Report Industry Investment Rating No relevant content provided. Core Viewpoints - Futures market conditions during the 2025 National Day holiday varied across different sectors. Some commodities showed price increases due to factors like supply disruptions, geopolitical events, and market sentiment, while others faced downward pressure from factors such as supply - demand imbalances and macroeconomic uncertainties [2][4][9] - Different commodities have different risk levels and corresponding operation strategies based on their specific fundamentals, including factors like supply, demand, inventory, and policy expectations [4][5][6] Summary by Category Financial Futures Index Futures - **Risk Level**: ★★ - **Fundamentals**: The US government shutdown, delayed non - farm data, and changes in global political situations affected the market. Domestic holiday travel and movie consumption showed certain trends [4] - **Operation Strategy**: Focus on IF, IC, IM boosted by the 14th Five - Year Plan [4] Treasury Bonds - **Risk Level**: ★★ - **Fundamentals**: The 10 - year treasury bond rate oscillated around 1.8%, with limited capital gain space. Short - end coupon strategies were relatively stable, but there were risks of increased capital fluctuations in the fourth quarter [5] - **Operation Strategy**: Control duration, prioritize dumbbell - shaped allocation, defend at the short - end, and wait for higher odds for long - end trading [5] Precious Metals Gold - **Risk Level**: ★★ - **Fundamentals**: Delayed non - farm data, lower - than - expected ADP employment data, and the US government shutdown risk drove up the risk - aversion sentiment. There were differences in the market's expectation of the year - end interest rate cut, and the US economic data showed a downward trend [6] - **Operation Strategy**: Hold existing long positions and build new long positions on dips after the holiday [6] Silver - **Risk Level**: ★★ - **Fundamentals**: Similar to gold, and there was still room for the gold - silver ratio to repair during the interest rate cut process [7][8] - **Operation Strategy**: Hold existing long positions, and be cautious about opening new positions [8] Non - ferrous Metals Copper - **Risk Level**: ★★★ - **Fundamentals**: Supply was affected by mine accidents and domestic smelter overhauls. Terminal consumption was weak but had potential for improvement. Inventories were at a low level, and domestic policies might be strengthened [9] - **Operation Strategy**: Hold long positions on dips [9] Aluminum - **Risk Level**: ★★ - **Fundamentals**: The Fed cut interest rates as expected, and there was room for domestic LPR adjustment. Alumina supply was generally loose, while electrolytic aluminum supply was stable with limited growth. Demand entered the peak season, and inventory decreased [11] - **Operation Strategy**: Hold long positions and consider the arbitrage strategy of going long on AD and short on AL [12] Nickel - **Risk Level**: ★★ - **Fundamentals**: Indonesia adjusted the RKAB cycle, which brought uncertainty to the nickel ore supply. Nickel remained in an oversupply situation, and the downstream stainless - steel market was weak [13] - **Operation Strategy**: Observe or hold short positions moderately on rallies [13] Tin - **Risk Level**: ★★ - **Fundamentals**: Supply was tightened due to the closure of illegal tin mines in Indonesia. The semiconductor industry was recovering, and inventories were decreasing [15] - **Operation Strategy**: Hold long positions moderately on dips [14][15] Black Building Materials Steel - **Risk Level**: ★★ - **Fundamentals**: During the holiday, steel billet prices were stable, and iron ore futures rose slightly. The current situation was weak in the industry but strong in the macro - aspect, and attention should be paid to the inventory increase after the holiday [16] - **Operation Strategy**: Observe or conduct short - term trading, and pay attention to the support around 3000 for RB2601 [16] Iron Ore - **Risk Level**: ★★ - **Fundamentals**: Steel mills' profitability was at a relatively high level, and short - term negative feedback was unlikely. The key was whether steel demand could support the high iron - making water output [18] - **Operation Strategy**: Observe or conduct short - term trading [18] Glass - **Risk Level**: ★★ - **Fundamentals**: Market sentiment was boosted by news and price increases of some manufacturers. Supply was stable, demand was in the peak season, and inventories were decreasing [20] - **Operation Strategy**: Maintain the long strategy for the 01 contract, hold existing long positions, and open new long positions on dips, paying attention to the support at 1160 - 1200 [22] Coking Coal and Coke - **Risk Level**: ★★ - **Fundamentals**: Some coal mines in Shanxi had short - term production suspensions, and Mongolian