市场静待USDA报告，棉花保持观望

Report Industry Investment Rating - The industry investment rating for sugar is "sideways", and for cotton is also "sideways" [1] Core Viewpoints - In the 2024/25 season, sugar mills in major producing areas except Yunnan have started to finish crushing, and a restorative increase in sugar production is a foregone conclusion. 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 underway, but due to weather factors, its sugar output is uncertain, and international sugar prices are expected to weaken sideways in the short term. Attention should be paid to the planting and growth of domestic sugarcane and sugar beet, 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 also decreasing by 200,000 tons to 1.5 million tons. Recently, high temperatures in most parts of Xinjiang are generally beneficial for cotton sowing [1] Data Summary 1. Outer Market Quotes - On May 10 - 11, 2025, the price of US sugar was 17.82 dollars, with a change of 0.00%. The price of US cotton was 66.72 dollars, with a change of 0.00% [3] 2. Spot Prices - From May 8 - 9, 2025, the price of sugar in Nanning was 6135.0 yuan, with a change of 0.00%. The price in Kunming was 5985.0 yuan, with a change of 0.00%. The cotton index 328 decreased from 3281 to 3280, a change of -0.09%. The price of cotton in Xinjiang increased from 13850.0 yuan to 13900.0 yuan, a change of 0.36% [3] 3. Spread Overview - From May 10 - 11, 2025, the spreads of SR01 - 05, SR05 - 09, SR09 - 01, CF01 - 05, CF05 - 09, and CF09 - 01 all had a change of 0.00%. The basis of sugar 01, 05, 09 and cotton 01, 05, 09 also had a change of 0.00% [3] 4. Import Prices - From May 8 - 9, 2025, the price of cotton cotlookA decreased from 78.95 to 78.25, a change of -0.89% [3] 5. Profit Margins - From May 8 - 9, 2025, the sugar import profit was 1401.5, with a change of 0.00% [3] 6. Options - The implied volatility of SR509C5800 was 0.1004, and the historical volatility of its futures underlying SR509 was 9.18. The implied volatility of SR509P5800 was 0.099. The implied volatility of CF509C13000 was 0.1245, and the historical volatility of its futures underlying CF509 was 11.82. The implied volatility of CF509P13000 was 0.126 [3] 7. Warehouse Receipts - From May 8 - 9, 2025, the number of sugar warehouse receipts decreased from 30346.0 to 30200.0, a change of -0.48%. The number of cotton warehouse receipts increased from 11269.0 to 11282.0, a change of 0.12% [3] Company Information - CINDA Futures Co., Ltd. is a limited - liability company specialized in domestic futures business. It is wholly - owned by CINDA Securities Co., Ltd., with a registered capital of 600 million yuan. It is one of the large - scale, standardized and high - reputation futures companies in China [9] - The company is a full - settlement member of the China Financial Futures Exchange, a full - fledged member of the Shanghai Futures Exchange, Zhengzhou Commodity Exchange, and Dalian Commodity Exchange, a member of the Shanghai International Energy Exchange and Guangzhou Futures Exchange, an observer of the China Securities Association, and an observer member of the Asset Management Association of China [9]