Report Summary 1. Report Industry Investment Ratings No industry investment ratings are provided in the report. 2. Core Views - **Palm Oil**: The origin has strong supply and demand, and the strategy is to go long at low levels [2]. - **Soybean Oil**: Bullish factors have been fully priced in, and it will fluctuate at a high level [2]. - **Soybean Meal**: Overnight US soybeans closed higher, and Dalian soybean meal may rebound [2]. - **Soybean**: It will rebound and fluctuate [2]. - **Corn**: It will move in a range [2]. - **Sugar**: It will mainly consolidate within a range [2]. - **Cotton**: New drivers are needed for further price increases [2]. - **Eggs**: It will fluctuate and adjust [2]. - **Hogs**: The spot market is weak [2]. - **Peanuts**: The near - term contracts are stronger than the far - term ones [2]. 3. Summary by Commodity Palm Oil and Soybean Oil - **Fundamentals**: Palm oil's day - session and night - session closing prices were 9,394 yuan/ton (up 1.08%) and 9,658 yuan/ton (up 2.81%) respectively. Soybean oil's day - session and night - session closing prices were 8,562 yuan/ton (up 0.26%) and 8,594 yuan/ton (up 0.37%) respectively. Trading volumes and open interests of both decreased [4]. - **News**: Malaysia's palm oil exports from August 1 - 15 increased by 16.5% - 21.3% compared to the same period in July. US July soybean crush reached a record high, and the soybean oil inventory was slightly lower than expected [5][7]. - **Trend Strength**: Palm oil: 1; Soybean oil: 0 [8]. Soybean Meal and Soybean - **Fundamentals**: DCE soybean meal 2601's day - session and night - session closing prices were 3,137 yuan/ton (down 0.85%) and 3,142 yuan/ton (up 0.16%) respectively. DCE soybean 2511's day - session and night - session closing prices were 4,056 yuan/ton (down 0.37%) and 4,068 yuan/ton (up 0.59%) respectively. Spot prices in different regions had slight changes, and the trading volume decreased while the inventory was not available [9]. - **News**: On August 15, CBOT soybeans rose due to active short - covering. The US July soybean crush reached a record high, but new - crop export demand was weak [9][11]. - **Trend Strength**: Both soybean meal and soybean: +1 (only for the day - session main contract price on the report day) [11]. Corn - **Fundamentals**: C2509's day - session and night - session closing prices were 2,266 yuan/ton (down 0.74%) and 2,266 yuan/ton (unchanged) respectively. C2511's day - session and night - session closing prices were 2,190 yuan/ton (down 0.77%) and 2,187 yuan/ton (down 0.14%) respectively. Trading volumes and open interests of different contracts changed, and the total market's trading volume and open interest increased [13]. - **News**: Northern corn port prices were stable, and some container prices increased. Southern prices were stable or slightly down [14]. - **Trend Strength**: 0 [15]. Sugar - **Fundamentals**: The raw sugar price was 16.47 cents/pound (down 0.11%), the mainstream spot price was 5,990 yuan/ton (unchanged), and the futures main contract price was 5,664 yuan/ton (up 5 yuan). The 91 - spread was 76 yuan/ton (up 12 yuan), and the 15 - spread was 42 yuan/ton (up 2 yuan) [16]. - **News**: Brazil's sugar production needs to be re - estimated, and India's monsoon rainfall decreased. China's June sugar imports were 420,000 tons. Different institutions have different forecasts for the global and domestic sugar supply and demand in different seasons [16][17][18]. - **Trend Strength**: 0 [19]. Cotton - **Fundamentals**: CF2601's day - session and night - session closing prices were 14,120 yuan/ton (down 0.25%) and 14,105 yuan/ton (down 0.11% - 0.20%) respectively. Spot prices in different regions had slight changes, and the trading volume and open interest of some contracts decreased [20]. - **News**: Cotton spot trading was sluggish, and spinning mills mainly made rigid - demand purchases. ICE cotton futures fell slightly due to demand concerns [21][22]. - **Trend Strength**: 0 [25]. Eggs - **Fundamentals**: Egg 2509's closing price was 3,184 yuan/500 kg (down 0.84%), and Egg 2601's closing price was 3,575 yuan/500 kg (up 0.06%). Spot prices in different regions were stable, and the prices of related feed and livestock also had slight changes [27]. - **Trend Strength**: 0 [27]. Hogs - **Fundamentals**: Henan's spot price was 13,880 yuan/ton (down 50 yuan), and futures prices of different contracts had different changes. Trading volumes and open interests of different contracts decreased or increased, and the basis and spreads also changed [31]. - **News**: In August, the planned slaughter volume of large - scale farms increased, and the demand growth was limited. The short - term support and resistance levels of LH2509 were 13,000 yuan/ton and 14,500 yuan/ton respectively [33]. - **Trend Strength**: - 1 [32]. Peanuts - **Fundamentals**: PK510's closing price was 8,058 yuan/ton (down 1.03%), and PK511's closing price was 7,884 yuan/ton (down 1.40%). Spot prices in different regions were stable, and the trading volume and open interest of the whole market had slight changes [35]. - **News**: New peanuts are gradually coming onto the market in some regions, and the prices are mainly determined by moisture and quality. Some old peanuts' prices are stable or slightly weak [36]. - **Trend Strength**: 0 [38].

