东亚期货白糖日报-20250716

Report Summary 1. Report Industry Investment Rating No information about the industry investment rating is provided in the report. 2. Core Views - Sugar: ICE raw sugar futures closed higher on Tuesday but remained near a four - year low. Zheng sugar is under short - term pressure and fluctuating [3]. - Cotton: The current low inventory of domestic cotton still strongly supports cotton prices. However, due to weak demand in the off - season and inventory pressure on finished products, the upside of cotton prices is limited. In the short term, Zheng cotton may maintain a narrow - range oscillation. Attention should be paid to the implementation of import quota policies and adjustments to the China - US trade agreement [16]. - Red Dates: The downstream market is in the off - season of consumption, with a relatively light trading atmosphere. The supply of old dates is sufficient. As the jujube fruit grows, the expected reduction in production in the production area may be revised. Red date prices may fluctuate weakly. Attention should be paid to subsequent temperature changes and the fruit - setting situation of new jujubes [22]. - Apples: Affected by seasonal fruits, the sales speed of apples is limited. In Shandong, the number of apple packages is limited due to the busy farming season. In Shaanxi, the apple supply is concentrated in northern Shaanxi, and the secondary production areas are basically cleared of inventory. 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, the impact on the market is limited [26]. 3. Summary by Commodity Sugar - Futures Prices and Spreads: Provided closing prices, daily and weekly price changes of various sugar futures contracts (SR01 - SR11, SB, W) and price spreads between different contracts (e.g., SR01 - 05, SR05 - 09) [4]. - Sugar Basis: Presented the basis of sugar in Nanning and Kunming for different contracts, along with daily and weekly changes [11]. - Import Price Changes: Showed the quota - in and quota - out import prices of Brazilian and Thai sugar, and the price differences between different domestic locations and imported sugar, with daily and weekly changes [14]. Cotton - Futures Prices: Provided closing prices, daily price changes, and price change rates of cotton and cotton yarn futures contracts (cotton 01 - 09, cotton yarn 01 - 09) [17]. - Price Spreads: Presented various price spreads of cotton and cotton yarn, including basis, inter - month spreads, and spreads between cotton and yarn, along with daily price changes [18]. Red Dates - Futures Month Spreads: Showed the month spreads of red date futures contracts (01 - 05, 05 - 09, 09 - 01) [23]. - Price Trends: Provided price trends of red dates in Xinjiang's main production areas and the wholesale prices of first - grade gray dates in main sales areas [25]. Apples - Futures and Spot Prices: Provided closing prices, daily and weekly price change rates of apple futures contracts (AP01, AP03, etc.), and spot prices of different apple varieties in various regions, along with daily and weekly price change rates [27]. - Inventory: Showed the cold - storage inventory of apples nationwide, in Shaanxi, and in Shandong [31][32].