棉花：震荡偏强，关注下游需求

Report Industry Investment Rating - The report gives a "sideways to bullish" rating for the cotton industry, suggesting to focus on downstream demand [1] Core Viewpoints - The cotton market is expected to be sideways to bullish, and attention should be paid to downstream demand [1] Summary by Relevant Catalogs Fundamental Tracking - Futures Prices: CF2601 closed at 13,750 yuan/ton with 0.00% daily increase and 13,765 yuan/ton in night trading with 0.11% increase; CY2603 closed at 19,980 yuan/ton with - 0.12% daily increase and 19,970 yuan/ton in night trading with - 0.05% increase; ICE US cotton 3 closed at 63.74 cents/pound with - 0.33% decrease [1] - Trading Volume and Open Interest: CF2601 had a trading volume of 305,589 lots, an increase of 25,149 lots from the previous day, and an open interest of 1,044,111 lots, an increase of 5,249 lots; CY2603 had a trading volume of 4,420 lots, a decrease of 1,999 lots from the previous day, and an open interest of 16,063 lots, an increase of 1,045 lots [1] - Warehouse Receipts: Zhengzhou cotton had 2,753 warehouse receipts, an increase of 44, and 3,004 valid forecasts, an increase of 223; cotton yarn had 13 warehouse receipts, an increase of 1, and 0 valid forecasts, an increase of 12 [1] - Spot Prices: The price of Beijiang 3128 machine - picked cotton was 14,606 yuan/ton, a decrease of 20 yuan from the previous day; the price of Nanjiang 3128 machine - picked cotton was 14,633 yuan/ton, a decrease of 10 yuan from the previous day; the price in Shandong was 15,019 yuan/ton, a decrease of 7 yuan from the previous day; the price in Hebei was 15,006 yuan/ton, a decrease of 11 yuan from the previous day; the 3128B index was 15,009 yuan/ton, a decrease of 13 yuan from the previous day; the international cotton index M was 72.02 cents/pound, a decrease of 0.15% from the previous day; the price of pure - cotton carded yarn 32S was 20,800 yuan/ton, an increase of 30 yuan from the previous day; the arrival price of pure - cotton carded yarn 32S was 21,053 yuan/ton, an increase of 74 yuan from the previous day [1] - Price Spreads: The CF1 - 5 spread was not given, and the previous day's spread decreased by 5; the spread between Beijiang 3128 machine - picked cotton and CF601 was not given, and the previous day's spread decreased by 20 [1] Macro and Industry News - Domestic Cotton Spot: Cotton spot trading was dull, high - basis trading was poor, and there was insufficient motivation to reduce the price of high - basis goods due to low inventory pressure [2] - Domestic Cotton Textile Enterprises: The price of pure - cotton yarn fluctuated slightly, with individual counts seeing a slight improvement in trading, but overall trading was dull. Some large spinning mills slightly reduced the price of regular yarns to clear inventory. The combed 40S category had good sales and stable to rising prices. Recently, some spinning mills of low - count yarns had more orders than before, but the overall atmosphere was still not good. The full - cotton grey fabric market was divided, with some home textile anti - down fabric varieties having continuous sales and declining inventory, but prices were difficult to rise. Regular varieties had average sales, inventory was digested, and prices were market - driven. Current spring and summer orders were less than in previous years, mainly small and scattered orders [2] - US Cotton: ICE cotton futures rose first and then fell. The USDA's US cotton export sales data as of November 6 was better than expected, which once pushed up ICE cotton. However, due to the upcoming Fed interest - rate decision and the USDA's monthly supply - demand report, the market was cautious, and finally ICE cotton followed the overall commodity market trend and slightly declined [3] Trend Intensity - The trend intensity of cotton is 0, indicating a neutral view, with a value range of [- 2, 2] [5]