1. Report Industry Investment Rating - The investment rating for the stock index market is "Oscillation" [1] 2. Core Viewpoints of the Report - Last week, the stock index market rebounded due to the cease - fire between Iran and Israel, which restored global risk appetite, and the fermentation of concepts like "Stability Ratio + Military Parade". The small and medium - cap growth sectors led the market, and the financial and growth styles performed well. The gains of the four major broad - based indices were: CSI 1000 (+4.62%) > CSI 500 (+3.98%) > SSE 50 (+1.27%) [1]. - In the US stock market, the three major indices all closed in the green last week, with the Nasdaq rising 4.25% [1]. - From the perspective of Shenwan's primary industry classification, most sectors rose last week. Computer (+7.70%) and National Defense and Military Industry (+6.90%) led the gains, while Petroleum and Petrochemicals (-2.07%) and Food and Beverage (-0.88%) lagged [2]. - The trading volume of A - shares increased last week, indicating a restart of investors' trading enthusiasm, but it was still at a neutral - to - bullish level in the short term. After continuous low - volatility periods, the market sentiment broke through last week, with the four major broad - based indices generally surpassing their May highs, showing stronger short - term (daily) bullish sentiment. However, the upward momentum weakened on Thursday and Friday [2]. - The fundamental logic behind the stock index has not changed. The short - term rise is just a manifestation of lingering sentiment, and it is difficult to form a trend - based upward force. This week, the short - term daily bullish power has strengthened, and the market can be regarded as having a relatively strong oscillation. Given that the technical indicators are at high levels and the imagination space of recent themes is limited, it is expected to be difficult to break through the March high. It is recommended that investors can choose short - term long positions within the day or continue to wait and see [2]. - In the derivatives market, the discount of stock index futures has rapidly converged. Currently, the annualized discount rates of the current - quarter contracts of IC and IM have reached 8% and 10% respectively, and it is expected that the convergence speed will slow down. Long positions as substitutes for long - term index investment in futures can be held [2]. 3. Summary According to the Table of Contents 3.1 Last Week's Stock Index Operation 3.1.1 International Risk Preference Restoration and General Rise of Global Stock Indices - The stock index market rebounded last week. The reasons were the cease - fire between Iran and Israel, which restored global risk appetite, and the fermentation of concepts like "Stability Ratio + Military Parade". The small and medium - cap growth sectors led the market, and the financial and growth styles performed well. Among the four major broad - based indices, CSI 1000 (+4.62%) > CSI 500 (+3.98%) > SSE 50 (+1.27%) [8]. - Overseas, the easing of the Middle East situation and the restart of interest - rate cut expectations led to a general recovery of global risk assets. In the US stock market, the three major indices all closed in the green last week, with the Nasdaq rising 4.25% [8]. 3.1.2 Computer and National Defense and Military Industry Leading the Gains, and Trading Volume Larger than the Previous Week - From the perspective of Shenwan's primary industry classification, most sectors rose last week. Computer (+7.70%) and National Defense and Military Industry (+6.90%) led the gains, while Petroleum and Petrochemicals (-2.07%) and Food and Beverage (-0.88%) lagged [9]. - In terms of capital flow, the trading volume of A - shares increased last week, with the highest reaching over 16 trillion yuan during the week. Investors' trading enthusiasm restarted, and it was still at a neutral - to - bullish level in the short term [9]. 