光大期货软商品日报-20250905

Group 1: Report Investment Rating - There is no information about the industry investment rating in the report. Group 2: Core Viewpoints - For cotton, on Thursday, ICE U.S. cotton rose 0.02% to 66.22 cents per pound, CF601 decreased 0.11% to 14,010 yuan per ton, and the main - contract position decreased by 5,814 lots to 518,700 lots. The cotton market price in Xinjiang was about 15,350 yuan per ton, up 50 yuan from the previous day, and the national average price was 15,443 yuan per ton, up 56 yuan. Internationally, the fundamental driving force is limited, and the U.S. cotton futures price fluctuates at a low level. Domestically, the Zhengzhou cotton futures price fluctuates narrowly around 14,000 yuan per ton. The new cotton in Shandong's Heze area has an earlier picking time this year. Considering the acquisition cost, the current 01 contract lacks a clear directional drive and is expected to fluctuate in the short - term [2]. - For sugar, as of August 31, 2025, Yunnan Province's cumulative sugar sales reached 2.0823 million tons, with a sales rate of 86.09%. In August, 130,900 tons were sold. The industrial inventory was 336,400 tons. The spot prices of sugar groups in various regions were lowered. Affected by the expected high yield in the Northern Hemisphere, the raw sugar futures price continued to decline. Domestically, the spot price continued to fall, and the futures price continued the downward trend. A short - selling strategy is recommended, and future import data and new sugar pre - sales should be monitored [2]. Group 3: Summary by Directory 1. Daily Data Monitoring - For cotton, the 1 - 5 contract spread was 60, up 20; the main - contract basis was 1,433, up 36. The Xinjiang spot price was 15,350, up 50, and the national spot price was 15,443, up 56 [3]. - For sugar, the 1 - 5 contract spread was 22, down 8; the main - contract basis was 412, up 19. The Nanning spot price was 5,880, down 20, and the Liuzhou spot price was 5,945, down 10 [3]. 2. Market Information - On September 4, the number of cotton futures warehouse receipts was 5,829, down 167 from the previous trading day, with 0 valid forecasts. The cotton market prices in different domestic regions were: 15,350 yuan per ton in Xinjiang, 15,450 in Henan, 15,500 in Shandong, and 15,600 in Zhejiang [4]. - On September 4, the yarn comprehensive load was 49.8, unchanged from the previous day; the yarn comprehensive inventory was 27, down 0.1. The short - fiber cloth comprehensive load was 49.3, unchanged, and the short - fiber cloth comprehensive inventory was 31.2, unchanged [4]. - On September 4, the sugar spot price in Nanning was 5,880 yuan per ton, down 20 yuan, and in Liuzhou was 5,945 yuan per ton, down 10 yuan [4]. - On September 4, the number of sugar futures warehouse receipts was 12,752, down 30 from the previous trading day, with 6 valid forecasts [5]. 3. Chart Analysis - The report presents multiple charts related to cotton and sugar, including the closing price, basis, 1 - 5 spread, 1% tariff quota internal - external spread, warehouse receipts and valid forecasts, and price index of cotton, as well as the closing price, basis, 1 - 5 spread, and warehouse receipts and valid forecasts of sugar [7][9][10][11][12][13][15][16][18].