白糖日报-20250919

Group 1: Report Overview - The report is a soft commodity daily report dated September 19, 2025, covering sugar, cotton, apple, and jujube [1] Group 2: Sugar Market Core View - The sugar market is under pressure due to increased production in Brazil and China's higher - than - expected sugar imports, but low inventory in Guangxi, China provides some support. The short - term sugar price is expected to be weak [3] Price and Spread - On September 19, 2025, SR01 closed at 5461 with a daily decline of 0.24% and a weekly decline of 1.43%. Other contracts also showed different degrees of decline [4] - The basis of Nanning - SR01 on September 18, 2025 was 366, with a daily increase of 25 and a weekly increase of 32 [8] Import Price - On September 19, 2025, the in - quota price of Brazilian sugar imports was 4433, with a daily decline of 28 and a weekly increase of 54; the out - of - quota price was 5630, with a daily decline of 37 and a weekly increase of 71 [11] Group 3: Cotton Market Core View - Low inventory of old cotton, high pre - sales of new cotton, and downstream de - stocking support the cotton price. However, poor spinning profits of yarn mills and high hedging pressure due to expected high yields may limit the upside of the cotton price. It is expected to fluctuate within the previous range in the short term [13] Price and Spread - On September 19, 2025, the closing price of Cotton 01 was 13720, down 45 or 0.33% [14] - The cotton basis was 1554, with an increase of 134 [15] Group 4: Apple Market Core View - The sales of apples are affected by seasonal fruits, and the packaging quantity is limited due to the busy farming season in Shandong. The quality of late - season early Fuji apples is poor [19] Price and Spread - On September 19, 2025, AP01 closed at 8273, down 0.1% daily and 0.67% weekly [20] - The main contract basis was 310, down 1.27% daily and 0.96% weekly [20] Group 5: Jujube Market Core View - The new - season jujube production may decline significantly compared to last year but less compared to normal years. With high inventory of old jujubes and general downstream sales during the approaching Mid - Autumn Festival, jujubes may face downward pressure, but attention should be paid to weather conditions in the producing areas [27]