Report Summary 1. Report Industry Investment Rating No information provided in the given documents. 2. Core View of the Report - The report focuses on the soft commodities market, specifically sugar and cotton. The market is currently paying attention to weather conditions, and cotton is expected to experience short - term fluctuations. The consumption of sugar has seasonally recovered due to the demand for summer cold drinks, and the import of sugar has increased significantly recently. Cotton is at risk of high - temperature heat damage in some areas, but the decreasing commercial inventory and the upcoming cotton textile peak season provide some support for cotton prices. The recommended strategy is to mainly adopt a wait - and - see approach [1][2]. 3. Summary by Related Catalogs Data Overview - **External Quotes**: On September 10, 2025, the price of US sugar was 15.89 US dollars, with a daily increase of 0.32%, and the price of US cotton was 66.72 US dollars, with a daily increase of 0.50% [3]. - **Spot Prices**: On September 10, 2025, the spot price of sugar in Nanning was 5880.0 yuan, unchanged from the previous day; the spot price of sugar in Kunming was 5835.0 yuan, with a daily increase of 0.26%. The price of the cotton index 328 was 3280, with a daily decrease of 0.32%, and the spot price of cotton in Xinjiang was 15250.0 yuan, with a daily decrease of 0.33% [3]. - **Spread Overview**: The spreads of sugar and cotton futures contracts showed different degrees of changes. For example, the SR01 - 05 spread increased by 33.33%, and the CF01 - 05 spread decreased by 22.22% [3]. - **Import Prices**: The import price of cotton cotlookA remained unchanged at 77.65 on September 10, 2025 [3]. - **Profit Margin**: The import profit of sugar remained unchanged at 1614.0 on September 10, 2025 [3]. - **Options**: The implied volatilities of sugar and cotton option contracts SR601C5500, SR601P5500, CF601C13800, and CF601P13800 were 0.0855, 0.0816, 0.1278, and 0.115 respectively [3]. - **Inventory Warehouse Receipts**: On September 10, 2025, the number of Zhengzhou sugar warehouse receipts was 11772.0, with a daily decrease of 1.71%, and the number of Zhengzhou cotton warehouse receipts was 5322.0, with a daily decrease of 2.51% [1][3]. Supply and Demand Analysis - **Sugar**: The consumption of sugar has seasonally recovered due to the demand for summer cold drinks. The import of sugar has increased significantly recently due to the widening price difference between domestic and foreign markets, but the total annual import volume is still expected to be within the expected range. Since July, extreme rainfall in Yunnan and Inner Mongolia has affected local sugarcane and sugar beet crops, and the potential impact on sugar production needs continuous monitoring [1][2]. - **Cotton**: Most cotton - growing areas in China are at the peak of flowering, and some areas in Xinjiang have entered the boll - opening and flocculation stage, with the overall growth progress ahead of previous years. In August, cotton in Xinjiang and the Yangtze River Basin is at high risk of high - temperature heat damage. The commercial inventory of cotton is continuously decreasing, and the upcoming cotton textile peak season provides some support for cotton prices [1][2].

Group 1: Investment Ratings - No investment ratings for the industry are provided in the report. Group 2: Core Views - **Cotton**: On Monday, ICE U.S. cotton fell 1.14% to 66.53 cents per pound, and CF601 dropped 1.65% to 14,029 yuan per ton. The position of the main contract decreased by 14,025 lots to 528,900 lots. The spot price index of grade 3128B cotton was about 15,175 yuan per ton, down 205 yuan from the previous day. Internationally, more attention should be paid to macro and weather changes. The probability of the Fed cutting interest rates in September is high. As of the week ending August 26, the area affected by D1 - D4 level drought was 30%, up from 5% two weeks ago. According to NOAA forecasts, the drought in the main U.S. cotton - growing areas will continue. Currently, there are no obvious contradictions in the ON - CALL weekly report and non - commercial fund positions of U.S. cotton, and the willingness of funds to intervene is not strong. Domestically, there are many market news, but they are all short - term disturbances before substantial implementation. After a significant increase and then a