Group 1: Report Industry Investment Ratings - No industry investment ratings are provided in the report Group 2: Core Views of the Report - For cotton, on Tuesday, ICE US cotton fell 0.88% to 67.82 cents per pound, and CF509 declined 0.23% to 12,745 yuan per ton. The position of the main contract increased by 6,434 lots to 587,500 lots. The cotton arrival price in Xinjiang was 13,846 yuan per ton, down 79 yuan from the previous day, and the China Cotton Price Index for Grade 3128B was 14,113 yuan per ton, down 70 yuan. With macro - level disturbances, mixed US economic data, and the Fed likely to hold rates in May, the drought impact on US cotton - growing areas has weakened. Domestically, Zhengzhou cotton is in a low - level oscillation. There is an expectation of improved Sino - US tariffs and the price is at a relatively low historical level, but it's the off - season for textile and clothing consumption, and the new cotton planting area has increased. Overall, it's expected to oscillate in a low - level range in the short term [1]. - For sugar, in the 2024/25 sugar - making season as of April 30, 2025, India's crushed sugarcane was 275.857 million tons, a decrease of 35.655 million tons (11.44%) from the previous year, and sugar production was 25.695 million tons, a decrease of 5.77 million tons (18.33%). The spot prices of sugar - making groups in Guangxi and Yunnan were lowered. The raw sugar price rebounded due to macro - sentiment and crude oil but was pressured by the issue of increased production. Considering future imported sugar arrivals, a bearish view is held, but the downward space is not seen as deep due to the limited inventory pressure of domestic sugar [1]. Group 3: Summary by Relevant Catalogs 1. Daily Data Monitoring - For cotton, the 7 - 9 contract spread was - 235 with no change, the main basis was 1,368, down 65. The spot price in Xinjiang was 13,846, down 79, and the national price was 14,113, down 70 [2]. - For sugar, the 7 - 9 contract spread was 75, up 1, the main basis was 290, down 23. The spot price in Nanning was 6,160, down 10, and in Liuzhou was 6,180, down 20 [2]. 2. Market Information - On May 6, the number of cotton futures warehouse receipts was 11,116, an increase of 76 from the previous day, with 1,194 valid forecasts. The cotton arrival prices in different regions were: 13,846 yuan per ton in Xinjiang, 14,160 yuan per ton in Henan, 14,148 yuan per ton in Shandong, and 14,127 yuan per ton in Zhejiang [3]. - On May 6, the yarn comprehensive load was 54.4, down 0.5 from the previous day, the yarn comprehensive inventory was 23.4, up 0.5, the short - fiber cloth comprehensive load was 52.4, down 0.7, and the short - fiber cloth comprehensive inventory was 30.5, up 0.2 [3]. - On May 6, the sugar spot price in Nanning was 6,160 yuan per ton, down 10 yuan from the previous day, and in Liuzhou was 6,180 yuan per ton, down 20 yuan. The number of sugar futures warehouse receipts was 28,629, a decrease of 121 from the previous day, with 4,274 valid forecasts [3][4]. 3. Chart Analysis - The report presents multiple charts including those for cotton (main contract closing price, main contract basis, 7 - 9 spread, 1% tariff quota internal - external spread, warehouse receipts and valid forecasts, China Cotton Price Index) and sugar (main contract closing price, main contract basis, 7 - 9 spread, warehouse receipts and valid forecasts) [6][13][16].

软商品日报 光大期货软商品日报（2025 年 4 月 30 日） 一、研究观点 | 品种 | 点评 | 观点 | | --- | --- | --- | | 棉花 | 周二，ICE 美棉下跌 1.47%，报收 66.56 美分/磅，CF509 下跌 1%，报收 12840 元/ | | | | 吨，主力合约持仓环比增加 2557 手至 57.3 万手，新疆地区棉花到厂价为 13982 元 | | | | /吨，较前一日下降 16 元/吨，中国棉花价格指数 3128B 级为 14244 元/吨，较前一 | | | | 日增加 10 元/吨。国际市场方面，近期驱动仍更多在于宏观层面，美元指数重心上 | 震荡偏 | | | 移，美棉价格震荡走弱，基本面变化有限，持续关注宏观数据。国内市场方面，近 | | | | 期郑棉期价重心小幅下移，基本面支撑稍显不足，但我们认为短期下方空间有限。 | 弱 | | | 一是中美关税税率较此前再度恶化空间不大，二是新棉种植期，国内棉花种植面积 | | | | 较此前预估或小幅下降，未来天气若有扰动则是利多，三是对未来国内宏观政策的 | | | | 预期。综上，我们认为短期郑棉底部有 ...

商品研究 | 走势评级: | 白糖 | 震荡 | | --- | --- | --- | | | 棉花- | 震荡 | 张秀峰—分析师 从业资格证号：F0289189 投资咨询证号：Z0011152 联系电话：0571-28132619 邮箱：zhangxiufeng@cindasc.com 期货研究报告 受原油拖累，棉花短线承压 [T报ab告le日_R期ep：ortDate] 2025-04-22 报告内容摘要: [Table_Summary] 白糖：在 2024/25 年度，除了云南以外，其他主要产区的糖厂已经开始收 榨，食糖的恢复性增产已成定局。五一等节假日的消费拉动了食糖需求，支 撑了糖价的稳定。国际方面，巴西在 2025/26 年度的制糖生产逐步展开，但 由于天气因素，其产糖量存在不确定性，预计短期内国际糖价将震荡走弱。 后续需关注国内甘蔗和甜菜的种植及生长情况，以及巴西的食糖生产进度。 软商品日报 走势评级： 白糖——震荡 棉花——震荡 棉花：由于美国对我国出口商品加征关税，中国的纺织品和服装出口出现 放缓，消费量减少了 20 万吨，降至 760 万吨，进口量也减少了 20 万吨， 降至 150 ...