1. Report Industry Investment Rating No information provided. 2. Core View of the Report - The supply of new cotton is increasing significantly this year, but the expected increase may be lower than previously thought. The demand is entering a relatively off - season after the peak season, and the previous negative factors have been mostly reflected in the market. It is expected that Zhengzhou cotton futures will likely fluctuate with limited upside and downside potential. The upcoming Sino - US trade negotiations and the expiration of the Sino - US tariff agreement in November may have a significant impact on the market [6]. - The US cotton is expected to move in a sideways pattern, and Zhengzhou cotton is also predicted to show a volatile trend. For trading strategies, it is advisable to wait and see for arbitrage and options [7][8][9]. 3. Summary by Relevant Catalogs First Part: Market Information - **Futures Market**: The closing prices of CF01, CF05, and CF09 contracts decreased by 25, 30, and 35 respectively. The trading volume of CF01, CF05, and CF09 decreased by 109,232, 48,335, and 1,748 hands respectively. The open interest of CF01 decreased by 1,984, while that of CF05 increased by 3,646 and CF09 increased by 352. The CY01 contract remained unchanged, and CY05 and CY09 had no trading volume [2]. - **Spot Market**: The CCIndex3128B price was 14,819 yuan/ton, down 23 yuan/ton. The Cot A price was 75.40 cents/pound. The prices of some other products such as polyester staple fiber, viscose staple fiber, etc. had different changes [2]. - **Spread**: In cotton inter - period spreads, the 1 - 5 month spread was - 5 (up 5), the 5 - 9 month spread was - 175 (up 5), and the 9 - 1 month spread was 180 (down 10). In cotton - yarn inter - period spreads, the 1 - 5 month spread was 19,790 (unchanged), the 5 - 9 month spread was 0 (unchanged), and the 9 - 1 month spread was - 19,790 (unchanged). The CY01 - CF01 spread was 6,300 (up 25). The 1% tariff - based internal - external cotton spread was 1,627 (up 37) [2]. Second Part: Market News and Views - **Cotton Market News**: On November 13, 2025, the out - of - Xinjiang cotton road transport price index was 0.1827 yuan/ton·km, remaining unchanged. On November 12, the Xinjiang machine - picked cotton purchase index was 6.23 yuan/kg (unchanged), and the hand - picked cotton purchase index was 6.87 yuan/kg (down 0.05 yuan/kg). As of November 10, 2025, the cotton picking progress in Xinjiang was about 98.5%, with the northern region at 100%, the southern region at 97.5%, and the eastern region at 98.8% [4][5]. - **Trading Logic**: With new cotton hitting the market in large quantities in November, there may be selling and hedging pressure. Although this year's cotton production is high, the expected increase may be lower than previously thought. The demand is in a relatively off - season. Zhengzhou cotton is expected to fluctuate, and Sino - US trade policies need to be closely monitored [6]. - **Trading Strategies**: For single - side trading, both US cotton and Zhengzhou cotton are expected to move sideways. For arbitrage and options, it is recommended to wait and see [7][8][9]. - **Cotton - Yarn Industry News**: The Zhengzhou cotton futures showed a bearish trend last night, with high hedging pressure. The pure - cotton yarn market had average trading, mainly for rigid demand. The downstream orders were decreasing, and most manufacturers lacked confidence in the future. The current operation rate remained stable, and the inventory increased slightly. The all - cotton grey fabric market had a differentiated trading situation, with limited orders and difficulty in price increase [9]. Third Part: Options - **Option Data**: On November 13, 2025, for the CF601C13400.CZC option, the closing price was 168.00 (up 2.4%), the implied volatility (IV) was 7.7%. For the CF601P13000.CZC option, the closing price was 21.00 (down 16.0%), the IV was 10.5%. For the CF601P12400.CZC option, the closing price was 6.00 (down 33.3%), the IV was 15.4% [11]. - **Option Strategy**: It is recommended to wait and see [9][13]. Fourth Part: Relevant Attachments - The report provides multiple charts, including the internal - external cotton price spread under 1% tariff, cotton basis for January, May, and September, CY - CF spreads, and cotton inter - period spreads [15][18][22][24].