coal imports were expected to increase after the holiday. The first round of coke price increase was implemented, but the second round failed [23] - **Operation Strategy**: Wait and pay attention to the new round of industrial inventory transfer after the holiday [23] Energy and Chemicals Crude Oil - **Risk Level**: ★★ - **Fundamentals**: Geopolitical disturbances did not have a substantial impact on supply. The "supply increase and demand decrease" situation persisted, and prices were under pressure during the holiday [25] - **Operation Strategy**: Consider the market as weak and oscillating [25] PVC - **Risk Level**: ★ - **Fundamentals**: Cost was at a low - profit level, supply was high, and demand was affected by the real - estate market and export policies [27] - **Operation Strategy**: No specific strategy provided in the text Caustic Soda - **Risk Level**: ★ - **Fundamentals**: Focus on post - holiday inventory accumulation. Supply was affected by upstream inventory and liquid chlorine, and demand was increasing marginally [28] - **Operation Strategy**: Consider the market as oscillating, and pay attention to the range of 2450 - 2650 for the 01 contract [28] Urea - **Risk Level**: ★★ - **Fundamentals**: Supply increased, agricultural demand was scattered, and inventory was accumulating. The supply - demand pattern of compound fertilizers improved slightly [31] - **Operation Strategy**: Observe the support at 1600 - 1630 for the 01 contract and the positive arbitrage opportunity after the 1 - 5 spread weakens further [31] Methanol - **Risk Level**: ★★ - **Fundamentals**: Supply increased, the demand of the main downstream (methanol - to - olefins) was strong, and inventories were decreasing [33] - **Operation Strategy**: Conduct range trading, and pay attention to the range of 2330 - 2450 for the 01 contract [33] Soda Ash - **Risk Level**: ★ - **Fundamentals**: Supply was abundant, downstream demand was weak, and upstream faced inventory accumulation pressure after the holiday [35] - **Operation Strategy**: Without policy support, the market may weaken PTA - **Risk Level**: ★★★ - **Fundamentals**: The market changed little during the holiday. After - holiday maintenance of some devices and slow recovery of downstream weaving affected the inventory situation. Cost - end oil prices declined [36] - **Operation Strategy**: The price may oscillate between 4500 - 4800, and producers should conduct hedging on rallies in the fourth quarter [36] Agricultural Products Cotton and Cotton Yarn - **Risk Level**: ★★ - **Fundamentals**: Cotton purchase prices were stable during the holiday. Due to the US government shutdown, US cotton data was suspended, and price fluctuations were small [39] - **Operation Strategy**: Conduct selling hedging on rallies [39] Live Pigs - **Risk Level**: ★★ - **Fundamentals**: Pig prices declined during the holiday due to oversupply. In the long - term, supply will increase before May next year, and prices will be under pressure [40] - **Operation Strategy**: The futures market is expected to open lower. Adopt a long - term short - selling strategy for 11, 01, 03, 05 contracts, be cautious about bottom - fishing for 07, 09 contracts, and pay attention to the arbitrage of going long on 05 and short on 03 [41] Corn - **Risk Level**: ★ - **Fundamentals**: New - season corn prices declined due to concerns about quality and increased supply. Demand was weak in the short - term but had potential for recovery in the long - term [43] - **Operation Strategy**: Adopt a short - selling strategy on the futures market, and wait for rallies to enter short positions [43] Eggs - **Risk Level**: ★★★ - **Fundamentals**: Egg prices were weak during the holiday. Supply growth slowed down, but there was still pressure. There was replenishment demand after the holiday, but prices were under pressure in the long - term [45] - **Operation Strategy**: Hold short positions for the 11 - month contract. Be cautious about short - selling the 12 and 01 contracts, and wait for rallies to enter short positions [46] Meal - **Risk Level**: ★★ - **Fundamentals**: CBOT soybeans rose slightly during the holiday. Domestic soybean supply was expected to be loose in the fourth quarter, and soybean meal inventory was increasing. Prices were expected to rise slightly in November [48] - **Operation Strategy**: Hold long positions on dips and reduce positions on rallies for M2601, and pay attention to the support at 2900 - 2930 [48] Oils - **Risk Level**: ★★★ - **Fundamentals**: Palm oil and soybean oil prices rose slightly during the holiday. Malaysian palm oil exports were strong, and there was a possibility of inventory reduction. Domestic oil inventories were high in the short - term [50] - **Operation Strategy**: Adopt a long - buying strategy on dips for 01 contracts of palm, soybean, and rapeseed oils, and pay attention to the positive arbitrage of the rapeseed - soybean oil price spread [50]