significant decrease in positions in Zhengzhou cotton, the main concerns are the relatively warm macro - level sentiment and the country's obvious long - term intention to stimulate and promote consumption. The short - term fundamentals are relatively tight, and the supply will increase after the new cotton is listed, but the overall supply - demand contradiction in the new year is not significant. Overall, even though the 01 contract faces the pressure of a bumper harvest and large - scale listing of new cotton, it is expected to be relatively firm, and the 11 contract is expected to be weaker than the 01 contract [2]. - **Sugar**: In the first half of August, the sugarcane crushing volume in the central - southern region of Brazil was 47.63 million tons, an increase of 3.596 million tons or 8.17% year - on - year. The ATR of sugarcane was 144.83 kg/ton, a decrease of 6.34 kg/ton compared with the same period last year. The sugar - making ratio was 55%, an increase of 5.85 percentage points compared with the same period last year. Ethanol production was 2.193 billion liters, a decrease of 121 million liters or 5.21% year - on - year. Sugar production was 3.615 million tons, an increase of 497,000 tons or 15.96% year - on - year. The spot price of Guangxi sugar - making group was 5,860 - 5,970 yuan per ton, with an individual reduction of 20 yuan per ton; the price of Yunnan sugar - making group was 5,730 - 5,780 yuan per ton, unchanged; the price range of processing sugar factories was 5,970 - 6,450 yuan per ton, with some reductions of 20 - 50 yuan per ton. The sugar - making ratio in the central - southern region of Brazil reached a new high again. The futures price has been oscillating around 5,600 yuan per ton for 4 trading days, lacking a driving force, and should be treated with an oscillating mindset. Attention should be paid to the sales data of each province and import data in August [2]. Group 3: Summary by Directory 1. Daily Data Monitoring - **Cotton**: The 1 - 5 contract spread was 60, up 20; the main contract basis was 1454, up 366. The spot price in Xinjiang was 15,392 yuan per ton, up 149, and the national spot price was 15,479 yuan per ton, up 151 [3]. - **Sugar**: The 1 - 5 contract spread was 35, down 5; the main contract basis was 356, down 5. The spot price in Nanning was 5,910 yuan per ton, down 50, and the spot price in Liuzhou was 5,965 yuan per ton, unchanged [3]. 2. Market Information - **Cotton**: On September 1, the number of cotton futures warehouse receipts was 6,320, down 194 from the previous trading day, and the valid forecast was 0. The arrival prices of cotton in various domestic regions were 15,392 yuan per ton in Xinjiang, 15,454 yuan per ton in Henan, 15,510 yuan per ton in Shandong, and 15,639 yuan per ton in Zhejiang. The comprehensive load of yarn was 50, up 0.2 from the previous day; the comprehensive inventory of yarn was 27.1, down 0.1 from the previous day; the comprehensive load of staple - fiber cloth was 49.2, up 0.1 from the previous day; the comprehensive inventory of staple - fiber cloth was 31.3, down 0.3 from the previous day [4]. - **Sugar**: On September 1, the spot price of sugar in Nanning was 5,910 yuan per ton, down 50 yuan from the previous day, and the spot price in Liuzhou was 5,965 yuan per ton, unchanged. The number of sugar futures warehouse receipts was 13,434, down 482 from the previous trading day, and the valid forecast was 7 [4][5]. 3. Chart Analysis - The report provides multiple charts for cotton and sugar, including the closing price, basis, contract spread, warehouse receipts and valid forecasts, and price index of the main contracts, but no specific analysis of these charts is given in the text [7][15]. 4. Research Team Introduction - Zhang Xiaojin is the director of resource research at Everbright Futures Research Institute, focusing on the sugar industry. She has won many awards related to sugar analysis [20]. - Zhang Linglu is an analyst at Everbright Futures Research Institute, responsible for research on futures varieties such as urea and soda - ash glass, and has won many industry - related honors [21]. - Sun Chengzhen is an analyst at Everbright Futures Research Institute, mainly engaged in fundamental research and data analysis of varieties such as cotton, cotton yarn, and ferroalloy, and has won the title of senior analyst in textile products at Zhengzhou Commodity Exchange [22].

