棉花：情绪降温，郑棉期货回调

1. Report Industry Investment Rating - No information provided in the report. 2. Core View of the Report - The sentiment in the cotton market has cooled down, leading to a correction in Zhengzhou cotton futures. The ICE cotton futures also dropped nearly 1% due to the strengthening of the US dollar and the overall weakness of bulk agricultural products [1][3]. 3. Summary by Relevant Catalogs 3.1 Fundamental Tracking - Futures Data: CF2509 closed at 13,925 yuan/ton with a daily decline of 1.07% and a night - session decline of 0.39%. CY2509 closed at 19,995 yuan/ton with a daily decline of 1.19% and a night - session decline of 0.25%. ICE cotton 12 was at 67.66 cents/pound with a decline of 0.94%. Trading volume and positions of some futures contracts decreased [1]. - Spot Data: The prices of most domestic cotton and cotton yarn spot products decreased. For example, the price of North Xinjiang 3128 machine - picked cotton dropped by 150 yuan/ton to 15,232 yuan/ton, and the price of South Xinjiang 3128 machine - picked cotton also dropped by 150 yuan/ton to 14,910 yuan/ton [1]. - Warehouse Receipt and Forecast Data: The number of Zhengzhou cotton warehouse receipts decreased by 70 to 9,156, and the effective forecast decreased by 2 to 348. The number of cotton yarn warehouse receipts remained unchanged at 91, and the effective forecast increased by 91 to 91 [1]. - Spread Data: The CF9 - 1 spread was - 100 yuan/ton, a decrease of 110 yuan/ton compared with the previous day. The spread between North Xinjiang 3128 machine - picked cotton and CF509 was 1,310 yuan/ton, unchanged from the previous day [1]. 3.2 Macro and Industry News - Domestic Cotton Spot: The trading of domestic cotton spot improved slightly. Some spinning mills that locked in the basis earlier carried out point - pricing. The sales basis of some cotton in South Xinjiang and North Xinjiang was relatively high [2]. - Domestic Cotton Textile Enterprises: The trading in the pure - cotton yarn market was average, with downstream purchases mainly for rigid demand. Spinning mills maintained firm prices. The cotton fabric market was still sluggish, and the sales of grey cloth were worse than before as cotton prices declined [2]. - US Cotton: The ICE cotton futures dropped nearly 1% due to the strengthening of the US dollar and the overall weakness of bulk agricultural products [3]. 3.3 Trend Intensity - The trend intensity of cotton is 0, indicating a neutral trend [4].