研究员：刘悠然 021-60635570 liuyouran@ccb.ccbfutures.com 期货从业资格号：F03094925 农产品研究团队 、 请阅读正文后的声明 行业 棉花 日期 2026 年 2 月 27 日 研究员：余兰兰 021-60635732 yulanlan@ccb.ccbfutures.com 期货从业资格号：F0301101 研究员：林贞磊 021-60635740 linzhenlei@ccb.ccbfutures.com 期货从业资格号：F3055047 研究员：王海峰 021-60635727 wanghaifeng@ccb.ccbfutures.com 期货从业资格号：F0230741 研究员：洪辰亮 021-60635572 hongchenliang@ccb.ccbfutures.com 期货从业资格号：F3076808 | | | | | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | | | 21.7 | | | | | | | | CN ...

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

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

Group 1: Report Industry Investment Rating - No relevant information provided Group 2: Core View of the Report - The cotton market is expected to maintain a volatile trend before the holiday [1] Group 3: Summary of Each Section Fundamental Tracking - **Futures Data**: CF2605 closed at 14,580 yuan/ton with a daily decline of 0.21% and a night - session closing price of 14,620 yuan/ton with a 0.27% increase; CY2605 closed at 20,405 yuan/ton with a 0.20% decline and a night - session closing price of 20,390 yuan/ton with a 0.07% decline; ICE US cotton 3 closed at 61.07 cents/pound with a 1.15% decline. The trading volume of CF2605 was 356,519 lots, a decrease of 112,287 lots from the previous day, and the open interest was 1,036,886 lots, a decrease of 3,107 lots. The trading volume of CY2605 was 7,245 lots, a decrease of 1,999 lots from the previous day, and the open interest was 11,165 lots, an increase of 1,045 lots [2] - **Warehouse Receipt Data**: The number of Zhengzhou cotton warehouse receipts was 10,575, an increase of 75 from the previous day, and the effective forecast was 1,185, a decrease of 98. The number of cotton yarn warehouse receipts was 0, unchanged from the previous day, and the effective forecast was 7, a decrease of 7 [2] - **Spot Price Data**: The price of Northern Xinjiang 3128 machine - picked cotton was 15,704 yuan/ton, a decrease of 10 yuan from the previous day; the price of Southern Xinjiang 3128 machine - picked cotton was 15,630 yuan/ton, unchanged from the previous day; the price in Shandong was 16,077 yuan/ton, an increase of 9 yuan from the previous day; the price in Hebei was 16,108 yuan/ton, a decrease of 2 yuan from the previous day; the 3128B index was 16,025 yuan/ton, an increase of 13 yuan from the previous day. The price of pure - cotton carded yarn 32 - count was 21,455 yuan/ton, unchanged from the previous day, and the arrival price of pure - cotton carded yarn 32 - count was 21,083 yuan/ton, a decrease of 13 yuan from the previous day [2] - **Spread Data**: The CF3 - 5 spread was 70 yuan/ton, an increase of 10 yuan from the previous day; the spread between Northern Xinjiang 3128 machine - picked cotton and CF605 was 1,120 yuan/ton, an increase of 20 yuan from the previous day [2] Macro and Industry News - **Domestic Cotton Spot**: The basis of domestic cotton spot is generally stable. The lower sales basis of 2025/26 Northern Xinjiang machine - picked 4129/29B with impurity within 3.5 and micronaire value of 4 and above is around CF05 + 1200, and most quotes are above CF05 + 1250. The mainstream basis of 2025/26 North - South Xinjiang machine - picked 3130/30 in Shandong and Henan warehouses with micronaire value above 4 and impurity within 3 is mostly between CF05 + 1600 - 1750 [3] - **Domestic Cotton Textile Enterprises**: The quotation of pure - cotton yarn is generally stable, and the pre - holiday trading atmosphere continues to be light. Small - scale spinning enterprises mostly enter the holiday period on weekends. Most spinning enterprises only maintain production for existing orders, and some enterprises have completed the pre - holiday production [3] - **US Cotton**: Last Friday, ICE cotton futures continued to decline. Due to the rapid increase in warehouse receipts, ICE cotton faces delivery pressure and technical selling pressure in the short term [3] Trend Intensity - The trend intensity of cotton is 1, indicating a neutral trend [4]

商 品 研 究 2026 年 2 月 6 日 棉花：预计保持震荡走势 20260206 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，纯棉纱价格持稳，交投继续减少。伴随物流陆续停运， 市场整体交易节奏进一步放缓。品种间分化明显，低支纱成交尤为清淡，精梳高支纱订单支撑仍较强，局 部货源偏紧。当前阶段各方操作减少，厂家多维持稳价报盘。 美棉概况：昨日 ICE 棉花期货继续下跌，目前近月合约的情况和去年同期类似，短期交割压力和技术 性卖压较大。 【趋势强度】 请务必阅读正文之后的免责条款部分 1 【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 | 14,610 | -0.48% | 14620 | 0.07% | | | CY2605 | 元/吨 | 20,445 | -0.02% | 20455 | 0.05% | | | ICE美棉3 | 美 ...

