白糖日报-20260327

Report Industry Investment Rating - No information provided in the report 2. Core Viewpoints - Sugar: The external raw sugar is stronger than the domestic market. The sugar - making season in Inner Mongolia has ended, and the expected beet planting area is decreasing. Due to the tense geopolitical situation in the Middle East and cautious capital sentiment, the domestic spot price remains stable with average trading volume. In the short - term, it will maintain a volatile pattern affected by geopolitics and the external market [3]. - Cotton: The short - term conflict between the US, Israel and Iran has caused significant fluctuations in crude oil prices, increasing macro risks. The release of domestic quotas has increased short - term supply, leading to a decline in Zhengzhou cotton prices. However, with low downstream inventory, fast finished - product destocking and good consumption performance, there is still support for cotton prices. The internal - external price difference has been repaired recently, and attention should be paid to the new - year planting intention report to be released by USDA next week [14]. - Apple: The Tomb - sweeping Festival stocking is progressing. The trading atmosphere of high - quality goods in the production area is good, and the market shows a two - tiered differentiation, with high - quality goods having stronger prices and ordinary goods being weaker. The inventory removal speed in cold storage has accelerated, and the shortage of delivery products for the 05 contract is prominent. The fundamentals and delivery logic provide dual positive support for the market [20]. - Jujube: The new - year planting season has not arrived yet, and the market focus is still on the demand side. Currently, the downstream sales are mediocre, and replenishment is light. Under the short - term geopolitical conflict, market funds are flowing, but the driving force for jujube is limited. With the overall loose domestic supply - demand situation, there is still pressure on the upside of jujube prices, and it may mainly fluctuate at a low level to build a bottom [28]. 3. Summary by Related Catalogs Sugar - Futures Prices and Spreads: On March 27, 2026, SR01 closed at 5634 with a daily increase of 0.12% and a weekly increase of 0.68%; SR03 closed at 5643 with a daily increase of 0.12% and a weekly increase of 0.88%; SR05 closed at 5464 with a daily increase of 0.02% and a weekly increase of 0.46%; SR07 closed at 5485 with a daily increase of 0.02% and a weekly increase of 0.4%; SR09 closed at 5487 with a daily increase of 0.04% and a weekly increase of 0.33%; SR11 closed at 5503 with a daily increase of 0.02% and a weekly increase of 0.35%. SB closed at 15.85 with a daily increase of 2.06% and a weekly increase of 1.41%; W closed at 459.6 with a daily increase of 1.21% and a weekly increase of 2.00% [4]. - Basis: On March 26, 2026, the basis of Nanning - SR01 was - 167, with a daily decrease of 26 and a weekly decrease of 27; the basis of Kunming - SR01 was - 307, with a daily decrease of 26 and a weekly decrease of 52. Similar data are provided for other contracts [9]. - Import Price Changes: On March 27, 2026, the in - quota price of Brazilian sugar imports was 4331, with a daily decrease of 68 and a weekly increase of 155; the out - of - quota price was 5497, with a daily decrease of 88 and a weekly increase of 202. Similar data are provided for Thai sugar imports [12]. Cotton - Futures Prices and Spreads: On March 27, 2026, cotton 01 closed at 15930 with an increase of 30 and a rise - fall rate of 0.19%; cotton 05 closed at 15395 with a decrease of 25 and a fall rate of 0.16%; cotton 09 closed at 15530 with a decrease of 15 and a fall rate of 0.1%. The price of cotton basis was 1419 with an increase of 94; the spread of cotton 01 - 05 was 535 with an increase of 55; the spread of cotton 05 - 09 was - 135 with a decrease of 10; the spread of cotton 09 - 01 was - 400 with a decrease of 45; the flower - yarn spread was 6195 with no change; the internal - external cotton spread was 3475 with a decrease of 67; the internal - external yarn spread was 205 with an increase of 59 [15]. Apple - Futures and Spot Prices: On March 27, 2026, AP01 closed at 8600 with a daily increase of 0.71% and a weekly decrease of 0.54%; AP03 closed at 8577 with a daily increase of 0.5% and a weekly decrease of 0.2%; AP04 closed at 9582 with a daily increase of 1.76% and a weekly increase of 1.78%; AP05 closed at 9967 with a daily increase of 0.21% and a weekly decrease of 7.03%; AP10 closed at 8767 with a daily increase of 0.96% and a weekly decrease of 0.71%; AP11 closed at 8579 with a daily increase of 0.73% and a weekly decrease of 0.65%; AP12 closed at 8603 with a daily increase of 0.86% and a weekly decrease of 0.51. The price of Qixia first - and second - grade 80 apples was 4 with no daily or weekly change; the price of Luochuan semi - commodity 70 apples was 4.35 with no daily or weekly change; the price of Jingning paper - bagged 75 apples was 6.25 with no daily change and a weekly increase of 0.00%; the price of Yiyuan paper - bagged 70 apples was 2.5 with no daily or weekly change; the price of Wanrong paper - plus - film 75 apples was 2.3 with no daily or weekly change. The disk profit was - 949 with a daily decrease of 3.06% and a weekly decrease of 33.03%; the delivery theoretical price was 9800 with no daily or weekly change; the main contract basis was - 149 with a daily decrease of 16.76% and a weekly decrease of 75.85% [21]. - Spread: The spread of AP01 - 05 was - 1407 with a daily decrease of 3.17% and a weekly decrease of 27.44%; the spread of AP05 - 10 was 1262 with a daily decrease of 3.81% and a weekly decrease of 29.26%; the spread of AP10 - 01 was 145 with a daily increase of 2.84% and a weekly decrease of 6.45% [21][22]. Jujube - Futures Spreads: The report provides historical data on jujube futures spreads for different contract combinations (01 - 05, 05 - 09, 09 - 01) from 2022 - 2026 [29][31]. - Price Trends: The report shows the price trends of Xinjiang jujube main - producing areas (Aksu, Alar, Kashi) and main - selling areas (Hebei, Henan) from 2022 - 2025 [32].