1. Report Industry Investment Rating - No information provided in the report. 2. Core View of the Report - The sentiment in the cotton market has cooled down, leading to a correction in Zhengzhou cotton futures. The ICE cotton futures also dropped nearly 1% due to the strengthening of the US dollar and the overall weakness of bulk agricultural products [1][3]. 3. Summary by Relevant Catalogs 3.1 Fundamental Tracking - **Futures Data**: CF2509 closed at 13,925 yuan/ton with a daily decline of 1.07% and a night - session decline of 0.39%. CY2509 closed at 19,995 yuan/ton with a daily decline of 1.19% and a night - session decline of 0.25%. ICE cotton 12 was at 67.66 cents/pound with a decline of 0.94%. Trading volume and positions of some futures contracts decreased [1]. - **Spot Data**: The prices of most domestic cotton and cotton yarn spot products decreased. For example, the price of North Xinjiang 3128 machine - picked cotton dropped by 150 yuan/ton to 15,232 yuan/ton, and the price of South Xinjiang 3128 machine - picked cotton also dropped by 150 yuan/ton to 14,910 yuan/ton [1]. - **Warehouse Receipt and Forecast Data**: The number of Zhengzhou cotton warehouse receipts decreased by 70 to 9,156, and the effective forecast decreased by 2 to 348. The number of cotton yarn warehouse receipts remained unchanged at 91, and the effective forecast increased by 91 to 91 [1]. - **Spread Data**: The CF9 - 1 spread was - 100 yuan/ton, a decrease of 110 yuan/ton compared with the previous day. The spread between North Xinjiang 3128 machine - picked cotton and CF509 was 1,310 yuan/ton, unchanged from the previous day [1]. 3.2 Macro and Industry News - **Domestic Cotton Spot**: The trading of domestic cotton spot improved slightly. Some spinning mills that locked in the basis earlier carried out point - pricing. The sales basis of some cotton in South Xinjiang and North Xinjiang was relatively high [2]. - **Domestic Cotton Textile Enterprises**: The trading in the pure - cotton yarn market was average, with downstream purchases mainly for rigid demand. Spinning mills maintained firm prices. The cotton fabric market was still sluggish, and the sales of grey cloth were worse than before as cotton prices declined [2]. - **US Cotton**: The ICE cotton futures dropped nearly 1% due to the strengthening of the US dollar and the overall weakness of bulk agricultural products [3]. 3.3 Trend Intensity - The trend intensity of cotton is 0, indicating a neutral trend [4].

1. Report Industry Investment Ratings - All three industries (cotton, sugar, and pulp) are rated as neutral [2][5][8] 2. Core Views of the Report - The global cotton market in the 25/26 season will be in a pattern of loose supply, and the new - year cotton price is expected to be under pressure in the medium - to - long term, although the short - term trend of Zhengzhou cotton is oscillating strongly [2] - The short - term trend of Zhengzhou sugar is expected to oscillate weakly in a range, and the medium - to - long term view is to sell short on rallies. The import volume in July - August is expected to increase, which will limit the upside space [5] - The short - term macro - favorable factors boost the pulp price, but the supply - demand contradiction is difficult to ease, and the pulp price may be difficult to break away from the bottom in the short term [8] 3. Summary by Related Catalogs Cotton Market News and Important Data - Futures: The closing price of the cotton 2509 contract yesterday was 13,850 yuan/ton, down 25 yuan/ton (-0.18%) from the previous day [1] - Spot: The Xinjiang arrival price of 3128B cotton was 15,286 yuan/ton, up 4 yuan/ton, with a spot basis of CF09 + 1436, up 29 from the previous day; the national average price was 15,302 yuan/ton, up 7 yuan/ton, with a spot basis of CF09 + 1452, up 32 from the previous day [1] - As of July 13, the budding rate of cotton in 15 major cotton - growing states in the US was 61%, 1 percentage point slower than last year and 1 percentage point slower than the five - year average; the boll - setting rate was 23%, 3 percentage points slower than last year and 1 percentage point slower than the five - year average; the good - to - excellent rate was 54%, 9 percentage points higher than last year and 8 percentage points higher than the five - year average [1] Market Analysis - International: The July USDA supply - demand report raised the global cotton production and ending stocks, with a bearish adjustment direction. The 25/26 global cotton market will be in a loose supply pattern. The USDA raised the new US cotton production, and the new - year US cotton balance sheet is difficult to improve significantly [2] - Domestic: The domestic cotton commercial inventory is being depleted rapidly, and