2026 年 3 月 4 日 棉花：等待新的驱动 20260304 傅博 投资咨询从业资格号：Z0016727 fubo2@gtht.com 【基本面跟踪】 棉花基本面数据 | | 名 称 | 单 位 | 昨日收盘价 | 日涨幅 | 昨日夜盘收盘价 | 夜盘涨幅 | | --- | --- | --- | --- | --- | --- | --- | | | CF2605 CY2605 | 元/吨 元/吨 | 15,255 21,100 | 0.20% 0.00% | 15160 20975 | -0.62% -0.59% | | | ICE美棉5 | 美分/磅 | 64.16 | -0.99% | | - | | 期 货 | | | 昨日成交 | 较前日变动 | 昨日持仓 | 较前日变动 | | | CF2605 | 手 | 547,817 | -85,806 | 1,164,646 | -15,132 | | | CY2605 | 手 | 11,136 | -1,999 | 14,509 | 1,045 | | | | | 昨日仓单量 | 较前日变动 | 有效预报 | 较前日变动 | | | 郑棉 | ...

2026 年 3 月 3 日 棉花：等待新的驱动 20260303 傅博 投资咨询从业资格号：Z0016727 fubo2@gtht.com 【基本面跟踪】 棉花基本面数据 | | 名 称 | 单 位 | 昨日收盘价 | 日涨幅 | 昨日夜盘收盘价 | 夜盘涨幅 | | --- | --- | --- | --- | --- | --- | --- | | | CF2605 | 元/吨 | 15,225 | -1.10% | 15175 | -0.33% - | | | CY2605 | 元/吨 | 21,100 | -0.68% | 21015 | -0.40% | | | ICE美棉5 | 美分/磅 | 64.8 | -1.16% | | | | | | | 昨日成交 | 较前日变动 | 昨日持仓 | 较前日变动 | | 期 货 | CF2605 | 手 | 633,623 | 92,436 | 1,179,778 | -25,191 | | | CY2605 | 手 | 11,204 | -1,999 | 14,198 | 1,045 | | | | | 昨日仓单量 | 较前日变动 | 有效预报 | 较 ...

2026 年 3 月 2 日 棉花：预计维持偏强走势 20260302 傅博 投资咨询从业资格号：Z0016727 fubo2@gtht.com 国内棉纺织企业概况：根据 TTEB 信息显示，纯棉纱报价整体持稳，市场交投氛围尚未完全恢复。少 数节前订单较差纺企尚未全面开机，而部分对节后"金三银四"行情持乐观预期的纺企已实现满负荷生 产，交付年前订单的同时提前为旺季备货。市场看涨心态较为浓厚，不过实际成交仍以观望为主。 美棉概况：上周五 ICE 棉花期货小幅上涨，受原油上涨和空头回补影响。 【趋势强度】 棉花趋势强度：1 安 期 货 研 究 所 【基本面跟踪】 棉花基本面数据 | | 名 称 | 单 位 | 昨日收盘价 | 日涨幅 | 昨日夜盘收盘价 | 夜盘涨幅 | | --- | --- | --- | --- | --- | --- | --- | | | CF2605 CY2605 | 元/吨 元/吨 | 15,395 21,245 | 0.29% -0.05% | 15295 21150 | -0.65% -0.45% | | | ICE美棉5 | 美分/磅 | 65.56 | 0.29% | | - ...

2026 年 2 月 27 日 棉花：期货出现回调 20260227 傅博 投资咨询从业资格号：Z0016727 fubo2@gtht.com 【基本面跟踪】 棉花基本面数据 | | 名 称 | 单 位 | 昨日收盘价 | 日涨幅 | 昨日夜盘收盘价 | 夜盘涨幅 | | --- | --- | --- | --- | --- | --- | --- | | | | | | | | -0.40% | | | CF2605 CY2605 | 元/吨 元/吨 | 15,350 21,255 | -0.20% -0.28% | 15265 21170 | -0.55% | | | ICE美棉5 | 美分/磅 | 65.37 | -1.19% | | - | | | | | 昨日成交 | 较前日变动 | 昨日持仓 | 较前日变动 | | 期 货 | CF2605 | 手 | 1,028,977 | 188,289 | 1,198,221 | 28,947 | | | CY2605 | 手 | 16,761 | -1,999 | 12,899 | 1,045 | | | | | 昨日仓单量 | 较前日变动 | 有效预报 ...

