Report Summary 1. Report Industry Investment Rating - No information provided 2. Core Viewpoints - The market has fully priced in the supply pressure of US cotton, and the downward adjustment of global cotton production is a slight positive factor [2] - The overall price of pure - cotton yarn remains stable, with some prices slightly adjusted, and the overall atmosphere is not good [2] - The spot trading of cotton is average, with some low - basis differentials having relatively good transactions [2] 3. Summary by Directory 3.1 Fundamental Tracking - **Futures Data**: CF2601 closed at 13,740 yuan/ton yesterday with a - 0.07% daily increase and 13750 yuan/ton in the night session with a 0.07% increase; CY2603 closed at 19,945 yuan/ton yesterday with a - 0.18% daily increase and 19960 yuan/ton in the night session with a 0.08% increase; ICE US cotton 3 closed at 63.87 cents/pound with a 0.20% increase. The trading volume of CF2601 was 303,883 lots, a decrease of 1,706 from the previous day, and the open interest was 1,050,394 lots, an increase of 6,283. The trading volume of CY2603 was 7,169 lots, a decrease of 1,999 from the previous day, and the open interest was 17,370 lots, an increase of 1,045 [1] - **Warehouse Receipt Data**: The number of Zhengzhou cotton warehouse receipts was 2,749, a decrease of 4 from the previous day, and the valid forecast was 3,321, an increase of 317. The number of cotton yarn warehouse receipts was 12, a decrease of 1, and the valid forecast was 0, an increase of 13 [1] - **Spot Price Data**: The price of Beijiang 3128 machine - picked cotton was 14,586 yuan/ton, a decrease of 20 yuan from the previous day; the price of Nanjiang 3128 machine - picked cotton was 14,613 yuan/ton, a decrease of 20 yuan from the previous day; the price in Shandong was 15,002 yuan/ton, a decrease of 17 yuan from the previous day; the price in Hebei was 14,968 yuan/ton, a decrease of 38 yuan from the previous day. The 3128B index was 14,999 yuan/ton, a decrease of 10 yuan from the previous day. The international cotton index M: CNCottonM was 71.77 cents/pound, a decrease of 0.35% from the previous day. The price of pure - cotton carded yarn 32 - count was 20,800 yuan/ton, unchanged from the previous day; the arrival price of pure - cotton carded yarn 32 - count was 21,059 yuan/ton, an increase of 6 yuan from the previous day [1] - **Spread Data**: The CF1 - 5 spread decreased by 10 yuan/ton from the previous day; the spread between Beijiang 3128 machine - picked cotton and CF601 decreased by 10 yuan/ton from the previous day [1] 3.2 Macro and Industry News - **Domestic Cotton Spot**: Cotton spot trading is average, with some low - basis differentials having relatively good transactions. There are still some basis differentials being adjusted downward, but the amplitude is not large. Under the background of low inventory pressure, high - basis differential goods lack the motivation for significant price cuts, and the fixed - price quotes are relatively stable [2] - **Domestic Cotton Textile Enterprises**: The overall price of pure - cotton yarn remains stable, with some counts having slight price adjustments and the overall atmosphere being not good. A few large spinning enterprises reduce prices to clear inventory for rotor - spun yarn, with the price of OEC32S being reduced by 200. Some spinning enterprises have new orders for low - count yarn, and a few spinning enterprises increase the prices of hot - selling low - count yarn products. Recently, the operating rates of spinning enterprises in the inland and Xinjiang have slightly decreased, the inventory has slightly accumulated, and the prices of conventional yarn products continue to be sluggish [2] - **US Cotton**: ICE cotton futures rose slightly yesterday. Although the USDA raised the production and ending inventory estimates of US cotton for the 2025/26 season again, the market has fully priced in the supply pressure of US cotton, while the downward adjustment of global cotton production (a 400,000 - bale, nearly 10% decrease in the production of West African cotton - producing countries) is a slight positive factor [2] 3.3 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) [4]