the short - term expectation of tight supply at the end of the year supports Zhengzhou cotton. However, the domestic cotton planting area is stable with a slight increase, the new cotton is growing well, and the demand in the off - season is weak, so the continuous upward space of Zhengzhou cotton is restricted. In the medium - to - long term, the concentrated listing of new cotton in the fourth quarter will suppress cotton prices [2] Strategy - Maintain a neutral stance. Although the short - term trend of Zhengzhou cotton is oscillating strongly, the new - year cotton market will be in a pattern of oversupply, and the medium - to - long term cotton price is expected to be under pressure [2] Sugar Market News and Important Data - Futures: The closing price of the sugar 2509 contract yesterday was 5,802 yuan/ton, down 15 yuan/ton (-0.26%) from the previous day [2] - Spot: The spot price of sugar in Nanning, Guangxi was 6,060 yuan/ton, unchanged from the previous day, with a spot basis of SR09 + 258, up 15 from the previous day; the spot price in Kunming, Yunnan was 5,905 yuan/ton, unchanged from the previous day, with a spot basis of SR09 + 103, up 15 from the previous day [2] - As of the second half of June in the 2025/26 sugar - crushing season, the cumulative cane crushing volume in the central - southern region of Brazil was 206.198 million tons, a year - on - year decrease of 14.06%; the ATR of cane was 122.19 kg/ton, a year - on - year decrease of 6.14 kg/ton; the cumulative sugar - making ratio was 51.02%, a year - on - year increase of 2.33%; the cumulative ethanol production was 9.425 billion liters, a year - on - year decrease of 14.81%; the cumulative sugar production was 12.249 million tons, a year - on - year decrease of 14.25% [3] Market Analysis - International: The current market is optimistic about the supply prospects of major sugar - producing countries in the 25/26 sugar - crushing season. The long - term raw sugar price is under downward pressure, but there is a possibility of a short - term oversold rebound [4] - Domestic: The sales and production progress of domestic sugar in this sugar - crushing season is fast, and the industrial inventory has dropped to a historical low, making the spot price relatively firm. However, the rebound of the import profit after the quota due to the weakening of the external market, and the expected increase in imports in July - August will limit the upside space of Zhengzhou sugar [5] Strategy - Maintain a neutral stance. The short - term trend of Zhengzhou sugar is expected to oscillate weakly in a range. It is recommended to sell high and buy low in the range. The medium - to - long term view is to sell short on rallies, and focus on the arrival rhythm of imported sugar [5] Pulp Market News and Important Data - Futures: The closing price of the pulp 2509 contract yesterday was 5,262 yuan/ton, up 18 yuan/ton (+0.34%) from the previous day [6] - Spot: The spot price of Chilean Arauco silver star softwood pulp in Shandong was 5,950 yuan/ton, unchanged from the previous day, with a spot basis of SP09 + 688, down 18 from the previous day; the spot price of Russian softwood pulp (Ural and Bratsk) in Shandong was 5,215 yuan/ton, unchanged from the previous day, with a spot basis of SP09 - 47, down 18 from the previous day [6] - The spot price of imported wood pulp was generally stable, with some pulp types showing price increases due to sellers' reluctance to sell at low prices. The prices of some softwood pulp grades in Shandong, Jiangsu, Zhejiang, Shanghai, Guangdong, Northeast China, Henan, and Hebei dropped by 10 - 50 yuan/ton; the prices of some hardwood pulp grades in Shandong, Jiangsu, Zhejiang, Shanghai, Northeast China, Hebei, and Henan increased by 20 - 50 yuan/ton; the supply - demand of imported natural pulp and chemimechanical pulp changed little, and the prices were stable [6] Market Analysis - Supply: The import volume of wood pulp increased year - on - year in the first half of 2025, and the cumulative year - on - year increase in hardwood pulp imports was relatively large. The import volume of wood pulp is expected to decline in the second half of the year, but the port inventory is high, and the supply pressure in the second half of the year still exists, with hardwood pulp being more abundant than softwood pulp [7] - Demand: The pulp consumption in Europe and the US has been weak this year, and the global pulp mill inventory pressure is emerging. The domestic demand is weak due to the traditional off - season, the inventory pressure of finished paper is rising, and the paper mills' raw material procurement is cautious. The terminal demand improvement in the second half of the year is limited, and attention should be paid to whether the demand can pick up in the fourth quarter [7] Strategy - Maintain a neutral stance. The short - term macro - favorable factors boost the pulp price, but the supply - demand contradiction is difficult to ease, and the pulp price may be difficult to break away from the bottom in the short term [8]