Report Industry Investment Ratings - Cotton: ★☆☆, indicating a bullish bias but limited operability on the trading floor [1] - Pulp: ☆☆☆, suggesting a short - term balance between long and short trends with poor operability [1] - Sugar: ☆☆☆, showing a short - term balance between long and short trends with poor operability [1] - Apple: ☆☆☆, representing a short - term balance between long and short trends with poor operability [1] - Logs: ☆☆☆, meaning a short - term balance between long and short trends with poor operability [1] - Natural Rubber: ☆☆☆, indicating a short - term balance between long and short trends with poor operability [1] - 20 - rubber: ☆☆☆, suggesting a short - term balance between long and short trends with poor operability [1] - Butadiene Rubber: ☆☆☆, showing a short - term balance between long and short trends with poor operability [1] Core Views - The short - term trend of Zhengzhou cotton is still oscillatory, and the upside space is limited. It is advisable to buy on dips [2] - The domestic sugar market's trading focus is shifting to imports and the next season's output estimate. Pay attention to weather and cane growth [3] - The short - term price of apples may continue to rise, but there is limited bullish drive on the supply side in the medium - to - long term [4] - The short - term demand for rubber is expected to weaken. Rubber supply is increasing, natural rubber inventory is decreasing, and synthetic rubber inventory is rising [5] - The pulp supply is relatively loose, and demand is average. It is recommended to wait and see or trade within a range [6] - The supply - demand situation of logs has improved, but the peak - season demand has not started yet. It is advisable to wait and see [7] Summaries by Commodity Cotton - Zhengzhou cotton's main contract increased positions by 57,000 lots, driven by rumors of potential planting area control in Xinjiang and high pre - sales volume of new cotton [2] - The spot basis of inland cotton was stable, with light trading. Downstream buyers purchased for rigid demand [2] - China issued 200,000 tons of sliding - duty processing trade quotas, which have limited impact on overall supply [2] Sugar - Due to insufficient precipitation, the sugarcane yield per unit in Brazil decreased by 11.04% year - on - year as of the end of June [3] - The production progress in Brazil was slow, leading to a significant year - on - year decline in sugarcane and sugar production [3] - The sugar - to - ethanol ratio is at the upper end of the historical range, putting pressure on the upside of US sugar [3] - In China, the sales rhythm is fast, inventory is down year - on - year, and the pressure on spot goods is relatively light [3] Apple - The futures price continued to rise, with increased divergence between bulls and bears [4] - The high price of early - maturing apples has raised market expectations for the opening price of late - maturing apples [4] - The estimated apple output in the 25/26 quarter is expected to change little year - on - year, lacking bullish drivers on the supply side [4] 20 - rubber, Natural Rubber, and Synthetic Rubber - The prices of RU, NR, and BR all declined slightly. The domestic natural rubber price was stable with a slight decline, and the synthetic rubber price was stable [5] - Global natural rubber supply has entered the high - yield period, and rainfall in most Southeast Asian producing areas is still high [5] - The operating rate of domestic butadiene rubber plants increased significantly this week [5] - The operating rate of domestic all - steel tires decreased significantly, while that of semi - steel tires increased slowly [5] Pulp - The pulp futures price rose slightly. The spot price of coniferous pulp was stable, and the price of broad - leaf pulp was also stable [6] - As of August 28, 2025, the inventory of mainstream pulp ports in China was 2.084 million tons, a 2.3% decrease from the previous period [6] - The pulp supply sent to China in June increased by 6.1% year - on - year [6] Logs - The futures price oscillated, and the mainstream spot price remained stable [7] - The arrival volume last week decreased significantly, and the overseas price has rebounded for two consecutive months [7] - The daily outbound volume of ports in the off - season is about 60,000 cubic meters, with good overall outbound conditions [7] - As of August 22, the total log inventory in national ports was 3.05 million cubic meters, a 0.33% decrease from the previous period [7]

