棉花：外部市场因素加大期货波动

Group 1: Report Industry Investment Rating - No information provided Group 2: Core Viewpoints of the Report - External market factors increase the volatility of cotton futures [1] - The trend strength of cotton is neutral with a value of 0 [4] Group 3: Summary by Relevant Catalogs 1. Fundamental Tracking - Futures Data: CF2601 closed at 13,335 yuan/ton with a daily increase of 0.11% and a night - session close of 13,425 yuan/ton with a night - session increase of 0.67%; CY2601 closed at 19,470 yuan/ton with a daily increase of 0.33% and a night - session close of 19,590 yuan/ton with a night - session increase of 0.62%; ICE US cotton 12 closed at 64.29 cents/pound with a daily increase of 0.80% [1] - Trading Volume and Open Interest: CF2601 had a trading volume of 245,550 lots, an increase of 19,838 lots from the previous day, and an open interest of 882,804 lots, an increase of 5,242 lots; CY2601 had a trading volume of 12,565 lots, a decrease of 1,999 lots, and an open interest of 20,671 lots, an increase of 1,045 lots [1] - Warehouse Receipts: Zhengzhou cotton had 2,653 warehouse receipts, a decrease of 71, and 183 valid forecasts, an increase of 71; cotton yarn had 0 warehouse receipts and 6 valid forecasts, a decrease of 6 [1] - Spot Prices: The price of Northern Xinjiang 3128 machine - picked cotton was 14,477 yuan/ton, an increase of 20 yuan or 0.14%; Southern Xinjiang 3128 machine - picked cotton was 14,325 yuan/ton, an increase of 20 yuan or 0.14%; Shandong was 14,687 yuan/ton, an increase of 11 yuan or 0.07%; Hebei was 14,645 yuan/ton, an increase of 37 yuan or 0.25%; the 3128B index was 14,679 yuan/ton, an increase of 15 yuan or 0.10%; the international cotton index M was 71.58 cents/pound, unchanged; the price of pure - cotton carded yarn 32S was 20,440 yuan/ton, unchanged; the arrival price of pure - cotton carded yarn 32S was 21,214 yuan/ton, a decrease of 14 yuan or - 0.07% [1] - Spreads: The CF1 - 5 spread was - 55 yuan/ton, unchanged; the spread between Northern Xinjiang 3128 machine - picked cotton and CF601 was 1,140 yuan/ton, an increase of 10 yuan [1] 2. Macro and Industry News - Domestic Cotton Spot: Cotton spot trading was average, spinning mills maintained rigid - demand procurement, the overall spot basis was stable with a slight decline, and the fixed - price quotes were temporarily stable and relatively smoothly traded. The basis of 2025/26 Northern Xinjiang machine - picked 31, 41 - grade double 30 with impurities within 3.5 was CF01 + 1150 - 1200, for self - pick - up in Xinjiang. The freight for cotton out of Xinjiang by truck continued to rise slightly [2] - Domestic Cotton Textile Enterprises: The trading in the pure - cotton yarn market was dull, and the prices were generally stable. The rebound of Zhengzhou cotton futures had limited impact on the spot market. Downstream demand was weak, and the market was full of wait - and - see sentiment. Recently, the prices of high - count yarns were relatively firm, and the increase in orders for traceable yarns was limited. Xinjiang cotton yarn was actively purchased by traders due to cost advantages, and the orders were fair. Spinning mills' finished - product inventories were not under pressure, so the downward driving force was not strong [2] - US Cotton: ICE cotton futures rebounded last Friday as the market expected the international economic and trade situation to ease, and ICE cotton followed the overall commodity market [3]