商 品 研 究 2025 年 11 月 20 日 棉花：期价维持震荡走势 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 | | --- | --- | --- | --- | --- | --- | --- | | | CF2601 | 元/吨 | 13,485 | 0.67% | 13500 | 0.11% | | | CY2601 | 元/吨 | 19,795 | 0.58% | 19820 | 0.13% | | | ICE美棉3 | 美分/磅 | 63.94 | -0.78% | | - | | | | | 昨日成交 | 较前日变动 | 昨日持仓 | 较前日变动 | | 期 货 | CF2601 | 手 | 300,328 | 65,926 | 932,869 | -8,891 | | | CY2601 | 手 | 15,613 | -1,999 | 20,982 | 1,045 | | | | | 昨日仓单量 | 较前日变动 | 有效预报 | 较前日变 ...

商 品 研 究 2025 年 11 月 13 日 棉花：缺乏上涨驱动 期价小幅回落 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 | | --- | --- | --- | --- | --- | --- | --- | | | CF2601 | 元/吨 | 13,515 | -0.33% | 13475 | -0.30% -0.20% | | | CY2601 | 元/吨 | 19,790 | -0.33% | 19750 | | | | ICE美棉3 | 美分/磅 | 64.82 | -0.93% | | - | | | | | 昨日成交 | 较前日变动 | 昨日持仓 | 较前日变动 | | 期 货 | CF2601 | 手 | 381,126 | 181,748 | 941,724 | -5,344 | | | CY2601 | 手 | 14,275 | -1,999 | 24,392 | 1,045 | | | | | 昨日仓单量 | 较前日变动 | 有 ...

商 品 研 究 2025 年 11 月 12 日 棉花：缺乏上涨驱动 期价区间震荡 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 | | --- | --- | --- | --- | --- | --- | --- | | | CF2601 | 元/吨 | 13,560 | -0.15% | 13535 | -0.18% | | | CY2601 | 元/吨 | 19,855 | -0.05% | 19820 | -0.18% | | | ICE美棉12 | 美分/磅 | 63.93 | -0.64% | | - | | | | | 昨日成交 | 较前日变动 | 昨日持仓 | 较前日变动 | | 期 货 | CF2601 | 手 | 199,378 | -115,823 | 947,068 | 8,762 | | | CY2601 | 手 | 11,542 | -1,999 | 24,626 | 1,045 | | | | | 昨日仓单量 | 较前日变动 | ...

商 品 研 究 2025 年 11 月 05 日 棉花：受商品市场整体走势偏弱影响 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 | | --- | --- | --- | --- | --- | --- | --- | | | CF2601 | 元/吨 | 13,535 | -0.48% | 13480 | -0.41% | | | CY2601 | 元/吨 | 19,795 | -0.63% | 19735 | -0.30% | | | ICE美棉12 | 美分/磅 | 65.15 | -0.82% | | - | | | | | 昨日成交 | 较前日变动 | 昨日持仓 | 较前日变动 | | 期 货 | CF2601 | 手 | 248,393 | -5,243 | 919,628 | -3,375 | | | CY2601 | 手 | 10,543 | -1,999 | 24,848 | 1,045 | | | | | 昨日仓单量 | 较前日变动 | 有 ...

