Group 1: Investment Ratings - No investment ratings for the industry are provided in the report. Group 2: Core Views - **Cotton**: The ICE U.S. cotton fell 0.18% on Thursday, closing at 67.53 cents per pound, and CF509 decreased 0.26% to 13,520 yuan per ton. The main - contract positions decreased by 4,767 lots to 541,000 lots. The cotton arrival price in Xinjiang rose to 14,702 yuan per ton, and the China Cotton Price Index 3128B grade rose to 14,784 yuan per ton. In the international market, the focus is on the macro - level. With U.S. inflation data lower than expected and the U.S. dollar index moving down, U.S. cotton has no obvious support. The U.S. cotton planting progress and budding rate are slightly slower than usual, with the good - quality rate flat and the poor - seedling rate slightly down. In the domestic market, the increase of Zhengzhou cotton futures prices has slowed down. The downstream yarn comprehensive operating load has slightly increased, and demand has improved slightly, but the inventory of textile enterprises is accumulating. The raw material inventory of fabric mills is at a low level, and there may be restocking actions. Overall, the fundamental driving force is limited, and the upward movement of cotton prices requires macro - resonance. The short - term upward space of Zhengzhou cotton futures prices may be limited. The view on cotton is "oscillation" [1]. - **Sugar**: The agricultural ministry expects a slight increase in next season's sugar production. Precipitation in Guangxi since May has alleviated the drought, and rainfall in Yunnan is above normal, which is beneficial for sugarcane growth. In Inner Mongolia, sugar beet sowing was delayed by low temperatures but has recovered. In Xinjiang, sugar beet growth is generally good. The spot price of sugar has been adjusted down. The production increase expectation is still pressuring sugar prices, and the futures price has reached a new low. In the domestic market, the spot price was lowered by 20 yuan per ton, and the group continues the strategy of selling at a reasonable price. With the decline of imported sugar prices and the appearance of import profits, it continues to pressure the market. The terminal continues the strategy of purchasing as needed. The view on sugar is "oscillation - biased weak", and previous short positions can be held, but it is not advisable to chase low prices [1]. Group 3: Summary of Each Section 1. Daily Data Monitoring - **Cotton**: The 7 - 9 contract spread is - 230, unchanged from the previous day. The main - contract basis is 1,332, an increase of 88. The Xinjiang spot price is 14,792 yuan per ton, up 90 yuan, and the national spot price is 14,852 yuan per ton, up 68 yuan [2]. - **Sugar**: The 7 - 9 contract spread is 122, an increase of 11. The main - contract basis is 443, an increase of 1. The Nanning spot price is 6,035 yuan per ton, down 15 yuan, and the Liuzhou spot price is 6,090 yuan per ton, down 20 yuan [2]. 2. Market Information - **Cotton**: On June 12, the number of cotton futures warehouse receipts decreased by 25 to 10,769, with 364 valid forecasts. The cotton arrival prices in different regions are: 14,792 yuan per ton in Xinjiang, 14,914 yuan per ton in Henan, 14,852 yuan per ton in Shandong, and 15,081 yuan per ton in Zhejiang. The yarn comprehensive load was 54.5, up 0.1; the yarn comprehensive inventory was 25.6, up 0.1; the short - fiber cloth comprehensive load was 49.5, unchanged; and the short - fiber cloth comprehensive inventory was 32.6, up 0.2 [3]. - **Sugar**: On June 12, the Nanning sugar spot price was 6,035 yuan per ton, down 15 yuan, and the Liuzhou sugar spot price was 6,090 yuan per ton, down 20 yuan. The number of sugar futures warehouse receipts decreased by 100 to 29,116, with 0 valid forecasts [3][4]. 3. Chart Analysis - Multiple charts are provided, including those showing the closing prices, contract spreads, basis, warehouse receipts, and price indices of cotton and sugar futures over different time periods from 2021 - 2025. The data sources are Wind and the Everbright Futures Research Institute [6][12][14][16]. 4. Research Team Personnel Introduction - **Zhang Xiaojin**: The director of the resource - product research at Everbright Futures Research Institute, specializing in the sugar industry. She has participated in many important projects of the Zhengzhou Commodity Exchange and the China Futures Association, and has won many analyst awards [19]. - **Zhang Linglu**: A resource - product analyst at Everbright Futures Research Institute, responsible for researching futures varieties such as urea and soda - ash glass. She has participated in many large - scale projects and won many awards [20]. - **Sun Chengzhen**: A resource - product analyst at Everbright Futures Research Institute, mainly engaged in the fundamental research and data analysis of cotton, cotton yarn, and ferroalloys. He has participated in relevant Zhengzhou Commodity Exchange projects and won the title of senior analyst in textile products [21].

