Report Summary 1. Report Industry Investment Rating No relevant information provided. 2. Core View of the Report The report focuses on the cotton market, including domestic and US cotton conditions. Domestic cotton spot trading is cold, with stable basis overall and slight adjustments in some areas. The cotton - textile market has general trading, with few new orders. US cotton futures continued to rise, hitting a new high this year, and the market is concerned about the upcoming US Department of Agriculture's planting area intention report due to concerns about rising agricultural product planting costs caused by the Middle - East situation [2][3]. 3. Summary by Directory 3.1 Fundamental Tracking - **Futures Data**: CF2605 closed at 15,420 yuan/ton with a daily increase of 0.52% and a night - session close of 15355 yuan/ton with a - 0.42% change. CY2605 closed at 21,640 yuan/ton with a - 0.14% daily change and a night - session close of 21495 yuan/ton with a - 0.67% change. ICE US cotton 5 closed at 69.44 cents/pound with a 1.76% increase. Trading volume and positions of CF2605 and CY2605 had different changes compared to the previous day [1]. - **Warehouse Receipt Data**: Zhengzhou cotton had 12,444 warehouse receipts, an increase of 100 compared to the previous day, and 339 valid forecasts, a decrease of 91. Cotton yarn had 227 warehouse receipts, a decrease of 2, and 67 valid forecasts, an increase of 162 [1]. - **Spot Price Data**: The price of North Xinjiang 3128 machine - picked cotton was 16,664 yuan/ton, an increase of 80 yuan or 0.48% compared to the previous day. The 3128B index was 16,745 yuan/ton, an increase of 34 yuan or 0.20%. The Cotlook:A index was 78.20 cents/pound, an increase of 0.45 cents or 0.58% [1]. - **Spread Data**: The CF5 - 9 spread was - 125 yuan/ton, with no change compared to the previous day. The spread between North Xinjiang 3128 machine - picked cotton and CF605 was 1,240 yuan/ton, with no change [1]. 3.2 Macro and Industry News - **Domestic Cotton Spot**: Cotton spot trading remained cold, with the basis generally stable and a slight reduction of 10 - 20 yuan/ton in some areas. Different regions had different basis ranges for different cotton grades [2]. - **Domestic Cotton - Textile Enterprises**: The pure - cotton yarn market had general trading, with few inquiries and new orders. Spinning mills mainly executed previous orders, with relatively smooth sales and a slight increase in inventory. The price was basically stable, with spinning mills having firm quotes and traders having some room for price concessions. The all - cotton grey fabric market had a weakening trading atmosphere, with continuous inquiries but no follow - up in transactions [2]. - **US Cotton**: ICE cotton futures continued to rise, hitting a new high this year. Although the weekly US cotton export sales data was average, concerns about rising agricultural product planting costs due to the Middle - East situation made the market more concerned about the upcoming US Department of Agriculture's planting area intention report [3]. 3.3 Trend Intensity The cotton trend intensity is 0, indicating a neutral trend. The trend intensity ranges from - 2 (most bearish) to 2 (most bullish) [5].

