2026 年 2 月 11 日 国内棉纺织企业概况：根据 TTEB 信息显示，纯棉纱市场已全面进入节前收尾阶段，仅少数大型纺企 局部价格微调，大部分纺企或停止报价或报价持稳，内地开机率继续降低。 棉花：节前预计维持震荡走势 20260211 傅博 投资咨询从业资格号：Z0016727 fubo2@gtht.com 【基本面跟踪】 棉花基本面数据 | | 名 称 | 单 位 | 昨日收盘价 | 日涨幅 | 昨日夜盘收盘价 | 夜盘涨幅 | | --- | --- | --- | --- | --- | --- | --- | | | CF2605 | 元/吨 | 14,655 | 0.51% | 14680 | 0.17% | | | CY2605 | 元/吨 | 20,440 | 0.39% | 20495 | 0.27% | | | ICE美棉3 | 美分/磅 | 61.59 | 0.02% | | - | | | | | 昨日成交 | 较前日变动 | 昨日持仓 | 较前日变动 | | 期 货 | CF2605 | 手 | 483,290 | 148,619 | 1,047,760 | 1,712 | | ...

1. Report Industry Investment Rating - No information provided 2. Core Viewpoints - Cotton is expected to maintain a volatile trend before the holiday [1] - The trend strength of cotton is 1, indicating a neutral outlook [4] 3. Summary by Related Catalogs 3.1 Fundamental Tracking - **Futures Data**: CF2605 closed at 14,580 yuan/ton with no daily change and 14,630 yuan/ton at night with a 0.34% increase; CY2605 closed at 20,360 yuan/ton with a -0.22% daily change and 20,395 yuan/ton at night with a 0.17% increase; ICE US cotton 3 closed at 61.58 cents/pound with a 0.84% daily increase [1] - **Trading Volume and Open Interest**: CF2605 trading volume was 334,671 lots, a decrease of 21,848 lots from the previous day, and open interest was 1,046,048 lots, an increase of 9,162 lots; CY2605 trading volume was 6,709 lots, a decrease of 1,999 lots from the previous day, and open interest was 11,525 lots, an increase of 1,045 lots [1] - **Warehouse Receipts**: Zheng cotton warehouse receipts were 10,580 sheets, an increase of 5 sheets, and effective forecasts were 1,168 sheets, a decrease of 17 sheets; cotton yarn warehouse receipts were 0 sheets, with no change, and effective forecasts were 7 sheets, a decrease of 7 sheets [1] - **Spot Prices**: North Xinjiang 3128 machine - picked cotton was 15,704 yuan/ton with no change; South Xinjiang 3128 machine - picked cotton was 15,630 yuan/ton with no change; Shandong spot price was 16,019 yuan/ton, a decrease of 58 yuan or -0.36%; Hebei spot price was 16,048 yuan/ton, a decrease of 60 yuan or -0.37%; 3128B index was 15,967 yuan/ton, a decrease of 58 yuan or -0.36%; Cotlook:A index was 72.80 cents/pound, a decrease of 0.40 cents or -0.55%; pure - cotton carded yarn 32 - count was 21,455 yuan/ton with no change; pure - cotton carded yarn 32 - count arrival price was 21,058 yuan/ton, a decrease of 25 yuan or -0.12% [1] - **Price Spreads**: CF3 - 5 spread was 60 yuan/ton, a decrease of 10 yuan; North Xinjiang 3128 machine - picked cotton minus CF605 was 1,120 yuan/ton with no change [1] 3.2 Macro and Industry News - **Domestic Cotton Spot**: Cotton spot trading was light, and the basis was generally stable. The lower sales basis of 2025/26 South Xinjiang Kashgar machine - picked 3129/29B with impurity within 3.5 was CF05 + 1000 - 1100, and most quotes were CF05 + 1100 and above, for self - pick - up within Xinjiang; the sales basis of 2025/26 North Xinjiang machine - picked 3129/29B with impurity within 3.5 started from CF05 + 1250 - 1350, for self - pick - up within Xinjiang [2] - **Domestic Cotton Textile Enterprises**: Pure - cotton yarn quotes were generally stable. From the weekend, inland spinning enterprises will start to take holidays; Xinjiang spinning enterprises maintained normal production, sales, and shipping rhythms, but due to the weakening pre - holiday demand, the trading volume of Xinjiang spinning enterprises decreased. Currently, upstream and downstream market players mainly focused on finalizing payments and sorting out orders, and the trading volume continued to decline [2] - **US Cotton**: ICE cotton futures rebounded from a low level, affected by the decline of the US dollar and short - covering before the USDA monthly supply - demand report [3]

