光大期货软商品日报-20250925

Group 1: Report Industry Investment Rating - No relevant content found Group 2: Core Viewpoints of the Report - For cotton, on Wednesday, ICE U.S. cotton fell 0.75% to 66.14 cents per pound, and CF601 rose 0.07% to 13,555. The spot price index of cotton 3128B was 14,775 yuan per ton, up 20 yuan from the previous day. The international market's focus is on the macro - level, and the strong U.S. dollar index pressured the U.S. cotton futures price. The domestic Zhengzhou cotton stopped falling on the 24th, and the market sentiment improved. The fundamentals remain unchanged, and there is pressure from the large - scale listing of new cotton. In the short - term, Zhengzhou cotton faces upward pressure but has limited downward space due to multiple factors [2]. - For sugar, the consulting agency StoneX predicts that the sugar production in the central - southern region of Brazil in the 2026/27 season will reach 42.1 million tons, a 5.7% increase from the 2025/26 season, and the cane crushing volume will reach 620.5 million tons, a 3.6% year - on - year increase. The domestic sugar futures price rebounded above 5500 points, and before the holiday, with margin increases, it is expected to show weak oscillations. Attention should be paid to the crushing progress in Inner Mongolia [2]. Group 3: Summary by Relevant Catalogs 1. Daily Data Monitoring - For cotton, the 1 - 5 contract spread was 15 (up 35), the main contract basis was 1507 (down 86). The spot price in Xinjiang was 15,024 yuan per ton (down 46), and the national spot price was 15,062 yuan per ton (down 71) [3]. - For sugar, the 1 - 5 contract spread was 37 (up 11), the main contract basis was 358 (down 53). The spot price in Nanning was 5780 yuan per ton (unchanged), and in Liuzhou was 5855 yuan per ton (unchanged) [3]. 2. Market Information - On September 24th, the number of cotton futures warehouse receipts was 3716 (down 199 from the previous day), and the effective forecast was 12. The arrival prices of cotton in different domestic regions were: 15,024 yuan per ton in Xinjiang, 15,044 yuan per ton in Henan, 15,064 yuan per ton in Shandong, and 15,135 yuan per ton in Zhejiang [4]. - On September 24th, the yarn comprehensive load was 50.2 (up 0.1), the yarn comprehensive inventory was 25.9 (unchanged), the short - fiber cloth comprehensive load was 52.5 (down 0.3), and the short - fiber cloth comprehensive inventory was 29.1 (up 0.1) [4]. - On September 24th, the spot price of sugar in Nanning was 5780 yuan per ton (unchanged), and in Liuzhou was 5855 yuan per ton (unchanged). The number of sugar futures warehouse receipts was 9854 (down 168 from the previous day), and the effective forecast was 0 [4][5]. 3. Chart Analysis - There are multiple charts for cotton and sugar, including the closing price, basis, 1 - 5 spread, warehouse receipts and effective forecasts, and price indices of both cotton and sugar, with data from 2021 - 2025 [7][15]. 4. Research Team Personnel Introduction - Zhang Xiaojin, the director of the resource product research at Everbright Futures Research Institute, focuses on the sugar industry and has won many industry - related awards [20]. - Zhang Linglu, an analyst at Everbright Futures Research Institute, is responsible for futures varieties such as urea and soda - ash glass and has also won many honors [21]. - Sun Chengzhen, an analyst at Everbright Futures Research Institute, is engaged in the fundamental research of cotton, cotton yarn, and ferroalloys and won the Zhengzhou Commodity Exchange's textile senior analyst title in 2024 [22]. 5. Contact Information - The company is located at Unit 703, 6th Floor, No. 729, Yanggao South Road, China (Shanghai) Pilot Free Trade Zone. The company phone is 021 - 80212222, the fax is 021 - 80212200, the customer service hotline is 400 - 700 - 7979, and the postal code is 200127 [25].