软商品日报 光大期货软商品日报（2025 年 6 月 12 日） 一、研究观点 | 品种 | 点评 | 观点 | | --- | --- | --- | | 棉花 | 周三，ICE 美棉下跌 0.01%，报收 67.7 美分/磅，CF509 环比上涨 0.33%，报收 13540 | 震荡 | | | 元/吨，主力合约持仓环比增加 7234 手至 54.58 万手，新疆地区棉花到厂价为 14702 | | | | 元/吨，较前一日上涨 58 元/吨，中国棉花价格指数 3128B 级为 14784 元/吨，较前 | | | | 一日上涨 41 元/吨。国际市场方面，近期美棉整体驱动有限，市场关注点更多在于 | | | | 宏观层面，美国 CPI 数据公布，略低于预期，美元指数震荡走弱。美棉种植进度及 | | | | 现蕾率均略慢于往年同期，优良率环比持平，差苗率环比微降，估产方面影响不 | | | | 大，预计短期 ICE 美棉仍震荡运行为主。国内市场方面，据人民日报，中美原则 | | | | 上达成协议框架，关注后续细节公布。基本面来看，近期下游纱线端综合开机负荷 | | | | 小幅回升，需求好转对棉价有一 ...

1. Report Industry Investment Rating - Not provided in the content 2. Core Viewpoints of the Report - For cotton, the ICE U.S. cotton dropped 0.99% to 67.67 cents per pound on Tuesday, while CF509 rose 0.41% to 13,520 yuan per ton. The cotton price is expected to move up in a volatile manner. The short - term U.S. cotton will be in a volatile state due to limited fundamental drivers and macro - level influence. In the domestic market, the cotton price has a slight upward shift due to sentiment and a small improvement in开机. However, there is still high uncertainty and limited upside potential. Attention should be paid to the results of China - U.S. economic and trade consultations and the operating load of textile enterprises [1]. - For sugar, Brazil exported 783,197.58 tons of sugar in the first week of June, with an average daily export volume of 156,639.52 tons, a 2% decrease compared to the average daily export volume in June last year. The sugar price is expected to be weak in a volatile way. The raw sugar futures price continues to consolidate at a low level, and the domestic sugar market will maintain a weak consolidation pattern before the future import situation becomes clear [1]. 3. Summary by Relevant Catalogs 3.1 Research Views - **Cotton**: The ICE U.S. cotton closed at 67.67 cents per pound, down 0.99%, and CF509 closed at 13,520 yuan per ton, up 0.41%. The main contract's open interest was basically flat. The cotton arrival price in Xinjiang was 14,644 yuan per ton, up 159 yuan from the previous day, and the China Cotton Price Index 3128B was 14,743 yuan per ton, up 123 yuan. The macro - level is the main influencing factor in the international market, and the short - term U.S. cotton is volatile. In the domestic market, the China - U.S. economic and trade consultation meetings are held, and the downstream yarn comprehensive operating load has a slight increase while the inventory is accumulating. The cotton price has a small upward shift, but the upside is limited [1]. - **Sugar**: Brazil exported 783,197.58 tons of sugar in the first week of June, with an average daily export volume of 156,639.52 tons, 2% less than the average daily export volume in June last year. The spot prices of sugar in Guangxi and Yunnan sugar - making groups are stable. The raw sugar futures price is under pressure due to increased production expectations and remains weak. The domestic sugar market is supported by a strong basis, but will continue the weak consolidation pattern before the import situation is clear [1]. 3.2 Daily Data Monitoring - **Cotton**: The 7 - 9 contract spread is - 225 yuan, down 10 yuan; the main contract basis is 1,223 yuan, up 98 yuan. The cotton price in Xinjiang is 14,644 yuan per ton, up 159 yuan, and the national price is 14,743 yuan per ton, up 123 yuan [2]. - **Sugar**: The 7 - 9 contract spread is 106 yuan, down 1 yuan; the main contract basis is 413 yuan, up 17 yuan. The sugar price in Nanning is 6,080 yuan per ton, unchanged, and in Liuzhou is 6,130 yuan per ton, unchanged [2]. 3.3 Market Information - **Cotton**: On June 10, the number of cotton futures warehouse receipts was 10,815, down 20 from the previous trading day, with 337 valid forecasts. The cotton arrival prices in different regions are as follows: Xinjiang 14,644 yuan per ton, Henan 14,780 yuan per ton, Shandong 14,763 yuan per ton, and Zhejiang 14,955 yuan per ton. The yarn comprehensive load was 53.6, up 0.2 from the previous day, and the yarn comprehensive inventory was 25.4, up 0.1. The short - fiber cloth comprehensive load was 49.2, unchanged, and the short - fiber cloth comprehensive inventory was 32.1, up 0.3 [3]. - **Sugar**: On June 10, the sugar spot price in Nanning was 6,080 yuan per ton, unchanged, and in Liuzhou was 6,130 yuan per ton, unchanged. The number of sugar futures warehouse receipts was 29,443, unchanged from the previous trading day, with 0 valid forecasts [3][4]. 3.4 Chart Analysis - **Cotton**: There are charts showing the closing price, basis, 7 - 9 spread, 1% tariff quota internal - external spread, warehouse receipts and valid forecasts, and China Cotton Price Index of cotton futures [6][8][9][10][11][12]. - **Sugar**: There are charts showing the closing price, basis, 7 - 9 spread, and warehouse receipts and valid forecasts of sugar futures [14][15][16]. 3.5 Research Team Personnel Introduction - Zhang Xiaojin, the director of resource product research at Everbright Futures Research Institute, focuses on the sugar industry, participates in major projects and book - writing, and has won many analyst awards [19]. - Zhang Linglu, an analyst at Everbright Futures Research Institute, is responsible for research on futures varieties such as urea and soda ash glass, and has won many honors [20]. - Sun Chengzhen, an analyst at Everbright Futures Research Institute, is engaged in fundamental research and data analysis of cotton, cotton yarn, and ferroalloy, and has won the Zhengzhou Commodity Exchange textile category senior analyst title [21].

