upward trend will remain unchanged [2]. 3. Summary by Relevant Catalogs Futures Market - Zhengzhou cotton main contract closing price was 15,415 yuan/ton, a decrease of 65 yuan; cotton yarn main contract closing price was 21,480 yuan/ton, a decrease of 5 yuan [2]. - The net position of the top 20 in cotton futures was - 214,474 lots, a decrease of 388 lots; the net position of the top 20 in cotton yarn futures was - 1,199 lots, an increase of 85 lots [2]. - The main contract position of cotton was 710,158 lots, a decrease of 1,776 lots; the main contract position of cotton yarn was 14,042 lots, an increase of 317 lots [2]. - The number of cotton warehouse receipts was 12,482, a decrease of 13; the number of cotton yarn warehouse receipts was 307, a decrease of 12 [2]. - China Cotton Price Index (CCIndex:3128B) was 16,821 yuan/ton, a decrease of 63 yuan; China Yarn Price Index (pure - cotton carded yarn 32 - count) was 22,050 yuan/ton, an increase of 50 yuan [2]. Spot Market - China's Imported Cotton Price Index (FCIndexM:1% tariff) was 13,186 yuan/ton, an increase of 404 yuan; the arrival price of the Imported Cotton Yarn Price Index (pure - cotton carded yarn 32 - count) was 22,496 yuan/ton, an increase of 184 yuan [2]. - China's Imported Cotton Price Index (FCIndexM:sliding - scale duty) was 14,086 yuan/ton, an increase of 246 yuan; the arrival price of the Imported Cotton Yarn Price Index (pure - cotton combed yarn 32 - count) was 23,915 yuan/ton, an increase of 104 yuan [2]. Upstream Situation - The national cotton sowing area was 2,838.3 thousand hectares, an increase of 48.3 thousand hectares; the national cotton output was 6.16 million tons, an increase of 0.54 million tons [2]. Industry Situation - The cotton - yarn price difference was 5,229 yuan/ton, an increase of 113 yuan; the industrial inventory of cotton nationwide was 861,000 tons, an increase of 13,000 tons [2]. - The monthly import volume of cotton was 180,000 tons, an increase of 60,000 tons; the monthly import volume of cotton yarn was 170,000 tons, an increase of 20,000 tons [2]. - The profit of imported cotton was 2,735 yuan/ton, a decrease of 309 yuan; the commercial inventory of cotton nationwide was 5.7887 million tons, an increase of 4,000 tons [2]. Downstream Situation - The inventory days of yarn were 21.71 days, a decrease of 3.41 days; the inventory days of grey cloth were 33.13 days, a decrease of 0.63 days [2]. - The monthly output of cloth was 3.01 billion meters, an increase of 0.2 billion meters; the monthly output of yarn was 2.132 million tons, an increase of 93,000 tons [2]. - The monthly export value of clothing and clothing accessories was $134,124,120, an increase of $18,187,260; the monthly export value of textile yarns, fabrics and products was $125,796,030, an increase of $3,038,700 [2]. Option Market - The implied volatility of at - the - money call options for cotton was 20.11%, a decrease of 1.69 percentage points; the implied volatility of at - the - money put options for cotton was 20.1%, a decrease of 1.75 percentage points [2]. - The 20 - day historical volatility of cotton was 14.96%, a decrease of 0.1 percentage points; the 60 - day historical volatility of cotton was 14.07%, an increase of 0.01 percentage points [2]. Industry News - Brazil's foreign trade secretariat's export data shows that Brazil exported 1.723 million tons of cotton in the first two weeks of March, with a daily average export volume of 173,000 tons, a 37% increase compared to the daily average export volume of 126,000 tons in March of the previous year. The total export volume in March of the previous year was 2.391 million tons [2]. - ICE cotton futures hit a more than seven - month high on Monday, supported by a weaker US dollar. Data showed that speculators reduced their short positions. The ICE May cotton futures contract rose 2.34 cents, or 3.55%, to settle at 68.19 cents per pound [2].

