巴基斯坦和阿富汗在边境激烈交火 各称造成对方大量伤亡 据央视报道，当地时间2月26日晚，巴基斯坦和阿富汗在两国边境地区爆发激烈交火。巴基斯坦称打死 36名阿方武装人员，阿富汗称打死55名巴方士兵。27日凌晨，巴方发起空袭，冲突仍在持续。 阿富汗政府发言人穆贾希德26日晚在社交媒体发文称，为回应巴基斯坦军方"挑衅"，阿方打击巴方边境 地区军事设施。截至当晚10时，阿军已夺取巴方15处军事哨所。 阿富汗国防部26日深夜发布消息称，阿方在两国边境地区开展的军事行动已打死55名巴方士兵。 热点栏目 自选股 数据中心 行情中心 资金流向 模拟交易 客户端 来源：期货日报 早上好，来看一下中东地区最新消息。 巴基斯坦新闻与广播部26日发表声明称，阿方"误判形势"，在巴基斯坦西北部开伯尔-普什图省的两国 交界地区多个地点"无端"发动炮击，巴方立即予以有效回击，阿方武装人员在多个地点遭到打击。初步 报告显示，阿方伤亡惨重，多个哨所和装备被摧毁。 巴基斯坦新闻与广播部长阿陶拉·塔拉尔27日凌晨在社交媒体发文称，这一正在持续的边境冲突中，至 少36名阿富汗武装人员被打死，巴方2名安全人员殉职。 据阿富汗方面消息，阿富汗东部与巴基 ...

早上好，来看一下中东地区最新消息。 巴基斯坦和阿富汗在边境激烈交火各称造成对方大量伤亡 据央视报道，当地时间2月26日晚，巴基斯坦和阿富汗在两国边境地区爆发激烈交火。巴基斯坦称打死 36名阿方武装人员，阿富汗称打死55名巴方士兵。27日凌晨，巴方发起空袭，冲突仍在持续。 阿富汗政府发言人穆贾希德26日晚在社交媒体发文称，为回应巴基斯坦军方"挑衅"，阿方打击巴方边境 地区军事设施。截至当晚10时，阿军已夺取巴方15处军事哨所。 阿富汗国防部26日深夜发布消息称，阿方在两国边境地区开展的军事行动已打死55名巴方士兵。 巴基斯坦新闻与广播部26日发表声明称，阿方"误判形势"，在巴基斯坦西北部开伯尔-普什图省的两国 交界地区多个地点"无端"发动炮击，巴方立即予以有效回击，阿方武装人员在多个地点遭到打击。初步 报告显示，阿方伤亡惨重，多个哨所和装备被摧毁。 巴基斯坦新闻与广播部长阿陶拉·塔拉尔27日凌晨在社交媒体发文称，这一正在持续的边境冲突中，至 少36名阿富汗武装人员被打死，巴方2名安全人员殉职。 据阿富汗方面消息，阿富汗东部与巴基斯坦接壤的霍斯特、库纳尔和楠格哈尔三个省份最近几日均处于 间歇性交火状态。 此前有消 ...

| 点价基准合约 | | 以细约期棉点价 | | | ICE期棉总持仓量 | | | --- | --- | --- | --- | --- | --- | --- | | | 未定价卖出 | 较上周变化 | 未定价买入 | 较上周变化 | 截至 | 较上周变化 | | | 训单 | | 训单 | | 25年12月19日 | | | 2026年3月 | 20.117 | -1.252 | 34,625 | -71 | 182.319 | 1.601 | | 2026年5月 | 8,894 | 254 | 3,539 | 92 | 48,239 | 3,180 | | 2026年7月 | 8.742 | 74 | 3,049 | -149 | 34,518 | 1,962 | | 2026年10月 | 0 | 0 | 0 | 0 | 26 | 2 | | 2026年12月 | 6,160 | 19 | 45,719 | 131 | 34,027 | 1,210 | | 2027年3月 | 1,942 | 0 | 148 | 0 | 530 | 48 | | 2027年5月 | 578 | 0 | 50 | 0 ...