3.1.3 Continued Convergence of Futures Discount and Fluctuation of Option Volatility - In the futures market, the basis (spot - futures) of each futures contract continued to decline last week. Currently, the annualized discount rates of the current - quarter contracts of IC and IM have reached 8% and 10% respectively, and it is expected that the convergence speed will slow down. In operation, short - term investors can choose short - term long positions within the day or continue to wait and see. For monthly operations, the band - trading idea should be maintained. Long positions as substitutes for long - term index investment in futures can be held [10]. - In the options market, the implied volatility of stock index options first rose and then fell last week. The IV of the at - the - money contracts of SSE 300 Index Options reached up to 15% during the week and dropped to 13% at the end of the week. It is expected that the volatility will mainly oscillate at a low level in the short term. The previous short - term double - selling positions can take profits and exit. After a second wave of rising volatility, investors can re - enter the market [10]. 3.2 Fundamental Factors and Outlook for the Future 3.2.1 The Central Bank's Net Injection of 136.72 Billion Yuan in the Open Market Last Week - In terms of inter - bank liquidity, the central bank achieved a net injection of 136.72 billion yuan in the open market last week. It conducted 202.75 billion yuan of open - market reverse repurchase operations and 30 billion yuan of MLF operations, with a total reverse - repurchase maturity amount of 96.03 billion yuan [71]. - In terms of inter - bank interest rates, the interest rates of various tenors increased slightly last week. The overnight Shibor rose 0.30bp, the one - week Shibor rose 13.90bp, the two - week Shibor rose 3.60bp, R001 rose 1.22bp, R007 rose 32.91bp, and R014 rose 8.89bp [71]. 3.2.2 Maintaining the Idea of an Oscillating Market - After continuous low - volatility periods, the market sentiment broke through last week, with the four major broad - based indices generally surpassing their May highs, indicating stronger short - term (daily) bullish sentiment [72]. - However, the upward momentum weakened on Thursday and Friday, with indicators such as trading volume and volatility showing varying degrees of decline. The fundamental logic behind the stock index has not changed. The short - term rise is just a manifestation of lingering sentiment, and it is difficult to form a trend - based upward force [72]. - This week, the short - term daily bullish power has strengthened, and the market can be regarded as having a relatively strong oscillation. Given that the technical indicators are at high levels and the imagination space of recent themes is limited, it is expected to be difficult to break through the March high. It is recommended that investors can choose short - term long positions within the day or continue to wait and see. In the derivatives market, the discount of stock index futures has rapidly converged. Currently, the annualized discount rates of the current - quarter contracts of IC and IM have reached 8% and 10% respectively, and it is expected that the convergence speed will slow down. Long positions as substitutes for long - term index investment in futures can be held [72]. 3.3 Economic Data and Financial Event Forecast 3.3.1 Announcement of Macroeconomic Data - The report mentions the announcement of macroeconomic data, but specific details are not provided [100]. 3.3.2 Key Financial Events - There are no major financial events. Specific events include: the release of the official manufacturing PMI for June at 09:30 on June 30; the release of the US manufacturing PMI for June at 22:00 on July 1; the release of the US unemployment rate and non - farm payrolls for June at 20:30 on July 3; and the release of the US non - manufacturing PMI for June at 22:00 on July 3 [101].

商品研究 | 走势评级: | 自糖 | 震荡 | | --- | --- | --- | | | 棉花- | 震荡 | 张秀峰—分析师 从业资格证号：F0289189 投资咨询证号：Z0011152 联系电话：0571-28132619 邮箱：zhangxiufeng@cindasc.com 期货研究报告 消费淡季来临，棉花盘整为主 [T报ab告le日_R期ep：ortDate] 2025-06-30 报告内容摘要: [Table_Summary] 白糖：2024/25 年度的食糖生产已圆满结束。根据中国糖业协会的统计， 截至 5 月底，全国累计产糖达到 1116 万吨，同比增长 120 万吨；累计销糖 811 万吨，同比增长 152 万吨；销售进度为 72.7%，比去年同期加快了 6.5 个百分点。自 5 月以来，广西的降水缓解了之前的旱情，而云南的降雨量也 高于往年同期，这对甘蔗的生长十分有利。尽管内蒙古的甜菜播种因低温有 所延迟，但近期光照和温度条件的改善使甜菜的生长恢复良好，新疆的甜菜 生长情况总体也较好。在国际市场方面，预计 2025/26 年度的主要产糖国印 度将增产，而巴西的干旱影响相对有限，全 ...