Report Summary 1. Report Industry Investment Rating No information provided on the report industry investment rating. 2. Core View of the Report The demand continues to limit the rebound momentum of Zhengzhou cotton futures [1]. 3. Summary by Relevant Catalogs 3.1 Fundamental Tracking - **Futures Data**: The closing price of CF2509 was 12,950 yuan/ton with a daily decline of 0.31%, and the night - session closing price was 12,880 yuan/ton with a decline of 0.54%. The trading volume was 276,902 lots, an increase of 22,870 lots from the previous day, and the open interest was 760,649 lots, a decrease of 12,543 lots. For CY2507, the closing price was 18,920 yuan/ton with a daily decline of 0.08%, and the night - session closing price was 18,870 yuan/ton with a decline of 0.26%. The trading volume was 2,949 lots, a decrease of 1,999 lots from the previous day, and the open interest was 22,279 lots, an increase of 1,045 lots. The closing price of ICE US cotton 07 was 67.56 cents/pound with a decline of 1.66% [1]. - **Warehouse Receipt Data**: The number of Zhengzhou cotton warehouse receipts was 10,479, a decrease of 76 from the previous day, and the valid forecast was 1,960, an increase of 22. The number of cotton yarn warehouse receipts was 10, unchanged from the previous day, and the valid forecast was 1, an increase of 10 [1]. - **Spot Price Data**: The price of Beijiang 3128 machine - picked cotton was 14,028 yuan/ton, a decrease of 40 yuan from the previous day, a decline of 0.28%. The price of Nanjiang 3128 machine - picked cotton was 13,830 yuan/ton, a decrease of 40 yuan from the previous day, a decline of 0.29%. The price in Shandong was 14,314 yuan/ton, an increase of 28 yuan from the previous day, an increase of 0.20%. The price in Hebei was 14,350 yuan/ton, an increase of 33 yuan from the previous day, an increase of 0.23%. The 3128B index was 14,244 yuan/ton, an increase of 10 yuan from the previous day, an increase of 0.07%. The international cotton index M was 77.21 cents/pound, a decrease of 0.46% from the previous day. The price of pure - cotton carded yarn 32 - count was 20,490 yuan/ton, unchanged from the previous day. The arrival price of pure - cotton carded yarn 32 - count was 22,402 yuan/ton, an increase of 55 yuan from the previous day, an increase of 0.25% [1]. - **Spread Data**: The CF9 - 1 spread was - 205 yuan/ton, an increase of 30 yuan from the previous day. The spread between Beijiang 3128 machine - picked cotton and CF509 was 1,080 yuan/ton, unchanged from the previous day [1]. 3.2 Macro and Industry News - **Domestic Cotton Spot Situation**: The overall trading of domestic cotton spots was still weak. Some replenished stocks before the holiday. The sales basis of Nanjiang cotton was relatively weaker than that of Beijiang, and there were new low - basis spot goods locally. For example, the sales basis of 2024/25 Nanjiang Kashi machine - picked 3129/29B with impurity within 3.5 was mostly at CF09 + 800 or above, and a small number of the same - quality low - price ones were at CF09 + 700 - 800, for self - pick - up in Xinjiang. For 2024/25 Nanjiang machine - picked 3129/29 - 30B with impurity within 3, the sales basis was mostly at CF09 + 1300 - 1400 or above, and a small number of the same - quality low - price ones were around CF09 + 1250, for self - pick - up in the inland. For 2024/25 Beijiang local machine - picked 4129/29 - 30B with impurity between 3 - 3.5, some transaction bases were at CF09 + 950 - 1050, for self - pick - up in Xinjiang [2]. - **Domestic Cotton Textile Enterprises Situation**: The pure - cotton yarn market was generally weak, with poor trading. The market entered the off - season, and the order situation was not good. Spinning enterprises mostly negotiated for sales. Pure - cotton grey fabrics gradually entered the off - season, the market sentiment was weak, the shipment volume of regular varieties declined, and the inventory of weaving factories gradually increased. Currently, some weaving factories still had small orders to maintain production, but weaving factories in Shandong and Hebei said that it was difficult to get subsequent orders. Some weaving factories planned to have a holiday during the May Day [2]. - **US Cotton Situation**: ICE cotton fell yesterday due to the improvement of weather conditions in the main US cotton - producing areas. As of the week ending April 27, the US cotton planting rate was 15%, compared with 11% in the previous week, 14% in the same period last year, and the 5 - year average of 14% [3]. 3.3 Trend Intensity The trend intensity of cotton is 0, indicating a neutral trend [5].