Report Industry Investment Ratings - Iron ore: Support remains as the macro risk appetite has not significantly declined [2][4] - Rebar: Wide - range oscillation [2][6] - Hot - rolled coil: Wide - range oscillation [2][6] - Ferrosilicon: Weak oscillation due to weak sector sentiment [2][10] - Silicomanganese: Weak oscillation due to weak sector sentiment [2][10] - Coke: Bullish oscillation [2][15] - Coking coal: Bullish oscillation [2][15] - Logs: Repeated oscillation [2][18] Core Views - The report provides investment ratings and trend analysis for various commodities in the black series, including iron ore, rebar, hot - rolled coil, ferrosilicon, silicomanganese, coke, coking coal, and logs, based on their fundamentals and macro - industry news. Summaries by Commodity Iron Ore - **Fundamentals**: Relevant data is tracked from Mysteel, Dongcai Choice, and the research institute [4] - **Macro - industry news**: On August 15, 2025 (local time), the Trump administration in the US announced an expansion of the 50% tariff on steel and aluminum imports, including hundreds of derivative products [4] - **Trend strength**: 1, indicating a relatively positive trend [4] Rebar and Hot - rolled Coil - **Fundamentals**: Tracked data includes futures prices, trading volumes, open interests, spot prices, basis, and spreads. For example, RB2510's yesterday's closing price was 3,188 yuan/ton, down 13 yuan/ton (- 0.41%); HC2510's was 3,439 yuan/ton, up 7 yuan/ton (0.20%) [6] - **Macro - industry news**: In early August 2025, key steel enterprises' average daily production of crude steel increased by 4.7%, pig iron by 3.2%, and steel decreased by 4.1%. Their steel inventory increased by 2.0% compared to the previous ten - day period. On August 14, steel production, inventory, and apparent demand data showed different trends [6][8] - **Trend strength**: 0 for both, indicating a neutral trend [8] Ferrosilicon and Silicomanganese - **Fundamentals**: Tracked data includes futures prices, trading volumes, open interests, spot prices, and various spreads. For example, the closing price of ferrosilicon 2509 was 5,754 yuan/ton, up 10 yuan/ton [10] - **Macro - industry news**: In July 2025, China's crude steel output decreased by 4.0% year - on - year. As of August 16, the total manganese ore inventory decreased by 1.65 million tons compared to the previous period [10][14] - **Trend strength**: 0 for both, indicating a neutral trend [13] Coke and Coking Coal - **Fundamentals**: Tracked data includes futures prices, trading volumes, open interests, spot prices, basis, and spreads. For example, the closing price of JM2601 was 1,230 yuan/ton, up 16 yuan/ton (1.3%) [15] - **Macro - industry news**: On August 15, 2025 (local time), the Trump administration in the US announced an expansion of the 50% tariff on steel and aluminum imports, including hundreds of derivative products [16] - **Trend strength**: 0 for both, indicating a neutral trend [17] Logs - **Fundamentals**: Tracked data includes futures prices, trading volumes, open interests, spot - futures spreads, and various spreads of different log products. For example, the closing price of the 2509 contract was 815, with a daily increase of 0.7% [19] - **Macro - industry news**: In July 2025, M2 balance increased by 8.8% year - on - year, and M1 balance increased by 5.6% year - on - year [21] - **Trend strength**: 0, indicating a neutral trend [21]