傅博 投资咨询从业资格号：Z0016727 fubo2@gtht.com 【基本面跟踪】 棉花基本面数据 | 单 位 | 名 称 | | 昨日收盘价 | 日涨幅 | 昨日夜盘收盘价 | 夜盘涨幅 | | --- | --- | --- | --- | --- | --- | --- | | 元/吨 | CF2605 CY2605 | 元/吨 | 15,380 21,315 | 0.62% 0.21% | 15540 21450 | 1.04% 0.63% | | ICE美棉5 | | 美分/磅 | 66.16 | 1.01% | | - | | 昨日成交 | | | | 较前日变动 | 昨日持仓 | 较前日变动 | | 手 | 期 货 CF2605 | | 840,688 | 223,113 | 1,169,274 | 69,884 | | 手 | CY2605 | | 15,055 | -1,999 | 12,630 | 1,045 | | 昨日仓单量 | | | | 较前日变动 | 有效预报 | 较前日变动 | | 郑棉 | | 张 | 11,124 | 111 | 1,205 | 64 | | 棉纱 | ...

商 品 研 究 2026 年 2 月 25 日 棉花：创年内新高 20260225 傅博 投资咨询从业资格号：Z0016727 fubo2@gtht.com 【基本面跟踪】 棉花基本面数据 | | 名 称 | 单 位 | 昨日收盘价 | 日涨幅 | 昨日夜盘收盘价 | 夜盘涨幅 | | --- | --- | --- | --- | --- | --- | --- | | | CF2605 CY2605 | 元/吨 元/吨 | 15,285 | 3.70% 3.60% | 15385 21330 | 0.65% | | | | | 21,270 | | | 0.28% | | | ICE美棉5 | 美分/磅 | 65.5 | 0.43% | | - | | | | | 昨日成交 | 较前日变动 | 昨日持仓 | 较前日变动 | | 期 货 | CF2605 | 手 | 617,575 | 309,498 | 1,099,390 | 91,732 | | | CY2605 | 手 | 10,658 | -1,999 | 11,879 | 1,045 | | | | | 昨日仓单量 | 较前日变动 | 有效预报 ...

2026 年 2 月 13 日 棉花：节前预计维持震荡走势 20260213 傅博 投资咨询从业资格号：Z0016727 fubo2@gtht.com 【基本面跟踪】 棉花基本面数据 | | 名 称 | 单 位 | 昨日收盘价 | 日涨幅 | 昨日夜盘收盘价 | 夜盘涨幅 | | --- | --- | --- | --- | --- | --- | --- | | | CF2605 | 元/吨 | 14,790 | 0.31% | 14750 | -0.27% | | | CY2605 | 元/吨 | 20,655 | 0.32% | 20655 | 0.00% | | | ICE美棉5 | 美分/磅 | 64.29 | 0.39% | | - | | | | | 昨日成交 | 较前日变动 | 昨日持仓 | 较前日变动 | | 期 货 | CF2605 | 手 | 317,911 | -30,770 | 1,034,726 | -7,866 | | | CY2605 | 手 | 9,382 | -1,999 | 10,471 | 1,045 | | | | | 昨日仓单量 | 较前日变动 | 有效预报 | ...

2026 年 2 月 11 日 国内棉纺织企业概况：根据 TTEB 信息显示，纯棉纱市场已全面进入节前收尾阶段，仅少数大型纺企 局部价格微调，大部分纺企或停止报价或报价持稳，内地开机率继续降低。 棉花：节前预计维持震荡走势 20260211 傅博 投资咨询从业资格号：Z0016727 fubo2@gtht.com 【基本面跟踪】 棉花基本面数据 | | 名 称 | 单 位 | 昨日收盘价 | 日涨幅 | 昨日夜盘收盘价 | 夜盘涨幅 | | --- | --- | --- | --- | --- | --- | --- | | | CF2605 | 元/吨 | 14,655 | 0.51% | 14680 | 0.17% | | | CY2605 | 元/吨 | 20,440 | 0.39% | 20495 | 0.27% | | | ICE美棉3 | 美分/磅 | 61.59 | 0.02% | | - | | | | | 昨日成交 | 较前日变动 | 昨日持仓 | 较前日变动 | | 期 货 | CF2605 | 手 | 483,290 | 148,619 | 1,047,760 | 1,712 | | ...

