软商品日报-20260309

1. Report Industry Investment Rating - No information provided in the report 2. Core Views - Sugar: The current stage does not have a clear basis for a trend reversal. The core market contradiction remains unchanged, with low valuation but a lack of continuous upward drivers [3] - Cotton: The current expectation of tight domestic supply and demand still strongly supports cotton prices. However, the high domestic - foreign cotton price spread and macro - risks caused by the US - Israel - Iran conflict put pressure on the upside of cotton prices. In the short term, cotton prices may show a narrow - range shock adjustment [16] - Apple: The current apple futures market is operating strongly, driven by both fundamental and delivery logic. The shortage of delivery products for the 05 contract is prominent, with strong short - term support and no obvious bearish suppression, maintaining a strong shock pattern [22] - Jujube: The new planting season has not arrived yet, and the market focus is on the demand side. After the Spring Festival, downstream sales are mediocre, and restocking is light. Under geopolitical conflicts, market funds flow, and risk - aversion sentiment rises. With the overall domestic supply - demand being loose, jujube prices face upward pressure and may maintain a low - level shock [30] 3. Summary by Related Catalogs Sugar - Futures Prices and Spreads: On March 9, 2026, SR01 closed at 5557, with a daily increase of 0.98% and a weekly increase of 1.41%. SR05 closed at 5436, with a daily increase of 1.21% and a weekly increase of 1.70%. The SR01 - 05 spread was 132, with no daily change and a weekly decrease of 3 [4] - Basis: On March 6, 2026, the basis of Nanning - SR01 was - 113, with no daily change and a weekly increase of 1. The basis of Kunming - SR01 was - 263, with a daily decrease of 25 and a weekly increase of 11 [11] - Import Prices: On March 9, 2026, the in - quota price of Brazilian sugar imports was 3970, with a daily decrease of 6 and a weekly decrease of 10. The out - of - quota price was 5027, with a daily decrease of 7 and a weekly decrease of 13 [14] Cotton - Futures Prices: On the reporting day, cotton 01 closed at 15655, down 5 (- 0.03%); cotton 05 closed at 15285, down 10 (- 0.07%); cotton 09 closed at 15340, down 5 (- 0.03%);棉纱 05 closed at 21280, up 75 (0.35%); and棉纱 09 closed at 21350, up 140 (0.66%) [17] - Spreads: The cotton basis was 1383, with no change; the cotton 01 - 05 spread was 365, with no change; the cotton 05 - 09 spread was - 50, with no change; the cotton 09 - 01 spread was - 315, with no change; the flower - yarn spread was 5855, with no change; the domestic - foreign cotton spread was 4233, up 111; and the domestic - foreign yarn spread was 106, up 20 [17] Apple - Futures and Spot Prices: On March 9, 2026, AP01 closed at 8573, with a daily increase of 0.39% and a weekly increase of 1.22%. AP05 closed at 10287, with a daily decrease of 0.28% and a weekly increase of 3.95%. The price of Qixia first - and second - grade 80 apples was 4, with no daily or weekly change [23] - Spreads and Other Indicators: The AP01 - 05 spread was - 1776, with no daily change and a weekly increase of 24.54%. The main contract basis was - 620, with a daily decrease of 23.93% and a weekly increase of 59.79% [23] Jujube - Futures Spreads: The jujube futures 01 - 05, 05 - 09, and 09 - 01 spreads show different trends over different time periods, with data presented in the form of graphs [31][33] - Prices: The price trends of Xinjiang jujube main - producing areas and main - selling areas are presented in the form of graphs, showing the price changes of different regions over time [34]