国投期货软商品日报-20251113

Report Industry Investment Ratings - Cotton: Not clearly indicated, but the operation suggestion is to wait and see [2] - Pulp: One star, representing a bullish bias, but limited operability on the trading floor [1] - Sugar: Not clearly indicated, but the price is expected to remain weak [3] - Apple: Not clearly indicated, but short - term prices are expected to remain strong [4] - Log: Not clearly indicated, but the operation suggestion is to wait and see [7] - 20 - rubber, Natural rubber, Butadiene rubber: One star, representing a bullish bias, but limited operability on the trading floor [1][5] Core Views - The prices of different soft commodities show different trends. Factors such as supply, demand, cost, and inventory influence their prices. The report provides corresponding operation suggestions for each commodity [2][3][4] Summary by Commodity Cotton & Cotton Yarn - Zhengzhou cotton prices declined slightly, with a risk of short - term downward break. New cotton cost provides some support, but price increases face hedging pressure. The cotton yarn market is stable with stable demand. It is recommended to wait and see [2] Sugar - Brazilian production data in mid - October was neutral. Domestic sugar prices are weakly oscillating. The market's focus is on the next season's production estimate. Sugar prices are expected to remain weak [3] Apple - Futures prices rose significantly. The inventory decreased year - on - year. Short - term prices are strong, but the long - term de - stocking situation is the key trading point [4] 20 - rubber, Natural rubber, Synthetic rubber - Futures prices of natural rubber and 20 - rubber rose, and butadiene rubber futures prices rose slightly. Supply pressure is easing, demand is slowly increasing, and there are opportunities for cross - variety arbitrage [5] Pulp - Pulp futures prices continued to rise. The inventory decreased. Short - term upward space may be limited, but there is a risk of a short squeeze. It is recommended to hold long positions cautiously [6] Log - Futures prices are weakly operating. Supply may remain low, demand supports prices, and low inventory also provides some support. It is recommended to wait and see [7]