1. Report Industry Investment Rating - Not provided in the report 2. Core View of the Report - ICE cotton futures are expected to be oscillating with a slight upward trend in the short - term, but further upward movement requires more fundamental drivers. Domestic cotton futures are also expected to maintain an oscillating and slightly upward trend, and reaching new highs needs new upward drivers in both domestic and international cotton markets [1][17] 3. Summary by Relevant Catalogs 3.1行情数据 - ICE cotton main contract opened at 64.20, reached a high of 66.25, a low of 64.08, and closed at 65.80, with a gain of 1.59 and a rise of 2.42%. The trading volume was 148,162 lots, a decrease of 24,966 lots, and the open interest was 155,381 lots, a decrease of 7,356 lots [4] - Zhengzhou cotton main contract opened at 15,330, reached a high of 15,765, a low of 15,185, and closed at 15,415, with a gain of 120 and a rise of 0.78%. The trading volume was 3,324,141 lots, an increase of 1,264,610 lots, and the open interest was 725,321 lots, a decrease of 39,759 lots [4] - Cotton yarn main contract opened at 21,215, reached a high of 21,835, a low of 21,125, and closed at 21,565, with a gain of 360 and a rise of 1.70%. The trading volume was 89,240 lots, an increase of 28,368 lots, and the open interest was 14,249 lots, a decrease of 367 lots [4] 3.2基本面 3.2.1国际棉花情况 - ICE cotton futures regained the upward momentum this week. The near - month May contract recovered last week's decline, and the far - month December contract hit a new high this year, reaching above 70 cents per pound. In the first half of the week, ICE cotton futures rebounded due to the decrease in warehouse receipts and commercial bargain - hunting. On Friday, it continued to rise due to the rumor of China's additional import quota [1][5] - The USDA's March 2026 monthly supply - demand report: The US cotton balance sheet remained unchanged. The global cotton balance sheet increased the 2025/26 global cotton production by 1.13 million bales, mainly due to the increase of 750,000 bales in Brazil's production and 500,000 bales in China's production. The global cotton consumption in 2025/26 was slightly reduced by 140,000 bales. The ending inventory in 2025/26 increased by 1.28 million bales to 76.39 million bales, and the inventory - to - consumption ratio was 64.4%, compared with 63.3% in the February report and 62% in the 2024/25 season [5] - As of the week ending March 5, the weekly signing volume of 2025/26 US upland cotton was 57,400 tons, a 68% increase from the previous week and an 8% decrease from the four - week average. The weekly signing volume of 2026/27 US upland cotton was 8,300 tons. The weekly shipment volume of 2025/26 US upland cotton was 83,900 tons, a 31% increase from the previous week and a 77% increase from the four - week average. The total signed sales volume of US upland cotton and Pima cotton in the 2025/26 season was 2.1456 million tons, accounting for 82% of the annual predicted total export volume. The cumulative export shipment volume was 1.1906 million tons, accounting for 55% of the annual total signed volume [6] - Australia: The picking work in the main producing areas is accelerating. In January, the cotton export volume increased year - on - year. As of March 10, the water storage in the Murray - Darling Basin was about 48% of the total capacity, lower than 58% in the same period in 2025. In January, the export volume of Australian raw cotton was 53,000 tons, a 45% decrease from December but a 41% increase from the same period last year. China is still the main export destination. In the first six months of this international cotton year, the cumulative export volume of Australian raw cotton reached 838,000 tons, higher than 723,000 tons in the same period of the 2024/25 season [7] - Brazil: The market continues to focus on the new - crop production, and the current downward adjustment is limited. The Brazilian Cotton Growers Association (ABRAPA) predicts that the cotton production in Brazil this year will be 3.83 million tons, lower than 4.25 million tons in 2025. The production in Mato Grosso, the largest producing state, is expected to be 2.56 million tons, a 15% decrease from the previous season. The production in Piauí is expected to increase by nearly 41% to 93,355 tons. The export volume of raw cotton in the first week of March has reached nearly 88,000 tons, a significant increase compared with the same period in 2025. In the first seven months of the 2025/2026 season, the cumulative export volume of Brazilian raw cotton reached 1.992 million tons, higher than 1.905 million tons in the same period last year [8][9] - Bangladesh: The demand for cotton imports has rebounded. Due to the continuous conflict in the Middle East, spinning mills expect higher freight and basis quotes and lock in supplies in advance. However, the core shipping routes for imports and exports are still closed or severely blocked, and there are concerns about energy shortages and cost increases [9] - Pakistan: The planting area in the new season is still uncertain, and the demand for cotton imports is moderate. Some local estimates show that the planting area this year may decrease by about 5% - 10% compared with last year. Recently, the domestic cotton price has risen, which may encourage some farmers to continue growing cotton. The import demand this week is moderate. Yarn export inquiries still exist, but buyers are not highly accepting of the current high prices [9] - Southeast Asian textile industry chain startup rates: As of the week ending March 13, the startup rate of Indian textile enterprises was 68%, that of Vietnamese textile enterprises was 70%, and that of Pakistani textile enterprises was 68.5% [10] 3.2.2国内棉花情况 - Cotton prices fluctuated widely, and trading was still light. In the week ending March 13, cotton futures and spot prices fluctuated widely