Report Summary 1. Report Industry Investment Rating - Not provided in the given content 2. Core View of the Report - The cotton futures rebounded while the basis was weak. The ICE cotton futures fell again, lacking fundamental data guidance and upward momentum. The domestic cotton spot market had mainly rigid - demand transactions, with the spot basis being stable but weakening in some areas. The cotton yarn market was divided, with limited actual price - increase space due to insufficient downstream orders [1][2][3] 3. Summary According to Relevant Catalogs 3.1 Fundamental Tracking - **Futures Data**: CF2601 closed at 13,535 yuan/ton with a - 0.04% daily increase and 13,540 yuan/ton in the night session with a 0.04% increase; CY2601 closed at 19,760 yuan/ton with a - 0.08% daily increase and 19,750 yuan/ton in the night session with a - 0.05% increase. ICE cotton 12 was at 63.65 cents/pound with a - 1.18% daily increase. The trading volume of CF2601 was 268,059 lots, a decrease of 64,803 lots from the previous day, and the open interest was 916,634 lots, an increase of 7,855 lots. The trading volume of CY2601 was 10,964 lots, a decrease of 1,999 lots, and the open interest was 23,235 lots, an increase of 1,045 lots [1] - **Warehouse Receipt Data**: The number of Zhengzhou cotton warehouse receipts was 2,565, a decrease of 14, and the effective forecast was 286, an increase of 23. The number of cotton yarn warehouse receipts was 6, an increase of 6, and the effective forecast was 0, a decrease of 6 [1] - **Spot Price Data**: The price of Northern Xinjiang 3128 machine - picked cotton was 14,672 yuan/ton, a decrease of 5 yuan from the previous day with a - 0.03% change; the price of Southern Xinjiang 3128 machine - picked cotton was 14,520 yuan/ton, a decrease of 5 yuan with a - 0.03% change; the price in Shandong was 14,793 yuan/ton, an increase of 40 yuan with a 0.27% change; the price in Hebei was 14,756 yuan/ton, an increase of 48 yuan with a 0.33% change. The 3128B index was 14,772 yuan/ton, an increase of 44 yuan with a 0.30% change. The international cotton index M was 72.96 cents/pound, an increase of 1 cent with a 1.09% change. The price of pure - cotton carded yarn 32 was 20,500 yuan/ton, an increase of 30 yuan with a 0.15% change, and the arrival price was 21,213 yuan/ton, an increase of 13 yuan with a 0.06% change [1] - **Spread Data**: The CF1 - 5 spread was - 40 yuan/ton, an increase of 20 yuan from the previous day's spread. The spread between Northern Xinjiang 3128 machine - picked cotton and CF601 was 1,140 yuan/ton, unchanged from the previous day [1] 3.2 Macro and Industry News - **Domestic Cotton Spot**: Cotton spot transactions were mainly for rigid demand, with the spot basis stable but weakening in some areas. The purchase price of machine - picked cottonseed in Xinjiang was still stable and slightly increasing, and different grades of cotton in Xinjiang had different price quotes and sales bases [2] - **Domestic Cotton Textile Enterprises**: The pure - cotton yarn market was divided. The sales of low - count rotor - spun yarn and yarn related to autumn and winter fabrics improved slightly, but overall transactions were average. Some spinning mills tried to raise prices by 100 - 200 yuan/ton, but the actual price - increase space was limited due to insufficient downstream new orders. Market purchases were mainly for rigid demand, and the spinning mills' inventory was generally low [2] - **US Cotton**: The ICE cotton futures fell again, lacking fundamental data guidance and upward momentum [3] 3.3 Trend Intensity - The cotton trend intensity was 0, indicating a neutral trend [5]

Group 1: Report Industry Investment Rating - No information provided Group 2: Core Viewpoints of the Report - External market factors increase the volatility of cotton futures [1] - The trend strength of cotton is neutral with a value of 0 [4] Group 3: Summary by Relevant Catalogs 1. Fundamental Tracking - **Futures Data**: CF2601 closed at 13,335 yuan/ton with a daily increase of 0.11% and a night - session close of 13,425 yuan/ton with a night - session increase of 0.67%; CY2601 closed at 19,470 yuan/ton with a daily increase of 0.33% and a night - session close of 19,590 yuan/ton with a night - session increase of 0.62%; ICE US cotton 12 closed at 64.29 cents/pound with a daily increase of 0.80% [1] - **Trading Volume and Open Interest**: CF2601 had a trading volume of 245,550 lots, an increase