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 | 单 位 | 名 称 | | 昨日收盘价 | 日涨幅 | 昨日夜盘收盘价 | 夜盘涨幅 | | --- | --- | --- | --- | --- | --- | --- | | 元/吨 | CF2605 CY2605 | 元/吨 | 15,380 21,315 | 0.62% 0.21% | 15540 21450 | 1.04% 0.63% | | ICE美棉5 | | 美分/磅 | 66.16 | 1.01% | | - | | 昨日成交 | | | | 较前日变动 | 昨日持仓 | 较前日变动 | | 手 | 期 货 CF2605 | | 840,688 | 223,113 | 1,169,274 | 69,884 | | 手 | CY2605 | | 15,055 | -1,999 | 12,630 | 1,045 | | 昨日仓单量 | | | | 较前日变动 | 有效预报 | 较前日变动 | | 郑棉 | | 张 | 11,124 | 111 | 1,205 | 64 | | 棉纱 | ...

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 | | ...

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 - 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]

棉花：维持偏强震荡 20260128 2026 年 1 月 28 日 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 | 14,565 | -0.58% | 14655 | 0.62% 0.71% | | | CY2603 | 元/吨 | 20,420 | -0.46% | 20565 | | | | ICE美棉3 | 美分/磅 | 63.78 | 1.33% | | - | | | | | 昨日成交 | 较前日变动 | 昨日持仓 | 较前日变动 | | 期 货 | CF2605 | 手 | 344,386 | -300,084 | 1,117,427 | -28,316 | | | CY2603 | 手 | 7,831 | -1,999 | 11,175 | 1,045 | | | | | 昨日仓单量 | 较前日变动 | 有效预报 | 较 ...

研究员：余兰兰 021-60635732 yulanlan@ccb.ccbfutures.com 期货从业资格号：F0301101 研究员：林贞磊 021-60635740 linzhenlei@ccb.ccbfutures.com 期货从业资格号：F3055047 行业 棉花 日期 2026 年 1 月 27 日 ＃summary＃ 研究员：王海峰 021-60635727 wanghaifeng@ccb.ccbfutures.com 期货从业资格号：F0230741 研究员：洪辰亮 021-60635572 hongchenliang@ccb.ccbfutures.com 期货从业资格号：F3076808 研究员：刘悠然 021-60635570 liuyouran@ccb.ccbfutures.com 期货从业资格号：F03094925 农产品研究团队 、 请阅读正文后的声明 每日报告 一、行情回顾与操作建议 | | | 纯棉纱市场交投一般，贸易商和下游布厂刚需采购。近期溯源单逐渐下放， 个别纺企反馈排单已至 3 月。部分纱厂对后市较有信心，挺价意愿明显。全棉坯 布市场行情进入收尾阶段，由于多数厂商对节 ...