Report Information - Report Title: Commodity Futures Quantitative Report - Date: June 29, 2025 - Researcher: Chen Weiwen - Contact Information: Phone 0571 - 28132619, Email chenweiwen@cindasc.com [1] 1. Industry Investment Rating - No investment rating information is provided in the report. 2. Core Viewpoints - This week, the overall performance of commodity futures is mixed, with significant differences in the rise and fall of various sectors and varieties. The total commodity positions slightly decreased this week. The market is in a stage of stock - fund game, and there are differences in the short - term trends of different varieties [4][7][8]. 3. Summary by Directory 3.1 Plate Rise and Fall - Wind Commodity Index fell 1.01%, Wind Precious Metals Index fell 1.06%, Wind Non - ferrous Metals Index rose 3.98%, Wind Coking Coal and Steel Ore Index rose 2.24%, Wind Energy Index fell 11.01%, Wind Chemical Index fell 2.27%, Wind Non - metallic Building Materials Index rose 1.08%, Wind Oilseeds and Oils Index fell 3.58%, Wind Soft Commodities Index rose 0.76%, Wind Grain Index fell 0.81%, and Wind Agricultural and Sideline Products Index rose 1.49% [4] 3.2 Variety Rise and Fall - This week, the rise and fall of varieties are different. Industrial Silicon Index soared 8.48%, Lithium Carbonate Index rose 7.16%, Coking Coal Index rose 6.99%, Polysilicon Index rose 5.92%, Red Date Index rose 4.83%, Crude Oil Index plunged 12.21%, Fuel Oil Index plunged 10.89%, Low - sulfur Fuel Oil Index plunged 8.5%, Rapeseed Index fell 5.97%, and LPG Index fell 5.69% [7] 3.3 Strategy Signals - From the perspective of position, the total commodity positions slightly decreased this week. Red dates, pulp, Shanghai Tin, Rapeseed Meal, Coking Coal and other varieties had a relatively high increase in positions. Currently, the position percentiles of Coking Coal, Red Dates, Hot - rolled Coil, Soybean Meal, and Shanghai Copper are above 90%. - From the perspective of volatility, the volatility percentiles of Crude Oil, Fuel Oil and other varieties are above 90%, while those of Shanghai Lead, Apple, Stainless Steel, Corn, Sugar, Hot - rolled Coil, Cotton, Rebar, Shanghai Nickel, Iron Ore, and Live Pigs are below 10%. - From the perspective of basis, Red Dates, Polyethylene, Pulp, Glass, Shanghai Zinc and other futures have a large discount, while Coke, Eggs and other futures have a large premium. - Key varieties to focus on recently: Red Dates, Pulp, Cotton, Shanghai Copper, Coking Coal [8] 3.4 Fund Tracking - In terms of precipitation funds, varieties with more precipitation funds this week are Shanghai Gold, Shanghai Copper, Shanghai Silver, Soybean Meal, and Iron Ore, indicating a greater long - term interest from the market. Varieties with less precipitation funds are Early Indica Rice, Common Wheat, Strong Gluten Wheat, Late Indica Rice, and Steam Coal, indicating a smaller long - term interest from the market. - In terms of fund flow, the market is in a stage of stock - fund game this week. Varieties with the largest fund inflows are Shanghai Copper, Coking Coal, Cotton, Shanghai Tin, and Pulp, indicating increased short - term differences in the market for these varieties and potential large - scale market movements. Varieties with the largest fund outflows are Shanghai Gold, Rapeseed Oil, PTA, Soybean Meal, and Shanghai Nickel, indicating reduced short - term differences in the market for these varieties and a lower possibility of large - scale market movements [9] 3.5 Member Positions - Varieties with consistent long net positions this week are Shanghai Gold, Shanghai Copper, Shanghai Tin, Asphalt, Palm Oil, Soybean Oil, and Cotton, indicating a long - term bullish view on these varieties. - Varieties with consistent short net positions this week are Glass, Soda Ash, PVC, Methanol, Short Fibre, Rubber, and Live Pigs, indicating a long - term bearish view on these varieties. - Varieties with consistent net position changes turning long this week are Shanghai Copper, Shanghai Nickel, Shanghai Tin, Shanghai Zinc, Coking Coal, Soda Ash, 20 - grade Rubber, and Peanuts, indicating a short - term bullish view on these varieties. - Varieties with consistent net position changes turning short this week are Fuel Oil, Styrene, Methanol, Short Fibre, PTA, Urea, Soybean Meal, Red Dates, and Corn Starch, indicating a short - term bearish view on these varieties [10]

