光大期货软商品类日报12.10

Sugar Market - Brazil exported 817,500 tons of sugar in the first week of December, with a daily average export of 163,500 tons, representing a 21% increase compared to the daily average of 134,900 tons in December of the previous year [2][6] - The total export volume for December of the previous year was 2,833,700 tons [2][6] - Current spot prices for sugar in Guangxi range from 5,390 to 5,490 CNY/ton, while in Yunnan, prices are between 5,320 and 5,360 CNY/ton, indicating stability in the production areas [2][6] - Mainstream processing sugar prices are between 5,700 and 5,900 CNY/ton, with some prices down by 30 CNY/ton [2][6] - Raw sugar prices fell to a short-term low due to concerns over oversupply, while domestic spot prices show signs of stabilizing, with the market currently in a state of fluctuation [2][6] Cotton Market - ICE cotton rose by 0.3% to close at 63.87 cents per pound, while CF601 increased by 0.04% to 13,740 CNY/ton [3][7] - The main contract positions decreased by 11,985 contracts to 477,100 contracts, and the cotton 3128B spot price index was 14,570 CNY/ton, down 10 CNY/ton from the previous day [3][7] - The upcoming Federal Reserve meeting in December is expected to result in a 25 basis point rate cut, with attention on officials' comments regarding future rate paths [3][7] - Domestic cotton prices have been fluctuating, and recent data indicates that November's monthly consumption remained relatively high, although the second half of November saw lower consumption compared to the first half, indicating a weakening upward drive for cotton prices [3][7] - The market outlook suggests a mixed scenario with various influencing factors, and while short-term trends may remain volatile, there is potential for a shift in supply-demand dynamics that could strengthen fundamental support for cotton prices in the medium to long term [3][7]