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].

Report Summary 1. Report Industry Investment Rating - Not provided in the given content 2. Core Viewpoints - The cotton spot trading remains sluggish, and the spot basis is generally stable. The mainstream sales basis of different types of cotton in different regions is in a certain range [2]. - The overall sales of pure - cotton yarn in the market are average, with some high - priced quotes slightly reduced. The transportation cost of cotton yarn has increased due to the rise in oil prices. Downstream transactions are mainly small orders for rigid demand, and the market sentiment is cautious [2]. - The ICE cotton futures rose nearly 1% yesterday. The market is waiting for the USDA's planting area intention report next week, and it is estimated that the US cotton planting area in 2026 will decline slightly compared to 2025 [2]. 3. Summary by Relevant Catalogs 3.1 Fundamental Tracking - **Futures Data**: - CF2605 closed at 15,340 yuan/ton yesterday with a daily increase of 0.82%, and the night - session closing price was 15,370 yuan/ton with a night - session increase of 0.20%. The trading volume was 563,531 lots, an increase of 163,373 lots from the previous day, and the open interest was 1,056,287 lots, a decrease of 12,710 lots [1]. - CY2605 closed at 21,670 yuan/ton yesterday with a daily increase of 0.53%, and the night - session closing price was 21,535 yuan/ton with a night - session decrease of 0.62%. The trading volume was 14,593 lots, a decrease of 1,999 lots from the previous day, and the open interest was 12,972 lots, an increase of 1,045 lots [1]. - ICE US cotton 5 closed at 68.24 cents/pound yesterday with a daily increase of 0.99% [1]. - **Warehouse Receipt Data**: - The number of Zheng cotton warehouse receipts was 12,344, a decrease of 10 from the previous day, and the effective forecast was 430, an increase of 4 [1]. - The number of cotton yarn warehouse receipts was 229, a decrease of 12 from the previous day, and the effective forecast was 67, an increase of 174 [1]. - **Spot Price Data**: - The price of Beijiang 3128 machine - picked cotton was 16,584 yuan/ton, an increase of 125 yuan/ton from the previous day, with a growth rate of 0.76% [1]. - The price of Nanjiang 3128 machine - picked cotton was 16,523 yuan/ton, an increase of 125 yuan/ton from the previous day, with a growth rate of 0.76% [1]. - The price in Shandong was 16,725 yuan/ton, a decrease of 19 yuan/ton from the previous day, with a decline rate of - 0.11% [1]. - The price in Hebei was 16,762 yuan/ton, a decrease of 31 yuan/ton from the previous day, with a decline rate of - 0.18% [1]. - The 3128B index was 16,711 yuan/ton, a decrease of 21 yuan/ton from the previous day, with a decline rate of - 0.13% [1]. - The Cotlook:A index was 77.75 cents/pound, a decrease of 0.10 cents/pound from the previous day, with a decline rate of - 0.13% [1]. - The price of pure - cotton carded yarn 32 - count was 22,180 yuan/ton, an increase of 30 yuan/ton from the previous day, with a growth rate of 0.14% [1]. - The arrival price of pure - cotton carded yarn 32 - count was 22,528 yuan/ton, an increase of 12 yuan/ton from the previous day, with a growth rate of 0.05% [1]. - **Spread Data**: - The CF5 - 9 spread was - 125 yuan/ton, an increase of 15 yuan/ton from the previous day [1]. - The spread between Beijiang 3128 machine - picked cotton and CF605 was 1,240 yuan/ton, unchanged from the previous day [1]. 3.2 Macro and Industry News - **Domestic Cotton Spot**: The cotton spot trading is sluggish, and the spot basis is generally stable. Different types of cotton in different regions have different sales basis ranges [2]. - **Domestic Cotton Textile Enterprises**: The overall sales of pure - cotton yarn in the market are average, with some high - priced quotes slightly reduced. The transportation cost of cotton yarn has increased due to the rise in oil prices. Downstream transactions are mainly small orders for rigid demand, and the market sentiment is cautious. Spinning enterprises maintain normal production, and the production and sales are stable, but the restocking rhythm has slowed down [2]. - **US Cotton**: The ICE cotton futures rose nearly 1% yesterday. The market is waiting for the USDA's planting area intention report next week. The average estimate of the US cotton planting area in 2026 is 9.229 million acres, a slight decrease from 9.283 million acres in 2025 [2]. 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) [4]