3、印度迎来最早季风雨，比往年提前两周左右，为1950年以来最早季风雨。但最近季风停滞不前，预计未来一周多时间维持较低降雨，预计6月11日以后降 雨恢复。 4、Unica数据显示，5月上半月巴西中南部甘蔗压榨量下滑6.1%至4231.9万吨，糖产量下滑6.8%至240.8万吨，制糖比51.14%高于去年同期的48.61%。 5、印度合作社全国糖厂联合会预估印度25/26榨季糖产量为3500万吨。 软商品日报 2025/06/05 咨询业务资格：沪证监许可【2012】1515号 研报作者：许亮 Z0002220 审核：唐韵 Z0002422 【免责声明 】 本报告基于本公司认为可靠的、已公开的信息编制，但本公司对该等信息的准确性及完整性不作任何保证。本报告所载的意见、结论及预测仅反映报告发布时的观点、 结论和建议。在不同时期，本公司可能会发出与本报告所载意见、评估及预测不一致的研究报告。本公司不保证本报告所含信息保持在最新状态。本公司对本报告所含信息可在不发 出通知的情形下做出修改， 交易者（您）应当自行关注相应的更新或修改。本公司力求报告内容客观、公正，但本报告所载的观点、结论和建议仅供参考，交易者（您）并不 ...

Group 1: Investment Ratings - No investment ratings for the industry are provided in the report. Group 2: Core Views - The cotton market is expected to remain in a narrow - range oscillation. Internationally, the macro - level is the main influencing factor. After the release of the US ADP employment data, which was significantly lower than expected, concerns about the US economy are rising, the US dollar index is oscillating weakly, and the price of US cotton has declined. Domestically, Zhengzhou cotton has been in a range - bound trend, lacking directional drivers. In the future, macro and weather may be variables. Without new disturbances in the short term, Zhengzhou cotton will maintain a narrow - range oscillation [2]. - The sugar market is also expected to oscillate. Future production expectations still suppress the performance of sugar prices, and the raw sugar price remains at a low level. The sugar sales data in Guangxi basically met expectations, with the spot sales progressing well, firm quotes, and a strong basis providing some support for futures prices. In the short term, the price is expected to hover around the current level. Attention should be paid to the national sugar sales data and import data in the medium term [2]. Group 3: Summary by Sections 1. Research Views - **Cotton**: On Wednesday, ICE US cotton dropped 1.51% to 65.05 cents per pound. CF509 closed flat at 13,265 yuan per ton. The position of the main contract decreased by 13,757 lots to 525,400 lots. The arrival price of cotton in Xinjiang was 14,431 yuan per ton, a decrease of 14 yuan per ton from the previous day. The China Cotton Price Index for Grade 3128B was 14,544 yuan per ton, a decrease of 9 yuan per ton from the previous day [2]. - **Sugar**: As of the end of May, the cumulative sugar sales in Guangxi reached 4.6453 million tons, an increase of 0.5371 million tons year - on - year. The sales - to - production ratio was 71.85%, an increase of 5.39 percentage points year - on - year. In May, the single - month sugar sales were 510,000 tons, a decrease of 17,200 tons year - on - year. The monthly industrial inventory was 1.8197 million tons, a decrease of 253,500 tons year - on - year. The spot quotes of Guangxi sugar - making groups were 6,090 - 6,180 yuan per ton, and those of Yunnan sugar - making groups were 5,860 - 5,910 yuan per ton, with only Nanhua Group reducing the price by 10 yuan per ton [2]. 2. Daily Data Monitoring - **Cotton**: The 7 - 9 contract spread was - 220, unchanged from the previous day. The main contract basis was 1,279, a decrease of 14. The arrival price of cotton in Xinjiang was 14,431 yuan per ton, a decrease of 14 yuan per ton, and the national price was 14,544 yuan per ton, a decrease of 9 yuan per ton [3]. - **Sugar**: The 7 - 9 contract spread was 125, an increase of 3. The main contract basis was 397, a decrease of 16. The spot price in Nanning was 6,090 yuan per ton, unchanged, and in Liuzhou was 6,145 yuan per ton, unchanged [3]. 