Industry Investment Rating - The trend rating for coke is "sideways", and for coking coal is also "sideways" [1] Core Viewpoints - The end of the Iran-Israel conflict and the potential for a further Sino-US trade agreement in the near future are releasing external disturbance risks. Coking coal will return to its own logic. The short - term recommendation is to hold a light long position in J09 and gradually increase the position [5] - For coking coal, the spot price is stabilizing, and trading volume is gradually picking up. The start - up of mines and coal washing plants is increasing. For coke, the fourth round of spot price cuts has been implemented, and there is little room for further cuts. With the strengthening of coking coal, the cost support is gradually transmitted to coke, and the supply - demand margin of coke is improving [5] Summary by Directory Coking Coal Related Information - On June 26, White House officials stated that the US and China had reached an understanding on how to speed up the transportation of rare earths to the US [1] Spot and Futures - The price of Mongolian 5 main coking coal is reported at 868 yuan/ton (unchanged), the active contract is reported at 804.5 yuan/ton (+20.5), the basis is 83.5 yuan/ton (-20.5), and the 9 - 1 month spread is - 43 yuan/ton (+0.5) [1] Supply and Demand - The resumption of production at the mine end and the reduction of the capacity utilization rate of coking enterprises. The starting rate of 523 mines is reported at 84.49% (+0.78), the starting rate of 110 coal washing plants is reported at 61.34% (+3.2), and the productivity of 230 independent coking enterprises is reported at 73.42% (-0.54) [2] Inventory - Upstream inventory accumulates, and downstream inventory decreases. The clean coal inventory of 523 mines is reported at 499.15 million tons (+13.11), the clean coal inventory of coal washing plants is 237.39 million tons (-14.08), the inventory of 247 steel mills is 774.66 million tons (+0.68), the inventory of 230 coking enterprises is 665.65 million tons (-3.88), and the port inventory is 303.31 million tons (-8.71) [2] Coke Spot and Futures - The fourth round of spot price cuts has been implemented. The price of quasi - first - class coke at Tianjin Port is reported at 1220 yuan/ton (unchanged), the active contract is reported at 1387.5 yuan/ton (+36), the basis is - 76 yuan/ton (-36), and the 9 - 1 month spread is - 40.5 yuan/ton (+7.5) [3] Supply and Demand - Supply decreases, and demand slightly rebounds. The productivity of 230 independent coking enterprises is reported at 73.42% (-0.54), the capacity utilization rate of 247 steel mills is reported at 90.79% (+0.21), and the daily average pig iron output is 242.18 million tons (+0.57) [3] Inventory - Both upstream and downstream continue to reduce inventory, and the port inventory remains flat. The inventory of 230 coking enterprises is 80.93 million tons (-6.38), the inventory of 247 steel mills is 634.2 million tons (-8.64), and the port inventory is 203.11 million tons (+0.02) [3] Strategy Suggestion - The end of the Iran - Israel conflict and the potential for a Sino - US trade agreement in the near future are releasing external risks. Coking coal has shown a relatively strong trend. The short - term suggestion is to hold a light long position in J09 and gradually increase the position. In addition to the capital side, on the fundamental side, it is necessary to pay attention to whether there is any active production reduction behavior at the mine end [5]

商品研究 | 走势评级: | 白糖 | 震荡 | | --- | --- | --- | | | 棉花- | 震荡 | 张秀峰—分析师 从业资格证号：F0289189 投资咨询证号：Z0011152 联系电话：0571-28132619 邮箱：zhangxiufeng@cindasc.com 期货研究报告 受美元走弱油价上涨提振，棉花有所支撑 | 数据速览 | | | | | | --- | --- | --- | --- | --- | | 外盘报价 | | 2025-06-25 | 2025-06-26 | 涨跌幅 | | | 美白糖（美元） | 16.62 | 16.38 | -1.44% | | | 美棉花（美元） | 68.32 | 68.76 | 0.64% | | 现货价格 | | 2025-06-25 | 2025-06-26 | 涨跌幅 | | | 白糖（南宁） | 6070.0 | 6080.0 | 0.16% | | | 白糖（昆明） | 5860.0 | 5890.0 | 0.51% | | | 棉花指数 328 | 3281 | 3280 | 0.55% | | | 棉花（新疆） | ...

商品研究 | 走势评级: | 白糖 | 震荡 | | --- | --- | --- | | | 棉花- | 震荡 | 张秀峰—分析师 从业资格证号：F0289189 投资咨询证号：Z0011152 联系电话：0571-28132619 邮箱：zhangxiufeng@cindasc.com 期货研究报告 泰国印度产量预期受到季风雨提振，白糖短期承压 [T报ab告le日_R期ep：ortDate] 2025-06-26 棉花：由于美国施加的关税影响，棉花进口量未达到预期。自播种以来， 全国棉区的光照和温度总体适宜，有利于棉花的生长。目前，新疆大部分地 区的棉花已进入现蕾期，而黄河和长江流域的棉花则处于第五真叶至现蕾 期。大多数棉花的发育期比往年提前了 3 到 15 天，后续需要持续关注天气 对单产的影响。 信达期货有限公司 CINDAFUTURESCO.LTD 杭州市萧山区钱江世纪城天人大厦19-20楼 邮编：311200 报告内容摘要: [Table_Summary] 白糖：2024/25 年度的食糖生产已圆满结束。根据中国糖业协会的统计， 截至 5 月底，全国累计产糖达到 1116 万吨，同比增长 120 ...

