软商品日报-20250714

Report Industry Investment Rating - Sugar: Neutral, with an expected price fluctuation range of -5% to +5% [1] - Cotton: Neutral, with an expected price fluctuation range of -5% to +5% [1] Core Viewpoints - Sugar: Drought in Guangxi has affected the emergence and early growth of sugarcane, with shorter and fewer plants compared to the same period last year. Sugar beet growth is generally good, but there is a risk of pests and diseases in Inner Mongolia due to recent heavy rainfall. Internationally, attention should be paid to the sugar production progress in Brazil and the growth of sugar crops in the Northern Hemisphere [1] - Cotton: Most cotton-growing regions in China have entered the budding to flowering stage, with growth progress 4 to 7 days ahead of previous years. High temperatures in Xinjiang in July pose a risk of heat damage to cotton. Cotton inventories are decreasing, but the downstream market is in a slack season, and textile enterprises are cautious in raw material procurement. Attention should be paid to weather changes and tariff uncertainties [1] Data Summary External Quotes - US Sugar: The price remained unchanged at $16.56 from July 12 to July 13, with a 0.00% change [3] - US Cotton: The price remained unchanged at $67.42 from July 12 to July 13, with a 0.00% change [3] Spot Prices - Sugar (Nanning): The price increased from 6050.0 to 6060.0 from July 10 to July 11, with a 0.17% change [3] - Sugar (Kunming): The price increased from 5895.0 to 5905.0 from July 10 to July 11, with a 0.17% change [3] - Cotton Index 328: The price decreased from 3281 to 3280 from July 10 to July 11, with a 0.46% change [3] - Cotton (Xinjiang): The price increased from 15150.0 to 15200.0 from July 10 to July 11, with a 0.33% change [3] Spread Overview - All sugar and cotton spreads remained unchanged from July 12 to July 13, with a 0.00% change [3] Import Prices - Cotton CotlookA: The price decreased from 78.6 to 78.45 from July 10 to July 11, with a -0.19% change [3] Profit Margins - Sugar Import Profit: The profit remained unchanged at 1655.5 from July 10 to July 11, with a 0.00% change [3] Options - SR509C5800: Implied volatility was 0.0764, and the historical volatility of the futures underlying SR509 was 7.55 [3] - SR509P5800: Implied volatility was 0.0765 [3] - CF509C13800: Implied volatility was 0.0925, and the historical volatility of the futures underlying CF509 was 8.58 [3] - CF509P13800: Implied volatility was 0.0942 [3] Warehouse Receipts - Sugar: The number of warehouse receipts decreased from 22934.0 to 22744.0 from July 10 to July 11, with a -0.83% change [3] - Cotton: The number of warehouse receipts decreased from 9882.0 to 9850.0 from July 10 to July 11, with a -0.32% change [3] Company Information - Name: Cinda Futures Co., Ltd. [2] - Address: 19 - 20th Floor, Tianren Building, Qianjiang Century City, Xiaoshan District, Hangzhou [2] - Postal Code: 311200 [2] - Company Profile: A large - scale futures company in China with high credibility. It 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, and a member of the Shanghai International Energy Exchange and Guangzhou Futures Exchange [9]