棉花：进口配额有关消息提振棉价

Report Summary 1. Report Industry Investment Rating - Not provided in the report. 2. Core View of the Report - The news about cotton import quotas has boosted cotton prices. The US Department of Agriculture's August supply - demand report was bullish for ICE cotton futures, with significant cuts in US cotton planting area and production in the 2025/26 season, leading to a reduction in ending stocks [1][3]. 3. Summary by Relevant Catalogs 3.1 Fundamental Tracking - Futures Data: CF2601 closed at 13,980 yuan/ton with a daily increase of 0.72% and a night - session close of 14,090 yuan/ton with a 0.79% increase. CY2511 closed at 20,015 yuan/ton with a 1.14% daily increase and a night - session close of 20,075 yuan/ton with a 0.30% increase. ICE cotton 12 rose 2.39% to 68.44 cents/pound [1]. - Spot Data: The prices of various cotton and yarn types showed minor changes. For example, the price of North Xinjiang 3128 machine - picked cotton increased by 30 yuan/ton to 15,042 yuan/ton, a 0.20% increase [1]. - Spread Data: The CF9 - 1 spread was - 245 yuan/ton, a 45 - yuan decrease from the previous day. The spread between North Xinjiang 3128 machine - picked cotton and CF509 was 1,060 yuan/ton, a 70 - yuan decrease from the previous day [1]. 3.2 Macro and Industry News - Domestic Cotton Spot: Cotton spot trading changed little, with a slight improvement in some areas. The spot basis was generally stable. Different grades of cotton had specific sales basis ranges [2]. - Domestic Cotton Textile Enterprises: The trading in the pure - cotton yarn market was average but slightly improved due to downstream restocking. Spinning mills were reducing inventory, and the operating rate remained stable [2]. - US Cotton: The US Department of Agriculture's August supply - demand report cut the 2025/26 US cotton planting area to 9.28 million acres (down 840,000 acres from the July report), production to 13.21 million bales (down 1.39 million bales), exports by 500,000 bales, and ending stocks to 3.6 million bales (down 1 million bales) [3]. 3.3 Trend Intensity - The cotton trend intensity was 0, indicating a neutral outlook [5].