棉花：延续反弹势头

Report Summary 1. Report Industry Investment Rating - Not provided in the given content 2. Core View - Cotton continues its rebound momentum [1] 3. Summary by Related Catalogs 3.1 Fundamental Tracking - Futures Data: CF2601 closed at 13,465 yuan/ton with a daily increase of 0.97% and a night - session closing price of 13,480 yuan/ton with a 0.11% increase; CY2601 closed at 19,605 yuan/ton with a 0.69% daily increase and a night - session closing price of 19,665 yuan/ton with a 0.31% increase; ICE Cotton 12 was at 64.19 cents/pound with a - 0.16% change. Trading volume and open interest of CF2601 increased, while CY2601's trading volume decreased and open interest increased [1] - Warehouse Receipt Data: Zhengzhou cotton's warehouse receipts decreased by 55 to 2,598, and effective forecasts increased by 47 to 230; cotton yarn's warehouse receipts remained at 0, and effective forecasts decreased by 6 to 6 [1] - Spot Price Data: Prices of北疆3128机采 and 南疆3128机采 increased by 130 yuan/ton with a 0.90% and 0.91% increase respectively; prices in Shandong increased slightly, while in Hebei decreased slightly. The 3128B index remained unchanged, and the international cotton index M increased by 0.87%. The price of pure - cotton combed yarn 32 - count remained stable, and its arrival price increased slightly [1] - Spread Data: The CF1 - 5 spread decreased by 10 to - 65 yuan/ton, and the spread between 北疆3128机采 and CF601 remained unchanged at 1,140 yuan/ton [1] 3.2 Macro and Industry News - Domestic Cotton Spot: The domestic cotton spot market had weak trading, with smooth low - price transactions. Spot basis was mostly stable, with some local decreases. The purchase price of Xinjiang machine - picked seed cotton increased [2] - Domestic Cotton Textile Enterprises: The pure - cotton yarn market mainly had price - following sales. Market sentiment improved slightly due to the recent increase in Zhengzhou cotton, but downstream enterprises still purchased on a "use - as - needed" basis, with limited new orders. The spinning mill's operating rate increased slightly but was still lower than the same period in previous years, and traders were generally waiting and had weak inventory - building willingness [2] - US Cotton: ICE cotton futures rose first and then fell yesterday. Due to the lack of fundamental data guidance, overall trading was light, and the market continued to focus on international economic and trade situations [2] 3.3 Trend Intensity - The cotton trend intensity is 0, indicating a neutral trend [4]