软商品日报：美元阶段性走强，白糖短线承压-20250609

Report Industry Investment Ratings - Sugar: Oscillation [1] - Cotton: Oscillation [1] Core Views - Sugar: Sugarcane planting area is growing steadily due to economic benefits, policy support, and enterprise encouragement. However, early drought in Guangxi has limited sugar production growth. Sugar consumption is expected to remain stable or increase slightly, with a stable supply - demand gap and an expected import volume of 5 million tons. Short - term outlook is to wait and see [1]. - Cotton: Xinjiang's stable target price subsidy policy has boosted cotton farmers' enthusiasm, leading to a slight increase in planting area, while the inland area has seen a continuous decline. With favorable climate conditions during sowing and emergence, the expected yield per hectare is 2,172 kg. Total cotton output is expected to be 6.25 million tons, a 1.4% increase from last year. Affected by US tariffs, cotton consumption is expected to be weak, with an expected consumption of 7.4 million tons (a 200,000 - ton decrease) and an import volume of 1.4 million tons (a 100,000 - ton decrease). Short - term outlook is to wait and see [1]. Data Summary Price and Spread - External Quotes: US sugar and cotton prices remained unchanged on June 7 - 8, 2025, with a 0.00% change [3]. - Spot Prices: Sugar prices in Nanning remained unchanged, while those in Kunming increased by 0.08%. The cotton index 328 decreased by 0.12%, and Xinjiang cotton prices remained unchanged from June 5 - 6, 2025 [3]. - Spreads: All sugar and cotton spreads remained unchanged from June 7 - 8, 2025 [3]. - Basis: All sugar and cotton basis values remained unchanged from June 5 - 6, 2025 [3]. Import and Profit - Import Prices: The cotton cotlookA price increased by 0.32% from June 5 - 6, 2025 [3]. - Profit Space: Sugar import profit remained unchanged from June 5 - 6, 2025 [3]. Options and Volatility - Options: Implied and historical volatilities are provided for sugar and cotton options contracts [3]. Warehouse Receipts - Warehouse Receipts: Sugar warehouse receipts decreased by 1.51%, and cotton warehouse receipts decreased by 0.63% from June 5 - 6, 2025 [3]. Company Information - Company Profile: Cinda Futures Co., Ltd. is a limited - liability company specializing in domestic futures business, wholly - owned by Cinda Securities Co., Ltd., with a registered capital of 600 million yuan. It has multiple memberships in domestic futures exchanges [9].