1. Report Industry Investment Rating - Not provided in the report 2. Core Viewpoints - The cotton sales progress is still fast and at a high level in the same period of previous years. The downstream stocking willingness has increased, and textile mills have started to price one by one. Supported by market bullish factors, the cotton fundamentals remain strong. Although the cotton price has significantly corrected recently, it is expected to mainly fluctuate in a short - term range [6]. 3. Summary by Directory 3.1 Market Information (First Part) - **Futures Market**: The closing prices, price changes, trading volumes, and open interest of various cotton (CF) and cotton yarn (CY) futures contracts are presented. For example, the CF01 contract closed at 15145 with a price increase of 5, and the CY05 contract closed at 20515 with a price decrease of 55 [2]. - **Spot Market**: Spot prices of various cotton and cotton yarn products are given, such as the CCIndex3128B cotton price at 15856 yuan/ton with a decrease of 75, and the CY IndexC32S cotton yarn price at 21300 yuan/ton with no change [2]. - **Price Spreads**: Different types of price spreads are provided, including cotton and cotton yarn inter - period spreads and cross - variety spreads. For example, the 1 - 5 month cotton inter - period spread is 620 with an increase of 25 [2]. 3.2 Market News and Views (Second Part) - **Cotton Market News** - As of January 19, 2026, the total cotton inventory in Zhangjiagang Free Trade Zone was 35,700 tons, a year - on - year decrease of 0.33%. The inventory showed a small increase, with Brazilian and American cotton mainly for warehousing and no outbound shipments in the past half - month. The contract trading volume of the 2025/26 cotton season reached 621,520 tons as of January 6, equivalent to 16% of the estimated national output, and the pre - sale volume of the 2026/27 season was at least 73,000 tons [4]. - As of January 17, the cotton planting progress in Brazil in the 2025/26 season was 36.34%, a month - on - month increase of 4.4 percentage points, but slower than the same period last year and the average of the past three years, mainly due to stagnant planting in Bahia and slow planting in Mato Grosso [5]. - In December 2025, China's cotton imports were 180,000 tons, a month - on - month increase of 51.3% and a year - on - year increase of 31.0%. In the 2025/26 season (from September 2025 to December 2025), the cumulative cotton imports were 490,000 tons, a year - on - year increase of 2.1%. The cotton yarn imports in December 2025 were 170,000 tons, a month - on - month increase of about 15.10% and a year - on - year increase of about 11.9%. The cumulative cotton yarn imports in the 2025/26 season were about 590,000 tons, a year - on - year increase of about 18% [5]. - **Trading Logic**: The cotton sales progress is fast, and downstream stocking willingness has increased. Supported by bullish factors, the cotton fundamentals remain strong. After the recent significant correction, it is expected to mainly fluctuate in a short - term range [6]. - **Trading Strategy** - Unilateral: It is expected that the US cotton will likely fluctuate in a short - term range, and Zhengzhou cotton fundamentals remain strong, also expected to mainly fluctuate in a short - term range [7]. - Arbitrage: Wait and see [7]. - Options: Wait and see [8]. - **Cotton Yarn Industry News** - The overall price of pure cotton yarn remained stable, with generally insufficient new orders and a weak market trading atmosphere. Some spinning mills reported a significant decrease in new orders, mainly fulfilling and digesting previous orders. Although foreign trade orders improved slightly, the boost to the overall market was limited [8]. - The sales of the whole - cotton grey cloth market remained the same as before, with prices mainly stable. In December 2025, the export volume of whole - cotton grey cloth was 48.85 million meters, a year - on - year increase of 9.3%, and the export value was 45.68 million US dollars, a year - on - year increase of 5.3%. The cumulative export volume from January to December 2025 was 639 million meters, a year - on - year increase of 23.17%, and the cumulative export value was 613 million US dollars, a year - on - year increase of 9.34%. The import volume in December 2025 was 37.87 million meters, a year - on - year increase of 26.95%, and the import value was 8.57 million US dollars, a year - on - year increase of 17.72%. The cumulative import volume from January to December 2025 was 350 million meters, a year - on - year increase of 15.82%, and the cumulative import value was 78.36 million US dollars, a year - on - year increase of 4.2% [9]. 3.3 Options (Third Part) - The closing prices, price changes, implied volatilities and other data of several cotton option contracts are presented. For example, the CF605C14600.CZC option contract closed at 334 on January 19, 2026, with a price decrease of 16.9% and an implied volatility of 13.3% [11]. - The 60 - day HV of cotton was 9.2812 yesterday, with a slight increase in volatility. The implied volatilities of different options were different [11]. - The PCR of the main contract of Zhengzhou cotton was 0.8667 yesterday, and the PCR of trading volume was 0.4688. The trading volumes of both call and put options decreased today. The option strategy is to wait and see [12][14]. 3.4 Relevant Attachments (Fourth Part) - Multiple charts are presented, including the price spread between domestic and foreign cotton under 1% tariff, cotton basis for January, May, and September, the price spread between CY05 - CF05 and CY01 - CF01, and the price spreads of CF9 - 1 and CF5 - 9 [25][26]

Group 1: Report Overview - Report title: Cotton Futures Daily Report [1] - Report date: January 6, 2026 [1] - Report cycle: Daily [1] - Researcher: You Zhenqi (Qualification No.: F3012673; Investment Consulting Certificate No.: Z0012990) [1] Group 2: Futures Market - The closing price of the main cotton futures contract CF2605 was 14,855 yuan/ton, up 1.05% [2]. - The intraday high was 14,885 yuan/ton, the low was 14,640 yuan/ton [2]. - The trading volume was 394,098 lots, and the turnover was 2.909 billion yuan [2]. Group 3: Spot Market - The basis of the CF2605 contract on the day was 960 yuan/ton, with a basis rate of 6.15% [4]. - The spot reference price (Xinjiang 15,450 yuan/ton) was higher than the futures price [4]. - The basis remained unchanged from the previous trading day, maintaining a significant positive structure [4]. Group 4: Influencing Factors - As of December 15, 2025, the national commercial cotton inventory was 5.349 million tons, and the industrial inventory was 983,900 tons [5]. - The China Yarn Price Index (C32S) was reported at 21,240 yuan/ton [5]. - The spot price of Xinjiang cotton was 15,450 yuan/ton, supporting the stability of the basis [5]. Group 5: Market Outlook - Domestic cotton prices are supported by the expectation of tightened supply and the recovery of high - value - added cotton product exports [6]. - However, the high commercial inventory and cautious downstream procurement restrict the upside space [6]. - It is expected to be slightly stronger in the short - term, and attention should be paid to the implementation rhythm of the new import quota regulations and RMB exchange rate changes [6]