Group 1: Report Investment Rating - No information provided on the industry investment rating Group 2: Core Viewpoints - For cotton, the ICE U.S. cotton dropped 0.19% to 67.47 cents per pound on Thursday, while CF601 rose 0.11% to 14,030 yuan per ton. The main - contract positions increased by 3,484 lots to 482,000 lots. The cotton arrival price in Xinjiang decreased by 42 yuan per ton to 15,038 yuan per ton, and the China Cotton Price Index for Grade 3128B decreased by 30 yuan per ton to 15,210 yuan per ton. The international market has limited overall drivers, with both fundamentals and macro - factors showing no significant disturbances. The U.S. dollar index and U.S. cotton prices are mainly in a volatile state. The domestic market has increased stock index fluctuations and changing market sentiment. Zhengzhou cotton maintains a volatile trend. The current tight commercial cotton inventory supports cotton prices, and the market's focus will shift to new cotton. New cotton is likely to have a bumper harvest, which puts pressure on the upside, but the over - capacity of ginning factories and pre - sales of new cotton support the purchase expectations. In the future, Zhengzhou cotton has support at the bottom but needs more drivers to rise, and it is expected to be in a firm and volatile state in the short term [2]. - For sugar, SCA Brasil predicts that the sugar production in the central - southern region of Brazil in the 25/26 crushing season will drop to 39.1 million tons. The spot quotes of Guangxi sugar - making groups range from 5,890 to 6,000 yuan per ton, Yunnan sugar - making groups from 5,770 to 5,820 yuan per ton, and processing sugar factories from 6,050 to 6,200 yuan per ton, with a few increasing by 10 yuan per ton. The fluctuation range of raw sugar futures prices continues to narrow, and there is no new news about Brazil's sugarcane crushing. It is difficult to break through in the short term, and the mid - term impact of macro - factors should be noted. The domestic futures price rebounded slightly, with little change in trading volume and a slight increase in positions. The trend is not obvious, and investors can consider selling out - of - the - money put options. The import data for August should be monitored in the mid - term [2]. Group 3: Summary by Directory 1. Daily Data Monitoring - **Cotton**: The 9 - 1 contract spread is - 260, a decrease of 5 compared to the previous period. The main - contract basis is 1,180, a decrease of 5. The arrival price of Xinjiang cotton is 15,038 yuan per ton, a decrease of 42 yuan per ton, and the national price is 15,210 yuan per ton, a decrease of 30 yuan per ton [3]. - **Sugar**: The 9 - 1 contract spread is 46, a decrease of 16 compared to the previous period. The main - contract basis is 302, a decrease of 12. The spot price in Nanning is 5,970 yuan per ton, unchanged from the previous day, and in Liuzhou is 5,990 yuan per ton, also unchanged [3]. 2. Market Information - On August 21, the number of cotton futures warehouse receipts was 7,335, a decrease of 120 from the previous trading day, with 188 valid forecasts [4]. - On August 21, the cotton arrival prices in different regions were: 15,038 yuan per ton in Xinjiang, 15,274 yuan per ton in Henan, 15,208 yuan per ton in Shandong, and 15,328 yuan per ton in Zhejiang [4]. - On August 21, the comprehensive load of yarn was 49.6, unchanged from the previous day; the comprehensive inventory of yarn was 27.6, a decrease of 0.7; the comprehensive load of staple - fiber cloth was 48.4, unchanged from the previous day; and the comprehensive inventory of staple - fiber cloth was 32.4, a decrease of 0.1 [4]. - On August 21, the spot price of sugar in Nanning was 5,970 yuan per ton, unchanged from the previous day, and in Liuzhou was 5,990 yuan per ton, also unchanged [4]. - On August 21, the number of sugar futures warehouse receipts was 15,751, a decrease of 493 from the previous trading day, with 1 valid forecast [5]. 3. Chart Analysis - The report provides multiple charts for cotton and sugar, including the closing price of the main contract, the basis of the main contract, the 9 - 1 spread, the difference between domestic and foreign prices under the 1% tariff quota, the number of warehouse receipts and valid forecasts, and the China Cotton Price Index [7][10][15][18].

1. Report Industry Investment Rating - No information provided in the given content 2. Core Viewpoints of the Report - **Cotton**: The ICE U.S. cotton dropped 0.41% to 67.53 cents per pound on Tuesday, and CF601 decreased 0.11% to 14,100 yuan per ton. The main - contract positions increased by 2,482 lots to 488,500 lots. The cotton arrival price in Xinjiang dropped by 2 yuan to 1,500 yuan per ton, while the China Cotton Price Index (Grade 3128B) rose by 9 yuan to 15,243 yuan per ton. Internationally, the macro - level is the focus, and both the U.S. dollar index and U.S. cotton prices are oscillating. Fundamentally, the supply - demand pattern of U.S. cotton in the new year has a marginal narrowing, with a year - on - year decrease in the inventory - to - sales ratio, but the driving force is limited. Domestically, the market sentiment is warm, but the correlation between the Shanghai Composite Index and commodity or Zhengzhou cotton indices is not strong, so it provides support rather than an upward drive. New cotton is likely to have a good harvest, and the overall domestic supply - demand pattern has little contradiction, with a slightly lower expected inventory - to - sales ratio. In July, China imported 50,000 tons of cotton, a slight monthly increase but still at a low level, and the import volume in