Group 1: Market Information - The closing prices of CF01, CF05, and CF09 contracts were 14070, 14025, and 13690 respectively, with changes of -5, -5, and -70. The closing prices of CY01, CY05, and CY09 contracts were 20090, 20350, and 20240 respectively, with changes of -5, 0, and 35 [3]. - The CCIndex3128B price was 15336 yuan/ton, up 2; Cot A was 78.20 cents/pound, down 0.70; (FC Index):M: to - port price was 75.95, down 0.62; polyester staple fiber was 7450, up 70; viscose staple fiber was 12900, unchanged [3]. - The CY IndexC32S price was 20760, unchanged; FCY IndexC33S was 21865, down 32; Indian S - 6 was 55800, unchanged; pure polyester yarn T32S was 11030, unchanged; viscose yarn R30S was 17250, unchanged [3]. - The 1 - month to 5 - month cotton spread was 45, unchanged; 5 - month to 9 - month was 335, up 65; 9 - month to 1 - month was - 380, down 65. The 1 - month to 5 - month棉纱 spread was - 260, down 20355; 5 - month to 9 - month was 110, up 20315; 9 - month to 1 - month was 150, up 40 [3]. - The CY01 - CF01 spread was 6020, unchanged; CY05 - CF05 was 6325, up 20355; CY09 - CF09 was 6550, up 105. The 1% tariff internal - external cotton spread was 1439, down 6; the sliding - scale internal - external cotton spread was 788, down 6; the internal - external yarn spread was - 1105, up 32 [3]. Group 2: Market News and Views Cotton Market News - From August 21 to 27, 2025, the weekly rainfall in India's cotton - growing areas (93.6%) was 64.6mm, 18.1mm higher than normal and 66.7mm lower than last year. The cumulative rainfall from June 1 to August 27 was 705.6mm, 78.8mm higher than normal. The cotton growth was good, but there were reports of bollworm disasters in Andhra Pradesh [6]. - As of the week ending August 23, Brazil's (98%) cotton harvest progress was 60.3%, a 11.4 - percentage - point increase from the previous week but 15.8% slower than last year, mainly due to delayed planting in Mato Grosso [6]. - India temporarily waived cotton import tariffs from August 19 to September 30, 2025, and extended the exemption to December 31, 2025 [6]. - In 2025, the total quota for cotton import under the sliding - scale tariff for processing trade was 200,000 tons, issued on a contract - based application [7]. Trading Logic - After the Sino - US talks, tariffs are likely to be extended for 90 days, reducing short - term tariff impacts. China's anti - involution policies have a positive impact on commodities. The cotton supply is tight, and the issuance of sliding - scale tariffs will be a key factor. Demand is expected to improve from August as it shifts from the off - season to the peak season. If demand is lower than expected, it will be negative for Zhengzhou cotton. In the short term, the market is likely to be slightly bullish [8]. Trading Strategy - Unilateral: US cotton is likely to be slightly bullish, and Zhengzhou cotton is expected to be slightly bullish in the short term but with limited upside [9]. - Arbitrage: Wait and see [9]. - Options: Wait and see [10]. Cotton Yarn Industry News - The price of pure - cotton greige fabric was stable, with limited real - order transactions and a lukewarm market. Weaving mills' shipments improved slightly, and they were not fully optimistic about the September peak season [12]. - The trading volume of pure - cotton yarn decreased compared to the previous period, but overall transactions were okay. Spinning mills sold at market prices. Some spinning mills resumed production, increasing the operating rate. There are concerns about large - scale spinning mills' low - price promotions in early September, and yarn prices are expected to be stable in the short term [12]. Group 3: Options - On August 28, 2025, for the CF601C14000.CZC option, the closing price was 356.00, down 4.6%, with an implied volatility (IV) of 10.8%. For the CF601P13600.CZC option, the closing price was 122.00, up 15.1%, with an IV of 10.2%. For the CF601P13400.CZC option, the closing price was 82.00, up 30.2%, with an IV of 10.6% [13]. - The PCR of the main Zhengzhou cotton contract's open interest was 0.7774, and the PCR of the trading volume was 0.5211. The trading volumes of both call and put options increased [14]. - Options strategy: Wait and see [15].