棉花：注意新棉收购情况

Report Summary 1) Report Industry Investment Rating No information provided. 2) Core View The report tracks the fundamentals of cotton, including futures prices, trading volumes, positions, warehouse receipts, and spot prices. It also provides macro and industry news, indicating that the overall trading of cotton spot is sluggish, the trading of the pure - cotton yarn market is lukewarm, and ICE cotton futures are fluctuating narrowly. The trend strength of cotton is rated as neutral [1][2][4]. 3) Summary by Related Catalogs [Fundamental Tracking] - Futures Prices: CF2601 closed at 13,860 yuan/ton yesterday with a daily increase of 0.18%, and the night - session closing price was 13,900 yuan/ton with a night - session increase of 0.29%. CY2511 closed at 19,845 yuan/ton yesterday with a decline of 0.13%, and the night - session closing price was 19,935 yuan/ton with an increase of 0.45%. ICE cotton 12 was at 66.76 cents/pound with an increase of 0.03% [1]. - Trading Volume and Position: The trading volume of CF2601 was 208,414 lots, a decrease of 314 lots compared with the previous day, and the position was 700,934 lots, a decrease of 2,806 lots. The trading volume of CY2511 was 10,916 lots, a decrease of 1,999 lots, and the position was 21,486 lots, an increase of 1,045 lots [1]. - Warehouse Receipts: The number of Zhengzhou cotton warehouse receipts was 5,017, a decrease of 142, and the effective forecast was 0. The number of cotton yarn warehouse receipts was 90, a decrease of 1, and the effective forecast was 85 [1]. - Spot Prices: The price of Beijiang 3128 machine - picked cotton was 15,127 yuan/ton, an increase of 10 yuan compared with the previous day. The price of Nanjiang 3128 machine - picked cotton was 14,820 yuan/ton, an increase of 10 yuan. The price in Shandong was 15,282 yuan/ton, an increase of 8 yuan. The price in Hebei was 15,208 yuan/ton, a decrease of 8 yuan. The 3128B index was 15,248 yuan/ton, a decrease of 1 yuan [1]. - Price Spreads: The CF1 - 5 spread was 40 yuan/ton, unchanged from the previous day. The spread between Beijiang 3128 machine - picked cotton and CF601 was 1,270 yuan/ton, a decrease of 20 yuan [1]. [Macro and Industry News] - Domestic Cotton Spot: The overall trading of cotton spot is sluggish, the inventory of high - quality lint is low, and the pre - sale of some new cotton has relatively good transactions. The spot sales basis is mostly stable. The mainstream sales basis of 2024/25 Nanjiang machine - picked 3129/29 - 30B with impurities within 3.5 is CF01 + 1200 - 1350, and some are lower than this price, for inland self - pick - up. The sales basis of 2024/25 Beijiang Production and Construction Corps Agricultural Division 8 machine - picked 4129/29B with impurities within 3 is CF01 + 1500 and above, for Xinjiang self - pick - up [1][2]. - Domestic Cotton Textile Enterprises: The trading of the pure - cotton yarn market is lukewarm, weaker than the same period in previous years. Downstream weaving mills make just - in - time purchases, and cotton yarn prices are mainly stable, with real orders negotiated. The all - cotton grey fabric market has little change. Weaving mills say that in - machine orders are being continuously produced, but the order volume has decreased year - on - year, and it is difficult to get follow - up orders. Grey fabric prices are negotiated according to the quantity [1][2]. - US Cotton: Last Friday, ICE cotton futures first fell and then rose, continuing to fluctuate narrowly within the day. The USDA monthly supply and demand report basically met market expectations. The production of US cotton in the 25/26 season was slightly adjusted, and exports and ending stocks remained unchanged. In the global market, the beginning inventory, production, and consumption of Chinese cotton in the 25/26 season were mainly adjusted [1][2]. [Trend Strength] The trend strength of cotton is 0, indicating a neutral rating. The range of trend strength is an integer within the [-2, 2] interval, with -2 being the most bearish and 2 being the most bullish [4].