棉花：等待调整结束

Group 1: Report Industry Investment Rating - No relevant information provided Group 2: Core View of the Report - The cotton market is waiting for the end of adjustment. The current situation shows a mixed picture with some factors indicating weakness and others suggesting a wait - and - see attitude. The trend strength of cotton is neutral [1][2][4] Group 3: Summary by Relevant Catalogs 1. Cotton Fundamental Data - Futures Prices: CF2605 closed at 14,675 yuan/ton yesterday with a - 0.44% daily increase and 14,490 yuan/ton in the night session with a - 1.26% increase; CY2603 closed at 20,690 yuan/ton yesterday with a - 0.50% daily increase and 20,535 yuan/ton in the night session with a - 0.75% increase; ICE US cotton 3 was at 64.48 cents/pound with a 0.12% increase [1] - Trading Volume and Open Interest: The trading volume of CF2605 yesterday was 646,858 lots, a decrease of 198,137 lots from the previous day, and the open interest was 1,200,876 lots, an increase of 1,238 lots; the trading volume of CY2603 was 9,754 lots, a decrease of 1,999 lots, and the open interest was 16,816 lots, an increase of 1,045 lots [1] - Warehouse Receipts: The number of Zhengzhou cotton warehouse receipts was 7,388, an increase of 199, and the effective forecast was 2,299, an increase of 51; the number of cotton yarn warehouse receipts was 20, unchanged, and the effective forecast was 17, an increase of 3 [1] - Spot Prices: The price of North Xinjiang 3128 machine - picked cotton was 15,500 yuan/ton, a decrease of 60 yuan or - 0.39% from the previous day; the price of South Xinjiang 3128 machine - picked cotton was 15,490 yuan/ton, a decrease of 60 yuan or - 0.39%; the price in Shandong was 16,033 yuan/ton, a decrease of 62 yuan or - 0.39%; the price in Hebei was 15,882 yuan/ton, a decrease of 105 yuan or - 0.66%; the 3128B index was 15,930 yuan/ton, a decrease of 62 yuan or - 0.39%; the international cotton index M: CNCottonM was 72.46 cents/pound, a decrease of 0.48%; the price of pure - cotton carded yarn 32 - count was 21,300 yuan/ton, unchanged, and the arrival price was 21,044 yuan/ton, an increase of 2 yuan or 0.01% [1] - Spreads: The CF3 - 5 spread was 10 yuan/ton, a decrease of 15 yuan from the previous day; the spread between North Xinjiang 3128 machine - picked cotton and CF605 was 830 yuan/ton, an increase of 10 yuan [1] 2. Macro and Industry News - Domestic Cotton Spot: Cotton spot basis quotes are relatively stable. The sales basis of 2025/26 North Xinjiang machine - picked 4129/29B with impurity within 3 is mostly at CF05 + 950 or above. The freight for cotton out of Xinjiang by truck has dropped significantly [2] - Domestic Cotton Textile Enterprises: The price of pure - cotton yarn is generally stable, but the trading atmosphere is weak. The operating rate of downstream weaving enterprises is low, with most orders being small and short - term. The inventory of grey cloth is higher than the same period in previous years, and the purchasing intention of weaving factories is weak [2] - US Cotton: Last Friday, ICE cotton futures fluctuated slightly. Although the strengthening of the US dollar has an adverse impact on ICE cotton, there is no new negative news in the international cotton market. ICE cotton is in a low - level oscillating pattern, and the market is in a wait - and - see state before the USDA monthly supply - demand report next week [2] 3. Trend Strength - The trend strength of cotton is 0, indicating a neutral stance. The range of trend strength is an integer in the [- 2, 2] interval, with - 2 being the most bearish and 2 being the most bullish [4]