and generally rose. Spot point - price trading was generally cold, and only improved after the decline of Zhengzhou cotton on Friday. When Zhengzhou cotton was strong during the week, the fixed - price spot trading was relatively good. The high basis of cotton spot decreased slightly, and the mainstream basis in the market was temporarily stable [11] - As of March 13, there were 12,506 registered warehouse receipts and 285 pending warehouse receipts of No. 1 cotton, totaling 12,791 receipts, equivalent to 537,222 tons. There were 259 registered warehouse receipts of domestic - produced cotton and 12,247 of Xinjiang cotton in the 2025/26 season [11] - Downstream trading and prices continued to improve. The pure - cotton yarn market was booming, and most orders of inland spinning mills were scheduled for more than one month later. The shipment of downstream weaving mills was good, and the startup rate was high. The supply of yarn of 40S and above was tight, and the sales of medium - and low - count varieties also improved. The spinning mills' inventory was gradually reduced, and both Xinjiang and inland spinning mills maintained a high startup rate. The overall transaction price increased, and the cash flow of spinning mills improved. The open interest of weaving mills continued to recover, and the inventory of cotton cloth continued to decrease. The raw material inventory of weaving mills increased [12] 3.3操作建议 - ICE cotton futures are expected to be oscillating with a slight upward trend in the short - term. Further upward movement requires more fundamental drivers. Domestic cotton futures are also expected to maintain an oscillating and slightly upward trend, and reaching new highs needs new upward drivers in both domestic and international cotton markets [17]

1. Report Industry Investment Rating - No relevant content provided 2. Core Viewpoints of the Report - ICE cotton futures closed lower on Wednesday, hitting a one - week high during the session, affected by the bearish data in the USDA monthly supply - demand report. The ICE May cotton futures contract fell 0.13 cents, or 0.20%, to settle at 65.17 cents per pound. In the domestic market, on the supply side, with a large amount of cotton arriving at ports previously, port inventory has increased significantly, increasing supply - side pressure. As of March 5th, the inventory at major ports for imported cotton was 55.65 tons, a month - on - month increase of 42%. On the consumption side, downstream consumption is gradually recovering. The market is mainly focused on delivering previous orders, with limited new orders. Finished - product inventory has relatively decreased, resulting in limited pressure. Currently in the "Golden March and Silver April" traditional consumption peak season, the short - term upward trend of cotton prices is expected to continue [2] 3. Summary by Relevant Catalogs 3.1 Futures Market - Zhengzhou cotton main contract closing price: 15,545 yuan/ton, up 30 yuan; cotton futures top 20 net position: - 209,957 lots, down 7,576 lots; main contract holding volume of cotton: 741,308 lots, down 2,219 lots; cotton warehouse receipt quantity: 12,325 pieces, up 173 pieces. - Cotton yarn main contract closing price: 21,735 yuan/ton, up 155 yuan; cotton yarn futures top 20 net position: - 1,466 lots, down 205 lots; main contract holding volume of cotton yarn: 14,724 lots, down 248 lots; cotton yarn warehouse receipt quantity: 219 pieces, up 105 pieces [2] 3.2 Spot Market - Chinese cotton price index (CCIndex: 3128B): 16,848 yuan/ton, up 180 yuan; Chinese yarn price index (pure cotton carded yarn 32S): 22,000 yuan/ton, unchanged. - Chinese imported cotton price index (FCIndexM: 1% tariff): 12,647 yuan/ton, down 17 yuan; Chinese imported cotton price index (FCIndexM: sliding - scale duty): 13,756 yuan/ton, down 18 yuan. - Arrival price of imported cotton yarn price index (pure cotton carded yarn 32S): 21,995 yuan/ton, up 41 yuan; arrival price of imported cotton yarn price index (pure cotton combed yarn 32S): 23,485 yuan/ton, up 44 yuan [2] 3.3 Upstream Situation - National cotton sowing area: 2,838.3 thousand hectares, up 48.3 thousand hectares; national cotton output: 6.16 million tons, up 0.54 million tons. - Cotton - yarn price difference: 5,152 yuan/ton, down 180 yuan; national industrial inventory of cotton: 861,000 tons, up 13,000 tons [2] 3.4 Industry Situation - Import volume of cotton: 180,000 tons, up 60,000 tons; import volume of cotton yarn: 170,000 tons, up 20,000 tons. - Import profit of cotton: 3,092 yuan/ton, up 198 yuan; national commercial inventory of cotton: 5.7887 million tons, up 4,000 tons [2] 3.5 Downstream Situation - Inventory days of yarn: 21.71 days, down 3.41 days; inventory days of grey cloth: 33.13 days, down 0.63 days. - Monthly output of cloth: 3.01 billion meters, up 200 million meters; monthly output of yarn: 2.132 million tons, up 93,000 tons. - Monthly export value of clothing and clothing accessories: 134.12412 million US dollars, up 18.18726 million US dollars; monthly export value of textile yarns, fabrics and products: 125.79603 million US dollars, up 3.0387 million US dollars [2] 3.6 Option Market - Implied volatility of at - the - money call options for cotton: 22.65%, up 3.22 percentage points; implied volatility of at - the - money put options for cotton: 22.65%, up 3.22 percentage points. - 20 - day historical volatility of cotton: 14.75%, up 0.43 percentage points; 60 - day historical volatility of cotton: 13.91%, up 0.15 percentage points [2] 3.7 Industry News - According to customs data, from January to February 2026, China's textile and clothing exports reached 50.45 billion US dollars, a year - on - year increase of 17.6%. Among them, textile exports were 25.57 billion US dollars, a year - on - year increase of 20.5%, and clothing exports were 24.87 billion US dollars, a year - on - year increase of 14.8% [2]