开年必读 | 31家投研团队、47个期货品种的观点、共性逻辑、分歧点都在这了（四）

Core Viewpoint - The article presents a comprehensive analysis of the commodity market outlook for 2026, based on insights from 31 institutions covering 47 trading varieties across various sectors including metals, energy, chemicals, and agricultural products [1][2]. Group 1: Agricultural Products & Soft Commodities - Cotton prices are expected to rise, but the upward potential is limited due to seasonal supply pressures and demand recovery dynamics [7][8]. - The core logic for cotton includes a lack of significant growth in domestic production, seasonal impacts on textile industry operations, and limited expansion in planting area due to policy guidance [9][10]. - Price predictions for cotton range from 13,500 to 15,500 CNY per ton, with strategies suggesting buying near the lower end of this range [11][12]. Group 2: Sugar - The sugar market is anticipated to experience a "low first, high later" trend, driven by the recovery of domestic production and weak consumer demand [55][56]. - The core logic indicates that ethanol will play a crucial role in balancing supply and demand, with an overall surplus expected but not catastrophic [57][58]. - Price predictions for sugar are set between 5,100 and 5,700 CNY per ton, with strategies focusing on high selling and low buying opportunities within this range [59][60]. Group 3: Rubber - Natural rubber is expected to remain in a wide fluctuation pattern, while synthetic rubber faces downward pressure [102][106]. - The core contradiction lies between the tight supply of natural rubber and the stable but uninspiring demand, while synthetic rubber faces pressure from increased production capacity [103][104]. - Price predictions for natural rubber range from 13,000 to 17,000 CNY per ton, with strategies suggesting buying near the lower end of this range [105][106]. Group 4: Apples - The apple market is projected to be weak in the short term but may strengthen in the long term due to quality disparities and competition from alternative fruits [140][141]. - The core logic indicates that high-quality apples will maintain strong prices due to scarcity, while lower-quality apples face pressure from consumer demand [142][143]. - Price predictions suggest a high-level fluctuation, with potential adjustments before and after the Spring Festival [144][145]. Group 5: Red Dates - The red date market is expected to operate under a bearish outlook due to oversupply and weak demand [180][181]. - The core logic highlights the pressure from high inventories of old dates and the impact of new crop quality on market dynamics [182][183]. - Price predictions for red dates are set between 8,500 and 9,500 CNY per ton, with strategies focusing on selling high and cautious buying [185][186]. Group 6: Pulp - The pulp market is anticipated to experience wide fluctuations without a clear trend, influenced by high inventories and weak demand [204][210]. - The core contradiction involves the ongoing supply pressure from domestic production and the structural differentiation in demand [205][206]. - Price predictions suggest a key resistance level around 5,500 CNY per ton, with strategies focusing on high selling and low buying opportunities [208][209]. Group 7: Live Pigs - The live pig market is expected to see a "low first, high later" trend, with significant supply pressures in the first half of the year [234][235]. - The core logic indicates that high supply during the off-season will lead to significant inventory pressure, while a seasonal recovery in demand is expected in the second half [234][235]. - The overall market is projected to transition from severe oversupply to a more balanced state by the end of the year [235].