Group 1: Report Investment Rating - There is no content regarding the industry investment rating in the report. Group 2: Core Views - The fundamentals of sugar are mixed. In China, the new sugar - crushing season in Guangxi is delayed, and the spot price is firm, but the expected increase in domestic sugar production and seasonal consumption constraints may lead to a looser supply - demand pattern. Internationally, Brazilian sugar exports decreased in the first week of November, and although raw sugar rose slightly, there is still supply pressure from India and Thailand [3]. - For cotton, under short - term Sino - US trade consultations, market sentiment may improve. The new cotton production in southern Xinjiang is lower than expected, and the purchase price is relatively firm. However, the overall domestic new cotton production is high, downstream demand is average, and the upward momentum of cotton prices is lacking, with short - term oscillations expected [16]. - For apples, the ground trading of new - season late Fuji is ending, and the warehousing work is in the later stage. Trading is concentrated in Shandong and Shanxi. Different regions have different progress in warehousing and ground trading [20]. - For dates, the new - season dates are about to enter the concentrated harvesting stage. There is a production reduction in southern Xinjiang, but the extent is uncertain. With the start of the acquisition season, the downside space of date prices may be limited [26]. Group 3: Summary by Commodity Sugar - Price and Spread: On November 12, 2025, SR01 closed at 5478 with a daily decline of 0.04% and a weekly increase of 0.68%. The price difference between different contracts also showed various changes [4]. - Basis: The basis between Nanning and different sugar futures contracts and between Kunming and different sugar futures contracts showed different values and changes on November 12, 2025 [11]. - Import Price: The quota - within and quota - outside import prices of Brazilian and Thai sugar showed daily and weekly changes on November 12, 2025, and the price differences between domestic locations and imported sugar also changed [14]. Cotton - Price and Spread: On November 12, 2025, cotton 01 closed at 13515 with a decline of 45 and a decline rate of 0.33%. The price differences between different cotton and cotton - yarn contracts also had corresponding changes [17]. - Basis and Spread: The cotton basis was 1282 with an increase of 18, and other spreads such as cotton 01 - 05, cotton 05 - 09, etc. also had specific values and changes [17]. Apples - Price and Spread: On November 12, 2025, AP01 closed at 9207 with a daily decline of 0.24% and a weekly increase of 2.99%. The price differences between different apple futures contracts and the basis of the main contract also showed various changes [21][22]. Dates - Price Spread: The price spreads between different date futures contracts (01 - 05, 05 - 09, 09 - 01) showed different trends over time [27][29].
软商品日报-20251112
Dong Ya Qi Huo·2025-11-12 11:35