软商品日报：印度北方邦出口下降，原糖短期震荡为主-20250428

1. Report Industry Investment Ratings - The investment rating for both sugar and cotton is "sideways" [1] 2. Core Views of the Report - In the 2024/25 season, sugar mills in major producing regions except Yunnan have finished crushing, and a recovery in sugar production is certain. Holiday consumption during May Day has boosted sugar demand and supported stable sugar prices. Internationally, Brazil's sugar production in the 2025/26 season is gradually ramping up, but due to weather factors, its sugar output is uncertain. It is expected that international sugar prices will fluctuate weakly in the short term. Attention should be paid to the planting and growth of sugarcane and beets in China, as well as Brazil's sugar production progress [1] - Due to the US tariff hikes on Chinese exports, China's textile and clothing exports have slowed down, with consumption decreasing by 200,000 tons to 7.6 million tons and imports decreasing by 200,000 tons to 1.5 million tons. Recently, high temperatures in most parts of Xinjiang are generally favorable for cotton sowing [1] 3. Summary by Relevant Catalog Data Overview - External Quotes: On April 26 - 27, 2025, the price of US sugar was $18.16 with a 0.00% change, and the price of US cotton was $68.7 with a 0.00% change [3] - Spot Prices: From April 25 - 27, 2025, the price of sugar in Nanning remained at 6,210 yuan with a 0.00% change, the price in Kunming dropped from 6,010 yuan to 6,000 yuan with a -0.17% change; the cotton index 328 decreased from 3,281 to 3,280 with a -0.03% change, and the price of cotton in Xinjiang remained at 14,000 yuan with a 0.00% change [3] - Spread Overview: Most sugar and cotton spreads remained unchanged from April 26 - 27, 2025, except for some changes in basis spreads. For example, the basis of sugar 01 decreased by 5.62%, and the basis of cotton 01 increased by 1.00% [3] - Import Prices: The price of cotton cotlookA remained at 80.55 from April 25 - 27, 2025, with a 0.00% change [3] - Profit Margins: The sugar import profit remained at 1,295 from April 25 - 27, 2025, with a 0.00% change [3] - Options: The implied volatility of SR509C6000 is 0.1105, and the historical volatility of its futures underlying SR509 is 8.88; the implied volatility of CF509C13000 is 0.12, and the historical volatility of its futures underlying CF509 is 11.97 [3] - Warehouse Receipts: The number of sugar and cotton warehouse receipts remained unchanged from April 25 - 27, 2025, with 28,756 for sugar and 10,555 for cotton [3] Company Information - Xinda Futures Co., Ltd. is a limited - liability company specializing in domestic futures business. It is wholly - owned by Xinda Securities Co., Ltd., with a registered capital of 600 million yuan. It has various memberships in multiple futures exchanges [9]