1. Report Industry Investment Rating - Not provided in the given content 2. Core Viewpoints of the Report - The ICE cotton futures rose yesterday, boosted by the news that China issued a 300,000 - ton cotton processing trade import quota [3] - The domestic cotton spot trading remained sluggish, with spinning mills' procurement willingness temporarily weak, and the overall mainstream basis of spot cotton was stable. Some spinning mills had more new orders and full production schedules due to the Shanghai exhibition, and there were low inventories of regular and medium - high - count yarns in Xinjiang and inland spinning mills, with the operating rate significantly higher than the same period last year [2] 3. Summary by Relevant Catalogs 3.1 Fundamental Tracking - **Futures Data**: - CF2605 closed at 15,480 yuan/ton yesterday with a daily increase of 0.42%, and the night - session closing price was 15,570 yuan/ton with a night - session increase of 0.58%. Its trading volume was 630,024 lots, a decrease of 383,334 lots from the previous day, and the position was 1,149,608 lots, a decrease of 533 lots [1] - CY2605 closed at 21,485 yuan/ton yesterday with a daily decrease of 0.37%, and the night - session closing price was 21,520 yuan/ton with a night - session increase of 0.16%. Its trading volume was 12,915 lots, a decrease of 1,999 lots from the previous day, and the position was 13,725 lots, an increase of 1,045 lots [1] - ICE cotton futures (ICE美棉5) closed at 68.44 cents/pound yesterday with a daily increase of 4.01% [1] - **Warehouse Receipt Data**: - The number of Zhengzhou cotton warehouse receipts was 12,495, a decrease of 11 from the previous day, and the effective forecast was 293, an increase of 8 [1] - The number of cotton yarn warehouse receipts was 319, a decrease of 1 from the previous day, and the effective forecast was 67, an increase of 253 [1] - **Spot Price Data**: - The price of Northern Xinjiang 3128 machine - picked cotton was 16,744 yuan/ton, an increase of 50 yuan or 0.30% from the previous day [1] - The price of Southern Xinjiang 3128 machine - picked cotton was 16,683 yuan/ton, an increase of 50 yuan or 0.30% from the previous day [1] - The price in Shandong was 16,943 yuan/ton, an increase of 10 yuan or 0.06% from the previous day [1] - The price in Hebei was 16,925 yuan/ton, an increase of 13 yuan or 0.08% from the previous day [1] - The 3128B index was 16,884 yuan/ton, an increase of 7 yuan or 0.04% from the previous day [1] - The Cotlook:A index was 75.75 cents/pound, an increase of 0.05 cents or 0.07% from the previous day [1] - The price of pure - cotton carded yarn 32 - count was 22,000 yuan/ton, unchanged from the previous day [1] - The arrival price of pure - cotton carded yarn 32 - count was 22,312 yuan/ton, an increase of 112 yuan or 0.50% from the previous day [1] - **Spread Data**: - The CF5 - 9 spread decreased by 75 yuan/ton compared with the previous day, with a change of 20 [1] - The spread between Northern Xinjiang 3128 machine - picked cotton and CF605 was 1,260 yuan/ton, a decrease of 20 yuan from the previous day [1] 3.2 Macro and Industry News - **Domestic Cotton Spot Situation**: According to TTEB information, the mainstream basis of domestic cotton spot remained stable, with the mainstream sales basis of 2025/26 Southern Xinjiang Kashgar machine - picked 3129/29B (impurity within 3.5, micronaire value 4 and above) at CF05 + 1100 and above, and that of 2025/26 Northern Xinjiang machine - picked 4129/29B (impurity within 3.5) at CF05 + 1250 - 1350, mostly at CF05 + 1350 and above, both for self - pick - up in Xinjiang [2] - **Domestic Cotton Textile Enterprises Situation**: According to TTEB information, the quotation of pure - cotton yarn remained stable, and spinning mills continued to reduce inventories. Affected by the Shanghai exhibition, some spinning mills had more new orders and full production schedules, and there were low inventories of regular and medium - high - count yarns in Xinjiang and inland spinning mills, with the operating rate significantly higher than the same period last year. The follow - up downstream order trend should be continuously monitored [2] 3.3 Trend Intensity - The trend intensity of cotton is 1, indicating a "neutral" state according to the classification where the trend intensity ranges from - 2 (most bearish) to 2 (most bullish) [4][5]