the new year is expected to be low. Overall, Zhengzhou cotton has support at the bottom, but needs more upward drive with the approaching of new cotton harvest and listing, and is expected to be in a firm oscillation in the short term [1]. - **Sugar**: Brazil exported 1.8832 million tons of sugar and molasses in the first two weeks of August, with a daily average of 171,200 tons. In August 2024, Brazil's sugar export volume was 3.9208 million tons, with a daily average of 178,200 tons. The spot quotes of Guangxi and Yunnan sugar - making groups remained stable, and most processing sugar mills' quotes were also stable, with only a few down 20 yuan. The raw sugar futures price fluctuated narrowly. Brazil is in the peak production period, with poor - quality sugar and a high sugar - making ratio maintaining production. Domestically, the quotes are flat without new drivers, and the July import data has been digested. Future import situations in the following months need attention, and the futures price is expected to continue narrow - range oscillation [1]. 3. Summary by Relevant Catalogs Research Viewpoints - **Cotton**: The daily performance of ICE U.S. cotton, CF601, and the main - contract positions are presented. The prices of cotton in Xinjiang and the China Cotton Price Index are given. The international market is affected by macro factors, and the domestic market has a warm sentiment but weak correlation with the stock index. New cotton is likely to have a good harvest, and the supply - demand pattern is relatively stable. The short - term view is firm oscillation [1]. - **Sugar**: The export data of Brazil in August and the spot quotes of domestic sugar - making groups and processing sugar mills are provided. The raw sugar futures price has narrow - range fluctuations, and the domestic market lacks new drivers, with the futures price expected to oscillate narrowly [1]. Daily Data Monitoring - **Cotton**: The 9 - 1 contract spread is - 280, up 15; the main - contract basis is 1,143, up 34. The spot prices in Xinjiang, the whole country, and Nanning are given [2]. - **Sugar**: The 9 - 1 contract spread is 60, down 11; the main - contract basis is 339, up 11 [2]. Market Information - **Cotton**: On August 19, the cotton futures warehouse receipts decreased by 166 to 7,596, with 249 valid forecasts. The arrival prices in different regions of China are provided. The yarn and short - fiber cloth comprehensive loads remained unchanged, while the inventories decreased slightly [4]. - **Sugar**: On August 19, the spot prices in Nanning and Liuzhou remained unchanged. The sugar futures warehouse receipts decreased by 445 to 16,486, with 1 valid forecast [4][5]. Chart Analysis - **Cotton**: Multiple charts are presented, including the closing price, basis, 9 - 1 spread, 1% tariff quota internal - external spread, warehouse receipts and valid forecasts, and the China Cotton Price Index of cotton [8][11][13]. - **Sugar**: Charts such as the closing price, basis, 9 - 1 spread, and warehouse receipts and valid forecasts of sugar are shown [16][19]. Research Team Personnel Introduction - Zhang Xiaojin, the director of resource research at Everbright Futures Research Institute, focuses on the sugar industry, and has won many analyst awards [21]. - Zhang Linglu, an analyst at Everbright Futures Research Institute, is responsible for research on urea, soda ash, and glass futures, and has won many honors [22]. - Sun Chengzhen, an analyst at Everbright Futures Research Institute, is engaged in fundamental research on cotton, cotton yarn, and ferroalloy, and won the Zhengzhou Commodity Exchange's textile senior analyst title in 2024 [23].

Group 1: Report Industry Investment Rating - The investment rating for both sugar and cotton is "Shock" [1] Group 2: Core Views of the Report - From July, extreme rainfall in Yunnan and Inner Mongolia affected local sugarcane and sugar beet crops, and the potential impact on sugar production needs continuous monitoring. Summer cold - drink consumption drives seasonal growth in sugar demand. Although recent sugar imports have increased significantly due to the widening price difference between domestic and foreign markets, the annual import volume is still expected to be within the forecast range [1] - Most cotton - growing areas in China are at the peak of flowering, and some areas in Xinjiang have entered the boll - opening stage, with the overall growth progress ahead of previous years. In August, cotton in Xinjiang and the Yangtze River Basin faces a high risk of heat damage due to high temperatures and insufficient precipitation. Currently, commercial cotton inventories are decreasing, and the peak season for cotton textile is approaching, which supports cotton prices [1] Group 3: Summary of Data 1. Price Changes - From August 17 - 18, 2025, the price of US sugar decreased by 1.40% to $16.24, and the price of US cotton increased by 0.53% to $67.84. Among domestic spot prices, the price of Nanning sugar remained unchanged at 5980 yuan, Kunming sugar decreased by 0.09% to 5855 yuan, the cotton