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Group 1: Report Overview - The report focuses on the cotton market, analyzing its fundamentals, macro and industry news, and trend intensity [1][2][5] Group 2: Fundamental Data Futures - CF2605 closed at 15,415 yuan/ton with a -0.84% daily change and 15,450 yuan/ton in the night session with a 0.23% change. Its trading volume was 1,013,358 lots, an increase of 285,861 lots from the previous day, and the open interest was 1,150,141 lots, a decrease of 4,152 lots [1] - CY2605 closed at 21,565 yuan/ton with a -0.78% daily change and 21,575 yuan/ton in the night session with a 0.05% change. Its trading volume was 15,104 lots, a decrease of 1,999 lots from the previous day, and the open interest was 14,249 lots, an increase of 1,045 lots [1] - ICE Cotton No.5 closed at 65.8 cents/pound with a 0.90% daily increase [1] Spot - The price of North Xinjiang 3128 machine-picked cotton was 16,694 yuan/ton, a decrease of 100 yuan or -0.60% from the previous day [1] - The price of South Xinjiang 3128 machine-picked cotton was 16,633 yuan/ton, a decrease of 80 yuan or -0.48% from the previous day [1] - The price in Shandong was 16,933 yuan/ton, an increase of 39 yuan or 0.23% from the previous day [1] - The price in Hebei was 16,912 yuan/ton, an increase of 29 yuan or 0.17% from the previous day [1] - The 3128B index was 16,877 yuan/ton, an increase of 29 yuan or 0.17% from the previous day [1] - The Cotlook:A index was 75.75 cents/pound, an increase of 0.05 cents or 0.07% from the previous day [1] - The price of pure cotton combed yarn 32S was 22,000 yuan/ton, unchanged from the previous day [1] - The arrival price of pure cotton combed yarn 32S was 22,200 yuan/ton, an increase of 205 yuan or 0.93% from the previous day [1] Spreads - The CF5 - 9 spread was -95 yuan/ton, a decrease of 45 yuan from the previous day [1] - The spread between North Xinjiang 3128 machine-picked cotton and CF605 was 1,280 yuan/ton, an increase of 30 yuan from the previous day [1] Warehouse Receipts - The number of Zhengzhou cotton warehouse receipts was 12,506, an increase of 181 from the previous day, and the valid forecasts were 285, a decrease of 161 from the previous day [1] - The number of cotton yarn warehouse receipts was 320, an increase of 101 from the previous day, and the valid forecasts were 67, an increase of 51 from the previous day [1] Group 3: Macro and Industry News Domestic Cotton Spot - Cotton spot trading remained sluggish. The lower price of 2025/26 South Xinjiang machine-picked 3129/29B with impurity within 3.5 and micronaire value above 4 was CF05 + 1100 - 1250, and the higher price was mostly CF05 + 1250 and above. The same-quality Kashgar fixed-price offer started at 16,600 yuan, for self-pickup in Xinjiang [2] - The fixed-price offer of 2025/26 North Xinjiang machine-picked 31 - 41 grade 29/29B with impurity within 3.5 was mostly 16,900 - 17,000 yuan and above, excluding light spotted stains, on a conditioned weight basis, for self-pickup in Xinjiang [2] Domestic Cotton Textile Enterprises - The price of pure cotton yarn remained stable, and the overall market trading was good. Downstream orders continued to be released, and the production schedules of some large spinning mills were getting tight, with some manufacturers having overbooked orders [2] - Conventional yarn and high-count yarn sold well, while low-count yarn (including rotor spun yarn) was affected by imported yarn, with a slower sales pace, and some spinning mills continued to lower their prices [2] US Cotton - Last Friday, ICE cotton futures rose, with the December contract hitting a new high this year, mainly due to the expectation of increased Chinese cotton imports [2] Group 4: Trend Intensity - The trend intensity of cotton is 1, indicating a relatively strong trend. The range of trend intensity is an integer within [-2, 2], with -2 being the most bearish and 2 being the most bullish [5]