白糖日报-20251013

Report Summary 1. Report Industry Investment Rating No investment rating information is provided in the report. 2. Core Views - Sugar: Despite potential domestic sugar production cuts due to typhoon - affected cane in Guangdong and Guangxi, sugar prices are unlikely to improve under the backdrop of global supply surplus [3]. - Cotton: Xinjiang's machine - picked cotton is entering the concentrated acquisition phase with a slight recovery in acquisition prices and a minor repair of the production increase expectation. However, the downstream peak season is weakening, and new cotton supply pressure will emerge. With a bumper harvest, cotton prices face significant hedging pressure. Additionally, the US's new tariff policy adds policy uncertainties [18]. - Apple: Continuous rainy weather in apple - producing areas has delayed the large - scale supply of high - quality apples and reduced overall quality. Good - quality apple prices are rising, which will boost apple futures prices. Near - month contracts are stronger, and long - term prices are more volatile [22]. - Jujube: New - season jujubes are about to be harvested. Although some inland merchants have gone to the producing areas to contract orchards, the contract volume is small. With high inventories of old jujubes, jujube prices may still face downward pressure [30]. 3. Summary by Commodity Sugar - Futures Prices and Spreads: On October 13, 2025, SR01 closed at 5470 yuan/ton with a daily decline of 0.47% and a weekly decline of 0.15%. Different contract spreads also showed various changes, such as SR01 - 05 being 27 yuan/ton, with a weekly decline of 9 yuan/ton [4]. - Base Difference: On October 10, 2025, the base difference between Nanning and SR01 was 304 yuan/ton, with a daily increase of 32 yuan/ton and a weekly increase of 9 yuan/ton [13]. - Import Price Changes: On October 13, 2025, the in - quota price of Brazilian sugar imports was 4426 yuan/ton, with a daily decline of 37 yuan/ton and a weekly increase of 1 yuan/ton. The out - of - quota price was 5621 yuan/ton, with a daily decline of 49 yuan/ton and a weekly increase of 1 yuan/ton [16]. Cotton - Futures Prices: On October 13, 2025, cotton 01 closed at 13300 yuan/ton, down 25 yuan/ton or 0.19%. Cotton 05 closed at 13360 yuan/ton, down 15 yuan/ton or 0.11%. Cotton 09 closed at 13530 yuan/ton, down 20 yuan/ton or 0.15% [19]. - Spreads: The cotton base difference was 1450 yuan/ton, with a daily increase of 18 yuan/ton. The spread between cotton 01 - 05 was - 50 yuan/ton, unchanged [20]. Apple - Futures and Spot Prices: On October 13, 2025, AP01 closed at 8638 yuan/ton, down 1.21% daily but up 2.82% weekly. The price of Qixia first - and second - grade 80 apples was 3.8 yuan/jin, unchanged [23]. - Spreads and Other Indicators: The spread between AP01 - 05 was 69 yuan/ton, with a weekly decline of 42.98%. The main contract base difference was - 121 yuan/ton, with a daily increase of 32.97% and a weekly decline of 156.28% [24]. Jujube - Futures Spreads: The report shows the historical trends of jujube futures spreads such as 01 - 05, 05 - 09, and 09 - 01 from 2021 - 2025 [31][33]. - Price Trends: The report presents the price trends of Xinjiang's main jujube - producing areas (Aksu, Alar, Kashgar) and main sales areas (Hebei, Henan) from 2022 - 2025 [34].