软商品日报：美元走强压制大宗价格，棉花短期承压-20250822

1. Report Industry Investment Rating - The investment rating for sugar is "sideways", and for cotton is also "sideways" [1] 2. Core View of the Report - Sugar consumption has a seasonal uptick due to summer cold - drink demand, and sugar imports have increased significantly recently due to the widening domestic - foreign price gap. However, the overall annual import volume is still expected to be within the anticipated range. Extreme precipitation in Yunnan and Inner Mongolia since July may affect sugar production, and continuous monitoring is required. - Cotton is at risk of heat damage in Xinjiang and the Yangtze River Basin in August due to high temperatures and low precipitation. Cotton commercial inventory is decreasing, and with the upcoming peak season for cotton textile, cotton prices are supported at the bottom. The overall strategy recommendation is to wait and see [1][3] 3. Summary by Relevant Contents 3.1 Market Information - Spot prices: Nanning sugar spot price is 5970.0 yuan, Kunming sugar spot price is 5855.0 yuan, and Xinjiang cotton spot price is 15100.0 yuan [1] - Futures closing prices and changes: U.S. sugar closed at 16.36, with a change of - 1.33%; U.S. cotton closed at 67.47, with a change of - 0.09% [1] 3.2 Supply and Demand - Sugar: Summer cold - drink demand drives seasonal recovery in sugar consumption. The widening domestic - foreign price gap has led to a significant increase in recent sugar imports [1] - Cotton: In August, high temperatures and low precipitation in Xinjiang and the Yangtze River Basin increase the risk of heat damage to cotton. Current cotton commercial inventory is decreasing, and the upcoming cotton textile peak season provides support for cotton prices [1] 3.3 Inventory and Warehouse Receipts - Zhengzhou sugar warehouse receipts are 15751.0, with a change of - 3.03%; Zhengzhou cotton warehouse receipts are 7335.0, with a change of - 1.61% [2] 3.4 Data Quick View - Futures price changes: U.S. sugar decreased from 16.58 to 16.36 (-1.33%), and U.S. cotton decreased from 67.53 to 67.47 (-0.09%) - Spot price changes: Nanning and Kunming sugar spot prices remained unchanged; the cotton index 328 decreased from 3281 to 3280 (-0.20%), and Xinjiang cotton spot price remained unchanged - Spread changes: For example, SR01 - 05 decreased from 43.0 to 42.0 (-2.33%), and CF01 - 05 increased from 15.0 to 25.0 (66.67%) - Import price: Cotton cotlookA remained at 78.95 - Profit margin: Sugar import profit remained at 1565.0 - Options: For SR601C5700, implied volatility is 0.08, and the historical volatility of the futures underlying is 6.1; for CF601C14000, implied volatility is 0.105, and the historical volatility of the futures underlying is 5.61 [4]