棉花：注意短期市场情绪变化的影响

Report Summary 1. Report Industry Investment Rating No information provided. 2. Core View The report suggests paying attention to the impact of short - term market sentiment changes on the cotton market. It also presents detailed data on cotton fundamentals, macro and industry news, and the trend strength of cotton [1]. 3. Summary by Relevant Catalogs 3.1 Fundamental Tracking - Futures Data: CF2509 closed at 14,170 yuan/ton with a 0.07% daily increase and 14,150 yuan/ton at night with a - 0.14% - -0.17% decrease; CY2509 closed at 20,370 yuan/ton with a 0.05% daily increase and 20,335 yuan/ton at night; ICE US Cotton 12 closed at 68.23 cents/pound with a - 0.74% decrease. The trading volume and open interest of CF2509 increased, while CY2509's trading volume decreased and open interest increased [1]. - Warehouse Receipt Data: Zhengzhou cotton's warehouse receipts decreased by 72 to 9,265, and the effective forecast increased by 15 to 350. Cotton yarn's warehouse receipts remained at 96, and the effective forecast increased by 96 to 96 [1]. - Spot Price Data: The prices of North Xinjiang 3128 machine - picked cotton and South Xinjiang 3128 machine - picked cotton increased slightly, while the prices in Shandong and Hebei decreased slightly. The 3128B index decreased by 0.09%. The international cotton index M increased by 0.59%. The price of pure - cotton carded yarn 32S remained unchanged, and its arrival price increased by 0.16% [1]. - Spread Data: The CF9 - 1 spread decreased by 40 yuan/ton compared to the previous day, and the spread between North Xinjiang 3128 machine - picked cotton and CF509 remained unchanged [1]. 3.2 Macro and Industry News - Domestic Cotton Spot: The overall rigid - demand trading of cotton spot was still acceptable, with better sales of old cotton. Some high - price basis quotes were slightly adjusted down, and the overall basis remained stable. There were specific basis quotes for different types of cotton [2]. - Domestic Cotton Textile Enterprises: The trading in the pure - cotton yarn market was average, with spinning mills having firm quotes and downstream buyers making rigid - demand purchases. The trading in the all - cotton grey fabric market was generally light, with stable prices. Factories had high inventories, and the de - stocking effect was average [2]. - US Cotton: Last Friday, ICE cotton futures declined slightly, and the market lacked fundamental guidance, resulting in light trading [3]. 3.3 Trend Strength The trend strength of cotton is 0, indicating a neutral stance. The trend strength ranges from - 2 (most bearish) to 2 (most bullish) [4][5]