软商品日报-20251029

Report Summary 1. Report Industry Investment Rating The report does not mention the industry investment rating. 2. Core Viewpoints - Sugar: International raw sugar prices are under pressure due to increased Brazilian production and global supply surplus expectations. The domestic sugar market has a weak fundamental pattern with new sugar approaching, but there is still cost support for domestic sugar [2]. - Cotton: There is a slight repair in the new - cotton production increase expectation, and the purchase price is relatively firm. However, the downstream peak season is weakening, and the cotton price faces significant hedging pressure under the high - yield situation [12]. - Apples: Late - Fuji apples in the northwest and Shandong are in the final stage of harvest. The supply of high - quality apples is delayed, and the long - term price may remain strong, but the main contract lags behind the far - month contracts [16]. - Jujubes: New - season jujubes are about to be harvested. With high inventory of old jujubes, there may still be downward pressure on jujube prices [24]. 3. Summary by Commodity Sugar - Price: International raw sugar closed at 21.99 cents per pound. Domestic spot prices in Guangxi and Yunnan decreased. Futures prices showed certain fluctuations, with SR01 closing at 5494 yuan/ton, up 0.2% daily and 1.25% weekly [2][3]. - Basis: The basis between Nanning, Kunming and various sugar futures contracts decreased [7]. - Import: Import prices from Brazil and Thailand decreased, and the differences between domestic prices and import prices changed [10]. Cotton - Price: Cotton 01 closed at 13620 yuan/ton, up 0.41%. Cotton and cotton yarn futures prices had different changes, and the basis and spreads also showed corresponding fluctuations [13]. - Market Situation: There is a new - cotton production increase expectation, but the downstream market is weakening, and the cotton price faces hedging pressure [12]. Apples - Harvest and Supply: Late - Fuji apples in the northwest and Shandong are in the final harvest stage. The supply of high - quality apples is delayed due to weather. The inventory situation varies by region, with some areas having lower effective inventory than last year [16]. - Price: Apple futures contracts had different price changes, with AP01 closing at 9198 yuan/ton, down 0.43% daily but up 4.59% weekly [17]. Jujubes - Market Outlook: New - season jujubes are about to be harvested. With high inventory of old jujubes, there may be downward pressure on prices [24]. - Price Trends: The report provides price trend charts of main production and sales areas but does not mention specific prices [30].