白糖日报-20250711

Report Industry Investment Rating No relevant content provided. 2. Core Views of the Report - In the international sugar market, ICE raw sugar futures declined on Thursday, with the bulls and bears in a stalemate. The short - term support for Zhengzhou sugar is significant, and its trend has slightly strengthened [3]. - This year, domestic cotton has been de - stocking 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 emerging. Cotton prices are under pressure at the upper level and may fluctuate at a high level in the short term. Attention should be paid to the pressure at the 14,000 - yuan mark and whether the quota policy can be implemented and further adjustments to the China - US trade agreement [16]. - Currently, the downstream of the jujube market is in the off - season of consumption, and the trading atmosphere is relatively light. The supply of old jujubes is sufficient. As the critical fruit - setting period approaches, the market focus is gradually shifting to new - season jujubes. Early July is the physiological fruit - dropping stage of grey jujubes. Attention should be paid to the fruit - setting situation of new jujubes, and there may still be weather - related speculation. However, the high inventory of old jujubes may suppress the futures market. If the price center moves up, jujube warehouse receipts may be registered more quickly, putting pressure on jujube prices [21]. - Under the impact of seasonal fruits, the sales speed of apples is limited. Affected by the busy farming season in Shandong, the packaging volume is limited. Shaanxi's apple supply is concentrated in northern Shaanxi, and the secondary producing areas have basically cleared their inventories. 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 relatively small supply, their impact on the market is limited [25]. 3. Summary by Related Catalogs Sugar - Futures Prices and Spreads: The closing prices, daily and weekly price changes of various sugar futures contracts (SR01 - SR11, SB, W) are presented. For example, SR01 closed at 5629 yuan/ton, with a daily decline of 0.05% and a weekly increase of 0.55% [4]. - Sugar Basis: The basis between Nanning, Kunming and different sugar futures contracts (SR01 - SR11) on July 10, 2025, along with their daily and weekly changes, are provided. For instance, the basis of Nanning - SR01 was 418 yuan/ton, with a daily decline of 16 yuan and a weekly decline of 66 yuan [11]. - Sugar Import Price Changes: The quota - in and quota - out import prices of Brazilian and Thai sugar on July 11, 2025, and their daily and weekly changes are given. For example, the quota - in import price of Brazilian sugar was 4457 yuan/ton, with a daily decline of 30 yuan and a weekly increase of 161 yuan [14]. Cotton - Futures Prices: The closing prices, daily price changes and price change percentages of cotton (01, 05, 09) and cotton yarn (01, 05, 09) futures contracts are shown. For example, the closing price of cotton 01 was 13820 yuan/ton, with a daily increase of 10 yuan and a price increase of 0.07% [17]. - Price Spreads: The prices and daily changes of various cotton and cotton - yarn price spreads (cotton basis, cotton 01 - 05, etc.) are provided. For example, the cotton basis was 1381 yuan, with a daily increase of 50 yuan [18]. Jujube - Futures Month - spreads: The price spreads between different jujube futures contracts (01 - 05, 05 - 09, 09 - 01) over different time periods from 2021 - 2025 are presented [22]. - Warehouse Receipts: The total number of jujube warehouse receipts and valid forecasts from 2022 - 2025 is shown [22]. - Price Trends: The price trends of Xinjiang jujube main - producing areas and main - sales areas of first - grade grey jujubes from 2022 - 2025 are presented [24]. Apple - Futures and Spot Prices: The closing prices, daily and weekly price change percentages of various apple futures contracts (AP01, AP03, etc.) and the prices, daily and weekly price change percentages of different apple spot varieties (Qixia first - and second - grade 80, etc.) on July 11, 2025, are provided. For example, AP01 closed at 7695 yuan/ton, with a daily increase of 0.52% and a weekly increase of 0.69%, and the price of Qixia first - and second - grade 80 was 3.95 yuan/jin, with a daily decline of 3.66% and a weekly decline of 4% [26]. - Cold - storage Inventory: The cold - storage inventory of apples in Shaanxi, Shandong and the whole country from 2022 - 2025 is presented [30][31].