白糖日报-20250718

Report Summary 1. Report Industry Investment Rating No relevant information provided. 2. Core Views - Sugar: Brazilian port congestion has reduced exports, and uneven rainfall in India threatens sugarcane yield. The news of Coca - Cola North America switching to sucrose has stimulated a rebound in raw sugar, but 350,000 tons of domestic imports have suppressed the domestic market, and the gradual listing of processed sugar has increased supply pressure [3]. - Cotton: The domestic cotton market is supported by post - pricing of textile enterprises and low inventories, with strong short - term performance due to capital inflows. However, the accumulation of downstream finished - product inventory during the off - season may limit the upside. Attention should be paid to domestic policies and Sino - US trade agreement adjustments [16]. - Red Dates: The downstream is in the off - season, with light trading. Sufficient supply of old dates and potential repair of the expected production reduction in the production area may lead to weak and volatile prices. Monitor temperature changes and new jujube fruit setting [22]. - Apples: Seasonal fruits impact sales, and packaging is limited in Shandong due to the busy farming season. New - season early - maturing apples have the same opening prices as last year, with limited market impact due to low supply [26]. 3. Summary by Related Catalogs Sugar - Futures Prices and Spreads: On July 18, 2025, SR01 closed at 5656 yuan/ton with a daily increase of 0.02% and a weekly increase of 0.48%. Other contracts also showed different price changes and spreads [4]. - Basis: The basis between Nanning and various sugar futures contracts and between Kunming and various sugar futures contracts showed different degrees of decline on July 17, 2025 [11]. - Import Prices and Profits: Brazilian and Thai sugar import prices had different daily and weekly changes. The profit of Brazilian sugar on the futures market also showed seasonal characteristics [14][15]. Cotton - Futures Prices: On July 18, 2025, cotton 01 closed at 13965 yuan/ton with a daily increase of 0.04%, and other contracts also had corresponding price changes [17]. - Spreads: The cotton 01 - 05 spread was 35 yuan/ton with a daily increase of 5 yuan, and other spreads also showed different changes [18]. Red Dates - Market Outlook: The current downstream consumption is in the off - season, and the price may be weak and volatile. Attention should be paid to temperature changes and new jujube fruit - setting [22]. Apples - Futures and Spot Prices: On July 18, 2025, AP01 closed at 7751 yuan/ton with a daily increase of 0.64%. Spot prices of different apple varieties remained unchanged [27]. - Spreads and Profits: The AP01 - 05 spread was - 45 yuan/ton with a daily increase of 4.65%. The disk profit was - 878 yuan with a daily increase of 5.66% [27].