张秀峰—分析师 从业资格证号：F0289189 投资咨询证号：Z0011152 联系电话：0571-28132619 邮箱：zhangxiufeng@cindasc.com 期货研究报告 密西西比河流域暴雨，棉花短期观望为主 商品研究 | 走势评级: | 自糖 | 震荡 | | --- | --- | --- | | | 棉花- | 震荡 | [T报ab告le日_R期ep：ortDate] 2025-06-25 报告内容摘要: [Table_Summary] 白糖：2024/25 年度的食糖生产已圆满结束。根据中国糖业协会的统计， 截至 5 月底，全国累计产糖达到 1116 万吨，同比增长 120 万吨；累计销糖 811 万吨，同比增长 152 万吨；销售进度为 72.7%，比去年同期加快了 6.5 个百分点。自 5 月以来，广西的降水缓解了之前的旱情，而云南的降雨量也 高于往年同期，这对甘蔗的生长十分有利。尽管内蒙古的甜菜播种因低温有 所延迟，但近期光照和温度条件的改善使甜菜的生长恢复良好，新疆的甜菜 生长情况总体也较好。在国际市场方面，预计 2025/26 年度的主要产糖国印 度将增产，而巴西的干旱影响相 ...

1. Report Industry Investment Rating - The trend rating for coke is "oscillation", and for coking coal is also "oscillation" [1] 2. Core Viewpoints of the Report - After the cease - fire agreement between Iran and Israel, geopolitical disturbances are released. Coking coal will return to its own logic. Although it followed the decline of crude oil, the bulls' resistance is strong. For coke, the fifth round of price cut has been implemented, and there is little room for further cuts, with a price increase expected in July. It is recommended to hold a small - amount long position in J09 and add positions after confirming the bottom [4][5] 3. Summary by Relevant Catalogs 3.1 Coking Coal 3.1.1 Spot and Futures Market - The spot price of Mongolian No. 5 coking coal is 868 yuan/ton (unchanged), the active contract is 784 yuan/ton (down 23 yuan), the basis is 104 yuan/ton (up 23 yuan), and the 9 - 1 month spread is - 43.5 yuan/ton (down 7 yuan) [2] 3.1.2 Supply and Demand - Mine and coal washery production is increasing. The operating rate of 523 mines is 84.49% (up 0.78%), and that of 110 coal washeries is 61.34% (up 3.2%). The production rate of 230 independent coking enterprises is 73.42% (down 0.54%) [2] 3.1.3 Inventory - Upstream inventory is increasing, and downstream inventory is decreasing. The clean coal inventory of 523 mines is 499.15 million tons (up 13.11 million tons), that of coal washeries is 237.39 million tons (down 14.08 million tons), that of 247 steel mills is 774.66 million tons (up 0.68 million tons), that of 230 coking enterprises is 665.65 million tons (down 3.88 million tons), and port inventory is 303.31 million tons (down 8.71 million tons) [2] 3.2 Coke 3.2.1 Spot and Futures Market - The fourth round of spot price cut has been implemented. The price of quasi - first - grade coke in Tianjin Port is 1220 yuan/ton (down 50 yuan), the active contract is 1351.5 yuan/ton (down 33.5 yuan), the basis is - 40 yuan/ton (down 20 yuan), and the 9 - 1 month spread is - 48 yuan/ton (down 9 yuan) [3] 3.2.2 Supply and Demand - Supply is decreasing, and demand is slightly increasing. The production rate of 230 independent coking enterprises is 73.42% (down 0.54%), the capacity utilization rate of 247 steel mills is 90.79% (up 0.21%), and the daily average pig iron output is 2.4218 million tons (up 0.57 million tons) [3] 3.2.3 Inventory - Both upstream and downstream inventories are decreasing, and port inventory is flat. The inventory of 230 coking enterprises is 80.93 million tons (down 6.38 million tons), that of 247 steel mills is 634.2 million tons (down 8.64 million tons), and port inventory is 203.11 million tons (up 0.02 million tons) [3] 3.3 Strategy Suggestion - The cease - fire agreement between Iran and Israel led to a sharp decline in crude oil. Domestically, the social financing performance in May was weak, and the real - estate policy has been relaxed, but investors' pessimistic attitude towards real estate is hard to reverse in the short term. The coking coal supply is increasing, and the inventory inflection point may take time. For coke, the cost and demand are decisive factors. It is recommended to hold a small - amount long position in J09 and add positions after confirming the bottom [4][5]

