（来源：锦桥纺织网） 来源：锦桥纺织网 Brown表示："3月期棉即将进入交割期，所有抛售压力已消退。" ICE公布数据显示，截至2月19日，ICE可交割的2号期棉合约库存增至119457包，前一交易日为117075 包。 一、期货 2月20日(周五)，洲际交易所(ICE)棉花期货攀升，因美元小幅走低，且利好的出口销售报告提振投资者 信心。 交投最活跃的5月棉花期货合约上涨1.49美分或2.32%，结算价报65.63美分/磅。 乔治亚州KeithBrown公司首席棉花经纪人KeithBrown表示："美元今日略有走弱，出口销售创市场年度 新高。这些因素均支撑棉价。" 美元在震荡交投中走低，终结连续4天的涨势。此前美国最高法院裁定特朗普政府大规模关税政策违 法。 美元走软使以美元计价的棉花对海外买家更具价格吸引力。 该裁决可能缓解棉农的财务压力，从而支撑出口需求和棉价。 与此同时，美国农业部(USDA)周五公布的出口销售报告显示，2月12日止当周，当前年度美棉出口销售 净增46.63万包，创市场年度新高，较前周增加102%，较前四周均值增加70%。下一年度美棉出口销售 净增3.31万包。 汇市：美元指数下跌。股 ...

（来源：锦桥纺织网） 来源：锦桥纺织网 ICE公布数据显示，截至2月11日，ICE可交割的2号期棉合约库存为102232包，前一日为99096包。 汇市：美元指数上涨。股市：纽约股市三大股指显著上涨。油市：国际油价微涨。 二、现货 12日CotlookA指数73.55美分/磅，涨25点。 ICE交投最活跃的5月棉花期货合约上涨0.29美分或0.45%，结算价报64.33美分/磅。 美国农业部(USDA)周四公布的出口销售报告显示，2月5日止当周，当前年度美棉出口销售净增23.1万 包，较前周减少8%，较前四周均值减少23%。下一年度美棉出口销售净增5.09万包。 PriceFuturesGroup的副总裁JackScoville表示："最新公布的棉花出口销售数据表现还不错，这帮助支撑 棉价。" 在谈到短期展望时，堪萨斯州的大宗商品分析师SidLove表示："我认为情况会保持平稳，但我预计在作 物播种之前，会有短暂的支撑，之后我们将关注厄尔尼诺现象如何发展。" 美国气候预测中心(CPC)表示，2026年2-4月，拉尼娜现象转为厄尔尼诺南方涛动中性状态(ENSO- neutral)的概率为60%，且中性状态预计将 ...

Group 1: Futures Market - On December 10, ICE cotton futures rose, supported by technical buying, with the most active March cotton futures contract increasing by 0.26 cents or 0.41%, settling at 64.12 cents per pound [1] - The USDA's December supply and demand report indicated a 1% increase in U.S. cotton production to 14.3 million bales, due to upward adjustments in production estimates for the southeastern U.S. and Delta regions [1] - Global cotton production for the 2025/26 season is estimated at 119.79 million bales, slightly down from the previous estimate of 120.08 million bales [1] Group 2: Market Conditions - The ICE deliverable 2 cotton contract inventory remained stable at 13,971 bales as of December 9 [3] - The Cotlook A Index on December 10 was reported at 73.95 cents per pound, an increase of 25 points [4] - The Federal Reserve's recent interest rate cut is expected to support consumer spending, which may boost demand for cotton and textile products [2]

Group 1 - The main cotton futures contract closed at 13,725 CNY/ton, with a weekly decline in open interest by 1,643 contracts [1] - During the week of November 24-27, cotton futures opened at 13,480 CNY/ton, reaching a high of 13,745 CNY/ton and a low of 13,465 CNY/ton, resulting in a weekly change of 1.89% [1] - As of November 25, the ICE deliverable inventory of No. 2 cotton contracts remained unchanged at 20,344 bales [2] Group 2 - The domestic import volume for the 2024/25 season is expected to be low, with the same import policy likely to continue into the 2025/26 season [4] - U.S. wholesalers of apparel and fabric have slightly increased their inventory, while retailers are primarily reducing stock; China's cotton exports to Southeast Asia and the U.S. and Europe remain stable, with minimal tariff impact [4] - The USDA's November report raised expectations for increased production in the external market, leading to a weaker external market and a rebound in U.S. cotton contracts due to low prices [4] Group 3 - As of November 27, the number of cotton futures warehouse receipts was 4,079, an increase of 90 from the previous trading day [3] - The domestic market is experiencing a traditional off-season in November that is not as weak as expected, with favorable downstream trading conditions [4] - However, the unexpectedly high yield of new cotton is creating significant hedging pressure within the price range of 13,700 to 14,000 CNY/ton, which may trigger further hedging pressure if prices continue to rise [4]