The market has certain expectations for other loose supply policies, and Zhengzhou cotton overall shows a fluctuating downward trend.

Internationally, the USDA report shows that the intended planting area of U.S. cotton for 2026/27 has increased year-on-year, significantly exceeding expectations, which triggered a plunge in ICE cotton futures prices. Subsequently, the weekly U.S. cotton export report indicated increased sales, and drought conditions in major U.S. cotton producing regions along with Middle Eastern conflicts have supported the rapid rebound of cotton prices due to rising fertilizer and freight costs. Domestically, the issuance of sliding scale tariff quotas has led to a loosening of cotton supply, and the market has certain expectations for other relaxed supply policies. Overall, Zhengzhou cotton has shown a volatile downward trend, with the weekly average spot cotton price at the 3128 level decreasing by 32 yuan/ton compared to the previous week. (China Cotton Industry Association)