Group 1: Report Industry Investment Rating - No relevant information provided Group 2: Core View of the Report - The cotton market is expected to maintain a volatile trend before the holiday [1] Group 3: Summary of Each Section Fundamental Tracking - **Futures Data**: CF2605 closed at 14,580 yuan/ton with a daily decline of 0.21% and a night - session closing price of 14,620 yuan/ton with a 0.27% increase; CY2605 closed at 20,405 yuan/ton with a 0.20% decline and a night - session closing price of 20,390 yuan/ton with a 0.07% decline; ICE US cotton 3 closed at 61.07 cents/pound with a 1.15% decline. The trading volume of CF2605 was 356,519 lots, a decrease of 112,287 lots from the previous day, and the open interest was 1,036,886 lots, a decrease of 3,107 lots. The trading volume of CY2605 was 7,245 lots, a decrease of 1,999 lots from the previous day, and the open interest was 11,165 lots, an increase of 1,045 lots [2] - **Warehouse Receipt Data**: The number of Zhengzhou cotton warehouse receipts was 10,575, an increase of 75 from the previous day, and the effective forecast was 1,185, a decrease of 98. The number of cotton yarn warehouse receipts was 0, unchanged from the previous day, and the effective forecast was 7, a decrease of 7 [2] - **Spot Price Data**: The price of Northern Xinjiang 3128 machine - picked cotton was 15,704 yuan/ton, a decrease of 10 yuan from the previous day; the price of Southern Xinjiang 3128 machine - picked cotton was 15,630 yuan/ton, unchanged from the previous day; the price in Shandong was 16,077 yuan/ton, an increase of 9 yuan from the previous day; the price in Hebei was 16,108 yuan/ton, a decrease of 2 yuan from the previous day; the 3128B index was 16,025 yuan/ton, an increase of 13 yuan from the previous day. The price of pure - cotton carded yarn 32 - count was 21,455 yuan/ton, unchanged from the previous day, and the arrival price of pure - cotton carded yarn 32 - count was 21,083 yuan/ton, a decrease of 13 yuan from the previous day [2] - **Spread Data**: The CF3 - 5 spread was 70 yuan/ton, an increase of 10 yuan from the previous day; the spread between Northern Xinjiang 3128 machine - picked cotton and CF605 was 1,120 yuan/ton, an increase of 20 yuan from the previous day [2] Macro and Industry News - **Domestic Cotton Spot**: The basis of domestic cotton spot is generally stable. The lower sales basis of 2025/26 Northern Xinjiang machine - picked 4129/29B with impurity within 3.5 and micronaire value of 4 and above is around CF05 + 1200, and most quotes are above CF05 + 1250. The mainstream basis of 2025/26 North - South Xinjiang machine - picked 3130/30 in Shandong and Henan warehouses with micronaire value above 4 and impurity within 3 is mostly between CF05 + 1600 - 1750 [3] - **Domestic Cotton Textile Enterprises**: The quotation of pure - cotton yarn is generally stable, and the pre - holiday trading atmosphere continues to be light. Small - scale spinning enterprises mostly enter the holiday period on weekends. Most spinning enterprises only maintain production for existing orders, and some enterprises have completed the pre - holiday production [3] - **US Cotton**: Last Friday, ICE cotton futures continued to decline. Due to the rapid increase in warehouse receipts, ICE cotton faces delivery pressure and technical selling pressure in the short term [3] Trend Intensity - The trend intensity of cotton is 1, indicating a neutral trend [4]

1. Report Industry Investment Rating There is no information about the report industry investment rating in the provided content. 2. Core Viewpoints of the Report - The cotton main contract 05 is expected to continue trading sideways around 14,500. With the Spring Festival holiday approaching, it is advisable to avoid risks before the festival and reduce positions. In the short term, it will mainly fluctuate in the range of 14,500 - 15,000 [5]. - The overall evaluation of cotton fundamentals is neutral. There are both positive and negative factors. Positive factors include the expected reduction of over 10% in the cotton planting area in Xinjiang in 2026, downstream restocking before the Spring Festival, and a 10% reduction in export tariffs to the US compared to the previous period. Negative factors include a decline in overall foreign trade orders, an increase in inventory, a large number of new cotton listings, and the current traditional consumption off - season [4][7][8]. 