1. Report Information - Industry: Cotton [1] - Date: March 11, 2026 [2] - Researchers: Yu Lanlan, Lin Zhenlei, Wang Haifeng, Hong Chenliang, Liu Youran [3] 2. Investment Rating - Not provided in the given content 3. Core View - Zhengzhou cotton fluctuated and pulled back, while the overall cotton market is expected to remain strong considering the high internal - external price difference and the greater upside potential of the external market. The downstream market continues to recover with slow order growth [7][8] 4. Summary by Section 4.1 Market Review and Operation Suggestions - **Market Review**: Zhengzhou cotton futures showed a fluctuating and downward trend. For example, CF2605 closed at 15425 yuan/ton with a decline of 0.68%. The latest 328 - grade cotton price index was 16733 yuan/ton, up 101 yuan/ton from the previous trading day [7]. - **Market Conditions**: The pure - cotton yarn market remained stable, with new orders gradually being placed and low - price goods decreasing. The all - cotton grey fabric market had continuous sales, with inventory being quickly released and prices remaining firm. Externally, due to the Middle - East situation, crude oil prices dropped significantly, and the price difference between cotton and polyester widened. In the international market, as of March 5, 2026, the cumulative inspection volume of U.S. upland cotton + Pima cotton was 3.0442 million tons, accounting for 100.5% of the estimated annual U.S. cotton production, a 4% year - on - year decline. In the domestic market, the fundamentals changed little, with new - cotton sales in the second half and inspection almost completed. As of the end of February, the domestic commercial cotton inventory was 5.477 million tons, a month - on - month decrease of 311,700 tons and a year - on - year decrease of 37,800 tons. From January to February 2026, the cumulative textile and clothing exports were $50.446 billion, a year - on - year increase of 17.6% [7][8] 4.2 Industry News - In February 2026, China's textile and clothing exports totaled $22.444 billion, a month - on - month decrease of 19.8% and a year - on - year increase of 73.4%. From January to February 2026, the cumulative textile and clothing exports were $50.446 billion, a year - on - year increase of 17.6%. Exports of textile yarns, fabrics and products in February 2026 were $11.383 billion, a month - on - month decrease of 19.8% and a year - on - year increase of 83%. From January to February 2026, the cumulative exports were $25.574 billion, a year - on - year increase of 20.5%. Exports of clothing and clothing accessories in February 2026 were $11.062 billion, a month - on - month decrease of 19.9% and a year - on - year increase of 64.5%. From January to February 2026, the cumulative exports were $24.872 billion, a year - on - year increase of 14.8% [9] 4.3 Data Overview - The report includes multiple data graphs, such as the China Cotton Price Index, cotton spot price, cotton futures price, cotton basis change, various cotton futures price spreads, cotton commercial inventory, cotton industrial inventory, warehouse receipt volume, and exchange rates (USD/CNY, USD/INR) [17][18][29]

Group 1: Report Overview - Reported industry: Cotton [1] - Report date: March 10, 2026 [2] - Researchers: Yu Lanlan, Lin Zhenlei, Wang Haifeng, Hong Chenliang, Liu Youran [3] Group 2: Market Review and Operational Suggestions - Zhengzhou cotton futures rose slightly after a high - level pullback. The latest 328 - grade cotton price index was 16,632 yuan/ton, down 46 yuan/ton from the previous trading day. The price of 2025/26 southern Xinjiang Kashi machine - picked 31 - grade double 29/less than 3% impurity was mostly reported at CF05 + 1100 or above, with a small amount below this price. The higher price in northern Xinjiang was above 1400, and the mainstream lower price was between 1200 - 1400, for self - pick - up in Xinjiang [7]. - Orders for combed high - count yarns have been performing well recently. Semi - combed varieties in Henan, Shandong and other places also have smooth orders. Market demand is gradually being released, and orders are being placed successively. The overall trading in the all - cotton grey fabric market remains stable, manufacturers' shipments have accelerated, sending out pre - holiday orders, and grey fabric prices are mostly stable [7]. - Macroeconomically, due to the Middle East situation, crude oil prices have risen sharply, driving up chemical raw material prices. The price difference between cotton and polyester has quickly narrowed to less than 8,000 yuan/ton, and the raw material substitution advantage has boosted cotton prices. In the international market, the net position of CFTC US cotton funds has rebounded from a low on a week - on - week basis. The weekly signing and shipment have entered the peak period, and the drought index in the main producing areas is relatively high, providing support for the US cotton trend. In the domestic market, the fundamentals have not changed much. New cotton sales are in the second half, and the notarization inspection is basically over. As of mid - February, the domestic commercial cotton inventory level was 5.5037 million tons, which has entered a downward trend with good consumption support, a year - on - year decrease of 177,400 tons. Driven by the commodity market atmosphere, the spot prices of cotton and yarn have risen synchronously, and some quotes are only valid for the day, negotiated on a case - by - case basis. Considering that the current internal - external price difference is still at a high level, the upside potential of the external market is greater than that of the domestic market, and it is still regarded as bullish [8]. Group 3: Industry News - According to CFTC, as of the week ending March 3, the long positions of non - commercial funds in US cotton futures were 112,260 (+8,836) contracts, increasing for the second consecutive week. The short positions were 140,357 (+7,963) contracts, turning from a decrease to an increase. The total ICE positions were 328,391 (+7,568) contracts, also turning from a decrease to an increase. The net long ratio was - 8.6%, a week - on - week increase of 0.5 percentage points and a year - on - year increase of 13.6 percentage points [9]. - According to the China Cotton Notarization Inspection Network, as of March 8, 2026, in the 2025 cotton year, a total of 1,099 cotton processing enterprises across the country processed cotton and carried out notarization inspections in accordance with the requirements of the cotton quality inspection system reform plan. The cumulative national inspection volume was 7.4921 million tons, an increase of 1,200 tons from the previous day and a year - on - year increase of 11.9%. Among them, the inspection volume in Xinjiang was 7.3908 million tons, an increase of 1,200 tons from the previous day; the inspection volume in the inland was 62,600 tons [9]. Group 4: Data Overview - The report provides various data charts including China Cotton Price Index, cotton spot price, cotton futures price, cotton basis change, CF5 - 9 spread, CF9 - 1 spread, CF1 - 5 spread, cotton commercial inventory, cotton industrial inventory, warehouse receipt volume, US dollar to RMB exchange rate, and US dollar to Indian rupee exchange rate [17][18][20][27][29]

Group 1: Report Industry Investment Rating - No information provided Group 2: Core Views of the Report - The cotton market is waiting for new drivers. The overall situation of the cotton market is complex, with different trends in futures, spot, and related industries [1][2][3] - The trend strength of cotton is 1, indicating a neutral view [5] Group 3: Summary by Relevant Catalogs 1. Fundamental Tracking - **Futures Data**: CF2605 closed at 15,295 yuan/ton with a daily increase of 0.30% and a night - session closing price of 15,310 yuan/ton with a night - session increase of 0.10%. CY2605 closed at 21,205 yuan/ton with a daily increase of 0.71% and a night - session closing price of 21,215 yuan/ton with a night - session increase of 0.05%. ICE US cotton 5 closed at 64.21 cents/pound with a daily increase of 0.23% [1] - **Trading Volume and Position**: The trading volume of CF2605 was 391,727 lots, a decrease of 339,985 lots from the previous day, and the position was 1,167,705 lots, a decrease of 1,878 lots. The trading volume of CY2605 was 9,386 lots, a decrease of 1,999 lots from the previous day, and the position was 14,616 lots, an increase of 1,045 lots [1] - **Warehouse Receipts**: The number of Zheng cotton warehouse receipts was 11,443, an increase of 53, and the effective forecast was 