Report Summary 1. Report Industry Investment Rating - Not provided in the given content 2. Core View - The cotton market is influenced by external factors. ICE cotton futures fell 0.55% last Friday due to lack of new fundamental upward drivers and concerns about the global cotton consumption outlook. The domestic cotton spot basis is generally stable, while the cotton yarn market has a weak trading atmosphere, and imported yarns put pressure on domestic yarn sales [1][2]. 3. Summary by Related Catalogs 3.1 Cotton Futures Data - **CF2605**: Yesterday's closing price was 15,215 yuan/ton, with a daily increase of 0.43%; the night - session closing price was 15,305 yuan/ton, with a night - session increase of 0.59%. The trading volume was 583,016 lots, an increase of 59,163 lots from the previous day, and the open interest was 1,066,242 lots, a decrease of 17,421 lots [1]. - **CY2605**: Yesterday's closing price was 21,475 yuan/ton, with a daily increase of 0.89%; the night - session closing price was 21,570 yuan/ton, with a night - session increase of 0.44%. The trading volume was 15,405 lots, a decrease of 1,999 lots from the previous day, and the open interest was 14,799 lots, an increase of 1,045 lots [1]. - **ICE US Cotton 5**: The price was 67.34 cents/pound, a decrease of 0.55% [1]. 3.2 Spot Market Data - **North Xinjiang 3128 Machine - picked Cotton**: The price was 16,454 yuan/ton, an increase of 70 yuan or 0.43% from the previous day [1]. - **South Xinjiang 3128 Machine - picked Cotton**: The price was 16,393 yuan/ton, an increase of 70 yuan or 0.43% from the previous day [1]. - **Shandong Region**: The price was 16,703 yuan/ton, a decrease of 62 yuan or - 0.37% from the previous day [1]. - **Hebei Region**: The price was 16,720 yuan/ton, a decrease of 97 yuan or - 0.58% from the previous day [1]. - **3128B Index**: The price was 16,649 yuan/ton, a decrease of 73 yuan or - 0.44% from the previous day [1]. - **Cotlook:A Index**: The price was 78.25 cents/pound, a decrease of 1.10 cents or - 1.39% from the previous day [1]. - **Pure - cotton Combed Yarn 32 - count**: The price was 22,100 yuan/ton, an increase of 50 yuan or 0.23% from the previous day [1]. - **Pure - cotton Combed Yarn 32 - count Arrival Price**: The price was 22,614 yuan/ton, a decrease of 14 yuan or - 0.06% from the previous day [1]. 3.3 Basis and Spread Data - **CF5 - 9 Spread**: The spread was - 105 yuan/ton, with no change from the previous day [1]. - **North Xinjiang 3128 Machine - picked Cotton - CF605 Spread**: The spread was 1,240 yuan/ton, an increase of 10 yuan from the previous day [1]. 3.4 Market News - **Domestic Cotton Spot**: The cotton spot basis is generally stable, with many cotton merchants not adjusting the basis. The sales basis quotes for 2025/26 North Xinjiang machine - picked 4129/29B with impurity within 3.5 and micronaire value of 4 and above are mostly at CF05 + 1300 and above, for self - pick - up in Xinjiang. The mainstream quotes for 2025/26 South Xinjiang machine - picked 3129/29B with impurity within 3.5 and micronaire value above 4 are in the range of CF05 + 1100 - 1400, and most quotes are at CF05 + 1200 and above, for self - pick - up in Xinjiang. The freight for cotton transported out of Xinjiang by truck is slightly decreasing [1][2]. - **Domestic Cotton Textile Enterprises**: The price of pure - cotton yarn in the market is stable with a slight decline, the overall trading is average, and the market wait - and - see sentiment is increasing. Some imported yarns are arriving at ports one after another, and the low - price supply is increasing, which puts pressure on the sales of domestic yarns. Currently, some spinning mills have full production schedules but few new orders [1][2]. - **US Cotton**: Last Friday, ICE cotton futures fell 0.55% due to lack of new fundamental upward drivers and concerns about the global cotton consumption outlook [1][2]. 3.5 Trend Intensity - The cotton trend intensity is 0, indicating a neutral trend, with the trend intensity ranging from - 2 (most bearish) to 2 (most bullish) [4].

