Group 1: Report Title and Date - The report is titled "Cotton: Area Expectations Uncertain, Futures Prices Pull Back" and dated December 29, 2025 [1] Group 2: Fundamental Data Futures - CF2605 closed at 14,535 yuan/ton yesterday with a daily increase of 1.96%, and 14,475 yuan/ton in the night session with a decrease of 0.41%. Its trading volume was 971,786 lots, an increase of 519,098 lots from the previous day, and the open interest was 1,195,832 lots, an increase of 63,063 lots [2] - CY2603 closed at 20,585 yuan/ton yesterday with a daily increase of 0.86%, and 20,605 yuan/ton in the night session with an increase of 0.10%. Its trading volume was 19,645 lots, a decrease of 1,999 lots from the previous day, and the open interest was 23,202 lots, an increase of 1,045 lots [2] - ICE Cotton No.3 closed at 64.46 cents/pound yesterday with an increase of 0.40% [2] Warehouse Receipts - The number of Zhengzhou cotton warehouse receipts was 4,853, an increase of 227 from the previous day, and the effective forecast was 3,834, a decrease of 46 [2] - The number of cotton yarn warehouse receipts was 19, a decrease of 3 from the previous day, and the effective forecast was 2, an increase of 20 [2] Spot Prices - The price of Northern Xinjiang 3128 machine - picked cotton was 15,366 yuan/ton, an increase of 280 yuan or 1.86% from the previous day [2] - The price of Southern Xinjiang 3128 machine - picked cotton was 15,380 yuan/ton, an increase of 280 yuan or 1.85% from the previous day [2] - The price in Shandong was 15,362 yuan/ton, an increase of 44 yuan or 0.29% from the previous day [2] - The price in Hebei was 15,360 yuan/ton, an increase of 22 yuan or 0.14% from the previous day [2] - The 3128B index was 15,317 yuan/ton, an increase of 38 yuan or 0.25% from the previous day [2] - The International Cotton Index: M: CNCottonM was 72.65 cents/pound, unchanged from the previous day [2] - The price of pure cotton carded yarn 32 - count was 21,140 yuan/ton, an increase of 120 yuan or 0.57% from the previous day [2] - The arrival price of pure cotton carded yarn 32 - count was 21,041 yuan/ton, a decrease of 2 yuan or 0.01% from the previous day [2] Spreads - The CF1 - 5 spread was 30 yuan/ton, a decrease of 10 yuan from the previous day [2] - The spread between Northern Xinjiang 3128 machine - picked cotton and CF605 was 830 yuan/ton, unchanged from the previous day [2] Group 3: Macro and Industry News Domestic Cotton Spot - According to TTEB information, spot point - price trading of cotton was sluggish, and the basis changed little. The mainstream fixed - price quotes for 2025/26 North and South Xinjiang machine - picked cotton (3130/30, impurity within 3) in Shandong and Henan warehouses were around 15,700 - 15,900 yuan, with the basis still around CF01/05 + 1500 - 1550 for inland self - pick - up. The sales basis for 2025/26 Southern Xinjiang Kashgar machine - picked cotton (3129/29B, impurity within 3) was mostly at CF05 + 800 and above for Xinjiang self - pick - up [3] Domestic Cotton Textile Enterprises - According to TTEB information, the quotes of pure cotton yarn remained firm, but the weak demand situation was difficult to change, the problem of insufficient downstream orders could not be solved in the short term, and the impact of imported yarn continued [3] US Cotton - Last Friday, ICE cotton futures rose first and then fell. Opening under the influence of the sharp rise in Chinese cotton and the weakening of the US dollar, it once reached 64.81 cents/pound. However, the market was still observing whether the US cotton exports could continue to improve, so ICE cotton only closed slightly up 0.4% [3] Group 4: Trend Intensity - The trend intensity of cotton is 0, indicating a neutral view. The trend intensity ranges from - 2 (most bearish) to 2 (most bullish) [6]