3. Summary According to the Table of Contents 3.1. Previous Day's Review There is no information about the previous day's review in the provided content. 3.2. Daily Tips - Fundamental data: In 2026, the cotton planting area in Xinjiang is expected to be regulated with a possible reduction of over 10%. According to the USDA December report, the production in the 2025/2026 season is 26.081 million tons, consumption is 25.823 million tons, and the ending inventory is 16.541 million tons. In December, textile and clothing exports were $25.99 billion, a year - on - year decrease of 7.4%. In December, China imported 180,000 tons of cotton, a year - on - year increase of 31%, and 170,000 tons of cotton yarn, a year - on - year increase of 13.33%. According to the Ministry of Agriculture's December 2025/2026 forecast, production is 6.7 million tons, imports are 1.4 million tons, consumption is 7.6 million tons, and the ending inventory is 8.35 million tons [4]. - Basis: The national average price of spot 3128b cotton is 16,012 yuan, and the basis for the 05 contract is 1322 yuan, with the spot at a premium to the futures, which is a bullish factor [6]. - Inventory: The Ministry of Agriculture's forecast for China's ending inventory in December 2025/2026 is 8.35 million tons, which is a bearish factor [6]. - Market trend: The 20 - day moving average is flat, and the K - line is near the 20 - day moving average, showing a neutral trend [6]. - Main positions: The positions are bullish, but the net long positions are decreasing, and the main trend is unclear, which is a bullish factor [6]. 3.3. Today's Focus There is no information about today's focus in the provided content. 3.4. Fundamental Data - USDA global cotton supply - demand balance sheet: It shows the production, consumption, import, export, and ending inventory data of major cotton - producing and consuming countries from 2021/22 to 2025/26, as well as the month - on - month and year - on - year changes [12][13]. - ICAC global cotton supply - demand balance sheet: It provides the area, yield, production, beginning inventory, import, consumption, export, ending inventory, and inventory - to - consumption ratio data for the 2024/2025 and 2025/2026 seasons [15]. - Ministry of Agriculture's cotton supply - demand data: It shows the beginning inventory, production, import, consumption, and ending inventory data for the 2024/2025 and 2025/2026 seasons [17]. 3.5. Position Data There is no information about position data in the provided content.

Core Viewpoint - The cotton futures prices on the Intercontinental Exchange (ICE) are experiencing low volatility, with a slight increase observed on February 5, 2023, indicating a stable market environment for cotton trading [1]. Group 1: Cotton Futures Market - On February 5, 2023, ICE cotton futures opened at 62.22 cents per pound and are currently at 62.29 cents per pound, reflecting a 0.11% increase, with intraday highs reaching 62.50 cents and lows at 62.22 cents [1]. - On February 4, 2023, the cotton futures market showed a closing price of 62.34 cents per pound, down by 0.19% from the previous trading session, with an opening price of 62.31 cents, a high of 62.72 cents, and a low of 62.20 cents [2]. Group 2: Import and Domestic Cotton Prices - The cost of imported medium-quality cotton under a 1% tariff is 12,357 yuan per ton, which is 3,645 yuan lower than the domestic standard-grade cotton price, with an increase of 194 yuan per ton compared to the previous week [2]. - The cost of imported cotton under sliding scale tariffs is 13,584 yuan per ton, which is 2,418 yuan lower than domestic cotton prices, with a week-on-week increase of 136 yuan per ton [2]. Group 3: Cotton Production Statistics - As of January 31, 2026, Pakistan's cotton ginning factories received over 5.5 million bales of seed cotton, representing a slight year-on-year increase of 0.62% [2]. - On February 4, 2023, the average price of Xinjiang 3128 grade cotton was 15,645 yuan per ton, up by 30 yuan per ton, while the price of Xinjiang 32s pure cotton yarn remained stable at 22,000 yuan per ton, with spinning profits decreasing by 34.2 yuan per ton to 364.7 yuan per ton [2].