1,275, an increase of 22. The number of cotton yarn warehouse receipts was 0, unchanged, and the effective forecast was 368, a decrease of 363 [1] - **Spot Prices**: The price of Beijiang 3128 machine - picked cotton was 16,494 yuan/ton, an increase of 50 yuan or 0.30% from the previous day. The price of Nanjiang 3128 machine - picked cotton was 16,427 yuan/ton, an increase of 50 yuan or 0.31% from the previous day. The price in Shandong was 16,702 yuan/ton, an increase of 97 yuan or 0.58% from the previous day. The price in Hebei was 16,703 yuan/ton, an increase of 95 yuan or 0.57% from the previous day. The 3128B index was 16,678 yuan/ton, an increase of 95 yuan or 0.57% from the previous day. The Cotlook:A index was 74.65 cents/pound, a decrease of 0.10 cents or 0.13% from the previous day. The price of pure - cotton carded yarn 32 - count was 21,940 yuan/ton, an increase of 20 yuan or 0.09% from the previous day. The arrival price of pure - cotton carded yarn 32 - count was 21,765 yuan/ton, a decrease of 61 yuan or 0.28% from the previous day [1] - **Price Spreads**: The CF5 - 9 spread was - 50 yuan/ton, an increase of 20 yuan from the previous day. The spread between Beijiang 3128 machine - picked cotton and CF605 was 1,200 yuan/ton, an increase of 10 yuan from the previous day [1] 2. Macro and Industry News - **Domestic Cotton Spot**: Cotton spot trading was sluggish, with relatively good procurement by some local traders. The basis of cotton spot remained stable. The sales basis of 2025/26 Nanjiang Kashi machine - picked 3129/29B with impurity within 3.5 and micronaire value above 4 was mostly at CF05 + 1100 or higher. The basis of inland warehouse spot was generally stable [2] - **Domestic Cotton Textile Enterprises**: The overall quotation of pure - cotton yarn remained stable, and the market trading atmosphere gradually recovered. After the Lantern Festival, downstream workers returned to work, and terminal orders were gradually issued. The market's acceptance of cotton yarn prices increased slightly. High - count combed yarn was in short supply, while the sales of rotor - spun yarn were still slow. The overall sales in Xinjiang were good, while the trading in the inland area was still in the process of recovery. The trading in the all - cotton grey fabric market increased, and the sales accelerated. The orders of weaving factories increased, with an increase in domestic sales orders and a delay in the expected placement of export orders. Weaving factories increased their procurement of cotton yarn [2] - **US Cotton**: Last Friday, ICE cotton futures rose slightly. Affected by the sharp rise in crude oil prices due to the Middle East situation, which drove the general rise of commodities, ICE cotton futures also stabilized and rebounded slightly [3]

Group 1: Report Industry Investment Rating - No relevant information provided Group 2: Core View of the Report - The cotton market is waiting for new drivers. The trend strength of cotton is rated as 1, indicating a relatively neutral outlook [1][6] Group 3: Summary by Related Catalogs Fundamental Tracking - **Futures Data**: CF2605 closed at 15,255 yuan/ton with a daily increase of 0.20% and a night - session decrease of 0.62%. CY2605 closed at 21,100 yuan/ton with no daily change and a night - session decrease of 0.59%. ICE Cotton 5 closed at 64.16 cents/pound with a decrease of 0.99%. The trading volume and positions of CF2605 and CY2605 changed compared to the previous day, and the number of warehouse receipts and effective forecasts of Zheng cotton and cotton yarn also had corresponding changes [1] - **Spot Data**: The prices of various cotton and cotton yarn products showed different changes. For example, the price of North Xinjiang 3128 machine - picked cotton increased by 0.30%, while the 3128B index decreased by 0.25%. The price of pure - cotton combed yarn 32 - count remained unchanged, and its arrival price increased by 1.36% [1] - **Spread Data**: The CF5 - 9 spread was - 45 yuan/ton, and the spread between North Xinjiang 3128 machine - picked cotton and CF605 was 1,190 yuan/ton, with a change of 20 yuan compared to the previous day [1] Macro and Industry News - **Domestic Cotton Spot**: The trading of domestic cotton spot has improved, with most transactions based on locked basis. The basis of cotton spot has