软商品日报-20260120

Group 1: Report Core Views - The domestic sugar market is expected to fluctuate in the short term, and the supply pressure may increase and suppress the market in the future, affected by the production progress in Thailand and India [3]. - Cotton prices face upward pressure due to squeezed downstream profits and a significant strengthening of the internal - external price spread. However, the stable load of spinning mills, expanded spinning capacity, and relatively low downstream inventory support the market. Short - term prices may fluctuate and adjust, and attention should be paid to downstream imports and orders [14]. - In the short term, the fundamental logic is expected to continue to influence the apple futures market. The logic of a shortage of delivery products is temporarily put on hold, and it remains to be seen when it will return. Attention should be paid to the Spring Festival stocking situation, and if there is no significant improvement, the market may continue to decline [20]. - Short - term jujube prices may remain in a low - level fluctuation. Attention should be paid to pre - Chinese New Year downstream purchases. In the long - term, the overall supply - demand of new - season jujubes in China is loose, and prices will continue to face downward pressure [27]. Group 2: Sugar Market Futures Prices and Spreads - On January 20, 2026, SR01 closed at 5290 yuan/ton with a daily decline of 0.94% and a weekly increase of 0.04%. Other contracts also showed different degrees of decline [4]. - The price differences between different sugar futures contracts, such as SR01 - 05, SR05 - 09, etc., also had corresponding changes [4]. Basis - The basis of different regions (Nanning and Kunming) and different sugar futures contracts had different daily and weekly changes on January 19, 2026 [9]. Import Prices - On January 20, 2026, the quota - within and quota - outside import prices of Brazilian and Thai sugar decreased compared with the previous period, and the price differences between different regions and import sources also changed [12]. Group 3: Cotton Market Futures Prices and Spreads - On January 20, 2026, cotton 01 closed at 15145 yuan/ton with a daily increase of 5 yuan and a growth rate of 0.03%. Cotton 05 and 09 declined slightly. Some cotton yarn contracts had significant changes [15]. - The price differences between different cotton futures contracts, such as cotton 01 - 05, cotton 05 - 09, etc., and the differences between cotton and cotton yarn also had corresponding changes [15]. Group 4: Apple Market Futures and Spot Prices - On January 20, 2026, AP01 closed at 8144 yuan/ton with a daily increase of 1.34% and a weekly decline of 100%. Other apple futures contracts also showed different price changes. Spot prices of different apple varieties remained stable [21]. - The price differences between different apple futures contracts, such as AP01 - 05, AP05 - 10, etc., also had corresponding changes [21][22]. Group 5: Jujube Market Futures Month - to - Month Spreads - The month - to - month spreads of jujube futures, such as 01 - 05, 05 - 09, and 09 - 01, showed different trends in different time periods [28][30].