棉花：缺乏明显驱动，期价震荡

Report Summary 1) Report Industry Investment Rating No investment rating information is provided in the report. 2) Core View of the Report The cotton market lacks obvious driving factors, and the futures price is oscillating [1]. 3) Summary by Relevant Catalogs Fundamental Tracking - Futures Data: The closing price of CF2509 was 13,875 yuan/ton with a daily decline of 0.07%, and the night - session closing price was 13,805 yuan/ton with a decline of 0.50%. The closing price of CY2509 was 20,120 yuan/ton with a daily increase of 0.12%, and the night - session closing price was 20,020 yuan/ton with a decline of 0.50%. The price of ICE Cotton No.12 was 68.11 cents/pound with a daily increase of 1.02% [1]. - Trading Volume and Open Interest: The trading volume of CF2509 was 201,823 lots, a decrease of 64,689 lots compared with the previous day, and the open interest was 854,946 lots, a decrease of 9,135 lots. The trading volume of CY2509 was 5,384 lots, a decrease of 1,999 lots, and the open interest was 22,210 lots, an increase of 1,045 lots [1]. - Warehouse Receipts: The number of Zhengzhou cotton warehouse receipts was 9,807, a decrease of 43, and the valid forecast was 216, a decrease of 18. The number of cotton yarn warehouse receipts was 98, an increase of 7, and the valid forecast was 0, an increase of 84 [1]. - Spot Prices: The price of Northern Xinjiang 3128 machine - picked cotton was 15,225 yuan/ton, a decrease of 10 yuan compared with the previous day; the price of Southern Xinjiang 3128 machine - picked cotton was 14,900 yuan/ton, a decrease of 10 yuan. The price in Shandong was 15,244 yuan/ton, an increase of 34 yuan; the price in Hebei was 15,341 yuan/ton, an increase of 71 yuan. The 3128B index was 15,295 yuan/ton, an increase of 29 yuan. The international cotton index M was 74.99 cents/pound, a decrease of 0.39%. The price of pure cotton combed yarn 32 - count was 20,520 yuan/ton, an increase of 30 yuan, and the arrival price was 22,095 yuan/ton, an increase of 81 yuan [1]. - Price Spreads: The CF9 - 1 spread was 60 yuan/ton, a decrease of 5 yuan compared with the previous day. The spread between Northern Xinjiang 3128 machine - picked cotton and CF509 was 1,350 yuan/ton, unchanged from the previous day [1]. Macro and Industry News - Domestic Cotton Spot: Cotton spot trading has changed little. Spinning mills mainly make rigid - demand purchases, and the overall basis is stable. Different regions and qualities of cotton have different basis quotes [2]. - Domestic Cotton Textile Enterprises: The trading in the pure cotton yarn market remains dull, and the turnover has changed little. Spinning mills continue to reduce their production capacity. The all - cotton grey fabric market remains weak, and the actual transaction price remains the same. Weaving mills maintain on - demand and low - price purchases [2]. - US Cotton: ICE cotton futures rose slightly yesterday, mainly due to bargain - hunting and technical support. As of July 13, the good - to - excellent rate of US cotton rose to 54%, compared with 52% the previous week and 45% in the same period last year [3]. Trend Intensity The trend intensity of cotton is 0, indicating a neutral trend [5].