光大期货软商品日报（2026 年2月10日）-20260210

1. Report Industry Investment Rating - No relevant information provided 2. Core Viewpoints - For cotton, the report believes that before the Spring Festival, the upward drive of Zhengzhou cotton is limited. With the approaching of the Spring Festival holiday, textile enterprises will gradually start their holidays. The available days of cotton inventory in textile enterprises have reached a new high in the same period in the past five years, and the time and space for replenishment demand are limited, and market transactions have become lighter. Overall, Zhengzhou cotton should be treated as a volatile pattern before the Spring Festival [2]. - For sugar, the current sufficient supply still exerts pressure on the market, and the March contract is almost approaching the previous low. During the stage of increased production in the Northern Hemisphere, the market is difficult to show strong performance. Domestically, as the holiday approaches, the fundamentals are relatively calm with no major changes. The recent stronger performance of the futures market is mainly based on the consideration of agricultural product long - term allocation, and attention should be paid to the actions of hedging positions [2]. 3. Summary by Directory Research Viewpoints - Cotton: On Monday, ICE U.S. cotton rose 0.85% to close at 61.58 cents per pound. Zhengzhou cotton's main contract decreased 0.07% to close at 14,580 yuan per ton, and the position of the main contract decreased by 270 lots to 701,000 lots. Internationally, there are still disturbances at the macro - level, the U.S. dollar index fluctuated weakly, and the U.S. cotton futures price rebounded from the bottom with limited overall driving force. Domestically, Zhengzhou cotton's main contract fluctuated in a narrow range, and the position decreased slightly [2]. - Sugar: In the first half of January, the sugarcane crushing volume in the central - southern region of Brazil was 605,000 tons, an increase of 304,000 tons compared with 301,000 tons in the same period last year, with a year - on - year increase of 100.99%. The sugar production ratio was 9.55%, a decrease of 22.22% compared with 31.77% in the same period last year. The sugar production was 700 tons, a decrease of 400 tons compared with 1,100 tons in the same period last year, with a year - on - year decrease of 32.12%. In terms of spot quotes, the quotation range of Guangxi sugar - making groups is 5,290 - 5,380 yuan per ton, with some prices increased by 10 - 20 yuan per ton; the quotation of Yunnan sugar - making groups is 5,120 - 5,190 yuan per ton, increased by 10 yuan per ton; the mainstream quotation range of processing sugar mills is 5,580 - 5,900 yuan per ton, with some prices increased by 10 - 20 yuan per ton [2]. Chart Analysis - Cotton Charts: Include the closing price of the cotton main contract, the basis of the cotton main contract, the 3 - 5 spread of cotton, the internal - external spread of cotton under the 1% tariff quota, the cotton warehouse receipts and effective forecasts, and the China Cotton Price Index: 3218B [4][7][8][9]. - Sugar Charts: Include the closing price of the sugar main contract, the basis of the sugar main contract, the 3 - 5 spread of sugar, and the sugar warehouse receipts and effective forecasts [11][12][14]. Research Team Personnel Introduction - Zhang Xiaojin, the director of resource product research at Everbright Futures Research Institute, focuses on sugar industry research. He has won many awards such as "Best Agricultural Product Analyst" and "Best Agricultural and Sideline Products Chief Futures Analyst" [16]. - Zhang Linglu, an analyst at Everbright Futures Research Institute, is responsible for the research of futures varieties such as urea and soda - ash glass. She has won many honors such as the senior senior analyst of soda - ash and the senior analyst of urea at the Zhengzhou Commodity Exchange [17]. - Sun Chengzhen, an analyst at Everbright Futures Research Institute, is mainly engaged in the fundamental research and data analysis of varieties such as cotton, cotton yarn, and ferroalloy. He has won the titles of senior analyst of textile products at the Zhengzhou Commodity Exchange and the best agricultural and sideline products futures analyst [18].