Report Summary 1. Report Industry Investment Rating No investment rating is provided in the report. 2. Core Views - Sugar: The sugar market is under pressure due to increased Brazilian sugar production in the first half of July and expected higher production in India for the 25/26 season, which eases supply concerns. Domestic processing sugar arrivals and weak consumption also contribute to the bearish sentiment [3]. - Cotton: The current decline in cotton prices may facilitate the outflow of high-premium warehouse receipts. However, the expected tight supply at the end of the domestic cotton year may support prices, leading to short - term price fluctuations. Attention should be paid to import quota policies, off - season inventory reduction, and Sino - US trade agreement adjustments [14]. - Red Dates: The number of first - crop gray dates in the new season is limited, but sufficient water supply and high farmer management enthusiasm have led to decent fruit - setting for the second and third crops. Overall production is expected to decline, but the extent is uncertain. The current temperature in Xinjiang is mild, and a temperature increase is expected soon, so fruit growth should be monitored [20]. - Apples: The sales of apples are affected by the impact of seasonal fruits, and the packaging volume in Shandong is limited due to the busy farming season. In Shaanxi, the supply is concentrated in northern areas, and the secondary production areas are almost cleared. For new - season apples, the opening prices of some varieties are the same as last year but have started to decline recently [24]. 3. Summary by Related Catalogs Sugar - Price and Spread: On August 8, 2025, SR01 closed at 5573 yuan/ton with a daily decline of 0.21% and a weekly decline of 0.84%. The price and spread data of other contracts are also provided [4]. - Basis: On August 7, 2025, the basis of Nanning - SR01 was 385 yuan/ton, with a daily increase of 13 yuan/ton and a weekly increase of 10 yuan/ton. Similar data for other combinations are presented [9]. - Import Price: On August 8, 2025, the in - quota price of Brazilian imported sugar was 4398 yuan/ton, with a daily decline of 35 yuan/ton and a weekly decline of 135 yuan/ton. The corresponding data for Thai imported sugar are also provided [12]. Cotton - Futures Price: On August 8, 2025, the closing price of Cotton 01 was 13800 yuan/ton, with a decline of 35 yuan/ton and a decline rate of 0.25%. The prices of other cotton and cotton yarn contracts are also given [15]. - Spread: The cotton basis was 1521 yuan/ton, with an increase of 33 yuan/ton. Other spreads such as cotton 01 - 05, flower - yarn spread, etc., are also presented [16]. Red Dates - Futures Spread: The report provides the historical spread data of red date futures contracts 01 - 05, 05 - 09, and 09 - 01 [21]. Apples - Price Changes: On August 8, 2025, AP01 closed at 7938 yuan/ton, with a daily increase of 1.03% and a weekly increase of 3.29%. The prices and price changes of other contracts and spot prices are also provided [25]. - Inventory: The report shows the national, Shaanxi, and Shandong apple cold - storage inventory data from 2022 to 2025 [29][30].
软商品日报-20250808
Dong Ya Qi Huo·2025-08-08 12:53