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Report Industry Investment Rating - The investment ratings for cotton, paper pulp, and sugar are all neutral [5][8][10] Core Viewpoints - The short - term risks in the cotton, paper pulp, and sugar markets have been cleared, but macro uncertainties remain high. Cotton prices are expected to fluctuate within a range, paper pulp prices are expected to be under pressure in a volatile manner, and sugar prices are expected to fluctuate at high levels in the short - term and follow the trend of raw sugar in the medium - term [5][8][10] Summary by Related Catalogs Cotton Market Analysis Price Quotes - As of Friday's close, the cotton 2505 contract was at 12,810 yuan/ton, down 700 yuan/ton or 5.18% week - on - week. Xinjiang's spot cotton price was 14,215 yuan/ton, down 424 yuan/ton week - on - week. The national weighted average spot cotton price was 14,275 yuan/ton, down 627 yuan/ton week - on - week [17] Supply and Demand - Internationally, in the 2024/25 USDA forecast, global cotton production is expected to decrease slightly, consumption to decrease moderately, and the ending inventory to increase slightly. Domestically, as of April 7, 2025, the cotton sowing progress in Xinjiang was about 14.1%, with the southern region at 21%, the northern region at 4.3%, and the eastern region at 15.7% [18] Future Outlook - Although Sino - US tariff tensions have eased, the cotton market will gradually return to fundamentals. The short - term supply is abundant, and the downstream demand is weak. Cotton prices are expected to fluctuate within a range [4][19][20] Paper Pulp Market Analysis Price Quotes - As of Friday's close, the paper pulp 2505 contract was at 5,408 yuan/ton, down 144 yuan/ton or 2.59% week - on - week. The average spot price of "Yinxing" softwood pulp in Shandong was 6,400 yuan/ton, down 80 yuan/ton week - on - week [21] Supply and Demand - Internationally, Arauco's April 2025 pulp offers had mixed changes. In February 2025, European chemical pulp consumption decreased year - on - year, while inventory increased. Domestically, the operating rates of domestic pulp production and downstream paper production showed mixed trends [22] Future Outlook - Although the trade friction has been temporarily suspended, the terminal demand is expected to be weak. Paper pulp prices are expected to be under pressure in a volatile manner [6][7][23] Sugar Market Analysis Price Quotes - As of Friday's close, the sugar 2505 contract was at 6,086 yuan/ton, down 103 yuan/ton or 1.66% week - on - week. The spot sugar price in Nanning, Guangxi was 6,170 yuan/ton, down 90 yuan/ton week - on - week [24] Supply and Demand - Internationally, the number of ships waiting to load sugar in Brazilian ports increased. Domestically, in March 2025, the actual arrival of out - of - quota raw sugar was 0 tons. The domestic sugar production in the 2024/25 season increased, and the sales rate accelerated [25] Future Outlook - After the short - term risks are cleared, the focus will return to fundamentals. The short - term international sugar market supply is tight, and domestic sugar prices are expected to fluctuate at high levels. In the medium - term, sugar prices are expected to follow the trend of raw sugar [9][26]