Group 1 - The core viewpoint of the article highlights the fluctuations in cotton futures prices on the ICE, with a current price of 62.39 cents per pound, reflecting a slight increase of 0.14% from the opening price [1] - On February 3, the opening price for U.S. cotton was 62.85 cents per pound, with a closing price of 62.46 cents, indicating a decrease of 1.16% [1] - The average price of Xinjiang 3128 cotton reached 15,615 yuan per ton, an increase of 70 yuan per ton, while the price of Xinjiang 32s pure cotton yarn remained stable at 22,000 yuan per ton [1] Group 2 - The cotton market is expected to see a "high basis" trend for Xinjiang cotton throughout the 2025/26 season, driven by faster sales progress of cotton by processing enterprises, continued loose credit from financial institutions, and anticipated reductions in cotton planting area and rising costs in 2026 [1] - As of February 3, the number of cotton futures warehouse receipts on the Zhengzhou Commodity Exchange was 11,772, an increase of 256 from the previous trading day [2]

Group 1: Report Industry Investment Rating - No relevant content provided Group 2: Core Viewpoints of the Report - The fundamentals of cotton remain strong with upward potential in the long - run. It is recommended to build long positions on dips. In the short - term, ICE cotton and Zhengzhou cotton are likely to trade in a range [6][7] Group 3: Summary by Relevant Sections 1. Market Information - **Futures Market**: For cotton futures, CF01 closed at 15190 with a 75 - point increase, CF05 at 14650 (+75), and CF09 at 14780 (+95). For cotton yarn futures, CY01 closed at 20250 (unchanged), CY05 at 20495 (+35), and CY09 at 20750 (+245). Trading volumes and open interest showed various changes [2] - **Spot Market**: CCIndex3128B was at 15987 yuan/ton, down 196; Cot A was at 73.95 cents/pound. Different yarn and fiber prices had different changes, with some remaining stable [2] - **Spreads**: Cotton and cotton yarn inter - month spreads and cross - variety spreads also changed. For example, the 1 - 5 month spread of cotton was 540 (unchanged) [2] 2. Market News and Views - **Cotton Market News** - As of January 31, 2026, Brazil's 2025/26 cotton planting was 78.6% complete, 18 percentage points higher month - on - month and 22.5 percentage points faster year - on - year [4] - As of January 30, 2026, the cumulative inspection of U.S. upland and Pima cotton was 296.18 million tons, accounting for 97.7% of the estimated annual output, 6% slower year - on - year [4] - As of February 1, the national cotton notarized inspection volume was 727.4 million tons, up 13.8% year - on - year, with Xinjiang accounting for 717.8 million tons (up 14.1%) and the inland area 9.6 million tons (down 5.7%) [5] - **Trading Logic**: There are news that Xinjiang's cotton planting area is expected to decrease by 266 million mu in 2026, a 7% reduction. However, several textile projects in Xinjiang are expected to boost cotton consumption, so the cotton fundamentals are strong [6] - **Trading Strategy** - **Single - sided**: ICE cotton and Zhengzhou cotton are expected to trade in a range in the short - term. Consider building long positions on dips [7] - **Arbitrage**: Hold a wait - and - see attitude [7] - **Options**: Hold a wait - and - see attitude [8] - **Cotton Yarn Industry News** - Market trading has weakened, with traders and some fabric mills restocking on a small scale. Yarn mills' quotes are basically stable, while traders' quotes are slightly weak [9] - As the Spring Festival approaches, cotton fabric mills have fewer new orders, lower operating rates, and high finished - product inventories. Cotton fabric prices are expected to be stable in the short - term [9] 3. Options - The 60 - day HV of cotton was 9.2812 yesterday, with slightly increased volatility. The implied volatilities of different options were provided. The PCR of the main contract of Zhengzhou cotton decreased in both open interest and trading volume [10] - Recommend a wait - and - see attitude for options [11] 4. Relevant Attachments - The report provides multiple charts, including the 1% tariff - based domestic and international cotton price spread, cotton basis for different months, and spreads between cotton yarn and cotton futures contracts [13][16][20][21]

1. Report Industry Investment Rating No information provided regarding the report industry investment rating. 2. Core Viewpoints of the Report - The cotton market is currently in a neutral state. The main contract 05 of cotton is expected to have support around 14,500 after a shock decline, and is predicted to fluctuate in the range of 14,500 - 15,000 in the short - term, suggesting a trading strategy of "夹板 thinking" [4][5]. - There are both positive and negative factors in the cotton market. Positive factors include the expected reduction of over 10% in the cotton planting area in Xinjiang in 2026, pre - holiday restocking by downstream enterprises, and a 10% reduction in export tariffs to the US compared to the previous period. Negative factors include a decline in overall foreign trade orders, an increase in inventory, the large - scale listing of new cotton, and the current traditional consumption off - season [7][8]. 3. Summary by Directory 3.1 Previous Day's Review No information provided. 