棉花：新疆籽棉成交价格企稳

Report Summary 1. Industry Investment Rating - Not provided in the report 2. Core Viewpoints - The price of Xinjiang seed cotton has stabilized, while the spot price of cotton in 2025/26 in Xinjiang has slightly declined compared to before the holiday. The trading atmosphere in the pure - cotton yarn market is average, and the order situation of weaving enterprises is not good after the holiday. ICE cotton futures fell due to lack of fundamental support, a weak technical pattern, a stronger dollar, and falling crude oil prices [2] 3. Summary by Directory 3.1 Fundamental Tracking - Futures Data: CF2601 closed at 13,295 yuan/ton yesterday with a 0.61% increase, and 13380 yuan/ton in the night session with a 0.64% increase. CY2511 closed at 19,545 yuan/ton yesterday with a 0.70% increase and 19755 yuan/ton in the night session with a 1.07% increase. ICE US cotton 12 closed at 64.46 cents/pound yesterday with a - 0.74% decrease. The trading volume of CF2601 was 333,284 hands, a decrease of 79,542 compared to the previous day; the trading volume of CY2511 was 2,815 hands, a decrease of 1,999 compared to the previous day [1] - Warehouse Receipt Data: The number of Zhengzhou cotton warehouse receipts was 3,030, a decrease of 51 compared to the previous day, and the effective forecast was 11, a decrease of 11. The number of cotton yarn warehouse receipts was 0, with no change [1] - Spot Price Data: The price of Northern Xinjiang 3128 machine - picked cotton was 14,492 yuan/ton, unchanged from the previous day; the price of Southern Xinjiang 3128 machine - picked cotton was 14,285 yuan/ton, an increase of 80 yuan/ton compared to the previous day. The 3128B index was 14,739 yuan/ton, a decrease of 20 yuan/ton compared to the previous day. The international cotton index M was 72.43 cents/pound, a decrease of 1 cent compared to the previous day [1] - Spread Data: The CF1 - 5 spread was - 50 yuan/ton, a decrease of 20 yuan/ton compared to the previous day; the spread between Northern Xinjiang 3128 machine - picked cotton and CF601 was 1,200 yuan/ton, a decrease of 80 yuan/ton compared to the previous day [1] 3.2 Macro and Industry News - Domestic Cotton Spot: Spinning enterprises' willingness to purchase cotton spot is average, mostly buying as they use. The purchase price of Xinjiang seed cotton has stabilized, with the normal moisture purchase price ranging from 6 to 6.2 yuan/kg, and the higher purchase price around 6.2 - 6.3 yuan/kg. The spot fixed - price quotes of Xinjiang cotton in the 2025/26 season have slightly declined compared to before the holiday [2] - Domestic Cotton Textile Enterprises: The trading atmosphere in the pure - cotton yarn market is average. During the long holiday, market transactions were weak, and cotton yarn prices were stable with a downward trend. Some spinning enterprises reduced prices for promotion. After the holiday, more weaving enterprises resumed production, but most reported that the in - hand order situation was average, and there was a lack of new orders after the holiday [2] - US Cotton: ICE cotton futures fell yesterday. On the one hand, there was a lack of fundamental news to boost ICE cotton, and the technical pattern was weak. On the other hand, it was affected by a stronger dollar and falling crude oil prices [2] 3.3 Trend Intensity - The trend intensity of cotton is 0, indicating a neutral trend [4]