Report Summary 1. Report Industry Investment Rating No industry investment rating is provided in the report. 2. Core Views - Nickel: The fundamentals suggest a narrow - range oscillation, and investors should be wary of news - related risks [2][4]. - Stainless steel: There is a game between macro expectations and reality, and steel prices will oscillate [2][4]. - Lithium carbonate: Supply - side disturbances are recurring, and it will oscillate with an upward bias [2][10]. - Industrial silicon: Market sentiment is strong, leading to amplified fluctuations in the futures market [2][13]. - Polysilicon: There are increasing news - related disturbances this week [2][14]. 3. Summary by Related Catalogs Nickel and Stainless Steel - **Fundamental Data**: The closing price of the Shanghai nickel main contract was 120,600 yuan, down 600 yuan from the previous day; the stainless - steel main contract closed at 13,010 yuan, down 15 yuan. The trading volume of the Shanghai nickel main contract was 87,649 lots, a decrease of 14,608 lots, and that of the stainless - steel main contract was 143,960 lots, a decrease of 16,602 lots [4]. - **Macro and Industry News**: There are various events such as potential nickel export suspension from Canada, new nickel - iron production in Indonesia, environmental violations in an Indonesian industrial park, changes in mining quota policies, production suspensions due to losses, and steel mill overhauls in China [4][5][6][7]. - **Trend Intensity**: Both nickel and stainless steel have a trend intensity of 0, indicating a neutral outlook [9]. Lithium Carbonate - **Fundamental Data**: The closing price of the 2509 contract was 86,920 yuan, up 1,780 yuan from the previous day. The trading volume was 39,934 lots, a decrease of 22,135 lots, and the open interest was 89,649 lots, a decrease of 8,414 lots [10]. - **Macro and Industry News**: The SMM battery - grade lithium carbonate index price increased, and there were changes in the global tablet and smartphone shipments [11]. - **Trend Intensity**: The trend intensity of lithium carbonate is 1, indicating a slightly bullish outlook [12]. Industrial Silicon and Polysilicon - **Fundamental Data**: The closing price of the Si2511 contract was 8,805 yuan/ton, up 130 yuan; the PS2511 contract closed at 52,740 yuan/ton, up 2,310 yuan. There were also changes in trading volume, open interest, basis, price, profit, and inventory data [14]. - **Macro and Industry News**: Xining held a photovoltaic industry patent navigation project kick - off meeting to strengthen the photovoltaic industry [15]. - **Trend Intensity**: Both industrial silicon and polysilicon have a trend intensity of 1, indicating a slightly bullish outlook [16].

2025 年 8 月 18 日 商 品 研 究 LPG：短期估值合理，震荡运行 丙烯：供需收紧，价格存一定支撑 陈鑫超 投资咨询从业资格号：Z0020238 chenxinchao@gtht.com 【基本面跟踪】 LPG 基本面数据 | | | 昨日收盘价 | 日涨幅 | 夜盘收盘价 | 夜盘涨幅 | | --- | --- | --- | --- | --- | --- | | | PG2509 | 3,861 | 0.08% | 3,872 | 0.28% | | 期货价格 | PG2510 | 4,332 | 0.56% | 4,331 | -0.02% | | | PL2601 | 6,492 | 0.06% | 6,475 | -0.26% | | | PL2602 | 6,525 | 0.18% | 6,525 | 0.00% | | 持 仓&成 交 | | 昨日成交 | 较前日变动 | 昨日持仓 | 较前日变动 | | | PG2509 | 75,971 | 10341 | 73,799 | -7159 | | | PG2510 | 47,247 | 7426 | 97,481 | -213 ...

