美元走软带来支撑，软商品短期震荡

Report Industry Investment Rating - Sugar - Oscillation [1] - Cotton - Oscillation [1] Core Viewpoints - The weakening US dollar provides support, and soft commodities will experience short - term oscillations [1] - For sugar, from July, extreme precipitation in Yunnan and Inner Mongolia may affect sugar production. Summer cold drink consumption drives seasonal growth in sugar demand. Recent sugar imports have increased significantly due to the expanded price difference between domestic and foreign markets, but the annual import volume is still expected to be within the forecast range [1][3] - 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. The overall growth progress is earlier than usual. In August, cotton in Xinjiang and the Yangtze River Basin is at high risk of heat damage. Currently, commercial cotton inventories are decreasing, and with the upcoming peak season for cotton textile, cotton prices are supported [1][3] - The recommended strategy is to mainly adopt a wait - and - see approach [3] Summary by Related Catalogs Information - Nanning sugar spot price is 5900.0 yuan, Kunming sugar spot price is 5850.0 yuan, and Xinjiang cotton spot price is 15300.0 yuan [1] Market - US sugar closed at 16.05, with a change of - 0.56%. US cotton closed at 66.23, with a change of 0.27% [1] Supply and Demand - Sugar: Driven by summer cold drink demand, sugar consumption has a seasonal recovery. Due to the expanded price difference between domestic and foreign markets, recent sugar imports have increased significantly [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 commercial cotton inventories are decreasing, and with the upcoming peak season for cotton textile, cotton prices have bottom - end support [1] Inventory and Warehouse Receipts - Zhengzhou sugar warehouse receipts are 12782.0, with a change of - 3.18%. Zhengzhou cotton warehouse receipts are 5996.0, with a change of - 2.20% [2] Data Quick View - External Market Quotes: On September 3, 2025, compared with September 2, 2025, US sugar decreased by 0.56% to 16.05 US dollars, and US cotton increased by 0.27% to 66.23 US dollars [4] - Spot Prices: On September 3, 2025, compared with September 2, 2025, Nanning and Kunming sugar spot prices remained unchanged; the cotton index 328 decreased by 0.34% to 3280, and Xinjiang cotton decreased by 0.65% to 15300.0 yuan [4] - Price Difference Quick View: There were significant changes in the price differences between different futures contracts of sugar and cotton, and the basis of sugar and cotton futures also changed to different degrees [4] - Import Prices: The import price of cotton cotlookA remained unchanged at 77.95 on September 3, 2025, compared with September 2, 2025 [4] - Profit Margins: The sugar import profit remained unchanged at 1550.0 on September 3, 2025, compared with September 2, 2025 [4] - Options: Different sugar and cotton option contracts have corresponding implied volatilities and historical volatilities [4] - Inventory Warehouse Receipts: On September 3, 2025, compared with September 2, 2025, sugar warehouse receipts decreased by 3.18% to 12782.0, and cotton warehouse receipts decreased by 2.20% to 5996.0 [4]