棉花：关注新棉上市情况

Report Summary Report Industry Investment Rating No information provided. Core Viewpoints - The cotton spot trading is average, with textile enterprises mainly making rigid - demand purchases. The spot basis remains relatively stable. The trading in the pure - cotton yarn market has rebounded, but overall it is still average, and the yarn price continues to rise slightly. The ICE cotton futures are in short - term oscillation waiting for new drivers [2]. Summary by Relevant Catalogs 1. Fundamental Tracking - Futures Data: For CF2601, the closing price was 14,100 yuan/ton with a daily decline of 0.18%, and the night - session closing price was 14,100 yuan/ton with no change. The trading volume was 209,409 lots, a decrease of 31,617 lots from the previous day, and the open interest was 759,524 lots, a decrease of 4,507 lots. For CY2511, the closing price was 20,145 yuan/ton with a daily decline of 0.05%, and the night - session closing price was 20,160 yuan/ton with a 0.07% increase. The trading volume was 7,879 lots, a decrease of 1,999 lots from the previous day, and the open interest was 21,914 lots, an increase of 1,045 lots. The ICE US cotton 12 closed at 67.53 cents/pound, a 0.46% decline [1]. - Warehouse Receipt Data: The number of Zhengzhou cotton warehouse receipts was 7,762, a decrease of 67 from the previous day, and the valid forecast was 249 with no change. The number of cotton yarn warehouse receipts was 69, a decrease of 5 from the previous day, and the valid forecast was 0, an increase of 74 [1]. - Spot Price Data: The price of Northern Xinjiang 3128 machine - picked cotton was 15,292 yuan/ton, an increase of 50 yuan/ton (0.33%) from the previous day; the price of Southern Xinjiang 3128 machine - picked cotton was 14,983 yuan/ton, an increase of 50 yuan/ton (0.33%) from the previous day. The 3128B index was 15,243 yuan/ton, an increase of 9 yuan/ton (0.06%) from the previous day. The international cotton index M was 75.34 cents/pound, an increase of 0.26 cents/pound (0.35%) from the previous day. The price of pure - cotton carded yarn 32s was 20,700 yuan/ton, a decrease of 20 yuan/ton (- 0.10%) from the previous day [1]. - Spread Data: The CF9 - 1 spread was - 295 yuan/ton, a decrease of 10 yuan/ton from the previous day; the spread between Northern Xinjiang 3128 machine - picked cotton and CF509 was 1,190 yuan/ton, an increase of 80 yuan/ton from the previous day [1]. 2. Macro and Industry News - Domestic Cotton Spot: According to TTEB information, the cotton spot trading is average, with textile enterprises mainly making rigid - demand purchases. The offers of cotton in inland warehouses are relatively numerous, and the spot basis remains relatively stable. Different regions and qualities of cotton have different sales bases [2]. - Domestic Cotton Textile Enterprises: The trading in the pure - cotton yarn market has rebounded, with increased downstream restocking purchases, but overall it is still average. The feedback from textile enterprises varies greatly, and the yarn price continues to rise slightly [2]. - US Cotton: The ICE cotton futures declined slightly yesterday. The US Department of Agriculture lowered the US cotton production and ending stocks for the 25/26 season, providing support for the ICE cotton futures. The ICE cotton is in short - term oscillation waiting for new drivers [2]. 3. Trend Intensity The trend intensity of cotton is 0, indicating a neutral view. The trend intensity ranges from - 2 (most bearish) to 2 (most bullish) [5].