of 19,838 lots from the previous day, and an open interest of 882,804 lots, an increase of 5,242 lots; CY2601 had a trading volume of 12,565 lots, a decrease of 1,999 lots, and an open interest of 20,671 lots, an increase of 1,045 lots [1] - **Warehouse Receipts**: Zhengzhou cotton had 2,653 warehouse receipts, a decrease of 71, and 183 valid forecasts, an increase of 71; cotton yarn had 0 warehouse receipts and 6 valid forecasts, a decrease of 6 [1] - **Spot Prices**: The price of Northern Xinjiang 3128 machine - picked cotton was 14,477 yuan/ton, an increase of 20 yuan or 0.14%; Southern Xinjiang 3128 machine - picked cotton was 14,325 yuan/ton, an increase of 20 yuan or 0.14%; Shandong was 14,687 yuan/ton, an increase of 11 yuan or 0.07%; Hebei was 14,645 yuan/ton, an increase of 37 yuan or 0.25%; the 3128B index was 14,679 yuan/ton, an increase of 15 yuan or 0.10%; the international cotton index M was 71.58 cents/pound, unchanged; the price of pure - cotton carded yarn 32S was 20,440 yuan/ton, unchanged; the arrival price of pure - cotton carded yarn 32S was 21,214 yuan/ton, a decrease of 14 yuan or - 0.07% [1] - **Spreads**: The CF1 - 5 spread was - 55 yuan/ton, unchanged; the spread between Northern Xinjiang 3128 machine - picked cotton and CF601 was 1,140 yuan/ton, an increase of 10 yuan [1] 2. Macro and Industry News - **Domestic Cotton Spot**: Cotton spot trading was average, spinning mills maintained rigid - demand procurement, the overall spot basis was stable with a slight decline, and the fixed - price quotes were temporarily stable and relatively smoothly traded. The basis of 2025/26 Northern Xinjiang machine - picked 31, 41 - grade double 30 with impurities within 3.5 was CF01 + 1150 - 1200, for self - pick - up in Xinjiang. The freight for cotton out of Xinjiang by truck continued to rise slightly [2] - **Domestic Cotton Textile Enterprises**: The trading in the pure - cotton yarn market was dull, and the prices were generally stable. The rebound of Zhengzhou cotton futures had limited impact on the spot market. Downstream demand was weak, and the market was full of wait - and - see sentiment. Recently, the prices of high - count yarns were relatively firm, and the increase in orders for traceable yarns was limited. Xinjiang cotton yarn was actively purchased by traders due to cost advantages, and the orders were fair. Spinning mills' finished - product inventories were not under pressure, so the downward driving force was not strong [2] - **US Cotton**: ICE cotton futures rebounded last Friday as the market expected the international economic and trade situation to ease, and ICE cotton followed the overall commodity market [3]

Group 1: Report Industry Investment Rating - No relevant information provided Group 2: Core Viewpoints - Cotton shows a slight rebound [1] - The trend strength of cotton is 0, indicating a neutral outlook [5] Group 3: Summary by Related Catalogs 1. Fundamental Tracking - **Futures Data**: - CF2601 closed at 13,320 yuan/ton with a daily increase of 0.38% and a night - session close of 13,340 yuan/ton with a night - session increase of 0.15% (or 0.08%, data conflict). Trading volume was 225,712 hands, a decrease of 21,471 hands from the previous day, and the open interest was 877,562 hands, an increase of 5,323 hands [1]. - CY2601 closed at 19,405 yuan/ton with a daily increase of 0.41% and a night - session close of 19,420 yuan/ton. Trading volume was 9,778 hands, a decrease of 1,999 hands from the previous day, and the open interest was 18,884 hands, an increase of 1,045 hands [1]. - ICE Cotton No.12 closed at 63.78 cents/pound, a decrease of 0.08% [1]. - **Warehouse Receipt Data**: - Zhengzhou cotton warehouse receipts were 2,724, a decrease of 49 from the previous day, and the valid forecast was 112, an increase of 16 [1]. - Cotton yarn warehouse receipts were 0, unchanged from the previous day, and the valid forecast was 6, a decrease of 6 [1]. - **Spot Price Data**: - Northern Xinjiang 3128 machine - picked cotton was priced at 14,457 yuan/ton, an increase of 50 yuan/ton (0.35%) from the previous day [1]. - Southern Xinjiang 3128 machine - picked cotton was priced at 14,305 yuan/ton, an increase of 50 yuan/ton (0.35%) from the previous day [1]. - Shandong spot price was 14,676 yuan/ton, unchanged from the previous day [1]. - Hebei spot price was 14,608 yuan/ton, a decrease of 9 yuan/ton (- 0.06%) from the previous day [1]. - The 3128B index was 