Group 1: Report Core Data - On August 20, the domestic cotton futures CF01 was 14,055, down 45 or -0.32% from the previous day; CF09 was 13,800, down 20 or -0.14% [3] - The domestic cotton spot price in Xinjiang remained unchanged at 15,080; in Henan, it was 15,304, up 4 or 0.03%; in Shandong, it was 15,238, down 5 or -0.03% [3] - The domestic棉纱 futures CY was 20,065, down 80 or -0.40% from the previous day; the domestic棉纱 spot C32S price index remained unchanged at 20,700 [3] - The US cotton spot CT was 67.53 USD/pound, unchanged; the arrival price was 77.20, down 0.3 or -0.39%; the 1% quota pick - up price was 13,602, down 52 or -0.38%; the sliding - scale duty pick - up price was 14,358, down 29 or -0.20% [3] - The yarn - cotton spread (futures) was 6,010, down 35; the yarn - cotton spread (现货) was 756, up 23 [3] - The domestic - foreign spread (现货) was 1,589, down 47 from the previous day [4] Group 2: Core View - Under the expectation of a new crop's high yield and the reality of old - crop inventory shortage, the pattern of near - term strength and long - term weakness is prominent [4] - From late July to early August is the window period for multiple policies and industry events. The content of domestic policy - related meetings, the progress of Sino - US trade negotiations, the implementation of new cotton high - yield, whether the import sliding - scale duty quota is increased and the increase amount have a significant impact on the Zhengzhou cotton expectation. Among them, the situation of increasing the import sliding - scale duty quota has a greater impact on the old - crop supply - demand and near - term contracts [4]

Report Industry Investment Rating - No relevant information provided Core View of the Report - During the consumption off - season, domestic cotton prices are expected to fluctuate with limited rebound height, and the basis may decline with the rebound of the futures price. Attention should be paid to the latest progress of Sino - US negotiations, domestic domestic demand policies and their implementation effects, waiting for new drivers [4] Summary by Related Catalogs Domestic Cotton Futures - CF01 on June 26 was 13665, up 40 (0.29%) from June 25 [3] - CF09 on June 26 was 13720, up 75 (0.55%) from June 25 [3] - CF09 - 01 spread on June 26 changed to 35 from 20 on June 25 [3] Domestic Cotton Spot - In Xinjiang on June 26, the price was 14957, up 125 (0.84%) from June 25 [3] - In Henan on June 26, the price was 15050, up 78 (0.52%) from June 25 [3] - In Shandong on June 26, the price was 15023, up 70 (0.47%) from June 25 [3] - Xinjiang - main contract basis on June 26 was 1237, up 50 from June 25 [3] Domestic Cotton Yarn Futures - CY on June 26 was 20060, up (0.33%) from June 25 [3] Domestic Cotton Yarn Spot - C32S price index on June 26 was 20380, up 80 (0.39%) from June 25 [3] - CT (USD/磅) on June 26 was unchanged at 68.32 (0.00%) from June 25 [3] - The arrival price on June 26 was 77.40, up 0.7 (0.91%) from June 25 [3] US Cotton Spot - 1% quota pick - up price on June 26 was 13714, up 122 (0.90%) from June 25 [4] - Sliding - scale duty pick - up price on June 26 was 14423, up 76 (0.53%) from June 25 [4] Spread Data - Yarn - cotton spread (futures) on June 26 was 6395, up 25 from June 25 [4] - Yarn - cotton spread (spot) on June 26 was 709, down 46 from June 25 [4] - Domestic - foreign spread (spot) on June 26 was 1309, down 52 from June 25 [4]