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]

Report Summary 1. Report Industry Investment Rating - Not provided in the given content 2. Core View - The cotton market is waiting for new drivers. ICE cotton futures lack fundamental drivers and have light trading. The domestic cotton spot market has mixed trading, while the cotton - textile market shows some improvement [1][3][2] 3. Summary by Directory 3.1 Fundamental Tracking - **Futures Data**: CF2605 closed at 15,515 yuan/ton with a 1.27% daily increase and 15,490 yuan/ton at night with a - 0.16% change. CY2605 closed at 21,580 yuan/ton with a 1.41% daily increase and 21,660 yuan/ton at night with a 0.37% change. ICE cotton 5 closed at 65.24 cents/pound with a - 0.03% change. Trading volume and positions of CF2605 increased, while CY2605's trading volume decreased and positions increased [1] - **Warehouse Receipt Data**: Zheng cotton's warehouse receipts increased by 202 to 12,152, and effective forecasts decreased by 180 to 610. Cotton yarn's warehouse receipts increased by 71 to 114, and effective forecasts decreased by 305 to 277 [1] - **Spot Price Data**: Northern Xinjiang 3128 machine - picked cotton increased by 230 yuan/ton to 16,764 yuan/ton, Southern Xinjiang 3128 machine - picked cotton increased by 200 yuan/ton to 16,683 yuan/ton. Some regions' spot prices decreased slightly, such as Shandong and Hebei. The 3128B index decreased by 65 yuan/ton to 16,668 yuan/ton. The Cotlook:A index increased by 0.45 cents/pound to 75.20 cents/pound. The price of pure - cotton combed yarn 32 - count remained stable [1] - **Spread Data**: The CF5 - 9 spread's change was - 15, and the spread between Northern Xinjiang 3128 machine - picked cotton and CF605 increased by 40 to 1,250 [1] 3.2 Macro and Industry News - **Domestic Cotton Spot**: Cotton spot trading was mostly weak. Spot fixed - price quotes were few, and prices were gradually higher than imported cotton of the same quality. Basis quotes were generally stable. Different grades of cotton in Xinjiang had different price quotes and trading situations [2] - **Domestic Cotton - Textile Enterprises**: Pure - cotton yarn prices were stable with a slight increase. Market sentiment improved. Supported by raw material costs, spinning mills had a firm pricing attitude. Except for domestic low - count yarns, downstream weaving transactions increased compared to before, and the overall trading atmosphere improved [2] - **US Cotton**: ICE cotton futures rose first and then fell, closing down 0.03%. It lacked fundamental drivers and had light trading [3] 3.3 Trend Intensity - The cotton trend intensity is 1, indicating a neutral - to - slightly - positive view on the cotton market [5]