Report Summary 1. Report Industry Investment Rating - No information provided on the industry investment rating. 2. Core View of the Report - The cotton market maintains a strong trend. The price of domestic cotton futures and spot has increased, while the ICE cotton futures rose but lacked a clear fundamental upward driver, leading to a narrowing of the increase at the end of the session. The price of pure - cotton yarn showed a mixed trend, with the prices of medium - and low - count yarns weakening and high - count yarns remaining firm. Spinning mills' and weaving mills' operating rates were not optimistic [1][2]. 3. Summary by Relevant Catalogs (1) Fundamental Tracking - **Futures Data** - CF2605 closed at 14,855 yuan/ton yesterday with a daily increase of 1.36% and 15,030 yuan/ton in the night session with a night - session increase of 1.18%. CY2603 closed at 20,875 yuan/ton yesterday with a daily increase of 1.46% and 21,020 yuan/ton in the night session with a night - session increase of 0.69%. ICE US cotton 3 closed at 65.14 cents/pound with a daily increase of 0.77% [1]. - CF2605 had a trading volume of 503,809 lots yesterday, a decrease of 131,926 lots from the previous day, and an open interest of 1,205,941 lots, an increase of 45,691 lots. CY2603 had a trading volume of 10,324 lots yesterday, a decrease of 1,999 lots from the previous day, and an open interest of 18,697 lots, an increase of 1,045 lots [1]. - The number of Zheng cotton warehouse receipts was 6,824 yesterday, an increase of 706, and the effective forecast was 2,570, a decrease of 681. The number of cotton yarn warehouse receipts was 20 yesterday, an increase of 1, and the effective forecast was 17, an increase of 1 [1]. - **Spot Data** - The price of Beijiang 3128 machine - picked cotton was 15,690 yuan/ton, an increase of 200 yuan/ton from the previous day with a growth rate of 1.29%. The price of Nanjiang 3128 machine - picked cotton was also 15,690 yuan/ton, an increase of 200 yuan/ton from the previous day with a growth rate of 1.29% [1]. - The price in Shandong was 15,768 yuan/ton, an increase of 120 yuan/ton from the previous day with a growth rate of 0.77%. The price in Hebei was 15,742 yuan/ton, an increase of 140 yuan/ton from the previous day with a growth rate of 0.90% [1]. - The 3128B index was 15,711 yuan/ton, an increase of 96 yuan/ton from the previous day with a growth rate of 0.61%. The international cotton index M: CNCottonM was 72.54 cents/pound, an increase of 0.44 cents/pound from the previous day with a growth rate of 0.61% [1]. - The price of pure - cotton combed 32 - count yarn was 21,240 yuan/ton, an increase of 40 yuan/ton from the previous day with a growth rate of 0.19%. The arrival price of pure - cotton combed 32 - count yarn was 20,958 yuan/ton, a decrease of 3 yuan/ton from the previous day with a decline rate of - 0.01% [1]. - **Spread Data** - The CF3 - 5 spread was - 10 yuan/ton, an increase of 15 yuan/ton from the previous day. The spread between Beijiang 3128 machine - picked cotton and CF605 was 840 yuan/ton, unchanged from the previous day [1]. (2) Macro and Industry News - **Domestic Cotton Spot** - The trading atmosphere of domestic cotton spot was good, with active trading of spot fixed - price contracts and fair trading of partial locked - basis contracts. The fixed - price quotes of 2025/26 Nanjiang Kashgar machine - picked 3129/29B with impurities within 3.5 were mostly above 15,500 (on a conditioned weight basis), and those of the same - quality Beijiang machine - picked cotton were mostly above 15,700 (on a conditioned weight basis), for self - pick - up in Xinjiang. The mainstream basis of 2025/26 North and South Xinjiang machine - picked cotton in Shandong and Henan warehouses was mostly CF05 + 1500 - 1700, and the number of low - basis offers decreased, for self - pick - up in the inland [2]. - **Domestic Cotton Textile Enterprises** - The price center of pure - cotton yarn moved slightly upward locally, but the overall trading was light. Recently, the market of medium - and low - count yarns (including rotor - spun yarns) was weak due to poor terminal sales, and discounts were common in actual transactions, resulting in a continuous narrowing of enterprise profit margins. The demand for combed high - count yarns (40S and above) remained strong, and the sales were stable. Inland spinning mills continued to slightly reduce their operating rates to avoid inventory backlog risks and were mainly digesting previous orders. The operating rate of downstream weaving mills remained low [2]. - **US Cotton** - The ICE cotton futures rose yesterday, affected by the continuous increase in Chinese cotton prices and the possible further reduction of the cotton planting area in the US in 2026. However, the ICE cotton futures still lacked a clear fundamental upward driver, so the increase narrowed at the end of the session [2]. (3) Trend Intensity - The cotton trend intensity was 0, indicating a neutral trend. The range of trend intensity is an integer within the [- 2,2] interval, where - 2 represents the most bearish view and 2 represents the most bullish view [4].