3.2 Daily Hints - **Fundamentals**: In 2026, the cotton planting area in Xinjiang is expected to be regulated with a possible reduction of over 10%. According to the USDA December report, the production in the 2025/2026 season is 26.081 million tons, consumption is 25.823 million tons, and the ending inventory is 16.541 million tons. In November, textile and clothing exports were $23.869 billion, a year - on - year decrease of 5.12%. In December, China imported 180,000 tons of cotton, a year - on - year increase of 31%, and 170,000 tons of cotton yarn, a year - on - year increase of 13.33%. According to the Ministry of Agriculture's December 2025/2026 forecast, production is 6.7 million tons, imports are 1.4 million tons, consumption is 7.6 million tons, and the ending inventory is 8.35 million tons [4]. - **Basis**: The national average price of spot 3128b cotton is 16,070 yuan, with a basis of 1,495 yuan (for the 05 contract), indicating a premium over futures, which is a positive factor [6]. - **Inventory**: The Ministry of Agriculture's forecast for the ending inventory in December 2025/2026 is 8.35 million tons, which is a negative factor [6]. - **Market**: The 20 - day moving average is flat, and the K - line is near the 20 - day moving average, showing a neutral state [6]. - **Main Position**: The position is long, but the net long position is decreasing, and the trend of the main force is unclear, which is a positive factor [6]. 3.3 Today's Focus No information provided. 3.4 Fundamental Data - **USDA Global Cotton Supply - Demand Balance Sheet**: In the 2025/2026 season, global cotton production is 26.004 million tons, consumption is 25.891 million tons, and the ending inventory is 16.217 million tons. There are differences in production, consumption, import, and export among different countries [11][12]. - **ICAC Global Cotton Supply - Demand Balance Sheet**: In the 2025/2026 season, the area is 30.41385 million hectares, the yield per unit area is 835.13 kg/ha, production is 25.39956 million tons, consumption is 25.00778 million tons, and the ending inventory is 16.22785 million tons [14]. - **Ministry of Agriculture's Data**: In the 2025/2026 season, the beginning inventory is 9.853 million tons, production is 7.278 million tons, imports are 1.1 million tons, consumption is 8.1 million tons, and the ending inventory is 10.116 million tons [16]. 3.5 Position Data No information provided.

1. Report Industry Investment Rating No information provided in the report. 2. Core Viewpoints - The cotton market is influenced by multiple factors, with a neutral overall outlook. The main contract 05 of cotton faces significant pressure at the 15,000 mark, and it is expected to fluctuate in the range of 14,500 - 15,000 in the short - term, suggesting a trading strategy of range - bound operation [4]. - There are both positive and negative factors in the market. Positive factors include the expected reduction of over 10% in the cotton planting area in Xinjiang in 2026, pre - holiday downstream restocking, and a 10% reduction in export tariffs to the US compared to the previous period. Negative factors include a decline in overall foreign trade orders, an increase in inventory, a large amount of new cotton on the market, and the current traditional off - season for consumption [5][6]. 3. Summary by Directory 3.1 Previous Day Review No information provided in the report. 3.2 Daily Tips - **Fundamentals**: In 2026, the cotton planting area in Xinjiang is expected to be regulated, with a possible reduction of over 10%. According to the USDA December report, the production in the 2025/2026 season is 26.081 million tons, consumption is 25.823 million tons, and the ending inventory is 16.541 million tons. In November, textile and clothing exports were $23.869 billion, a year - on - year decrease of 5.12%. In December, China imported 180,000 tons of cotton, a year - on - year increase of 31%, and 170,000 tons of cotton yarn, a year - on - year increase of 13.33%. According to the Ministry of Agriculture's December 2025/2026 forecast, production is 6.7 million tons, imports are 1.4 million tons, consumption is 7.6 million tons, and the ending inventory is 8.35 million tons [4]. - **Basis**: The national average price of spot 3128b cotton is 16,183 yuan, with a basis of 1,513 yuan (for the 05 contract), indicating a premium over futures, which is a positive factor [4]. - **Inventory**: The Ministry of Agriculture of China estimates the ending inventory in December 2025/2026 to be 8.35 million tons, which is a negative factor [4]. - **Market**: The 20 - day moving average is flat, and the K - line is near the 20 - day moving average, presenting a neutral situation [4]. - **Main Position**: The position is bullish, but the net long position is decreasing, and the trend of the main force is unclear, which is a positive factor [4]. - **Expectation**: The main contract 05 of cotton faces significant pressure at the 15,000 mark, and it is expected to fluctuate in the range of 14,500 - 15,000 in the short - term, suggesting a trading strategy of range - bound operation [4]. 3.3 Today's Focus No information provided in the report. 3.4 Fundamental Data - **USDA Global Cotton Supply and Demand Forecast**: In the 2025/2026 season, global cotton production is 26.004 million tons, consumption is 25.891 million tons, and the ending inventory is 16.217 million tons. There are differences in production, consumption, and inventory among different countries [9][10]. - **ICAC Global Cotton Supply and Demand Forecast**: In the 2025/2026 season, the area is 30.41385 million hectares, the yield per unit area is 835.13 kg/ha, the production is 25.39956 million tons, the beginning inventory is 15.83577 million tons, the import volume is 9.71442 million tons, the consumption is 25.00778 million tons, the export volume is 9.71412 million tons, the ending inventory is 16.22785 million tons, and the inventory - to - consumption ratio is 5.65 [12]. - **Ministry of Agriculture Data**: In the 2025/2026 season, the beginning inventory is 9.853 million tons, the production is 7.278 million tons, the import is 1.1 million tons, the consumption is 8.1 million tons, and the ending inventory is 10.116 million tons [14]. 3.5 Position Data No information provided in the report.

