东亚期货软商品日报-20251121

Report Summary 1. Report Industry Investment Rating No information provided in the document. 2. Core Views - Sugar: ICE raw sugar is near a five - year low due to global supply surplus. Zhengzhou sugar is weak and at a new low, influenced by increased Brazilian cane planting area, high Indian production expectations, and rising Chinese imports [3]. - Cotton: Domestic cotton supply pressure is increasing, with hedging pressure around 13,600 - 13,800. Demand is average, so short - term cotton prices may fluctuate weakly, but downstream demand has resilience and awaits macro - economic improvement [17]. - Apples: New - season late Fuji ground trading is ending, mainly in Shandong and Shanxi. Warehousing is in the later stage. Some areas in Shandong are not fully harvested, with many buyers. Small fruits are selling well recently [21]. - Red Dates: New - season red dates are about to enter the centralized harvesting stage. South Xinjiang has a yield reduction, but the extent is uncertain. Short - term price fluctuations are large due to capital games, and the downside may be limited with the start of the acquisition season [29]. 3. Summary by Related Catalogs Sugar - Futures Prices and Spreads: On November 21, 2025, SR01 closed at 5353 yuan/ton, down 0.24% daily and 2.14% weekly. Other contracts also showed declines. The ICE raw sugar price was at 14.68 cents/pound, up 0.14% daily but down 1.14% weekly [4]. - Base Spreads: For example, the Nanning - SR01 base spread was 394 yuan/ton on November 20, up 15 yuan daily and 146 yuan weekly [12]. - Import Prices and Profits: Brazilian and Thai sugar import prices changed, with corresponding differences in domestic prices and potential profits [15]. Cotton - Futures Prices and Spreads: Cotton 01 closed at 13,460 yuan/ton on November 21, down 5 yuan and 0.04%. Cotton - related spreads such as cotton 01 - 05 were - 10 yuan, down 5 yuan [18]. Apples - Futures and Spot Prices: On November 21, 2025, AP01 closed at 9440 yuan/ton, down 0.59% daily and 1.36% weekly. Spot prices of different apple grades remained stable [22]. - Spreads and Other Indicators: AP01 - 05 was 71 yuan/ton, down 10.13% daily but up 14.52% weekly [23]. Red Dates - Futures Spreads and Related Data: Red date futures spreads like 01 - 05 and 05 - 09 showed different trends over time, and the total of red date warehouse receipts and valid forecasts was also presented [30][32].