Report Summary 1. Investment Rating The report does not provide an investment rating for the cotton industry. 2. Core Viewpoint The short - term performance of cotton may be stable with a slight upward trend, but as prices rise, it may face pre - hedging pressure from new cotton. The overall market atmosphere is warm due to the expected Fed rate cut in September and potential domestic stimulus policies in the fourth quarter, which supports commodity prices [3][36]. 3. Summary by Section First Part: Basic Data of Domestic and International Cotton Markets - **Price Changes**: From August 15th to August 24th, the CRB commodity price index rose by 4.46 points to 300 points; ICE cotton futures' December contract rose 0.52 cents/lb to 68 cents/lb, a 0.77% increase. The main contract of Zhengzhou cotton futures (01) closed at 14,030 yuan/ton, down 90 yuan/ton, with an increase of 7,288 lots in positions to 485,000 lots. Domestic cotton spot prices rose slightly, with CCI3128 rising from 15,216 yuan/ton to 15,243 yuan/ton [2][10][11]. - **Imported Cotton Quotes**: The CNF quotes of imported cotton at major ports increased, with the quotes of US E/MOTM and Brazilian M rising by 0.7 cents/lb [9]. Second Part: Basic Situation of the Domestic Market - **Raw Material Prices**: On August 24th, compared with August 15th, the price of polyester staple fiber remained unchanged, viscose rose by 214 yuan/ton, CCI3128 rose by 82 yuan/ton, and the main contract of Zhengzhou cotton futures fell by 90 yuan/ton [14]. - **Yarn Prices**: Domestic yarn prices rose, while the prices of imported cotton yarn in RMB and foreign yarn prices declined. The domestic - foreign yarn price spread narrowed [18][20][21]. - **Cotton Price Comparison**: On August 24th, the domestic cotton spot price index CCI3128 was 15,243 yuan/ton. The difference between the spot price index and the foreign cotton price under the sliding - scale duty was 948 yuan/ton. The difference between the main contract and the FCIndexM under the sliding - scale duty narrowed [25]. Third Part: Analysis of the Zhengzhou Cotton Market - **Warehouse Receipts and Forecasts**: As of August 24th, the registered warehouse receipts of Zhengzhou cotton were 7,198 lots (336,000 tons), and the effective forecasts were 63 lots. The total of warehouse receipts and effective forecasts was 312,000 tons, down from 347,000 tons on August 15th [30]. - **Futures - Spot Price Difference**: On August 24th, the difference between the Zhengzhou cotton futures price and the CCI3128B index was - 1,213 yuan/ton, narrowing compared with August 15th [32]. - **Price Analysis**: The Fed is expected to cut interest rates in September, and the domestic market may introduce favorable policies in the fourth quarter. The commercial cotton inventory is at a historically low level, and the downstream market is in a benign operation. Technically, the indicators of the main contract of Zhengzhou cotton weakened [33][34][39]. Fourth Part: Analysis of the International Market - **US Cotton Exports**: From August 8th - 14th, the net signing of US 2025/26 - year - old upland cotton decreased by 56% compared with the previous week, and the shipment decreased by 32%. There was no signing of next - year's upland cotton and Pima cotton this week [43]. - **ICE Cotton Futures**: On August 24th, the main December contract of ICE cotton futures was 68 cents/lb, up 0.52 cents/lb from August 15th, with a 0.77% increase. Technically, the indicators strengthened [47]. Fifth Part: Operation Suggestions For downstream textile enterprises, when raw material prices fall, they can consider selling out - of - the - money put options to reduce the cost of purchasing raw cotton [49].

Core Viewpoint - ICE cotton futures are expected to experience a second consecutive weekly decline due to multiple negative factors including demand, macroeconomic conditions, and related commodities [1] Group 1: Demand Factors - The demand for cotton is under pressure, contributing to the bearish outlook for ICE cotton futures [1] Group 2: Macroeconomic Conditions - Macroeconomic challenges are impacting the cotton market, further exacerbating the downward trend in prices [1] Group 3: Related Commodities - The performance of related commodities is also negatively influencing ICE cotton futures, adding to the overall bearish sentiment [1]