Group 1: Report's Industry Investment Rating - No information provided Group 2: Report's Core View - Cotton is expected to maintain a volatile and slightly stronger trend [1] Group 3: Summary by Relevant Catalog 1. Fundamental Tracking - **Futures Data**: CF2605 closed at 14,560 yuan/ton yesterday with a daily increase of 0.87%, and 14,570 yuan/ton at night with a night - time increase of 0.07%. CY2603 closed at 20,605 yuan/ton yesterday with a daily increase of 0.56%, and 20,575 yuan/ton at night with a night - time decrease of 0.15%. ICE US Cotton 3 closed at 64.3 cents/pound yesterday with a decrease of 0.06%. The trading volume of CF2605 was 537,129 lots, a decrease of 127,069 lots from the previous day, and the position was 1,139,140 lots, a decrease of 10,656 lots. The trading volume of CY2603 was 10,923 lots, a decrease of 1,999 lots from the previous day, and the position was 20,870 lots, an increase of 1,045 lots [1] - **Warehouse Receipt Data**: The number of Zhengzhou cotton warehouse receipts was 5,212, an increase of 127 from the previous day, and the valid forecast was 3,973, an increase of 211. The number of cotton yarn warehouse receipts was 19, unchanged from the previous day, and the valid forecast was 2, an increase of 17 [1] - **Spot Price Data**: The price of Northern Xinjiang 3128 machine - picked cotton was 15,416 yuan/ton, an increase of 120 yuan from the previous day with a growth rate of 0.78%. The price of Southern Xinjiang 3128 machine - picked cotton was 15,400 yuan/ton, an increase of 120 yuan from the previous day with a growth rate of 0.79%. The price in Shandong was 15,581 yuan/ton, a decrease of 2 yuan from the previous day with a decline rate of - 0.01%. The price in Hebei was 15,564 yuan/ton, an increase of 4 yuan from the previous day with a growth rate of 0.03%. The 3128B index was 15,543 yuan/ton, an increase of 2 yuan from the previous day with a growth rate of 0.01%. The International Cotton Index: M: CNCottonM was 72.75 cents/pound, a decrease of 0.19% from the previous day. The price of pure - cotton carded yarn 32 - count was 21,140 yuan/ton, unchanged from the previous day. The arrival price of pure - cotton carded yarn 32 - count was 21,021 yuan/ton, a decrease of 15 yuan from the previous day with a decline rate of - 0.07% [1] - **Spread Data**: The CF1 - 5 spread was 50 yuan/ton, an increase of 15 yuan from the previous day. The spread between Northern Xinjiang 3128 machine - picked cotton and CF605 was 860 yuan/ton, a decrease of 10 yuan from the previous day [1] 2. Macro and Industry News - **Domestic Cotton Spot**: Cotton spot trading was mostly sluggish. The basic price quotes were basically the same as the basis price quotes. The mainstream lower - selling basis of 2025/26 Northern Xinjiang machine - picked 4129/29B with impurity within 3.5 was in the range of CF05 + 900 - 1000 for self - pick - up in Xinjiang. The mainstream basis of 2025/26 North - South Xinjiang machine - picked 3130/30 with impurity within 3 in Shandong and Henan warehouses was mostly in the range of CF05+1500 - 1600 for self - pick - up in the inland [2] - **Domestic Cotton Textile Enterprises**: The price of pure - cotton yarn remained stable overall, and the trading was average. Recently, the price of cotton yarn has risen slightly, but the weak downstream demand has blocked the price increase transmission, and the profit of yarn mills has been under continuous pressure. There is a game between the year - end pressure of selling goods for cash and the rising raw material cost. The sales of the cotton grey fabric market are still dull, and the grey fabric price is difficult to follow the increase. Currently, textile mills have insufficient orders, mainly small and scattered orders [2] - **US Cotton**: Yesterday, ICE cotton futures rose and then fell for the third consecutive day. Affected by the strengthening of the US dollar, the market is concerned about the US cotton export sales data to be released on Thursday [2] 3. Trend Intensity - The cotton trend intensity is 0, indicating a neutral trend. The trend intensity ranges from - 2 to 2, where - 2 means the most bearish and 2 means the most bullish [3][4]