软商品日报：震荡延续-20260302

Group 1: Report Industry Investment Rating - No relevant content Group 2: Core Viewpoints of the Report - Cotton maintains a relatively strong trend, and the subsequent demand expectations remain uncertain. Attention should be paid to the sixth round of Sino - US negotiations [1] - Sugar is in a stage of loose supply and demand. It is recommended to adopt a low - buying strategy, and pay attention to the post - March delivery trend of raw sugar [2] Group 3: Summary by Related Catalogs Cotton - After the festival, the market has not fully recovered, the warehousing speed has slightly slowed down, downstream procurement has increased, and the shipment situation is okay [1] - As of February 26, the inventory of imported cotton at major ports was 538,100 tons, a week - on - week increase of 0.75%. Among them, the inventory in Shandong was 471,000 tons, a year - on - year increase of 0.86%, the inventory in Jiangsu was about 37,300 tons, and the inventory at other ports was about 29,800 tons [1] - The Middle East conflict over the weekend did not affect the cotton sector, and the impact of Trump's visit to China is uncertain [1] Sugar - As of February 28, 2025/26, India's cumulative sugarcane crushing volume reached 260.896 million tons, a year - on - year increase of 22.119 million tons; cumulative sugar production (excluding ethanol diversion) was 24.63 million tons, a year - on - year increase of 2.625 million tons; the average sugar yield was 9.44%, a year - on - year increase of 0.13% [2] - The International Sugar Organization (ISO) predicts that the global sugar production in the 2025/26 season will be 181.29 million tons, a decrease of 480,000 tons from the previous forecast; the global sugar consumption will be 180.07 million tons, a decrease of 70,000 tons from the previous forecast; the global sugar market surplus will be 1.22 million tons, a decrease of 410,000 tons from the previous forecast [2] - Sugar is in a stage of loose supply and demand. The increase in the price difference between the domestic and foreign markets and the rise in crude oil prices may reduce sugar output. It is recommended to buy at low prices and pay attention to the post - March delivery trend of raw sugar [2]