remained stable. Different regions have different basis quotes [2] - **Domestic Cotton Textile Enterprises**: The price of pure - cotton yarn has been stable with a slight decline. The market is in a wait - and - see state. The downstream market has not fully started, and the new orders in the pure - cotton yarn market are insufficient. The actual transaction price is significantly lower than the quoted price. The trading in the all - cotton grey cloth market has generally recovered, but there has been no significant improvement [2] - **US Cotton**: The ICE cotton futures continued to fall by nearly 1% due to the risk - aversion sentiment caused by the Iran situation [3] Trend Intensity - The trend intensity of cotton is 1, with the range of values being in the [-2, 2] interval, where - 2 represents the most bearish and 2 represents the most bullish [6]

Report Industry Investment Rating - Not mentioned in the provided content Core Viewpoints - The cotton market continues to be strong. The ICE cotton futures rebounded, closing up about 1% due to short - covering and the rise of Chinese cotton futures [1][3]. - The trend strength of cotton is 1, indicating a relatively strong trend [5]. According to Related Catalogs 1. Cotton Fundamental Data - **Futures Prices**: CF2605 closed at 15,380 yuan/ton with a daily increase of 0.62% and a night - session closing price of 15,540 yuan/ton with a night - session increase of 1.04%. CY2605 closed at 21,315 yuan/ton with a daily increase of 0.21% and a night - session closing price of 21,450 yuan/ton with a night - session increase of 0.63%. ICE cotton 5 closed at 66.16 cents/pound with a 1.01% increase [1]. - **Trading Volume and Open Interest**: The trading volume of CF2605 was 840,688 lots, an increase of 223,113 lots from the previous day, and the open interest was 1,169,274 lots, an increase of 69,884 lots. The trading volume of CY2605 was 15,055 lots, a decrease of 1,999 lots, and the open interest was 12,630 lots, an increase of 1,045 lots [1]. - **Warehouse Receipts**: The number of Zheng cotton warehouse receipts was 11,124, an increase of 111, and the effective forecast was 1,205, an increase of 64. The number of cotton yarn warehouse receipts was 0, unchanged, and the effective forecast was 39, a decrease of 39 [1]. - **Spot Prices**: The price of North Xinjiang 3128 machine - picked cotton was 16,524 yuan/ton, an increase of 100 yuan/ton (0.61%) from the previous day. The price of South Xinjiang 3128 machine - picked cotton was 16,460 yuan/ton, an increase of 100 yuan/ton (0.61%). The price in Shandong was 16,388 yuan/ton, an increase of 275 yuan/ton (1.71%), and in Hebei was 16,410 yuan/ton, an increase of 324 yuan/ton (2.01%). The 3128B index was 16,329 yuan/ton, an increase of 259 yuan/ton (1.61%). The Cotlook:A index was 75.55 cents/pound, a decrease of 0.26% [1]. - **Price Spreads**: The CF3 - 5 spread was 155 yuan/ton, an increase of 40 yuan/ton from the previous day. The spread between North Xinjiang 3128 machine - picked cotton and CF605 was 1,140 yuan/ton, an increase of 10 yuan/ton [1]. 2. Macro and Industry News - **Domestic Cotton Spot**: The willingness to trade in the domestic cotton spot market is not strong, and the transactions are light. Most transactions are at fixed prices, but there are not many fixed - price offers. Different types of cotton in North Xinjiang have different price ranges for fixed - price offers [1][2]. - **Domestic Cotton Textile Enterprises**: The number of spinning enterprises quoting prices in the pure - cotton yarn market has increased. Large - scale spinning enterprises have a relatively high price increase, while small - scale spinning enterprises' price increases are mostly in the range of 200 - 300 yuan/ton. The trading of pure - cotton yarn has not recovered as the downstream is still in the process of resuming work. Weaving factories have increased their resumption of work and their operating rates have recovered. They are mainly producing pre - holiday orders and regular varieties, and new orders are still unclear. Weaving factories are still waiting and watching, and some plan to raise prices according to market conditions [1][2]. - **US Cotton**: The ICE cotton futures continued to rebound, closing up about 1% due to short - covering and the rise of Chinese cotton futures [1][3].

