技术性卖盘压制，棉花短期震荡

Group 1: Report Industry Investment Rating - The report gives a "sideways" rating for both sugar and cotton [1] Group 2: Core Viewpoints of the Report - For sugar, extreme rainfall in Yunnan and Inner Mongolia since July may affect sugarcane and beet crops, and continuous monitoring of its impact on sugar production is needed. Summer cold drink consumption drives seasonal growth in sugar demand. Recently, sugar imports have increased significantly due to the expanding domestic - foreign price gap, but the annual import volume is still expected to be within the forecast range [1] - For cotton, most cotton - growing areas in China are at the peak of flowering, and some areas in Xinjiang have entered the boll - opening stage, with the overall growth progress ahead of previous years. In August, cotton in Xinjiang and the Yangtze River Basin faces the risk of heat damage. Currently, commercial cotton inventories are decreasing, and the peak season for cotton textile is approaching, providing some support for cotton prices [1] Group 3: Data Summary 1. Price and Spread Data - Foreign Market Quotes: From August 12 to 13, 2025, the price of US sugar decreased by 0.71% from 16.95 to 16.83 dollars, and the price of US cotton decreased by 1.08% from 68.44 to 67.7 dollars [3] - Spot Prices: From August 12 to 13, 2025, the price of sugar in Nanning increased by 0.17% from 5960.0 to 5970.0, and in Kunming it increased by 0.69% from 5815.0 to 5855.0. The cotton index 328 decreased slightly by 0.07% from 3281 to 3280, and the price of cotton in Xinjiang remained unchanged at 15050.0 [3] - Spreads: There were significant changes in various sugar and cotton spreads from August 12 to 13, 2025. For example, SR01 - 05 increased by 8.51%, SR05 - 09 decreased by 20.00%, and CF01 - 05 decreased by 42.86% [3] 2. Other Data - Import Prices: The import price of cotton cotlookA remained unchanged at 78.2 from August 12 to 13, 2025 [3] - Profit Margins: The sugar import profit remained unchanged at 1515.0 from August 12 to 13, 2025 [3] - Options: The implied volatilities of SR601C5700, SR601P5700, CF601C14200, and CF601P14200 are 0.0894, 0.0914, 0.1116, and 0.1113 respectively [3] - Warehouse Receipts: From August 12 to 13, 2025, the number of sugar warehouse receipts decreased by 1.81% from 17853.0 to 17529.0, and the number of cotton warehouse receipts decreased by 1.00% from 8087.0 to 8006.0 [3] Group 4: Company Information - CINDA Futures Co., Ltd. is a limited - liability company specializing in domestic futures business, wholly - owned by CINDA Securities Co., Ltd., with a registered capital of 600 million RMB. It has obtained the futures trading consulting business qualification and is a comprehensive settlement member of the China Financial Futures Exchange, a full - fledged member of the Shanghai Futures Exchange, Zhengzhou Commodity Exchange, and Dalian Commodity Exchange, etc. [2][8]