棉花：市场情绪好转带动郑棉期货反弹

Group 1: Report Investment Rating - No relevant information provided Group 2: Core View - The market sentiment improvement drives the rebound of Zhengzhou cotton futures [1] Group 3: Fundamental Tracking Futures - CF2509 closed at 13,360 yuan/ton yesterday with a daily increase of 0.87%, and 13,435 yuan/ton in the night session with a night - session increase of 0.56%. Its trading volume was 314,494 lots, an increase of 132,900 lots from the previous day, and the open interest was 750,372 lots, an increase of 12,557 lots [2]. - CY2509 closed at 19,630 yuan/ton yesterday with a daily increase of 0.18%, and 19,685 yuan/ton in the night session with a night - session increase of 0.28%. Its trading volume was 7,918 lots, a decrease of 1,999 lots from the previous day, and the open interest was 12,592 lots, an increase of 1,045 lots [2]. - ICE US cotton 07 closed at 65.58 cents/pound yesterday with a daily increase of 0.40% [2]. Warehouse Receipts - The number of Zhengzhou cotton warehouse receipts was 10,870, a decrease of 69 from the previous day, and the effective forecast was 371, an increase of 2 [2]. - The number of cotton yarn warehouse receipts was 0, with no change from the previous day, and the effective forecast was 0, with no change [2]. Spot - The price of Northern Xinjiang 3128 machine - picked cotton was 14,596 yuan/ton, an increase of 144 yuan or 1.00% from the previous day [2]. - The price of Southern Xinjiang 3128 machine - picked cotton was 14,355 yuan/ton, an increase of 120 yuan or 0.84% from the previous day [2]. - The price in Shandong was 14,565 yuan/ton, an increase of 6 yuan or 0.04% from the previous day [2]. - The price in Hebei was 14,450 yuan/ton, with no change from the previous day [2]. - The 3128B index was 14,561 yuan/ton, an increase of 18 yuan or 0.12% from the previous day [2]. - The international cotton index M (CNCottonM) was 75.23 cents/pound, an increase of 0.21% from the previous day [2]. - The price of pure - cotton carded yarn 32S was 20,300 yuan/ton, with no change from the previous day [2]. - The arrival price of pure - cotton carded yarn 32S was 21,723 yuan/ton, a decrease of 1 yuan or 0.00% from the previous day [2]. Spreads - The CF9 - 1 spread increased by 70 yuan/ton compared to the previous day [2]. - The spread between Northern Xinjiang 3128 machine - picked cotton and CF509 increased by 30 yuan/ton compared to the previous day [2]. Group 4: Macro and Industry News - Domestic cotton spot trading was mostly sluggish, with partial good transactions. Traders were the main buyers, and the mainstream sales basis changed little. The sales basis of 2024/25 Southern Xinjiang machine - picked 3129/29 - 30B with impurity within 3.5 was mostly at CF09 + 1350 - 1450, and there were a small number of low - price offers at 1250 - 1350 for inland self - pick - up. The freight of cotton out of Xinjiang by truck was still weak [3]. - The pure - cotton yarn market entered the traditional off - season, with fewer orders and slower sales for spinning mills. The cotton yarn price showed a downward trend. The all - cotton grey fabric market was dull, with few transactions reported by manufacturers, mainly due to the lack of orders from downstream customers or their wait - and - see attitude. Weaving mills had weak confidence in the future market [3]. - Last Friday, ICE cotton rose slightly, following the overall commodity market trend. The market continued to focus on the US cotton sowing progress and awaited the crop growth report after the Monday session [3]. Group 5: Trend Intensity - The trend intensity of cotton is 0, indicating a neutral view [6]