14,664 yuan/ton, a decrease of 10 yuan/ton (- 0.07%) from the previous day [1]. - The international cotton index M (CNCottonM) was 71.58 cents/pound, an increase of 0.4 cents/pound (0.56%) from the previous day [1]. - Pure cotton combed yarn 32 - count was priced at 20,440 yuan/ton, unchanged from the previous day [1]. - The arrival price of pure cotton combed yarn 32 - count was 21,228 yuan/ton, an increase of 4 yuan/ton (0.02%) from the previous day [1]. - **Spread Data**: - The CF1 - 5 spread was - 55 yuan/ton, an increase of 5 yuan/ton from the previous day [1]. - The spread between Northern Xinjiang 3128 machine - picked cotton and CF601 was 1,140 yuan/ton, unchanged from the previous day [1]. 2. Macro and Industry News - **Domestic Cotton Spot**: Cotton spot trading has slightly weakened. Spinning mills maintain just - in - time procurement. Spot basis is generally stable with a slight downward trend, and some batches still offer slight discounts. The mainstream purchase price of 40% lint percentage machine - picked seed cotton in Northern Xinjiang is stable at 6.0 - 6.1 yuan/kg, with some higher offers around 6.2 yuan/kg [2]. - **Domestic Cotton Textile Enterprises**: The trading atmosphere in the pure cotton yarn market is light, and prices are mainly stable. Low - priced products are selling well. Recently, traders are actively purchasing Xinjiang cotton yarn, while fabric mills are cautious in purchasing, mainly for just - in - time needs. Downstream overall purchasing is low, and the market continues to operate weakly [2]. - **US Cotton**: Yesterday, ICE cotton futures first declined and then rose, mainly fluctuating within the day, and closed slightly lower. The weakening of the US dollar and commercial buying slightly supported ICE cotton [2]

1. Report Industry Investment Rating - No investment rating for the industry is provided in the report. 2. Core View of the Report - The cotton market is expected to experience narrow - range fluctuations in the short term [1]. 3. Summary by Related Catalogs 3.1 Fundamental Tracking - **Futures Data**: The closing price of CF2601 was 13,270 yuan/ton with a daily increase of 0.04%, and the night - session closing price was 13,260 yuan/ton with a decrease of 0.08%. The trading volume was 247,183 lots, a decrease of 10,728 lots from the previous day, and the open interest was 872,239 lots, an increase of 21,496 lots. The closing price of CY2601 was 19,325 yuan/ton with a daily increase of 0.18%, and the night - session closing price was 19,335 yuan/ton with an increase of 0.05%. The trading volume of ICE Cotton No.12 was 63.83 cents/pound with an increase of 0.63% [1]. - **Warehouse Receipt Data**: The number of Zhengzhou cotton warehouse receipts was 2,773, a decrease of 50 from the previous day, and the valid forecast was 96, an increase of 44. The number of cotton yarn warehouse receipts was 0, unchanged from the previous day, and the valid forecast was 6, a decrease of 6 [1]. - **Spot Price Data**: The price of Northern Xinjiang 3128 machine - picked cotton was 14,407 yuan/ton, an increase of 5 yuan from the previous day with a rise of 0.03%. The price of Southern Xinjiang 3128 machine - picked cotton was 14,255 yuan/ton, an increase of 5 yuan from the previous day with a rise of 0.04%. The price in Shandong was 14,676 yuan/ton, a decrease of 82 yuan from the previous day with a decline of 0.56%. The price in Hebei was 14,617 yuan/ton, a decrease of 108 yuan from the previous day with a decline of 0.73%. The 3128B index was 14,674 yuan/ton, a decrease of 81 yuan from the previous day with a decline of 0.55%. The international cotton index M was 71.18 cents/pound, a decrease of 0.04 cents from the previous day with a decline of 0.06%. The price of pure - cotton carded yarn 32s was 20,440 yuan/ton, unchanged from the previous day. The arrival price of pure - cotton carded yarn 32s was 21,224 yuan/ton, a decrease of 30 yuan from the previous day with a decline of 0.14% [1]. - **Spread Data**: The CF1 - 5 spread was - 60 yuan/ton, a decrease of 5 yuan from the previous day. The spread between Northern Xinjiang 3128 machine - picked cotton and CF601 was 1,140 yuan/ton, unchanged from the previous day [1]. 