index 328 decreased by 0.12% to 3280, and Xinjiang cotton increased by 0.33% to 15100 yuan [3] 2. Spread Changes - From August 17 - 18, 2025, SR01 - 05 increased by 9.52% to 46, SR05 - 09 increased by 6.78% to - 110, SR09 - 01 decreased by 15.79% to 64, CF01 - 05 increased by 33.33% to 40, CF05 - 09 remained unchanged at 255, and CF09 - 01 decreased by 3.51% to - 295. The basis of sugar 01 decreased by 6.63% to 183, sugar 05 decreased by 3.78% to 229, sugar 09 decreased by 0.83% to 119, cotton 01 increased by 1.19% to 1109, cotton 05 increased by 2.04% to 1149, and cotton 09 increased by 1.67% to 1404 [3] 3. Import Price and Profit Changes - From August 15 - 18, 2025, the import price of cotton cotlookA decreased by 0.31% to 79.15, and the sugar import profit increased by 2.79% to 1565 [3] 4. Option Information - For options, the implied volatility of SR601C5700 is 0.0832 with a futures underlying of SR601 and a historical volatility of 6.18; the implied volatility of SR601P5700 is 0.084. The implied volatility of CF601C14200 is 0.1094 with a futures underlying of CF601 and a historical volatility of 5.61; the implied volatility of CF601P14200 is 0.1099 [3] 5. Warehouse Receipt Changes - From August 15 - 18, 2025, the number of sugar warehouse receipts decreased by 1.01% to 16931, and the number of cotton warehouse receipts decreased by 0.86% to 7762 [3] Group 4: Company Information - Xinda Futures Co., Ltd. is a limited - liability company specializing in domestic futures business. It is wholly - owned by Xinda Securities Co., Ltd., with a registered capital of 600 million yuan. It is a comprehensive settlement member of the China Financial Futures Exchange, a full - fledged member of the Shanghai Futures Exchange, Zhengzhou Commodity Exchange, and Dalian Commodity Exchange, and a member of the Shanghai International Energy Exchange and Guangzhou Futures Exchange [8]

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Group 1: Report Industry Investment Rating - Cotton: The 09 contract is expected to fluctuate, the 01 contract is expected to fluctuate in the short - term and show a slightly upward trend in the medium - to - long - term [1] - Sugar: Expected to continue narrow - range fluctuations in the short term [1] Group 2: Core Viewpoints - **Cotton**: Internationally, the macro - level is the focus, with a high probability of a September interest rate cut and potentially three cuts this year, supporting US cotton prices. Domestically, the 09 contract's position reduction has slowed, and the position and position/warehouse receipt ratio are relatively high. The current low commercial cotton inventory (a decrease of over 600,000 tons in July) provides support for cotton prices. The 01 contract faces the pressure of expected high new - cotton yields and low opening prices, but the 2025/26 domestic cotton supply - demand pattern has no major contradictions, and the current cotton price is at a relatively low level [1] - **Sugar**: Cuba's 2024/25 sugar production has dropped below 150,000 tons, a record low in over 100 years. The spot sugar market has average transactions and strong market wait - and - see sentiment. On the international front, the raw sugar price has rebounded for two consecutive days due to buying support, and with low Brazilian inventories, there is less willingness for prices to hit new lows. In the domestic market, there is a lack of new drivers near the previous lows, so short - term narrow - range fluctuations are expected [1] Group 3: Summary by Directory 1. Research Views - For cotton, on Monday, ICE US cotton rose 0.36% to 66.84 cents per pound, CF509 rose 0.15% to 13,680 yuan per ton, and the main - contract position decreased by 14,595 lots to 246,200 lots. The Xinjiang cotton arrival price was 15,047 yuan per ton, down 16 yuan from the previous day, and the China Cotton Price Index Class 3128B was 15,161 yuan per ton, down 17 yuan [1] - For sugar, Cuba's 2024/25 sugar production was below 150,000 tons. The Guangxi sugar - making group's quote was 5,900 - 5,980 yuan per ton, with only Nanhua raising the price by 10 yuan per ton; the Yunnan sugar - making group's quote was 5,740 - 5,780 yuan per ton, unchanged; the processing sugar factory's mainstream quote was 6,000 - 6,500 yuan per ton, with most prices adjusting by 10 - 150 yuan per ton, up or down [1] 2. Daily Data Monitoring - **Cotton**: The 9 - 1 spread was - 200 yuan, down 40 yuan; the main - contract basis was 1,281 yuan, down 257 yuan. The Xinjiang spot price was 15,047 yuan per ton, down 16 yuan, and the national spot price was 15,161 yuan per ton, down 17 yuan [2] - **Sugar**: The 9 - 1 spread was 106 yuan, down 4 yuan; the main - contract basis was 397 yuan, unchanged. The Nanning spot price was 5,960 yuan per ton, up 10 yuan, and the Liuzhou spot price was 5,970 yuan per ton, unchanged [2] 3. Market Information - On August 11, the number of cotton futures warehouse receipts was 8,172, down 80 from the previous trading day, and the effective forecast was 282 [3] - On August 11, the cotton arrival prices in different