棉花：关注外部市场影响20260323

Report Summary 1. Report Industry Investment Rating - Not provided in the given content 2. Core View - The cotton market is influenced by external factors. ICE cotton futures fell 0.55% last Friday due to lack of new fundamental upward drivers and concerns about the global cotton consumption outlook. The domestic cotton spot basis is generally stable, while the cotton yarn market has a weak trading atmosphere, and imported yarns put pressure on domestic yarn sales [1][2]. 3. Summary by Related Catalogs 3.1 Cotton Futures Data - CF2605: Yesterday's closing price was 15,215 yuan/ton, with a daily increase of 0.43%; the night - session closing price was 15,305 yuan/ton, with a night - session increase of 0.59%. The trading volume was 583,016 lots, an increase of 59,163 lots from the previous day, and the open interest was 1,066,242 lots, a decrease of 17,421 lots [1]. - CY2605: Yesterday's closing price was 21,475 yuan/ton, with a daily increase of 0.89%; the night - session closing price was 21,570 yuan/ton, with a night - session increase of 0.44%. The trading volume was 15,405 lots, a decrease of 1,999 lots from the previous day, and the open interest was 14,799 lots, an increase of 1,045 lots [1]. - ICE US Cotton 5: The price was 67.34 cents/pound, a decrease of 0.55% [1]. 3.2 Spot Market Data - North Xinjiang 3128 Machine - picked Cotton: The price was 16,454 yuan/ton, an increase of 70 yuan or 0.43% from the previous day [1]. - South Xinjiang 3128 Machine - picked Cotton: The price was 16,393 yuan/ton, an increase of 70 yuan or 0.43% from the previous day [1]. - Shandong Region: The price was 16,703 yuan/ton, a decrease of 62 yuan or - 0.37% from the previous day [1]. - Hebei Region: The price was 16,720 yuan/ton, a decrease of 97 yuan or - 0.58% from the previous day [1]. - 3128B Index: The price was 16,649 yuan/ton, a decrease of 73 yuan or - 0.44% from the previous day [1]. - Cotlook:A Index: The price was 78.25 cents/pound, a decrease of 1.10 cents or - 1.39% from the previous day [1]. - Pure - cotton Combed Yarn 32 - count: The price was 22,100 yuan/ton, an increase of 50 yuan or 0.23% from the previous day [1]. - Pure - cotton Combed Yarn 32 - count Arrival Price: The price was 22,614 yuan/ton, a decrease of 14 yuan or - 0.06% from the previous day [1]. 3.3 Basis and Spread Data - CF5 - 9 Spread: The spread was - 105 yuan/ton, with no change from the previous day [1]. - North Xinjiang 3128 Machine - picked Cotton - CF605 Spread: The spread was 1,240 yuan/ton, an increase of 10 yuan from the previous day [1]. 3.4 Market News - Domestic Cotton Spot: The cotton spot basis is generally stable, with many cotton merchants not adjusting the basis. The sales basis quotes for 2025/26 North Xinjiang machine - picked 4129/29B with impurity within 3.5 and micronaire value of 4 and above are mostly at CF05 + 1300 and above, for self - pick - up in Xinjiang. The mainstream quotes for 2025/26 South Xinjiang machine - picked 3129/29B with impurity within 3.5 and micronaire value above 4 are in the range of CF05 + 1100 - 1400, and most quotes are at CF05 + 1200 and above, for self - pick - up in Xinjiang. The freight for cotton transported out of Xinjiang by truck is slightly decreasing [1][2]. - Domestic Cotton Textile Enterprises: The price of pure - cotton yarn in the market is stable with a slight decline, the overall trading is average, and the market wait - and - see sentiment is increasing. Some imported yarns are arriving at ports one after another, and the low - price supply is increasing, which puts pressure on the sales of domestic yarns. Currently, some spinning mills have full production schedules but few new orders [1][2]. - US Cotton: Last Friday, ICE cotton futures fell 0.55% due to lack of new fundamental upward drivers and concerns about the global cotton consumption outlook [1][2]. 3.5 Trend Intensity - The cotton trend intensity is 0, indicating a neutral trend, with the trend intensity ranging from - 2 (most bearish) to 2 (most bullish) [4].