3.2 Macro and Industry News - **Domestic Cotton Spot Situation**: Cotton spot trading was average. Spinning mills maintained just - in - time procurement, and the spot basis was generally stable, with some discounts for old cotton batches. The mainstream purchase price of 40% lint percentage machine - picked seed cotton in Northern Xinjiang was stable at 6.0 - 6.1 yuan/kg, and some higher purchase prices were around 6.2 yuan/kg. The pre - sale basis of 2025/26 Aksu area machine - picked cotton 41 double 29 with impurity within 3 was around CF01 + 900, for delivery before November 30 and self - pick - up in Xinjiang. The sales basis of 2025/26 Agricultural Division 8 machine - picked 41 - grade cotton without light pollution 30/30B with impurity within 3.5 ranged from CF01 + 1200 to 1300. The sales basis of some 22 - grade double 29 cotton in Northern Xinjiang was CF01 + 650 and above, for self - pick - up in Xinjiang. The transaction price of a small amount of 2025/26 Northern Xinjiang machine - picked 4129/29B with impurity between 3 - 3.5 was CF01 + 1000 - 1150, for self - pick - up in Xinjiang [2]. - **Domestic Cotton Textile Enterprises Situation**: The quotation of the pure - cotton yarn market was mainly stable, but the actual transaction price was weak, and the trading atmosphere was somewhat subdued. Current downstream procurement was still mainly for immediate needs, and small and medium - sized traders mostly made back - to - back purchases. Some manufacturers reported that seasonal orders for thick and coarse varieties had improved slightly, while the sales of regular combed yarn were still slow [2]. - **US Cotton Situation**: The ICE cotton futures rebounded slightly yesterday, still affected by the market's sentiment towards the international economic and trade situation and following the overall trend of the bulk commodity market [3]. 3.3 Trend Intensity - The trend intensity of cotton is 0, indicating a neutral situation. The range of trend intensity values is in the [-2, 2] integer interval, with - 2 being the most bearish and 2 being the most bullish [5].

Report Industry Investment Rating - Not provided Core Viewpoints - The short - term trend of cotton is stable, and attention should be paid to the international economic and trade situation [1] - The overall situation of the cotton market is complex, with domestic spot trading showing a certain situation, and the cotton textile enterprise market facing challenges, while ICE cotton maintains a weak trend [1][2][3] Summary by Relevant Catalogs Fundamental Tracking - **Futures Data**: CF2601 closed at 13,265 yuan/ton with a daily decline of 0.26% and a night - session closing price of 13,240 yuan/ton with a decline of 0.19%. CY2601 closed at 19,290 yuan/ton with a daily decline of 0.36% and a night - session closing price of 19,280 yuan/ton with a decline of 0.05%. ICE cotton 12 closed at 63.43 cents/pound with a decline of 0.17%. The trading volume of CF2601 was 257,911 lots, a decrease of 166,826 lots from the previous day, and the open interest was 850,743 lots, an increase of 11,250 lots. The trading volume of CY2601 was 10,684 lots, a decrease of 1,999 lots, and the open interest was 16,412 lots, an increase of 1,045 lots [1] - **Warehouse Receipt Data**: The number of Zheng cotton warehouse receipts was 2,823, a decrease of 44, and the effective forecast was 52, an increase of 21. The number of cotton yarn warehouse receipts was 0, unchanged, and the effective forecast was 6, unchanged [1] - **Spot Price Data**: The price of Beijiang 3128 machine - picked cotton was 14,402 yuan/ton, a decrease of 40 yuan or 0.28% from the previous day. The price of Nanjiang 3128 machine - picked cotton was 14,250 yuan/ton, a decrease of 40 yuan or 0.28%. The price in Shandong was 14,758 yuan/ton, a decrease of 44 yuan or 0.30%. The price in Hebei was 14,725 yuan/ton, a decrease of 31 yuan or 0.21%. The 3128B index was 14,755 yuan/ton, a decrease of 34 yuan or 0.23%. The international cotton index M was 71.22 cents/pound, a decrease of 0.29%. The price of pure - cotton carded yarn 32S was 20,440 yuan/ton, unchanged, and the arrival price was 21,254 yuan/ton, an increase of 21 yuan or 0.10% [1] - **Spread Data**: The CF1 - 5 spread was - 55 yuan/ton, an increase of 5 yuan from the previous day. The spread between Beijiang 3128 machine - picked cotton and CF601 was 1,140 yuan/ton, a decrease of 10 yuan [1] Macro and Industry News - **Domestic Cotton Spot Situation**: Cotton spot trading was fair, and spinning enterprises maintained rigid - demand procurement. The mainstream purchase price of 40% lint percentage machine - picked seed cotton in Beijiang was stable at 6.0 - 6.1 