Group 1 - The core issue facing Asian investors is how to hedge against significant fluctuations in the US dollar, particularly in light of the recent volatility of the New Taiwan Dollar, which surged nearly 6%, marking the largest single-day fluctuation since the 1980s [1] - Taiwanese life insurance companies have accumulated approximately $700 billion in US dollar investments over the past decade, seeking higher overseas bond yields to meet policy obligations and attract depositors [1] - The cost of hedging against currency fluctuations has increased significantly, with the cost of using non-deliverable forward contracts to hedge New Taiwan Dollar fluctuations reaching 24%, well above normal levels [1] Group 2 - Some investors believe that as long as trade surpluses continue to generate a need for US dollars to flow back into the market, the risk of a significant currency collapse is low [2] - The Hong Kong Monetary Authority has intervened by purchasing nearly $17 billion since May to prevent the Hong Kong dollar from appreciating beyond its pegged range against the US dollar [2] - The Bank of Korea's governor has warned that as long as global trade uncertainties persist, volatility in Asian currencies will continue, driven by unpredictable outcomes in trade negotiations [2]

Report Industry Investment Rating - The investment rating for both sugar and cotton is "Oscillation" [1] Report's Core View - In the 2024/25 season, sugar mills in major sugar - producing areas (except Yunnan) have started to close, and a restorative increase in sugar production is certain. Holiday consumption has supported sugar prices. Internationally, Brazil's sugar production in the 2025/26 season has begun, but due to weather factors, production is uncertain, and international sugar prices are expected to oscillate and weaken in the short - term. Attention should be paid to domestic sugarcane and beet planting and growth, as well as Brazil's sugar production progress [1] - Due to US tariff increases on Chinese exports, China's textile and clothing exports have slowed, with consumption decreasing by 200,000 tons to 760,000 tons and imports decreasing by 200,000 tons to 150,000 tons. High temperatures in most parts of Xinjiang are generally beneficial for cotton sowing [1] Data Summary Price Data - From April 12 to April 13, 2025, the price of US sugar remained at $17.83, with a 0.00% change; the price of US cotton remained at $65.84, with a 0.00% change [3] - From April 10 to April 11, 2025, the price of sugar in Nanning increased from 6160.0 to 6170.0, a 0.16% increase; the price of sugar in Kunming decreased from 6060.0 to 6025.0, a - 0.58% change; the cotton index 328 decreased from 3281 to 3280, a 0.93% change; the price of cotton in Xinjiang decreased from 14300.0 to 14000.0, a - 2.10% change [3] Spread Data - From April 12 to April 13, 2025, the spreads of SR01 - 05, SR05 - 09, SR09 - 01, CF01 - 05, CF05 - 09, CF09 - 01, sugar 01 basis, sugar 05 basis, sugar 09 basis, cotton 01 basis, cotton 05 basis, and cotton 09 basis all had a 0.00% change [3] Import Price and Profit Data - From April 10 to April 11, 2025, the import price of cotton cotlookA decreased from 78.55 to 78.3, a - 0.32% change; the sugar import profit remained at 1155.0, with a 0.00% change [3] Option Data - The implied volatility of SR505C6100 is 0.1404, and the historical volatility of its futures underlying SR505 is 10.74; the implied volatility of SR505P6100 is 0.3474. The implied volatility of CF505C12800 is 0.2278, and the historical volatility of its futures underlying CF505 is 12.01; the implied volatility of CF505P12800 is 0.1399 [3] Warehouse Receipt Data - From April 10 to April 11, 2025, the number of sugar warehouse receipts remained at 27410.0, with a 0.00% change; the number of cotton warehouse receipts increased from 9380.0 to 9507.0, a 1.35% increase [3] Company Information - CINDA Futures Co., Ltd. is a large - scale, standardized, and high - reputation futures company in China. It is wholly - owned by CINDA Securities Co., Ltd., with a registered capital of 600 million RMB. It has various memberships in multiple futures exchanges and is an observer of relevant associations [9]