domestic regions were: 15,089 yuan per ton in Xinjiang, 15,220 yuan per ton in Henan, 15,169 yuan per ton in Shandong, and 15,265 yuan per ton in Zhejiang [3] - On August 11, the yarn comprehensive load was 49.3, unchanged from the previous day; the yarn comprehensive inventory was 29.7, down 0.1; the staple - fiber cloth comprehensive load was 48.1, up 0.3; the staple - fiber cloth comprehensive inventory was 33.7, unchanged [3] - On August 11, the sugar spot prices were 5,960 yuan per ton in Nanning, up 10 yuan from the previous day, and 5,970 yuan per ton in Liuzhou, unchanged [3] - On August 11, the number of sugar futures warehouse receipts was 18,240, down 305 from the previous trading day, and the effective forecast was 0 [4] 4. Chart Analysis - Multiple charts are presented including those showing cotton and sugar's main - contract closing prices, basis, spreads, warehouse receipts and effective forecasts, and price indices [6][8][9][10][11][12][14][15][17] 5. Research Team Personnel Introduction - Zhang Xiaojin, the director of resource - product research at Everbright Futures Research Institute, focuses on the sugar industry [19] - Zhang Linglu, an analyst at Everbright Futures Research Institute, is responsible for futures such as urea and soda - ash glass [20] - Sun Chengzhen, an analyst at Everbright Futures Research Institute, is engaged in fundamental research and data analysis of cotton, cotton yarn, and ferroalloys [21]

Group 1: Report Investment Ratings - The investment rating for cotton is "Oscillating Upward" [1] - The investment rating for sugar is "Range-Bound with an Uptrend" [1] Group 2: Core Views - **Cotton**: On Thursday, ICE U.S. cotton rose 0.41% to 68.84 cents per pound, and CF509 rose 2.19% to 14,250 yuan per ton. The main contract's open interest increased by 19,226 lots to 587,600 lots. The cotton arrival price in Xinjiang was 15,316 yuan per ton, up 101 yuan from the previous day, and the China Cotton Price Index for Grade 3128B was 15,354 yuan per ton, up 82 yuan. Globally, the new - year cotton supply - demand is relatively loose, and the U.S. cotton inventory - to - sales ratio is high. In China, the Zhengzhou cotton futures price has moved up slightly, with the main contract's open interest increasing rapidly and the 9 - 1 and 9 - 11 spreads strengthening. Currently, low cotton inventory and short - term weather factors are driving the price, but the strong expectation of a cotton bumper harvest and limited short - term demand improvement will restrict the upside. In the short term, the Zhengzhou cotton futures price may still have some upside space and large volatility. Attention should be paid to the arbitrage space of the 09 contract. A strategy of selling high - priced out - of - the - money call options and buying low - priced out - of - the - money put options can be considered [1] - **Sugar**: In June 2025, China's refined sugar production was 337,000 tons, a year - on - year increase of 31.6%, and the cumulative production from January to June was 9.404 million tons, a year - on - year increase of 5.7%. The spot quotes of Guangxi and Yunnan sugar - making groups and some processing sugar factories have minor adjustments. The raw sugar price rose due to the rumor of a U.S. cola formula change, but there is no obvious short - term market driver. In the domestic market, the domestic sugar price quotes are slightly loose, the trading volume is average, the processing sugar factories' operating rate is high, and the market is highly concerned about the June import data. The market is treated as range - bound with an uptrend [1] Group 3: Summary by Directory 1. Daily Data Monitoring - **Cotton**: The 9 - 1 spread is 290, up 165; the main contract basis is 1,104, down 178. The Xinjiang spot price is 15,316 yuan per ton, up 101, and the national spot price is 15,354 yuan per ton, up 82 [2] - **Sugar**: The 9 - 1 spread is 169, up 3; the main contract basis is 252, down 20. The Nanning spot price is 6,050 yuan per ton, unchanged, and the Liuzhou spot price is 6,080 yuan per ton, unchanged [2] 2. Market Information - **Cotton**: On July 17, the cotton futures warehouse receipts were 9,585, down 58 from the previous day, with 223 valid forecasts. The cotton arrival prices in different regions were: Xinjiang 15,316 yuan per ton, Henan 15,411 yuan per ton, Shandong 15,302 yuan per ton, and Zhejiang 15,617 yuan per ton. The yarn comprehensive load was 49.9, unchanged, the yarn comprehensive inventory was 30.1, down 0.1, the short - fiber cloth comprehensive load was 48.1, unchanged, and the short - fiber cloth comprehensive inventory was 33.8, unchanged [3] - **Sugar**: On July 17, the sugar spot prices in Nanning and Liuzhou were unchanged at 6,050 yuan per ton and 6,080 yuan per ton respectively. The sugar futures warehouse receipts were 21,857, down 432 from the previous day, with 0 valid forecasts [3][4] 3. Chart Analysis - There are multiple charts for cotton and sugar, including the closing price, basis, spread, warehouse receipts, and price index of the main contracts, showing the historical data trends from 2021 - 2025 [6][14] 4. Research Team Introduction - Zhang Xiaojin is the director of resource product research at Everbright Futures Research Institute, focusing on the sugar industry [19] - Zhang Linglu is a resource product analyst at Everbright Futures Research Institute, responsible for futures varieties such as urea and soda ash glass [20] - Sun Chengzhen is a resource product analyst at Everbright Futures Research Institute, mainly engaged in fundamental research on cotton, cotton yarn, and ferroalloys [21]