Group 1: Report Industry Investment Rating - There is no information provided about the report industry investment rating in the given content. Group 2: Core Viewpoints of the Report - The price of lithium carbonate is expected to experience repeated disturbances on the supply - side and show a relatively strong oscillatory trend [1]. - The trend strength of lithium carbonate is 1, indicating a moderately positive outlook [3]. Group 3: Summary by Relevant Catalogs 1. Fundamental Tracking - **Futures Contracts**: For the 2509 contract, the closing price was 86,920 yuan, the volume was 39,934 lots, and the open interest was 89,649 lots. The 2511 contract had a closing price of 86,900 yuan, a volume of 868,811 lots, and an open interest of 401,139 lots. Compared with previous periods, there were significant changes in volume and open interest [1]. - **Basis**: The basis between spot and 2509 contract was - 4,220 yuan, and between spot and 2511 contract was - 4,200 yuan. The basis between 2509 - 2511 contracts was 20 yuan [1]. - **Raw Materials**: The price of lithium spodumene concentrate (6%, CIF China) was 940 dollars, and lithium mica (2.0% - 2.5%) was 2,100 yuan. Compared with previous periods, prices showed an upward trend [1]. - **Lithium Salts**: The price of battery - grade lithium carbonate was 82,700 yuan, industrial - grade lithium carbonate was 80,400 yuan, and battery - grade lithium hydroxide (micronized) was 79,010 yuan, all showing an upward trend compared with previous periods [1]. - **Consumption - related Products**: The prices of various lithium - related products such as lithium iron phosphate and ternary materials also showed different degrees of increase compared with previous periods [1]. 2. Macroeconomic and Industry News - SMM's battery - grade lithium carbonate index price was 82,725 yuan/ton, with an average price of 82,700 yuan/ton, up 700 yuan/ton from the previous trading day. The average price of industrial - grade lithium carbonate was 80,400 yuan/ton, up 650 yuan/ton [2]. - In Q2 2025, global tablet shipments reached 39 million units, a year - on - year increase of 9% and a quarter - on - quarter increase of 5%, mainly due to stable demand in China and EMEA regions. Global smartphone shipments slightly decreased to 288.9 million units, limited by relatively mild consumer demand [2][3].

Report Summary 1. Report Industry Investment Rating - Not provided in the given content 2. Core Viewpoints - The title of the report indicates that the asphalt shipment is not improving, and the outlook for crude oil is not optimistic. The trend strength of asphalt is rated as 0, suggesting a neutral stance [1][9]. 3. Summary by Relevant Catalogs 3.1 Fundamental Tracking - **Futures Data**: - For BU2509, the yesterday's closing price was 3,497 yuan/ton, with a daily decline of 0.37%, and the night - session closing price was 3,516 yuan/ton, with a night - session increase of 0.54%. The trading volume was 15,753 lots, an increase of 2,614 lots, and the open interest was 32,928 lots, a decrease of 4,616 lots. - For BU2510, the yesterday's closing price was 3,461 yuan/ton, with a daily decline of 0.32%, and the night - session closing price was 3,488 yuan/ton, with a night - session increase of 0.78%. The trading volume was 146,232 lots, a decrease of 7,587 lots, and the open interest was 226,829 lots, an increase of 2,006 lots [1]. - **Warehouse Receipts**: The total asphalt market warehouse receipts were 73,350 lots, with no change [1]. - **Spreads**: - The basis (Shandong - 09) was 123 yuan/ton, a decrease of 7 yuan from the previous day. - The 09 - 10 inter - period spread was 36 yuan/ton, a decrease of 2 yuan. - The Shandong - South China spread was 100, a decrease of 10. - The East China - South China spread was 210 yuan/ton, an increase of 10 yuan [1]. - **Spot Market**: - The Shandong wholesale price was 3,620 yuan/ton, a decrease of 20 yuan, with the factory - warehouse spot equivalent to the futures price at 3,720 yuan/ton and the warehouse spot equivalent to the futures price at 3,859 yuan/ton. - The Yangtze River Delta wholesale price was 3,730 yuan/ton, with no change, and the factory - warehouse spot equivalent to the futures price was 3,749 yuan/ton, and the warehouse spot equivalent to the futures price was 3,807 yuan/ton [1]. - **Operating and Inventory Rates**: As of August 14, the refinery operating rate was 35.61%, a decrease of 2.86% from August 11, and the refinery inventory rate was 25.79%, with no change [1]. 3.2 Market Information - **Production**: From August 8 - 14, 2025, the weekly domestic asphalt production was 58.7 tons, a 0.3% decrease from the previous week but a 31.9% increase year - on - year. The cumulative production from January to August was 1,848.9 tons, a 9.2% increase year - on - year [12]. - **Factory Warehouse Inventory**: As of August 14, 2025, the total inventory of 54 asphalt sample factory warehouses was 74.6 tons, a 0.9% decrease from August 11. The East China region had the most significant inventory reduction due to intermittent production cuts at major refineries and increased shipping [12]. - **Social Warehouse Inventory**: As of August 14, 2025, the total inventory of 104 asphalt social warehouses was 183.4 tons, a 1.0% decrease from August 11. The East China region had obvious inventory reduction, mainly driven by low - price resources, short - term rigid demand, and reduced ship - cargo warehousing [12].