Report Summary 1) Report Industry Investment Rating No relevant content provided. 2) Core View of the Report The demand will still limit the rebound momentum of Zhengzhou cotton futures [1]. 3) Summary according to Relevant Catalogs [Fundamental Tracking] - **Futures Data**: CF2509 closed at 12,990 yuan/ton yesterday with no daily increase, and 13,005 yuan/ton in the night session with a 0.12% increase. CY2507 closed at 18,935 yuan/ton yesterday with a -0.21% decrease, and 18,955 yuan/ton in the night session with a 0.11% increase. ICE cotton 07 closed at 68.7 cents/pound yesterday with a -0.65% decrease [1]. - **Trading Volume and Open Interest**: The trading volume of CF2509 was 254,032 lots yesterday, a decrease of 2,112 lots from the previous day, and the open interest was 773,192 lots, a decrease of 7,911 lots. The trading volume of CY2507 was 4,278 lots yesterday, a decrease of 1,999 lots, and the open interest was 22,233 lots, an increase of 1,045 lots [1]. - **Warehouse Receipts**: The number of Zhengzhou cotton warehouse receipts was 10,555 yesterday, an increase of 216, and the effective forecast was 1,938, a decrease of 239. The number of cotton yarn warehouse receipts was 10, unchanged, and the effective forecast was 0, an increase of 10 [1]. - **Spot Prices**: The price of Northern Xinjiang 3128 machine - picked cotton was 14,068 yuan/ton, unchanged from the previous day. The price of Southern Xinjiang 3128 machine - picked cotton was 13,870 yuan/ton, unchanged. The price in Shandong was 14,285 yuan/ton, an increase of 17 yuan or 0.12%. The price in Hebei was 14,241 yuan/ton, an increase of 17 yuan or 0.12%. The 3128B index was 14,224 yuan/ton, an increase of 36 yuan or 0.25% [1]. - **Price Spreads**: The CF9 - 1 spread was - 235 yuan/ton, an increase of 5 yuan from the previous day. The spread between Northern Xinjiang 3128 machine - picked cotton and CF509 was 1,080 yuan/ton, unchanged [1]. [Macro and Industry News] - **Domestic Cotton Spot**: Cotton spot trading remained sluggish, market quotations decreased slightly, and the quoted prices in different regions varied greatly. The spot sales basis was stable. The sales basis of 2024/25 Southern Xinjiang machine - picked 3129/29 - 30B with impurities within 3 was mainly CF09 + 750 - 800, and some were as high as 900 - 1000, for self - pickup in Xinjiang. The basis of some transactions of 2024/25 Agricultural Division 8 machine - picked 4129/29B with impurities within 3.5 was around CF09 + 1200, for self - pickup in Xinjiang. The freight for cotton transported out of Xinjiang by truck was basically stable [2]. - **Domestic Cotton Textile Enterprises**: The trading volume in the pure cotton yarn market was poor, downstream orders were insufficient, and procurement decreased. Spinning mills' operating rates declined, and the number of holidays increased recently. The price of cotton yarn gradually decreased. The weakness of pure cotton grey fabric continued recently, the shipment slowed down significantly, and the shipment volume declined. Weaving mills purchased based on sales, and their procurement enthusiasm was not high. New orders for weaving mills were insufficient, and the production of conventional varieties increased [2]. - **US Cotton**: Last Friday, ICE cotton first rose and then fell. Driven by technical buying in the Asian trading session, ICE cotton once reached 69.75 cents/pound. However, due to poor US cotton export data and favorable weather in the main producing areas, and the lack of fundamental drivers, ICE cotton finally closed at 68.7 cents/pound [3]. [Trend Intensity] The trend intensity of cotton is 0, indicating a neutral trend [5].