2月4日，配额内(关税1%)中等质量进口棉完税成本12357元/吨，比国产标准级棉花价格低3645元/吨,较 上周扩大194元/吨；滑准税进口棉完税成本13584元/吨，比国产棉价格低2418元/吨，较上周扩大136元/ 吨。 据外媒报道，据巴基斯坦轧花厂协会(PCGA)向媒体提供的统计数据，截至2026年1月31日，全国轧花厂 共接收相当于逾550万包籽棉，较去年同期微增0.62%。 棉花期货行情回顾： 2月4日美国洲际交易所(ICE)棉花期货行情 品种 开盘价 最高价 最低价 收盘价 美棉花 62.31 62.72 62.20 62.34 -0.19% 【棉花市场消息速递】 北京时间2月5日，美国洲际交易所(ICE)棉花期货价格低位震荡，开盘报62.22美分/磅，现报62.29美分/ 磅，涨幅0.11%，盘中最高触及62.50美分/磅，最低下探62.22美分/磅。 更新时间： 2月4日，新疆3128皮棉到厂均价15645元/吨，涨30元/吨；新疆32s纯棉纱环锭纺价格22000元/吨，持 平；纺纱利润为364.7元/吨，跌34.2元/吨。 ...

商 品 研 究 2026 年 2 月 5 日 棉花：预计保持震荡走势 20260205 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 资料来源：同花顺 iFinD，国泰君安期货研究 【宏观及行业新闻】 国内棉花现货概况：根据 TTEB 信息显示，棉花现货整体交投尚可，低基差成交较好，基差整体偏 稳。山东、河南库 2025/26 南北疆机采 3130/30，马值 4 以上，杂 3 内主流基差多在 CF05+1600- 1750，部分棉商上调基差 20 左右，内地自提；2025/26 南疆喀什机采 3129/29B 杂 3.5 内马值 4 以上较 多销售基差在 CF05+1000 及以上，少量低于该价，不含淡点污，疆内自提。 国内棉纺织企业概况：根据 TTEB 信息显示，纯棉纱市场交易活跃度逐步降低，价格整体持稳。随着 下游放假增多，内地纺企多以完成现有订单、安排春节假期为主。当前常规纱品类低价货源减少，低支纱 成交清淡；进口纱现货市场走货相对顺畅，局部交投较好，整体平淡偏多。 美棉概况：昨日 ICE 棉花期货继续下跌，目前近月合约的情况和去年同期类似， ...

研究员：洪辰亮 021-60635572 hongchenliang@ccb.ccbfutures.com 期货从业资格号：F3076808 研究员：刘悠然 021-60635570 liuyouran@ccb.ccbfutures.com 期货从业资格号：F03094925 农产品研究团队 、 请阅读正文后的声明 行业 棉花 日期 2026 年 1 月 30 日 研究员：余兰兰 021-60635732 yulanlan@ccb.ccbfutures.com 期货从业资格号：F0301101 研究员：林贞磊 021-60635740 linzhenlei@ccb.ccbfutures.com 期货从业资格号：F3055047 研究员：王海峰 021-60635727 wanghaifeng@ccb.ccbfutures.com 期货从业资格号：F0230741 ＃summary＃ 每日报告 一、行情回顾与操作建议 | 表1：行情回顾 | | --- | 数据来源：Wind，建信期货研究发展部 郑棉大缩量收涨。现货方面，最新棉花价格指数 328 级在 16103 元/吨，较上 一交易日涨 170 元/吨。20 ...

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]

研究员：余兰兰 021-60635732 yulanlan@ccb.ccbfutures.com 期货从业资格号：F0301101 研究员：林贞磊 021-60635740 linzhenlei@ccb.ccbfutures.com 期货从业资格号：F3055047 行业 棉花 日期 2026 年 1 月 27 日 ＃summary＃ 研究员：王海峰 021-60635727 wanghaifeng@ccb.ccbfutures.com 期货从业资格号：F0230741 研究员：洪辰亮 021-60635572 hongchenliang@ccb.ccbfutures.com 期货从业资格号：F3076808 研究员：刘悠然 021-60635570 liuyouran@ccb.ccbfutures.com 期货从业资格号：F03094925 农产品研究团队 、 请阅读正文后的声明 每日报告 一、行情回顾与操作建议 | | | 纯棉纱市场交投一般，贸易商和下游布厂刚需采购。近期溯源单逐渐下放， 个别纺企反馈排单已至 3 月。部分纱厂对后市较有信心，挺价意愿明显。全棉坯 布市场行情进入收尾阶段，由于多数厂商对节 ...