1. Report Industry Investment Rating - The trend rating for coke is "oscillation", and for coking coal is also "oscillation" [1] 2. Core Viewpoints of the Report - With the end of the Iran - Israel conflict, the disturbance of crude oil on coking coal will end. Short - term decline in crude oil may drag down coking coal. Domestically, the social financing performance in May was weak, and the real - estate market policies have not effectively reversed investors' pessimistic attitude. The implementation of crude steel production restrictions is under discussion, but steel mills have low willingness to cut production [4]. - For coking coal, the resumption of production at mines and coal preparation plants is verified as passive production cuts. Inventory at mines is rising, while that at coal preparation plants is decreasing. For coke, cost and demand are decisive factors. The cost of coke has limited downward space and will provide support. The supply - demand of coke has shown marginal improvement [5]. - After the short - term release of crude oil disturbance, coking coal will return to its own logic. Pay attention to coking coal's reaction to crude oil disturbance. Short - term recommendation is to hold a small long position in J09 and add positions after confirming the bottom [5]. 3. Summary by Relevant Catalogs Coking Coal Market Conditions - Spot prices are weak, while futures prices are oscillating upwards. Mongolian No. 5 primary coking coal is reported at 868 yuan/ton (unchanged), and the active contract is at 807 yuan/ton (+12). The basis is 81 yuan/ton (-12), and the September - January spread is -36 yuan/ton (-10) [1]. Supply - Mines and coal preparation plants have resumed production. The operating rate of 523 mines is 84.49% (+0.78), and that of 110 coal preparation plants is 61.34% (+3.2). The production rate of 230 independent coking enterprises is 73.42% (-0.54) [2]. Inventory - Upstream inventory is accumulating, while downstream inventory is decreasing. The clean coal inventory of 523 mines is 499.15 million tons (+13.11), that of coal preparation plants is 237.39 million tons (-14.08), that of 247 steel mills is 774.66 million tons (+0.68), that of 230 coking enterprises is 665.65 million tons (-3.88), and port inventory is 303.31 million tons (-8.71) [2]. Coke Market Conditions - Spot prices are weak, while futures prices are oscillating upwards. Tianjin Port's quasi - first - grade coke is reported at 1270 yuan/ton (unchanged), and some steel mills have proposed a fourth - round price cut. The active contract is at 1385 yuan/ton (+0.5). The basis is -18.5 yuan/ton (-0.5), and the September - January spread is -39 yuan/ton (-12) [3]. Supply and Demand - Supply has decreased, while demand has slightly increased. The production rate of 230 independent coking enterprises is 73.42% (-0.54). The capacity utilization rate of 247 steel mills is 90.79% (+0.21), and the daily average pig iron output is 2.4218 million tons (+0.57) [3]. Inventory - Upstream and downstream inventories are continuously decreasing, while port inventory remains flat. The inventory of 230 coking enterprises is 80.93 million tons (-6.38), that of 247 steel mills is 634.2 million tons (-8.64), and port inventory is 203.11 million tons (+0.02) [3]. Strategy Recommendations - Hold a small long position in J09 and add positions after confirming the bottom. Pay attention to coking coal's reaction to crude oil disturbance. If coking coal is relatively resistant to decline when crude oil weakens, it may rise again after crude oil volatility decreases. If coking coal is sold off with large - scale position - increasing, it may return to a weak trend. Active production cuts at mines or administrative production cuts can trigger a continuous rebound [5].

商品研究 | 走势评级: | 白糖 | 震荡 | | --- | --- | --- | | | 棉花- | 震荡 | 张秀峰—分析师 从业资格证号：F0289189 投资咨询证号：Z0011152 联系电话：0571-28132619 邮箱：zhangxiufeng@cindasc.com 期货研究报告 美棉关键产区天气炎热，棉花短期观望为主 请务必阅读正文之后的免责条款 2 [T报ab告le日_R期ep：ortDate] 2025-06-24 报告内容摘要: [Table_Summary] 白糖：2024/25 年度的食糖生产已圆满结束。根据中国糖业协会的统计， 截至 5 月底，全国累计产糖达到 1116 万吨，同比增长 120 万吨；累计销糖 811 万吨，同比增长 152 万吨；销售进度为 72.7%，比去年同期加快了 6.5 个百分点。自 5 月以来，广西的降水缓解了之前的旱情，而云南的降雨量也 高于往年同期，这对甘蔗的生长十分有利。尽管内蒙古的甜菜播种因低温有 所延迟，但近期光照和温度条件的改善使甜菜的生长恢复良好，新疆的甜菜 生长情况总体也较好。在国际市场方面，预计 2025/26 年度的主要产 ...