1. Report Industry Investment Rating - No information provided on the report industry investment rating 2. Core Viewpoints of the Report - The cotton market is expected to maintain a volatile trend [1] 3. Summary by Relevant Catalogs 3.1 Fundamental Tracking - **Futures Data**: CF2605 closed at 14,670 yuan/ton with a daily decline of 1.61% and a night - session close of 14,770 yuan/ton with a night - session increase of 0.68%. CY2603 closed at 20,495 yuan/ton with a daily decline of 0.99% and a night - session close of 20,515 yuan/ton with a 0.10% increase. ICE US cotton 3 closed at 63.11 cents/pound with a 0.55% decline. The trading volume of CF2605 was 698,165 lots, an increase of 230,350 lots from the previous day, and the open interest was 1,010,747 lots, a decrease of 75,779 lots. The trading volume of CY2603 was 12,530 lots, a decrease of 1,999 lots, and the open interest was 5,889 lots, an increase of 1,045 lots [1] - **Warehouse Receipt Data**: The number of Zheng cotton warehouse receipts was 10,289, an increase of 46, and the valid forecast was 1,084, an increase of 12. The number of棉纱 warehouse receipts was 0, unchanged, and the valid forecast was 7, a decrease of 7 [1] - **Spot Price Data**: The price of North Xinjiang 3128 machine - picked cotton was 15,694 yuan/ton, a decrease of 240 yuan or 1.51% from the previous day. The price of South Xinjiang 3128 machine - picked cotton was 15,570 yuan/ton, a decrease of 240 yuan or 1.52%. The price in Shandong was 16,244 yuan/ton, an increase of 79 yuan or 0.49%, and in Hebei was 16,242 yuan/ton, an increase of 83 yuan or 0.51%. The 3128B index was 16,183 yuan/ton, an increase of 80 yuan or 0.50%. The international cotton index M: CNCottonM was 0.00 cents/pound, a 100.00% decrease from the previous day. The price of pure cotton carded yarn 32 - count was 21,430 yuan/ton, unchanged, and the arrival price was 21,027 yuan/ton, an increase of 7 yuan or 0.03% [1] - **Spread Data**: The CF3 - 5 spread decreased by 25 yuan/ton from the previous day, and the spread between North Xinjiang 3128 machine - picked cotton and CF605 remained unchanged at 1,020 yuan/ton [1] 3.2 Macro and Industry News - **Domestic Cotton Spot**: The basis of domestic cotton spot was generally stable. The sales basis of 2025/26 North Xinjiang machine - picked 4129/29B with impurity within 3.5 was mostly at CF05 + 1150 and above, with a small amount lower, for self - pick - up in Xinjiang [2] - **Domestic Cotton Textile Enterprises**: The quotation of pure cotton yarn was generally stable, with no significant price fluctuations in mainstream specifications. The market trading was light. The shipment of medium - and low - count yarns slowed down recently, while high - count yarns and traceable orders were relatively strong. Some large factories had slightly accumulated inventory, with partial low quotations, and traders actively purchased [2] - **US Cotton**: Last Friday, ICE cotton futures fell slightly, affected by the rising US dollar and the decline of other commodities [3] 3.3 Trend Intensity - The cotton trend intensity was 1, indicating a neutral trend [4]