Report Industry Investment Rating - The report gives a "sideways to bullish" rating for the cotton industry, suggesting to focus on downstream demand [1] Core Viewpoints - The cotton market is expected to be sideways to bullish, and attention should be paid to downstream demand [1] Summary by Relevant Catalogs Fundamental Tracking - **Futures Prices**: CF2601 closed at 13,750 yuan/ton with 0.00% daily increase and 13,765 yuan/ton in night trading with 0.11% increase; CY2603 closed at 19,980 yuan/ton with - 0.12% daily increase and 19,970 yuan/ton in night trading with - 0.05% increase; ICE US cotton 3 closed at 63.74 cents/pound with - 0.33% decrease [1] - **Trading Volume and Open Interest**: CF2601 had a trading volume of 305,589 lots, an increase of 25,149 lots from the previous day, and an open interest of 1,044,111 lots, an increase of 5,249 lots; CY2603 had a trading volume of 4,420 lots, a decrease of 1,999 lots from the previous day, and an open interest of 16,063 lots, an increase of 1,045 lots [1] - **Warehouse Receipts**: Zhengzhou cotton had 2,753 warehouse receipts, an increase of 44, and 3,004 valid forecasts, an increase of 223; cotton yarn had 13 warehouse receipts, an increase of 1, and 0 valid forecasts, an increase of 12 [1] - **Spot Prices**: The price of Beijiang 3128 machine - picked cotton was 14,606 yuan/ton, a decrease of 20 yuan from the previous day; the price of Nanjiang 3128 machine - picked cotton was 14,633 yuan/ton, a decrease of 10 yuan from the previous day; the price in Shandong was 15,019 yuan/ton, a decrease of 7 yuan from the previous day; the price in Hebei was 15,006 yuan/ton, a decrease of 11 yuan from the previous day; the 3128B index was 15,009 yuan/ton, a decrease of 13 yuan from the previous day; the international cotton index M was 72.02 cents/pound, a decrease of 0.15% from the previous day; the price of pure - cotton carded yarn 32S was 20,800 yuan/ton, an increase of 30 yuan from the previous day; the arrival price of pure - cotton carded yarn 32S was 21,053 yuan/ton, an increase of 74 yuan from the previous day [1] - **Price Spreads**: The CF1 - 5 spread was not given, and the previous day's spread decreased by 5; the spread between Beijiang 3128 machine - picked cotton and CF601 was not given, and the previous day's spread decreased by 20 [1] Macro and Industry News - **Domestic Cotton Spot**: Cotton spot trading was dull, high - basis trading was poor, and there was insufficient motivation to reduce the price of high - basis goods due to low inventory pressure [2] - **Domestic Cotton Textile Enterprises**: The price of pure - cotton yarn fluctuated slightly, with individual counts seeing a slight improvement in trading, but overall trading was dull. Some large spinning mills slightly reduced the price of regular yarns to clear inventory. The combed 40S category had good sales and stable to rising prices. Recently, some spinning mills of low - count yarns had more orders than before, but the overall atmosphere was still not good. The full - cotton grey fabric market was divided, with some home textile anti - down fabric varieties having continuous sales and declining inventory, but prices were difficult to rise. Regular varieties had average sales, inventory was digested, and prices were market - driven. Current spring and summer orders were less than in previous years, mainly small and scattered orders [2] - **US Cotton**: ICE cotton futures rose first and then fell. The USDA's US cotton export sales data as of November 6 was better than expected, which once pushed up ICE cotton. However, due to the upcoming Fed interest - rate decision and the USDA's monthly supply - demand report, the market was cautious, and finally ICE cotton followed the overall commodity market trend and slightly declined [3] Trend Intensity - The trend intensity of cotton is 0, indicating a neutral view, with a value range of [- 2, 2] [5]

Report Summary 1. Report Industry Investment Rating - No information provided on the industry investment rating. 2. Core View - The report focuses on the cotton market, analyzing its fundamentals, macro and industry news, and trend strength. It shows that the domestic cotton spot market is mostly quiet with heavy market wait-and-see sentiment, and the cotton textile market remains sluggish [1][2]. 3. Summary by Related Catalogs 3.1 Fundamental Tracking - **Futures Data**: CF2509 closed at 13,610 yuan/ton with a daily increase of 1.08%, and its overnight session closed at 13,565 yuan/ton with a decline of -0.33%. CY2509 closed at 19,905 yuan/ton with a daily increase of 1.04%, and its overnight session closed at 19,860 yuan/ton with a decline of -0.23%. ICE Cotton 12 closed at 67.78 cents/pound with a daily increase of 0.33% [1]. - **Trading Volume and Open Interest**: The trading volume of CF2509 was 322,455 lots, an increase of 80,295 lots compared to the previous day, and the open interest was 811,996 lots, an increase of 35,530 lots. The trading volume of CY2509 was 7,806 lots, a decrease of 1,999 lots, and the open interest was 21,344 lots, an increase of 1,045 lots [1]. - **Warehouse Receipts**: The number of Zhengzhou cotton warehouse receipts was 10,419, a decrease of 74, and the effective forecast was 300, unchanged. The number of cotton yarn warehouse receipts was 2, unchanged, and the effective forecast was 0, an increase of 2 [1]. - **Spot Prices**: The price of Beijiang 3128 machine-picked cotton was 14,866 yuan/ton, an increase of 150 yuan compared to the previous day. The price of Nanjjiang 3128 machine-picked cotton was 14,630 yuan/ton, an increase of 160 yuan. The price of cotton in Shandong was 14,910 yuan/ton, a decrease of 9 yuan. The price of cotton in Hebei was 14,764 yuan/ton, a decrease of 30 yuan. The 3128B index was 14,883 yuan/ton, a decrease of 11 yuan. The international cotton index M was 74.73 cents/pound, an increase of 1 cent [1]. - **Spreads**: The CF9 - 1 spread increased by 60 yuan compared to the previous day, and the spread between Beijiang 3128 machine-picked cotton and CF509 increased by 10 yuan [1]. 3.2 Macro and Industry News - **Domestic Cotton Spot**: The domestic cotton spot trading is mostly quiet, with heavy market wait-and-see sentiment, and the overall basis remains stable. Different regions have different basis quotes for cotton sales [2]. - **Domestic Cotton Textile Enterprises**: The pure cotton yarn market has little change, with light trading. High prices continue to fall, and the mainstream prices remain stable. The willingness of spinning mills to sell at discounted prices has decreased. The all-cotton cloth market remains light, with most weaving factories mainly receiving small and scattered orders and reducing production. The transaction price of grey cloth is negotiated according to the order volume, and most weaving factories focus on optimizing cash flow [2]. - **US Cotton Situation**: ICE Cotton futures rose and then fell. The July contract increased significantly due to entering the delivery notice day, and excessive rainfall in the Mississippi River Delta region may be unfavorable to cotton growth. The December contract once rebounded to 68.4 cents/pound but then fell back due to profit-taking, closing at 67.78 cents/pound [3]. 3.3 Trend Strength - The cotton trend strength is -1, indicating a relatively bearish outlook [5].