1. Report Industry Investment Rating - No relevant information provided 2. Core Viewpoints - The cotton market is waiting for new drivers. The ICE cotton futures rebounded slightly due to the decline in crude oil prices and the alleviation of market concerns. The domestic cotton spot trading was relatively light, and the mainstream basis was generally stable. The price of pure - cotton yarn remained stable, and the trading performance was average. There was a differentiation in the variety performance, and imported yarn had a certain substitution pressure on the domestic low - count yarn market [1][2][3] 3. Summary According to Related Catalogs 3.1 Fundamental Tracking - **Futures Data**: CF2605 closed at 15,320 yuan/ton yesterday with a daily increase of 0.23%, and its night - session closing price was 15,510 yuan/ton with a night - session increase of 1.24%. CY2605 closed at 21,280 yuan/ton yesterday with no daily increase, and its night - session closing price was 21,445 yuan/ton with a night - session increase of 0.78%. ICE cotton 5 was at 65.26 cents/pound with a 0.90% increase. The trading volume of CF2605 was 606,268 lots, a decrease of 618,452 lots from the previous day, and the position was 1,130,526 lots, a decrease of 30,497 lots. The trading volume of CY2605 was 13,404 lots, a decrease of 1,999 lots, and the position was 14,083 lots, an increase of 1,045 lots [1] - **Warehouse Receipt Data**: The number of Zhengzhou cotton warehouse receipts was 11,950, an increase of 303, and the valid forecast was 790, a decrease of 309. The number of cotton yarn warehouse receipts was 43, with no change, and the valid forecast was 348, a decrease of 305 [1] - **Spot Price Data**: The price of North Xinjiang 3128 machine - picked cotton was 16,534 yuan/ton, an increase of 40 yuan or 0.24%. The price of South Xinjiang 3128 machine - picked cotton was 16,483 yuan/ton, an increase of 57 yuan or 0.34%. The price in Shandong was 16,767 yuan/ton, an increase of 111 yuan or 0.67%. The price in Hebei was 16,775 yuan/ton, an increase of 111 yuan or 0.67%. The 3128B index was 16,733 yuan/ton, an increase of 101 yuan or 0.61%. The Cotlook:A index was 74.75 cents/pound, an increase of 0.10 or 0.13%. The price of pure - cotton carded yarn 32 - count was 22,000 yuan/ton, an increase of 40 yuan or 0.18%. The arrival price of pure - cotton carded yarn 32 - count was 22,033 yuan/ton, an increase of 158 yuan or 0.72% [1] - **Spread Data**: The CF5 - 9 spread was - 60 yuan/ton, a decrease of 5 yuan. The spread between North Xinjiang 3128 machine - picked cotton and CF605 was 1,210 yuan/ton, an increase of 10 yuan [1] 3.2 Macro and Industry News - **Domestic Cotton Spot**: According to TTEB information, the overall trading of cotton spot was light, and textile enterprises had weak purchasing willingness. The mainstream basis was generally stable. The mainstream negotiable basis for 2025/26 North Xinjiang machine - picked 3129/29B with impurity within 3 and micronaire value above 4 was in the range of CF05 + 1350 - 1450 for self - pick - up in Xinjiang. For 2025/26 South Xinjiang machine - picked 3129/29B with impurity within 3.5 and micronaire value above 4, the lower offer was in the range of CF05 + 1100 - 1250, and the higher offer was mostly above CF05 + 1250 for self - pick - up in Xinjiang. The partial transaction basis for 2025/26 South Xinjiang Kashgar machine - picked 3129/29 - 30B with impurity within 3.5 was around CF05 + 1200 for self - pick - up in Xinjiang [2] - **Domestic Cotton Textile Enterprises**: According to TTEB information, the price of pure - cotton yarn remained stable, and the trading performance was average. Recently, new orders for inland textile enterprises have been gradually issued, and the operation rate of some textile enterprises has increased significantly. The overall low - price goods in the pure - cotton yarn market have decreased. There was an obvious differentiation in variety performance. Except for low - count yarn and rotor - spun yarn, other varieties generally had good transactions. Currently, imported yarn had a prominent cost - performance advantage, which exerted a certain substitution pressure on the domestic low - count yarn market [2] - **US Cotton**: Yesterday, ICE cotton futures continued to rebound slightly due to the decline in crude oil prices and the alleviation of market concerns [3] 3.3 Trend Intensity - The trend intensity of cotton is 1, indicating a neutral trend. The range of trend intensity is an integer in the interval [-2, 2], with -2 being the most bearish and 2 being the most bullish [5]

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]

Report Overview - Reported Industry: Cotton [1] - Date: February 11, 2026 [2] - Researchers: Yu Lanlan, Lin Zhenlei, Wang Haifeng, Hong Chenliang, Liu Youran [3] Core Viewpoint - The fundamentals of the cotton market have limited changes, and Zhengzhou cotton is oscillating in a narrow range [8] Summary by Section 1. Market Review and Operation Suggestions - **Domestic Spot Market**: The latest 328-grade cotton price index is 15,988 yuan/ton, up 21 yuan/ton from the previous trading day. The mainstream basis of machine-picked 31-grade double 29/impurity 3 in southern Xinjiang's Kashi is mostly above CF05+1000, and in northern Xinjiang, it is mostly above 1200. The trading in the pure cotton yarn market has weakened, with small-scale restocking by traders and some fabric factories. Yarn mills' quotes are basically stable, while traders' quotes are slightly weak. As the Chinese New Year approaches, yarn mills are stocking up, and the mainland's operating rate continues to decline. The new orders of cotton fabric factories have decreased, the operating rate has gradually declined, and the finished product inventory remains at a relatively high level [7] - **International Market**: As of the week of February 6, 2026, the cumulative inspection volume of U.S. upland cotton + Pima cotton is 2.9894 million tons, accounting for 98.7% of the estimated U.S. cotton production for the year, 6% slower than the same period last year. The inspection volume of U.S. upland cotton is 290,530 tons, with an inspection progress of 98.6%, a year-on-year decrease of 5%; the inspection volume of Pima cotton is 84,100 tons, with an inspection progress of 99.5%, 17% slower than the same period last year. Attention should be paid to the adjustment of the February supply and demand report [8] - **Domestic Market**: As of February 9, the cumulative public inspection of national cotton is 7.4646 million tons, an increase of 11,900 tons from the previous day. As of the end of January, the commercial inventory of cotton is 5.7887 million tons, an increase of 42,000 tons year-on-year. After the peak of the listing, the commercial inventory will enter a downward trend from seasonal accumulation. The current mismatch between the output increase and the inventory accumulation amplitude still makes the expectation of tight inventory at the end of the cotton year exist. On the demand side, the spot trading has basically stagnated, there is only a small amount of spot shipment in the market, and the operating rate continues to decline [8] 2. Industry News - According to the Brazilian National Supply Company (Conab), as of the week of February 7, the planting rate of cotton in Brazil in the 2025/26 season is 88.1%, 78.6% in the previous week, 87.4% in the same period last year, and the five-year average is 62.3% [9] 3. Data Overview - The report provides multiple data charts, including China Cotton Price Index, cotton spot price, cotton futures price, cotton basis change, CF contract spreads, cotton commercial inventory, cotton industrial inventory, warehouse receipt volume, and exchange rates such as USD/CNY and USD/INR [17][18][20][26][28]

