Group 1: Report Industry Investment Rating - No information provided on the report industry investment rating Group 2: Core View of the Report - Market optimism drives the rebound of cotton futures. The USDA's forecast of a 400,000 - bale year - on - year increase in the ending stocks of US cotton in the 2025/26 season under normal weather conditions has affected the price of ICE cotton [1][2] Group 3: Summary by Relevant Catalogs 1. Fundamental Tracking - **Futures Data**: CF2509 closed at 13,240 yuan/ton with a daily increase of 2.24% and a night - session closing price of 13,310 yuan/ton with a 0.53% increase. CY2507 closed at 19,620 yuan/ton with a 2.08% daily increase and a night - session closing price of 19,630 yuan/ton with a 0.05% increase. ICE US cotton 07 was at 66.64 cents/pound with a - 0.12% change. The trading volume and open interest of CF2509 increased, while the trading volume of CY2507 decreased and the open interest increased [1] - **Warehouse Receipt Data**: The number of Zhengzhou cotton warehouse receipts was 11,406, an increase of 124, and the effective forecast was 669, a decrease of 184. The number of cotton yarn warehouse receipts was 5, unchanged, and the effective forecast was 1, an increase of 4 [1] - **Spot Price Data**: The price of Northern Xinjiang 3128 machine - picked cotton was 14,306 yuan/ton, up 1.84% from the previous day; Southern Xinjiang 3128 machine - picked cotton was 14,093 yuan/ton, up 1.66%. The 3128B index was 14,187 yuan/ton, up 0.46%. The international cotton index M was 75.03 cents/pound, down 0.09% [1] - **Spread Data**: The CF9 - 1 spread was - 140 yuan/ton, with a 35 - yuan change from the previous day. The spread between Northern Xinjiang 3128 machine - picked cotton and CF509 was 1,070 yuan/ton, a decrease of 30 yuan from the previous day [1] 2. Macroeconomic and Industry News - **Domestic Cotton Spot**: Cotton spot trading has changed little. The sales basis of some local traders has increased. The sales basis of 2024/25 Southern Xinjiang Kashgar machine - picked 3129/29B with impurities within 3.5 is mostly at CF09 + 850 and above, and that of 2024/25 Northern Xinjiang machine - picked 3129/29 - 30B with impurities within 3.5 is mainly around CF09 + 1250 [2] - **Domestic Cotton Textile Enterprises**: The overall trading atmosphere in the pure - cotton yarn market is average. Affected by the rise in cotton prices, some spinning mills have raised their quotes by 200 - 300 yuan/ton, but due to the off - season and reduced downstream demand, the price increase needs further follow - up [2] - **US Cotton**: ICE cotton first rose and then fell. It rose in the morning due to better - than - expected Sino - US talks but fell after reaching around 69 cents/pound. After the USDA released the 2025/26 US cotton supply - demand balance sheet, it continued to fall because the USDA forecast a year - on - year increase in ending stocks [2] 3. Trend Intensity - The trend intensity of cotton is - 1, indicating a relatively bearish outlook. The trend intensity ranges from - 2 to 2, with - 2 being the most bearish and 2 being the most bullish [4]