棉花：供需双强

Report Industry Investment Rating - No relevant information provided Core View of the Report - The cotton market shows strong supply and demand [1] Summary by Related Catalogs Fundamental Tracking - Futures Data: CF2601 closed at 13,800 yuan/ton with a daily increase of 0.25%, and its night - session closing price was 13,720 yuan/ton with a decline of 0.58%. CY2601 closed at 20,005 yuan/ton with a daily decline of 0.20%, and its night - session closing price was 19,915 yuan/ton with a decline of 0.45%. ICE cotton 3 closed at 64.61 cents/pound with a decline of 0.05%. The trading volume of CF2601 was 335,581 lots, a decrease of 27,273 lots from the previous day, and its position was 1,046,477 lots, an increase of 30,263 lots. The trading volume of CY2601 was 2,484 lots, a decrease of 1,999 lots from the previous day, and its position was 5,997 lots, an increase of 1,045 lots [1] - Warehouse Receipt Data: The number of Zhengzhou cotton warehouse receipts was 2,499, an increase of 96 from the previous day, with 2,147 valid forecasts (unchanged). The number of cotton yarn warehouse receipts was 14 (unchanged), with 0 valid forecasts and an increase of 14 from the previous day [1] - Spot Price Data: The price of Beijiang 3128 machine - picked cotton was 14,696 yuan/ton, an increase of 30 yuan/ton (0.20%) from the previous day. The price of Nanjiang 3128 machine - picked cotton was 14,693 yuan/ton, an increase of 30 yuan/ton (0.20%) from the previous day. The price in Shandong was 15,010 yuan/ton, an increase of 28 yuan/ton (0.19%) from the previous day. The price in Hebei was 14,912 yuan/ton, an increase of 45 yuan/ton (0.30%) from the previous day. The 3128B index was 14,980 yuan/ton, an increase of 44 yuan/ton (0.29%) from the previous day. The international cotton index M was 72.64 cents/pound, a decrease of 0.10% from the previous day. The price of pure - cotton combed yarn 32 was 20,770 yuan/ton (unchanged), and its arrival price was 20,984 yuan/ton, a decrease of 4 yuan/ton (- 0.02%) from the previous day [1] - Spread Data: The CF1 - 5 spread was 45 yuan/ton, an increase of 5 yuan/ton from the previous day. The spread between Beijiang 3128 machine - picked cotton and CF601 was 900 yuan/ton, a decrease of 10 yuan/ton from the previous day [1] Macro and Industry News - Domestic Cotton Spot: Cotton spot trading remained weak, with some hedging transactions. The mainstream basis of spot changed little, some high - basis goods were slightly reduced, and the fixed - price quotes were slightly increased. The mainstream sales basis of 2025/26 Beijiang machine - picked 4129/29B with impurities within 3.5 was mostly at CF01 + 900 and above, and the number of 31 - grade products with the same quality and quote increased this week. For 2025/26 machine - picked 3129/29 - 30B in both north and south Xinjiang with impurities within 3, many quotes had a basis of CF01 + 1400 - 1600 for mainland self - pick - up [2] - Domestic Cotton Textile Enterprises: The price of pure - cotton yarn was locally increased by 100 - 200, but the actual transactions had no obvious follow - up. To relieve the profit pressure, some large spinning enterprises raised the yarn price. Orders for high - count and combed yarns used for high - end fabrics were relatively stable, while the trading of other categories was weak [2] - US Cotton: ICE cotton futures fluctuated slightly yesterday. Affected by the interest - rate cut expectation, the risk appetite of the overall financial market was good, and the bargain - hunting buying continued to support ICE cotton [2] Trend Intensity - The trend intensity of cotton is 0, indicating a neutral view [5]