棉花：新棉成本上移支撑棉花期价

Report Summary 1. Report Industry Investment Rating - No information provided on the industry investment rating. 2. Core View - New cotton cost increase supports cotton futures prices [1] 3. Summary by Related Catalogs 3.1 Fundamental Tracking - Futures Data: CF2601 closed at 13,575 yuan/ton with a 0.30% daily increase and 13,585 yuan/ton in the night session with a 0.07% increase; CY2601 closed at 19,820 yuan/ton with a 0.30% daily increase and 19,850 yuan/ton in the night session with a 0.15% increase; ICE US cotton 12 closed at 64.02 cents/pound with a 0.58% increase [1] - Spot Data: Northern Xinjiang 3128 machine - picked cotton was at 14,712 yuan/ton, Southern Xinjiang 3128 machine - picked cotton was at 14,560 yuan/ton, and the 3128B index was at 14,784 yuan/ton [1] - Spread Data: CF1 - 5 spread was - 25 yuan/ton with a 15 - yuan change from the previous day; the spread between Northern Xinjiang 3128 machine - picked cotton and CF601 was 1,140 yuan/ton with no change [1] 3.2 Macro and Industry News - Domestic Cotton Spot: Cotton spot trading was light, and spinning mills were less accepting of current cotton prices. Xinjiang machine - picked seed cotton purchase prices were approaching 6.5 yuan/kg, and hand - picked cotton prices were stable at around 7.1 yuan/kg [2] - Domestic Cotton Textile Enterprises: The pure - cotton yarn market showed off - season characteristics. Orders, except for seasonal varieties, did not improve significantly, and yarn prices had difficulty rising. Enterprises adopted a "buy - on - dips" strategy [2] - US Cotton: ICE cotton futures rose slightly due to a sharp increase in crude oil prices [2] 3.3 Trend Intensity - The cotton trend intensity was 0, indicating a neutral trend [4]