光大期货：1月27日软商品日报

Sugar Industry - In the 2025/26 crushing season, India's ethanol blending ratio in gasoline reached a milestone of 20% in December [2] - Current spot prices for sugar from Guangxi Sugar Group range from 5260 to 5330 CNY/ton, with a slight decrease of 10 CNY/ton; Yunnan Sugar Group's prices remain stable at 5130 to 5180 CNY/ton [2] - The raw sugar market remains in a fluctuating range, with production in the Northern Hemisphere meeting expectations; future attention should be on production conditions in Thailand and India [2] - Domestic spot transactions are slowing down, with continuous crushing and accumulating inventory; market sentiment is average, and a fluctuating market is expected to continue [2] Cotton Industry - On Monday, ICE cotton prices fell by 1.36%, closing at 62.94 cents/pound; Zhengzhou cotton main contract decreased by 0.51%, closing at 14650 CNY/ton, with a reduction in open interest by 7457 contracts to 795900 contracts [6][7] - The cotton price index for 3128B was 15560 CNY/ton, down 70 CNY/ton from the previous day [6] - Internationally, macroeconomic disturbances are increasing, with rising risk aversion; precious metals are reaching historical highs, and the US dollar index is weak, leading to a downward trend in cotton prices [7] - Domestically, cotton prices are expected to remain weak before the holiday due to limited stocking by textile enterprises and high inventory levels [7] - The current cotton inventory is at a yearly high, with increased imports, indicating ample supply [7]