光大期货：2月6日软商品日报

Sugar Industry - As of February 3, 2026, 199 sugar factories have commenced operations, unchanged from the previous season [2] - Cumulative sugarcane crushed reached 87.03 million tons, an increase of 21.27 million tons compared to 65.76 million tons in the same period last season [2] - Sugar production totaled 8.06 million tons, with an average sugar extraction rate of 9.27% [2] - Spot prices for sugar in Guangxi range from 5,270 to 5,370 CNY/ton, with some increases of 10 to 30 CNY/ton; Yunnan's prices range from 5,110 to 5,180 CNY/ton [2] - Domestic trading is generally moderate, with a focus on the impact of holiday market conditions and production progress [2] Cotton Industry - ICE cotton prices fell by 0.74%, closing at 61.78 cents per pound, while Zheng cotton's main contract decreased by 0.27% to 14,610 CNY/ton [3][8] - The main contract's open interest decreased by 4,804 contracts to 711,500 contracts, and the cotton 3128B spot price index dropped by 20 CNY/ton to 15,640 CNY/ton [3][8] - The macroeconomic environment remains volatile, with a strengthening US dollar contributing to the decline in cotton prices, which have hit a six-month low [3][8] - The 2026 Central Document No. 1 emphasizes the stable development of cotton and sugar industries and the improvement of cotton target price policies [3][8] - As the Spring Festival approaches, textile enterprises are beginning to close, leading to limited upward momentum for cotton prices due to high inventory levels [3][8]