Group 1: Report Overview - Reported industry: Cotton [1] - Date: February 10, 2026 [2] - Researchers: Yu Lanlan, Lin Zhenlei, Wang Haifeng, Hong Chenliang, Liu Youran [3] Group 2: Market Review and Operational Suggestions - Zhengzhou cotton showed a narrow - range oscillation. The latest 328 - grade cotton price index was 15,967 yuan/ton, down 58 yuan/ton from the previous trading day. The mainstream basis of 2025/26 southern Xinjiang Kashgar machine - picked 31 - grade double 29/impurity within 3 was mostly above CF05 + 1000, and that in northern Xinjiang was mostly above 1200. The spot in the 1180 - 1250 range was gradually decreasing, all for self - pick - up in Xinjiang [7]. - The trading in the pure - cotton yarn market weakened. Traders and some cloth mills restocked on a small scale. Yarn mills' quotes were basically stable, while traders' quotes were slightly weak. As the Chinese New Year approached, yarn mills focused on stockpiling, and the operating rate in the inland continued to decline [7]. - Cotton fabric factories reported a decrease in new orders compared with the previous period. The operating rate gradually declined, and more workers returned home. The sales of cotton fabric factories decreased, and the finished - product inventory remained at a relatively high level [7]. - In the international market, the net position of CFTC US cotton funds decreased week - on - week, and the weekly signing and shipment were stable and improving. Attention was paid to the adjustment of the February supply - demand report. In the domestic market, as of February 8, the cumulative public inspection of cotton nationwide was 7.4527 million tons, an increase of 10,000 tons from the previous day. As of mid - January, the commercial inventory of cotton was at a high level in the same period of history. The mismatch between the output increase and the inventory accumulation amplitude still kept the expectation of tight inventory at the end of the cotton year. On the demand side, spot transactions basically came to a standstill. There was only a small amount of spot shipments in the market, and the operating rate continued to decline. With limited changes in the fundamentals, Zhengzhou cotton oscillated and adjusted in a narrow range [8]. Group 3: Industry News - According to CFTC, as of the week ending February 3, the long positions of non - commercial funds in CFTC US cotton futures were 101,788 (+5,316) contracts, increasing for the sixth consecutive week; the short positions were 144,532 (+9,093) contracts, increasing for the fourth consecutive week; the total ICE positions were 380,025 (+17,396) contracts, increasing for the tenth consecutive week. The net long ratio was - 11.2%, a decrease of 0.5 percentage points week - on - week and an increase of 6.3 percentage points year - on - year [9]. - According to the China Cotton Inspection Network, as of February 8, 2026, in the 2025 cotton year, a total of 1,099 cotton processing enterprises processed cotton and carried out notarized inspections in accordance with the requirements of the cotton quality inspection system reform plan. The cumulative inspection nationwide was 33,015,696 bales, a total of 7.4527 million tons, an increase of 10,000 tons from the previous day. Among them, the inspection volume in Xinjiang was 32,572,802 bales, a total of 7.3535 million tons, an increase of 10,000 tons from the previous day; the inspection volume in the inland was 272,359 bales, a total of 60,600 tons [9]. Group 4: Data Overview - The report includes multiple data charts, such as the China Cotton Price Index, cotton spot price, cotton futures price, cotton basis change, various price spreads, cotton commercial inventory, cotton industrial inventory, warehouse receipt volume, and exchange rates (US dollar against RMB and US dollar against Indian rupee) [17][18][20][26][28]

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]