Report Industry Investment Rating - The investment rating for the caustic soda industry is bullish [1][3] Core Viewpoint - The current core driver of the caustic soda market is the continuous expansion of demand. With the increasing rigid demand and stocking demand for alumina, especially the expected commissioning of 3.6 million tons of alumina production capacity in Guangxi by the end of this year, the supply of caustic soda in Guangxi is tight. The subsequent alumina stocking will drive the circulation of domestic 50% caustic soda. The export support remains strong, but the stocking rhythm will affect domestic prices. On the supply side, the weakness of chlorine-consuming downstream industries such as PVC restricts profit expansion, and there may be passive production cuts of caustic soda in the future. Overall, the replenishment during the peak season of caustic soda downstream is likely to drive the spot price up, so a bullish view is maintained [3] Summary by Related Catalogs Fundamental Tracking - On August 18, 2025, the futures price of the 11th contract was 2,674. The price of the cheapest deliverable 32% caustic soda in Shandong was 850, the spot 32% caustic soda in Shandong converted to the futures price was 2,656, and the basis was -18 [1] Spot News - Starting from August 18, major alumina manufacturers in Shandong increased the purchase price of 32% ion-exchange membrane caustic soda by 30 yuan/ton, with an ex-factory price of 800 yuan/ton [2] Market Condition Analysis - The demand side is the core driver, with alumina demand rising. There is an expected 3.6 million tons of alumina production capacity to be put into operation in Guangxi by the end of this year, leading to tight supply in the region. The high price difference between flake and liquid caustic soda will drive the circulation of 50% caustic soda. The 93rd parade affects transportation, and the purchase price of a Shandong alumina plant may be raised. Export support is strong, but stocking affects domestic prices. The weakness of chlorine-consuming downstream industries restricts profit expansion and may lead to passive production cuts. Downstream peak-season replenishment is likely to drive the spot price up [3] Trend Intensity - The trend intensity of caustic soda is 1, indicating a relatively bullish view within the [-2, 2] range [4]

2025 年 8 月 18 日 请务必阅读正文之后的免责条款部分 1 国 泰 君 安 期 货 研 究 所 棕榈油：产地供需两旺，低多为主 豆油：利多交易充分，高位震荡 | | | 【基本面跟踪】 油脂基本面数据 | | 棕榈油主力 | 单 位 元/吨 | 收盘价 (日盘） | 涨跌幅 1.08% | 收盘价 （夜盘） | 涨跌幅 2.81% | | --- | --- | --- | --- | --- | --- | --- | | | 豆油主力 | 元/吨 | 9,394 8,562 | 0.26% | 9,658 8,594 | 0.37% | | | 菜油主力 | 元/吨 | 9,807 | -0.46% | 9,851 | 0.45% | | 期 货 | 马棕主力 | 林吉特/吨 | 4,478 | 1.70% | | | | | CBOT豆油主力 | 美分/磅 | 53.22 | 2.09% | | | | | | 单 位 | 昨日成交 | 成交变动 | 昨日持仓 | 持仓变动 | | | 棕榈油主力 | 手 | 117,866 | -94645 | 172,605 | -15,653 | | | ...

1. Report Industry Investment Rating - No information provided 2. Core Viewpoints - The reduction of LME lead inventory supports lead prices [1] - China announced economic data for July, with year-on-year figures for monthly social consumer goods retail, industrial added value, fixed - asset investment, and real - estate sales all lower than the previous values. The People's Bank of China will implement a moderately loose monetary policy. US retail sales in July increased by 0.5% month - on - month, and real retail sales have grown for ten consecutive months. US consumer confidence from the University of Michigan unexpectedly declined in August, with both short - and long - term inflation expectations rising [2] 3. Summary by Relevant Catalogs 3.1 Fundamental Tracking - **Price and Volume**: The closing price of the main Shanghai lead futures contract was 16,850 yuan/ton, up 0.48%, while the closing price of the LME 3M electronic lead contract was 1,981 dollars/ton, down 0.45%. The trading volume of the main Shanghai lead futures contract was 32,601 lots, a decrease of 13,015 lots, and the LME lead trading volume was 3,833 lots, a decrease of 1,426 lots [1] - **Position and Premium**: The open interest of the main Shanghai lead futures contract was 51,207 lots, a decrease of 163 lots, and the LME lead open interest was 159,636 lots, an increase of 5,106 lots. The premium of Shanghai 1 lead was - 25 yuan/ton, an increase of 5 yuan/ton, and the LME CASH - 3M premium was - 43.24 dollars/ton, a decrease of 2.37 