Report Summary 1. Report Industry Investment Rating No investment rating for the industry is provided in the report. 2. Core View of the Report The report indicates that in November, with the large - scale listing of new cotton, there may be selling hedging pressure in the market. Although this year's cotton production is abundant, the expected increase may be less than previously thought. The market is entering a relatively off - season after the peak season, and orders have been mediocre recently. However, previous negative factors have been mostly reflected in the market. It is expected that Zhengzhou cotton futures will likely fluctuate, with limited upward and downward space. Additionally, upcoming Sino - US trade negotiations and the expiration of the Sino - US tariff agreement in November may have a significant impact on the market [6]. 3. Summary by Section 3.1 Market Information - **Futures Market**: In the cotton futures market, the closing prices of CF01, CF05, and CF09 contracts decreased by 45, 35, and 30 respectively. The trading volume of CF01 and CF05 increased by 111532 and 52444 hands respectively. In the棉纱 futures market, the CY01 contract decreased by 65, and the CY05 and CY09 contracts remained unchanged [2]. - **Spot Market**: The CCIndex3128B spot price increased by 7 yuan/ton, while the CY IndexC32S decreased by 30 yuan/ton. The prices of other spot products such as Cot A, FC Index:M: to - port price, etc., also had corresponding changes [2]. - **Price Spreads**: In the cotton and棉纱 markets, various price spreads, including inter - period spreads and cross - variety spreads, showed different degrees of change. For example, the 1 - month to 5 - month spread of cotton decreased by 10, and the CY01 - CF01 spread decreased by 20 [2]. 3.2 Market News and Views - **Cotton Market News** - The Xinjiang cotton road transport price index remained flat on November 12, 2025, with a slight increase in transportation demand and available capacity. It is expected to fluctuate upward in the short term [4]. - On November 11, the Xinjiang machine - picked cotton and hand - picked cotton purchase indices decreased by 0.02 yuan/kg. The purchase price of machine - picked cotton in southern Xinjiang ranges from 5.3 to 6.1 yuan/kg, and the purchase progress in some areas is over 80% [4]. - As of November 10, 2025, the total cotton inventory in Zhangjiagang Free Trade Zone was 3.34 million tons, a year - on - year decrease of 0.41%. The proportion of cotton from different sources changed, with an increase in Brazilian and Australian cotton and a decrease in US cotton [5]. - **Trading Logic**: The supply of new cotton is increasing, and although there is a large - scale increase in production this year, the increase may be less than expected. The demand is in the off - season, and orders are mediocre. It is expected that Zhengzhou cotton will fluctuate, and Sino - US trade policies need attention [6]. - **Trading Strategies** - **Single - side Trading**: It is expected that US cotton will fluctuate, and Zhengzhou cotton will fluctuate slightly stronger. Previous long positions should take profits [7]. - **Arbitrage**: Hold a wait - and - see attitude [8]. - **Options**: Hold a wait - and - see attitude [9]. - **Cotton Yarn Industry News** - Last night, Zhengzhou cotton futures fluctuated weakly, and cotton yarn futures followed the same trend. The trading in the pure cotton yarn market weakened, with new orders insufficient. High - count yarn export orders are better, while domestic orders are average. Spinning mills' yarn prices are stable [9]. - The cotton textile market has not changed much recently, with trading being differentiated. The profit of fabric mills is around the break - even point, and the inventory of all - cotton fabric mills has decreased slightly. Fabric mills purchase cotton yarn according to orders [9]. 3.3 Options - **Option Data**: The report provides data on option contracts such as CF601C13400.CZC, including contract prices, yields, and Greeks (Delta, Gamma, Vega, Theta). The implied volatility of different option contracts varies [11]. - **Option Strategy**: Hold a wait - and - see attitude [13]. 3.4 Related Attachments The report includes multiple graphs, such as the 1% tariff - based domestic and international cotton price spread, cotton 1 - month, 5 - month, and 9 - month basis, CY05 - CF05 and CY01 - CF01 spreads, and cotton 9 - 1 and 5 - 9 spreads [15][18][22][23].