软商品日报-20260326

Group 1: Research Views - Cotton: On Wednesday, ICE U.S. cotton rose 0.92% to 68.24 cents per pound, and the main contract of Zhengzhou cotton rose 0.43% to 15,340 yuan per ton. The position of the main contract decreased by 17,996 lots to 553,600 lots. The spot price index of cotton 3128B was 16,490 yuan per ton, up 30 yuan from the previous day. In the international market, due to the continuous and repeated disturbances in the Middle East and the entry of the U.S. and Iran into the negotiation cycle, the short - term crude oil index declined, and market concerns eased slightly. The price center of ICE U.S. cotton moved up slightly. In the domestic market, Zhengzhou cotton rose with reduced positions, and the stock market performed strongly, also easing market concerns. Fundamentally, there are both long and short factors. Future market focuses include the new cotton planting situation and the new round of cotton target price subsidy policy to be announced in early April, as well as the changes in the Middle East situation. It is expected that Zhengzhou cotton will fluctuate in the short - term and still have upward space in the medium - to - long - term [2]. - Sugar: In the 2025/26 sugar - making season in Inner Mongolia, the total sugar production was about 680,000 tons, an increase of about 20,000 tons compared with the previous season. The spot quotes of Guangxi sugar - making groups were in the range of 5,420 - 5,490 yuan per ton, with a few adjusted by 10 - 20 yuan per ton; Yunnan sugar - making groups' quotes were 5,280 - 5,320 yuan per ton, unchanged; the mainstream quotes of processing sugar mills were in the range of 5,680 - 5,880 yuan per ton, with one individual mill reducing the price by 10 yuan per ton. The peace talks in the Middle East brought hope to the market, the rise of crude oil prices slowed down, and raw sugar adjusted to correct the previous increase. Future regional conflicts may still be repeated, and raw sugar is difficult to have a smooth unilateral market. Attention should be paid to the new sugar - making season in Brazil. In the domestic market, spot quotes varied, the main contracts were gradually shifted, the inventory pressure of near - month contracts remained, and macro - disturbances persisted. Investors should wait patiently for trading opportunities and be aware of systematic risks [2]. Group 2: Daily Data Monitoring - Cotton: The 5 - 9 spread was - 125, up 15; the main basis was 1371, down 146. The spot price in Xinjiang was 16,573 yuan per ton, down 17; the national spot price was 16,711 yuan per ton, down 21 [3]. - Sugar: The 5 - 9 spread was - 30, unchanged; the main basis was 31, unchanged. The spot price in Nanning was 5,460 yuan per ton, unchanged; the spot price in Liuzhou was 5,460 yuan per ton, unchanged [3]. Group 3: Market Information - Cotton: On March 25, the number of cotton futures warehouse receipts was 12,344, a decrease of 10 from the previous trading day, and the effective forecast was 430. The arrival prices of cotton in various domestic regions on March 25 were: 16,573 yuan per ton in Xinjiang, 16,704 yuan per ton in Henan, 16,725 yuan per ton in Shandong, and 16,964 yuan per ton in Zhejiang. On March 25, the comprehensive load of yarn was 58.2, down 0.1 from the previous day; the comprehensive inventory of yarn was 16.7, up 0.2 from the previous day; the comprehensive load of staple - fiber cloth was 60.8, up 0.1 from the previous day; the comprehensive inventory of staple - fiber cloth was 23.6, down 0.1 from the previous day [4]. - Sugar: On March 25, the spot price of sugar in Nanning was 5,460 yuan per ton, unchanged from the previous trading day; the spot price in Liuzhou was 5,460 yuan per ton, unchanged from the previous trading day. The number of sugar futures warehouse receipts on March 25 was 16,342, unchanged from the previous trading day, and the effective forecast was 520 [4][5]. Group 4: Research Team - Zhang Xiaojin, the research director of resource products at Everbright Futures Research Institute, focuses on the sugar industry. She has participated in major projects of the Zhengzhou Commodity Exchange and the writing of series books of the China Futures Association. She has won many awards such as "Best Agricultural Product Analyst" and "Senior Senior Analyst of Sugar at the Zhengzhou Commodity Exchange" [20]. - Zhang Linglu, a master of accounting and finance from the University of Bristol, UK, is an analyst of resource products at Everbright Futures Research Institute, responsible for the research of futures varieties such as urea and soda - ash glass. She has participated in large - scale projects and topics of the China Futures Association and the Zhengzhou Commodity Exchange and has won many awards [21]. - Sun Chengzhen, an analyst of resource products at Everbright Futures Research Institute, is a master of finance from Yunnan University. He is mainly engaged in the fundamental research and data analysis of varieties such as cotton, cotton yarn, and ferroalloy. He has participated in the writing of relevant topics of the Zhengzhou Commodity Exchange and has won many awards [22]. Group 5: Contact Information - Company address: Unit 703, 6th Floor, No. 729 Yanggao South Road, China (Shanghai) Pilot Free Trade Zone - Company phone: 021 - 80212222 - Fax: 021 - 80212200 - Customer service hotline: 400 - 700 - 7979 - Zip code: 200127 [25]