dollars/ton [1] - **Inventory and Profit**: The Shanghai lead futures inventory was 61,784 tons, unchanged, and the LME lead inventory was 261,100 tons, a decrease of 575 tons. The profit and loss of lead ingot spot imports was - 529.04 yuan/ton, an increase of 8.28 yuan/ton, and the profit and loss of Shanghai lead continuous - three imports was - 524.61 yuan/ton, an increase of 11.02 yuan/ton [1] 3.2 News - China's economic data in July showed a slowdown in multiple indicators, and the central bank will implement a moderately loose monetary policy. In the US, retail sales increased in July, but consumer confidence declined in August with rising inflation expectations [2] 3.3 Lead Trend Intensity - The lead trend intensity is 0, indicating a neutral outlook [2]

1. Report Industry Investment Rating - There is no information provided regarding the report industry investment rating in the given content. 2. Core View of the Report - Cotton needs new drivers to continue rising [1] - Concerns about demand remain the main factor limiting the rise of ICE cotton [3] 3. Summary by Relevant Catalogs 3.1 Fundamental Tracking - **Futures Data**: CF2601 closed at 14,120 yuan/ton with a daily decline of 0.25%, and 14,105 yuan/ton at night with a decline of 0.11%. CY2511 closed at 20,185 yuan/ton with a daily decline of 0.35%, and 20,145 yuan/ton at night with a decline of 0.20%. ICE cotton 12 closed at 67.48 cents/pound with a decline of 0.16% [1] - **Trading Volume and Position**: The trading volume of CF2601 was 261,447 lots, a decrease of 93,841 lots from the previous day, and the position was 768,486 lots, a decrease of 11,977 lots. The trading volume of CY2511 was 7,393 lots, a decrease of 1,999 lots, and the position was 21,336 lots, an increase of 1,045 lots [1] - **Warehouse Receipts**: The number of Zhengzhou cotton warehouse receipts was 7,829, a decrease of 93, and the effective forecast was 249, a decrease of 24. The number of cotton yarn warehouse receipts was 74, unchanged, and the effective forecast was 0, an increase of 74 [1] - **Spot Prices**: The price of Northern Xinjiang 3128 machine - picked cotton was 15,192 yuan/ton, an increase of 10 yuan or 0.07%. The price of Southern Xinjiang 3128 machine - picked cotton was 14,883 yuan/ton, an increase of 10 yuan or 0.07%. The price in Shandong was 15,210 yuan/ton, unchanged. The price in Hebei was 15,224 yuan/ton, a decrease of 27 yuan or - 0.18%. The 3128B index was 15,216 yuan/ton, an increase of 2 yuan or 0.01%. The international cotton index M was 75.21 cents/pound, a decrease of 0.12%. The price of pure - cotton carded yarn 32S was 20,720 yuan/ton, an increase of 20 yuan or 0.10%, and the arrival price was 22,131 yuan/ton, an increase of 27 yuan or 0.12% [1] - **Spreads**: The CF9 - 1 spread was - 285 yuan/ton, a decrease of 5 yuan. The spread between Northern Xinjiang 3128 machine - picked cotton and CF509 was 1,070 yuan/ton, an increase of 50 yuan [1] 3.2 Macro and Industry News - **Domestic Cotton Spot**: Cotton spot trading was sluggish, with spinning mills making mainly rigid - demand purchases. The road freight for cotton out of Xinjiang increased slightly in some areas. The spot basis was stable. The mainstream sales basis for 2024/25 North and South Xinjiang machine - picked 3129/29 - 30B with impurities within 3.5 was CF09 + 1400 - 1600 for inland self - pick - up [2] - **Domestic Cotton Textile Enterprises**: The trading in the pure - cotton yarn market improved, with increased transactions and downstream replenishment purchases. Yarn prices rose slightly, and spinning mills' operating rates changed little and remained under production restrictions. The overall situation of the all - cotton grey fabric market was average, with insufficient downstream orders. Most fabric mills were pessimistic about purchasing. The operating rates of fabric mills in Guangdong were stable, and those in the north recovered slightly, but the overall operating rate was low. Grey fabric quotes were raised, and actual orders were negotiated based on quantity [2] - **US Cotton**: ICE cotton futures declined slightly last Friday. Concerns about demand remained the main factor limiting its rise [3] 3.3 Trend Intensity - The trend intensity of cotton is 0, with a value range of integers in the [- 2, 2] interval. [- 2] represents the most bearish view, and [2] represents the most bullish view [6]