yuan/kg, with some higher offers around 6.2 yuan/kg. There were different price quotes for different grades and regions of cotton [2] - **Domestic Cotton Textile Enterprise Situation**: The new orders in the pure - cotton yarn market were weak, the prices of medium - and low - count yarns were under pressure, and varieties below C40S were generally at a loss. The orders for high - count yarns and differentiated varieties were relatively stable, but the overall situation was still difficult to reverse. Xinjiang maintained a relatively high operating rate due to cost advantages [2] - **US Cotton Situation**: ICE cotton futures first fell and then rose, closing slightly lower. Affected by market sentiment towards international economic and trade situations, the fundamentals of US cotton were still weak. Due to the suspension of the release of fundamental data by the US Department of Agriculture, the market lacked data guidance, and ICE cotton remained weak [3] Trend Intensity - The trend intensity of cotton is 0, indicating a neutral trend [5]

Report Summary 1. Industry Investment Rating - Not provided in the report 2. Core Viewpoints - The price of Xinjiang seed cotton has stabilized, while the spot price of cotton in 2025/26 in Xinjiang has slightly declined compared to before the holiday. The trading atmosphere in the pure - cotton yarn market is average, and the order situation of weaving enterprises is not good after the holiday. ICE cotton futures fell due to lack of fundamental support, a weak technical pattern, a stronger dollar, and falling crude oil prices [2] 3. Summary by Directory 3.1 Fundamental Tracking - **Futures Data**: CF2601 closed at 13,295 yuan/ton yesterday with a 0.61% increase, and 13380 yuan/ton in the night session with a 0.64% increase. CY2511 closed at 19,545 yuan/ton yesterday with a 0.70% increase and 19755 yuan/ton in the night session with a 1.07% increase. ICE US cotton 12 closed at 64.46 cents/pound yesterday with a - 0.74% decrease. The trading volume of CF2601 was 333,284 hands, a decrease of 79,542 compared to the previous day; the trading volume of CY2511 was 2,815 hands, a decrease of 1,999 compared to the previous day [1] - **Warehouse Receipt Data**: The number of Zhengzhou cotton warehouse receipts was 3,030, a decrease of 51 compared to the previous day, and the effective forecast was 11, a decrease of 11. The number of cotton yarn warehouse receipts was 0, with no change [1] - **Spot Price Data**: The price of Northern Xinjiang 3128 machine - picked cotton was 14,492 yuan/ton, unchanged from the previous day; the price of Southern Xinjiang 3128 machine - picked cotton was 14,285 yuan/ton, an increase of 80 yuan/ton compared to the previous day. The 3128B index was 14,739 yuan/ton, a decrease of 20 yuan/ton compared to the previous day. The international cotton index M was 72.43 cents/pound, a decrease of 1 cent compared to the previous day [1] - **Spread Data**: The CF1 - 5 spread was - 50 yuan/ton, a decrease of 20 yuan/ton compared to the previous day; the spread between Northern Xinjiang 3128 machine - picked cotton and CF601 was 1,200 yuan/ton, a decrease of 80 yuan/ton compared to the previous day [1] 3.2 Macro and Industry News - **Domestic Cotton Spot**: Spinning enterprises' willingness to purchase cotton spot is average, mostly buying as they use. The purchase price of Xinjiang seed cotton has stabilized, with the normal moisture purchase price ranging from 6 to 6.2 yuan/kg, and the higher purchase price around 6.2 - 6.3 yuan/kg. The spot fixed - price quotes of Xinjiang cotton in the 2025/26 season have slightly declined compared to before the holiday [2] - **Domestic Cotton Textile Enterprises**: The trading atmosphere in the pure - cotton yarn market is average. During the long holiday, market transactions were weak, and cotton yarn prices were stable with a downward trend. Some spinning enterprises reduced prices for promotion. After the holiday, more weaving enterprises resumed production, but most reported that the in - hand order situation was average, and there was a lack of new orders after the holiday [2] - **US Cotton**: ICE cotton futures fell yesterday. On the one hand, there was a lack of fundamental news to boost ICE cotton, and the technical pattern was weak. On the other hand, it was affected by a stronger dollar and falling crude oil prices [2] 3.3 Trend Intensity - The trend intensity of cotton is 0, indicating a neutral trend [4]