Report Summary 1. Report Industry Investment Rating - Not provided in the given content 2. Core View - The cotton market is expected to maintain a volatile trend before the holiday [1] 3. Summary by Relevant Catalogs Fundamental Tracking - **Futures Data**: - CF2605 closed at 14,655 yuan/ton with a daily increase of 0.51%, and its night - session closed at 14,680 yuan/ton with a 0.17% increase. The trading volume was 483,290 lots, an increase of 148,619 lots from the previous day, and the open interest was 1,047,760 lots, an increase of 1,712 lots [1]. - CY2605 closed at 20,440 yuan/ton with a daily increase of 0.39%, and its night - session closed at 20,495 yuan/ton with a 0.27% increase. The trading volume was 9,043 lots, a decrease of 1,999 lots from the previous day, and the open interest was 11,906 lots, an increase of 1,045 lots [1]. - ICE US cotton 3 closed at 61.59 cents/pound with a 0.02% increase [1]. - **Warehouse Receipt Data**: - The number of Zhengzhou cotton warehouse receipts was 10,686, an increase of 106 from the previous day, and the valid forecast was 1,112, a decrease of 56 [1]. - The number of cotton yarn warehouse receipts was 0, unchanged from the previous day, and the valid forecast was 7, a decrease of 7 [1]. - **Spot Price Data**: - The price of Beijiang 3128 machine - picked cotton was 15,784 yuan/ton, an increase of 80 yuan or 0.51% from the previous day [1]. - The price of Nanjiang 3128 machine - picked cotton was 15,710 yuan/ton, an increase of 80 yuan or 0.51% from the previous day [1]. - The price in Shandong was 16,037 yuan/ton, an increase of 18 yuan or 0.11% from the previous day [1]. - The price in Hebei was 16,057 yuan/ton, an increase of 9 yuan or 0.06% from the previous day [1]. - The 3128B index was 15,988 yuan/ton, an increase of 21 yuan or 0.13% from the previous day [1]. - The Cotlook:A index was 72.55 cents/pound, a decrease of 0.34% from the previous day [1]. - The price of pure - cotton carded yarn 32 - count was 21,520 yuan/ton, an increase of 65 yuan or 0.30% from the previous day [1]. - The arrival price of pure - cotton carded yarn 32 - count was 20,991 yuan/ton, a decrease of 67 yuan or 0.32% from the previous day [1]. - **Spread Data**: - The CF3 - 5 spread was 60 yuan/ton, unchanged from the previous day [1]. - The spread between Beijiang 3128 machine - picked cotton and CF605 was 1,130 yuan/ton, an increase of 10 yuan from the previous day [1] Macro and Industry News - **Domestic Cotton Spot**: Cotton spot trading was sluggish, and the basis was generally stable. The offers of Beijiang lint were relatively fewer than those of Nanjiang. The mainstream basis of 2025/26 north - and south - Xinjiang machine - picked cotton in Shandong and Henan warehouses was mostly at CF05 + 1600 - 1750, and some were lower. The low basis of 2025/26 Beijiang machine - picked 4129/29B with impurities within 3.5 and micronaire value above 4 was at CF05 + 1200 - 1300, and many offers were 1300 and above [2]. - **Domestic Cotton Textile Enterprises**: The pure - cotton yarn market has fully entered the pre - holiday closing stage. Only a few large spinning enterprises made minor price adjustments, most spinning enterprises either stopped offering prices or kept their prices stable, and the operating rate in the inland area continued to decline [2]. - **US Cotton**: Yesterday, ICE cotton futures first rose and then fell. In the morning, ICE cotton futures continued the rebound momentum of the previous day, reaching a maximum of 62.28 cents/pound. However, affected by the US Department of Agriculture's downward adjustment of the export forecast of US cotton in the 25/26 season in the monthly supply - and - demand report, ICE cotton closed at 61.59 cents/pound [2] Trend Intensity - The trend intensity of cotton is 1, indicating a relatively strong trend. The trend intensity ranges from - 2 to 2, where - 2 means the most bearish and 2 means the most bullish [5]

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]