1. Report Industry Investment Rating - No information provided 2. Core Viewpoints - Cotton is expected to maintain a volatile trend before the holiday [1] - The trend strength of cotton is 1, indicating a neutral outlook [4] 3. Summary by Related Catalogs 3.1 Fundamental Tracking - **Futures Data**: CF2605 closed at 14,580 yuan/ton with no daily change and 14,630 yuan/ton at night with a 0.34% increase; CY2605 closed at 20,360 yuan/ton with a -0.22% daily change and 20,395 yuan/ton at night with a 0.17% increase; ICE US cotton 3 closed at 61.58 cents/pound with a 0.84% daily increase [1] - **Trading Volume and Open Interest**: CF2605 trading volume was 334,671 lots, a decrease of 21,848 lots from the previous day, and open interest was 1,046,048 lots, an increase of 9,162 lots; CY2605 trading volume was 6,709 lots, a decrease of 1,999 lots from the previous day, and open interest was 11,525 lots, an increase of 1,045 lots [1] - **Warehouse Receipts**: Zheng cotton warehouse receipts were 10,580 sheets, an increase of 5 sheets, and effective forecasts were 1,168 sheets, a decrease of 17 sheets; cotton yarn warehouse receipts were 0 sheets, with no change, and effective forecasts were 7 sheets, a decrease of 7 sheets [1] - **Spot Prices**: North Xinjiang 3128 machine - picked cotton was 15,704 yuan/ton with no change; South Xinjiang 3128 machine - picked cotton was 15,630 yuan/ton with no change; Shandong spot price was 16,019 yuan/ton, a decrease of 58 yuan or -0.36%; Hebei spot price was 16,048 yuan/ton, a decrease of 60 yuan or -0.37%; 3128B index was 15,967 yuan/ton, a decrease of 58 yuan or -0.36%; Cotlook:A index was 72.80 cents/pound, a decrease of 0.40 cents or -0.55%; pure - cotton carded yarn 32 - count was 21,455 yuan/ton with no change; pure - cotton carded yarn 32 - count arrival price was 21,058 yuan/ton, a decrease of 25 yuan or -0.12% [1] - **Price Spreads**: CF3 - 5 spread was 60 yuan/ton, a decrease of 10 yuan; North Xinjiang 3128 machine - picked cotton minus CF605 was 1,120 yuan/ton with no change [1] 3.2 Macro and Industry News - **Domestic Cotton Spot**: Cotton spot trading was light, and the basis was generally stable. The lower sales basis of 2025/26 South Xinjiang Kashgar machine - picked 3129/29B with impurity within 3.5 was CF05 + 1000 - 1100, and most quotes were CF05 + 1100 and above, for self - pick - up within Xinjiang; the sales basis of 2025/26 North Xinjiang machine - picked 3129/29B with impurity within 3.5 started from CF05 + 1250 - 1350, for self - pick - up within Xinjiang [2] - **Domestic Cotton Textile Enterprises**: Pure - cotton yarn quotes were generally stable. From the weekend, inland spinning enterprises will start to take holidays; Xinjiang spinning enterprises maintained normal production, sales, and shipping rhythms, but due to the weakening pre - holiday demand, the trading volume of Xinjiang spinning enterprises decreased. Currently, upstream and downstream market players mainly focused on finalizing payments and sorting out orders, and the trading volume continued to decline [2] - **US Cotton**: ICE cotton futures rebounded from a low level, affected by the decline of the US dollar and short - covering before the USDA monthly supply - demand report [3]

商 品 研 究 2026 年 2 月 3 日 棉花：预计保持震荡走势 20260203 傅博 投资咨询从业资格号：Z0016727 fubo2@gtht.com 【基本面跟踪】 棉花基本面数据 | | 名 称 | 单 位 | 昨日收盘价 | 日涨幅 | 昨日夜盘收盘价 | 夜盘涨幅 | | --- | --- | --- | --- | --- | --- | --- | | | CF2605 | 元/吨 | 14,575 | -0.65% | 14635 | 0.41% | | | CY2603 | 元/吨 | 20,405 | -0.44% | 20435 | 0.15% | | | ICE美棉3 | 美分/磅 | 62.8 | -0.49% | | - | | | | | 昨日成交 | 较前日变动 | 昨日持仓 | 较前日变动 | | 期 货 | CF2605 | 手 | 599,538 | -98,627 | 994,666 | -16,081 | | | CY2603 | 手 | 5,807 | -1,999 | 4,884 | 1,045 | | | | | 昨日仓单量 | 较前日变动 | 有效预 ...