Group 1: Report Industry Investment Rating - Not provided Group 2: Core Views of the Report - The cotton market is expected to be volatile. ICE US cotton rose 0.66% to 68.57 cents/pound on Tuesday, while CF509 decreased 0.36% to 13,850 yuan/ton. The main contract's open interest dropped by 11,044 lots to 546,700 lots. The cotton arrival price in Xinjiang increased by 4 yuan/ton to 15,286 yuan/ton, and the China Cotton Price Index for Grade 3128B rose by 7 yuan/ton to 15,302 yuan/ton. With the US CPI data in line with expectations and core CPI lower than expected, the market anticipates two interest rate cuts this year, with the next one likely in September. Domestically, the Zhengzhou cotton futures price declined slightly, but the night session strengthened. The previous factors supporting the cotton price increase - weather and low inventory - have limited sustainability. With strong expectations of a new cotton harvest and no obvious improvement in demand, the cotton price may fluctuate in the short - term and gradually decline in the long - term [1]. - The sugar market is also expected to be volatile. In the second half of June, Brazil's central - southern region had a 12.86% year - on - year decrease in sugarcane crushing volume to 42.706 million tons, a decrease in ATR, an increase in the sugar - making ratio, and significant year - on - year decreases in ethanol and sugar production. Domestic sugar prices showed mixed trends, with some price adjustments. The Brazilian sugar production still has uncertainties, and the domestic sugar market has a large divergence between bulls and bears, with import pressure on the upside and basis and raw sugar support on the downside [1]. Group 3: Summary by Relevant Catalogs Research Views - **Cotton**: ICE US cotton rose 0.66%, CF509 fell 0.36%. The main contract's open interest decreased. Xinjiang cotton arrival price and the China Cotton Price Index increased. US CPI data met expectations, and the market anticipates interest rate cuts. Domestically, the futures price declined slightly during the day and strengthened at night. The factors supporting the price increase have limited sustainability, and the new cotton harvest is expected to be good with weak demand [1]. - **Sugar**: In the second half of June, Brazil's sugarcane crushing volume, ATR, ethanol, and sugar production decreased year - on - year, while the sugar - making ratio increased. Domestic sugar prices had different trends, with some adjustments. The Brazilian production is uncertain, and the domestic market has a large divergence between bulls and bears [1]. Daily Data Monitoring - **Cotton**: The 9 - 1 spread was 30 yuan/ton, down 30 yuan/ton compared to the previous day. The main contract basis was 1452 yuan/ton, up 32 yuan/ton. The Xinjiang spot price was 15,286 yuan/ton, up 4 yuan/ton, and the national spot price was 15,302 yuan/ton, up 7 yuan/ton [2]. - **Sugar**: The 9 - 1 spread was 173 yuan/ton, down 11 yuan/ton. The main contract basis was 288 yuan/ton, up 5 yuan/ton. The Nanning spot price was 6060 yuan/ton, unchanged, and the Liuzhou spot price was 6090 yuan/ton, down 10 yuan/ton [2]. Market Information - On July 15, the cotton futures warehouse receipt quantity decreased by 91 to 9716, with 223 valid forecasts. The cotton arrival prices in different regions were reported, and the yarn and short - fiber cloth load and inventory data were also provided [3]. - On July 15, the sugar spot prices in Nanning were unchanged, and those in Liuzhou decreased by 10 yuan/ton. The sugar futures warehouse receipt quantity decreased by 114 to 22,602, with 0 valid forecasts [3][4]. Chart Analysis - The report provides multiple charts for cotton and sugar, including the closing price, basis, spread, and warehouse receipt data of the main contracts, showing the historical trends from 2021 - 2025 [6][8][10][12][14][15]. Research Team Personnel Introduction - Zhang Xiaojin, the director of resource product research at Everbright Futures Research Institute, focuses on the sugar industry. He has won many awards in relevant analyst evaluations [19]. - Zhang Linglu, an analyst at Everbright Futures Research Institute, is responsible for research on urea, soda ash, and glass futures. She has won multiple honors [20]. - Sun Chengzhen, an analyst at Everbright Futures Research Institute, is engaged in the fundamental research and data analysis of cotton, cotton yarn, and ferroalloys. He has won the Zhengzhou Commodity Exchange's textile product senior analyst title [21].