Group 1: Overall Information - The report is a soft commodity daily report dated July 9, 2025, covering白糖 (sugar), 棉花 (cotton), 红枣 (red dates), and 苹果 (apples) [1] Group 2: Sugar Market Core View - ICE raw sugar futures declined on Tuesday due to potential increases in production in India and Thailand. Zhengzhou sugar slightly rebounded, maintaining a pattern of strong domestic and weak international markets recently [3] Futures Prices and Spreads - SR01 closed at 5606 with a daily increase of 0.3% and a weekly increase of 0.47%; SR03 closed at 5578 with a daily increase of 0.23% and a weekly increase of 0.45%; SR05 closed at 5558 with a daily increase of 0.25% and a weekly increase of 0.58%; SR07 closed at 5780 with a daily increase of 0.31% and a weekly decrease of 0.3%; SR09 closed at 5779 with a daily increase of 0.56% and a weekly increase of 0.23%; SR11 closed at 5669 with a daily increase of 0.48% and a weekly increase of 0.60%. SB closed at 16.15 with a daily decrease of 0.62% and a weekly increase of 2.87%; W closed at 465.9 with a daily decrease of 0.58% and a weekly increase of 3.58% [4] - SR01 - 05 was 45, down 2 from the previous day and 7 from the previous week; SR05 - 09 was -203, unchanged from the previous day and up 28 from the previous week; SR09 - 01 was 158, up 2 from the previous day and down 21 from the previous week; SR01 - 03 was 24, down 2 from the previous day and down 3 from the previous week; SR03 - 05 was 21, unchanged from the previous day and down 4 from the previous week; SR05 - 07 was -218, down 9 from the previous day and up 28 from the previous week; SR07 - 09 was 15, up 9 from the previous day and unchanged from the previous week; SR09 - 11 was 105, up 1 from the previous day and down 17 from the previous week; SR11 - 01 was 53, up 1 from the previous day and down 4 from the previous week [4] Basis - For Nanning - SR01, the basis was 431, down 11 from the previous day and 63 from the previous week; Nanning - SR03 basis was 455, down 13 from the previous day and 66 from the previous week; Nanning - SR05 basis was 476, down 13 from the previous day and 70 from the previous week; Nanning - SR07 basis was 258, down 22 from the previous day and 42 from the previous week; Nanning - SR09 basis was 273, down 13 from the previous day and 42 from the previous week; Nanning - SR11 basis was 378, down 12 from the previous day and 59 from the previous week. For Kunming - SR01, the basis was 276, down 1 from the previous day and 23 from the previous week; Kunming - SR03 basis was 300, down 3 from the previous day and 26 from the previous week; Kunming - SR05 basis was 321, down 3 from the previous day and 30 from the previous week; Kunming - SR07 basis was 103, down 12 from the previous day and 2 from the previous week; Kunming - SR09 basis was 118, down 3 from the previous day and 2 from the previous week; Kunming - SR11 basis was 223, down 2 from the previous day and 19 from the previous week [11] Import Prices and Profits - The quota - in price of Brazilian sugar imports was 4457, down 30 from the previous day and up 161 from the previous week; the quota - out price was 5662, down 39 from the previous day and up 211 from the previous week. The quota - in price of Thai sugar imports was 4498, down 30 from the previous day and up 152 from the previous week; the quota - out price was 5715, down 39 from the previous day and up 199 from the previous week [14] Group 3: Cotton Market Core View - This year, domestic cotton inventory has decreased rapidly. Low inventory supports cotton prices, and the valuation of cotton prices has been repaired. However, negative feedback from downstream consumption is gradually accumulating, and the pressure of finished product inventory is gradually emerging, putting pressure on the upside of cotton prices. In the short term, cotton prices may fluctuate in the range of 13600 - 13900. Attention should be paid to whether the quota policy can be implemented and further adjustments to the China - US trade agreement [16] Futures Prices - Cotton 01 closed at 13785, up 25 with a daily increase of 0.18%; Cotton 05 closed at 13770, up 20 with a daily increase of 0.15%; Cotton 09 closed at 13830, up 45 with a daily increase of 0.33%; Yarn 01 closed at 19955 (a special situation with a - 100% change); Yarn 05 closed at 19915 (a special situation with a - 100% change); Yarn 09 closed at 19985, up 20 with a daily increase of 0.1% [17] Spreads - The cotton basis was 1408, down 33; Cotton 01 - 05 was 10, down 10; Cotton 05 - 09 was -35, down 15; Cotton 09 - 01 was 25, up 25; The flower - yarn spread was 6190, down 35; The domestic - foreign cotton spread was 1561, up 96; The domestic - foreign yarn spread was -625, down 15 [18] Group 4: Red Dates Market Core View - Currently, the downstream is in the off - season for consumption, and the trading atmosphere is relatively light. The supply of old red dates is sufficient. As the critical fruiting period approaches, the market focus is gradually shifting to new - season red dates. Early July is the physiological fruit - dropping stage of grey dates. Attention should be paid to the fruiting situation of new red dates, and there may still be potential for weather - related speculation. However, the high inventory of old red dates may suppress the futures market. If the price center moves up, the registration of red date warehouse receipts may accelerate, putting pressure on red date prices [21] Group 5: Apple Market Core View - Under the impact of seasonal fruits, the sales speed is limited. Due to the busy farming season in Shandong, the packaging quantity is limited. The apple supply in Shaanxi is concentrated in northern Shaanxi, and the secondary production areas are basically cleared. For new - season apples, the opening prices of extremely early - maturing varieties such as Tengmu and Qinyang are the same as last year. Due to the small supply, their impact on the market is limited [26] Futures and Spot Prices - AP01 closed at 7625 with a daily increase of 0.78% and a weekly decrease of 0.25%; AP03 closed at 7608 with a daily increase of 0.63% and a weekly decrease of 0.4%; AP04 closed at 7653 with a daily increase of 0.16% and a weekly decrease of 0.42%; AP05 closed at 7712 with a daily increase of 0.33% and a weekly decrease of 0.41%; AP10 closed at 7743 with a daily increase of 1.11% and a weekly decrease of 0.01%; AP11 closed at 7572 with a daily increase of 0.81% and a weekly decrease of 0.04%; AP12 closed at 7605 with a daily increase of 0.76% and a weekly decrease of 0.01. The price of Qixia first - and second - grade 80 apples was 4.1 with no daily or weekly change; the price of Luochuan semi - commodity 70 apples was 4.8 with no daily or weekly change; the price of Jingning paper - bagged 75 apples was 6 with no daily change and a 0.00% weekly change; the price of Yiyuan paper - bagged 70 apples was 2.4 with no daily or weekly change; the price of Wanrong paper - plus - film 75 apples was 2.8 with no daily or weekly change. The futures market profit was -666, down 7.88% from the previous day and 4.86% from the previous week; the theoretical delivery price was 8600 with no daily or weekly change; the main contract basis was 934, up 6.5% from the previous day and 3.78% from the previous week [27] Spreads - AP01 - 05 was -121, up 34.44% from the previous day and 11.01% from the previous week; AP05 - 10 was 29, down 1066.67% from the previous day and up 93.33% from the previous week; AP10 - 01 was 92, down 1.08% from the previous day and 2.13% from the previous week [27]
白糖日报-20250709
Dong Ya Qi Huo·2025-07-09 11:00