白糖日报-20251024

Report Information - Report Title: Soft Commodity Daily - Date: October 24, 2025 Industry Investment Rating - No relevant information provided Core Viewpoints - International sugar prices are pressured by the expectation of global supply surplus, while domestic sugar has limited downside space due to cost support but weak demand [3]. - The decline of cotton prices has slowed down, but it still faces hedging pressure due to the expected increase in supply [14]. - Apple prices may remain strong in the long - term, but the main contract's performance is weaker than that of the far - month contracts [19]. - New - season jujubes may face downward pressure due to high inventory of old jujubes [27]. Summary by Commodity Sugar - Fundamentals: International sugar prices are under pressure from the expected supply surplus, with ICE raw sugar slightly rising to 15.24 cents/pound but constrained by Brazil's high production. Domestic sugar has limited downside due to cost support, but terminal procurement is cautious [3]. - Futures Prices and Spreads: Provided detailed closing prices, daily and weekly price changes of various sugar futures contracts and spreads [4]. - Basis: Presented the basis data of sugar in Nanning and Kunming against different futures contracts and their daily and weekly changes [9]. - Import Prices: Showed the quota - in and quota - out import prices of Brazilian and Thai sugar and their daily and weekly changes, as well as the price differences between domestic locations and imported sugar [12]. Cotton - Fundamentals: New cotton purchase prices are relatively firm, the decline of cotton prices has slowed down, but downstream demand is weakening, and new cotton supply pressure will gradually emerge [14]. - Futures Prices: Gave the closing prices, daily price changes and price change rates of cotton and cotton yarn futures contracts [15]. - Spreads: Provided the price differences and daily price changes of cotton basis, cotton futures month - spreads, flower - yarn spread, and internal - external cotton and yarn spreads [16]. Apple - Fundamentals: Late - Fuji apples in the northwest and Shandong are in the coloring and partial listing stage. Continuous rain has delayed the supply, and the effective inventory in most areas is lower than last year. Long - term prices may remain strong [19]. - Price Changes: Presented the closing prices, daily and weekly price change rates of apple futures contracts, spot prices of different apple varieties, and related data such as basis, theoretical delivery price and profit [20]. Jujube - Fundamentals: New - season jujubes are about to be harvested. With high inventory of old jujubes, jujube prices may face downward pressure [27]. - Futures Month - Spreads: Mentioned the futures month - spreads of jujubes (01 - 05, 05 - 09, 09 - 01) [29][30][34]. - Prices and Inventory: Included the price trends of Xinjiang jujube production areas and main sales areas, and the total of jujube warehouse receipts and effective forecasts [33][35].