3. Market Information - **Cotton**: On June 4, the number of cotton futures warehouse receipts was 10,977, a decrease of 85 from the previous trading day, and the valid forecasts were 374. The arrival prices of cotton in different regions were: 14,431 yuan per ton in Xinjiang, 14,565 yuan per ton in Henan, 14,558 yuan per ton in Shandong, and 14,773 yuan per ton in Zhejiang. The comprehensive load of yarn was 55.1, unchanged from the previous day; the comprehensive inventory of yarn was 24.9, an increase of 0.2. The comprehensive load of staple - fiber cloth was 50.1, unchanged from the previous day; the comprehensive inventory of staple - fiber cloth was 31.3, an increase of 0.1 [4]. - **Sugar**: On June 4, the spot price of sugar in Nanning was 6,090 yuan per ton, unchanged, and in Liuzhou was 6,145 yuan per ton, unchanged. The number of sugar futures warehouse receipts was 30,300, a decrease of 431 from the previous trading day, and the valid forecasts were 0 [4][5]. 4. Chart Analysis - The report presents multiple charts related to cotton and sugar, including the closing prices of the main contracts, basis, contract spreads, warehouse receipts and valid forecasts, and price indices, with historical data from 2021 - 2025 [7][14]. 5. Research Team - The research team includes Zhang Xiaojin, Zhang Linglu, and Sun Chengzhen, who are responsible for research on sugar, urea, glass, cotton, etc., respectively, and have rich industry experience and many honors [19][20][21].

| 走势评级: | 白糖 | 震荡 | | --- | --- | --- | | | 棉花- | 震荡 | 商品研究 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 订单增幅有限，棉花短线承压 [T报ab告le日_R期ep：ortDate] 2025-06-05 报告内容摘要: [Table_Summary] 白糖：由于糖料种植的经济效益显著，加上国家政策和制糖企业的积极支 持，农民的种植积极性有所提升，导致糖料种植面积稳步增长。然而，广西 早期的干旱天气对宿根甘蔗的出苗和新植甘蔗的种植产生了不利影响，从而 限制了食糖产量的增长。食糖消费量预期保持平稳或略有增加，食糖的供需 缺口基本稳定，进口量预期维持在 500 万吨不变。短期观望为主 软商品日报 走势评级： 白糖——震荡 棉花——震荡 棉花：新疆的棉花目标价格补贴政策保持稳定，棉农的种植积极性较高， 种植面积略有增加；而内地棉区由于比较效益低和机械化推广难度大等因 素，种植面积持续下降。在棉花播种和出苗期间，主要产区 ...

Report Investment Ratings - Sugar: Sideways [1] - Cotton: Sideways [1] Core Views - Sugar: Sugarcane planting area has increased due to economic benefits, policy support, and enterprise encouragement, but early drought in Guangxi limited sugar production growth. Sugar consumption is expected to remain stable or slightly increase, and the supply - demand gap is basically stable with an expected import volume of 5 million tons. Short - term: wait - and - see [1] - Cotton: The cotton target price subsidy policy in Xinjiang is stable, increasing farmers' planting enthusiasm and slightly expanding the planting area, while the inland area has a decreasing planting area. The climate during sowing and emergence was good, with an expected yield per hectare of 2172 kg (144.8 kg per mu), the same as last year. Total production is expected to be 6.25 million tons, a 1.4% increase. Cotton consumption is expected to be weak due to US tariffs, with an expected consumption of 7.4 million tons (200,000 tons less than last year) and an import volume of 1.4 million tons (100,000 tons less) [1] Data Summary Price and Spread Changes - **External Quotes**: US sugar rose 0.47% from $16.87 to $16.95; US cotton fell 0.30% from $66.18 to $65.98 [3] - **Spot Prices**: Sugar in Nanning fell 0.41% from 6115 to 6090; in Kunming, it rose 0.08% from 5945 to 5950. The cotton index 328 fell 0.11% from 3281 to 3280; cotton in Xinjiang remained unchanged at 14450 [3] - **Spreads**: Sugar and cotton spreads showed different degrees of decline, except for CF09 - 01 which remained unchanged. Sugar and cotton basis had various changes, with sugar basis generally rising [3] Other Data - **Import Prices**: The cotton cotlookA remained unchanged at 77.45 [3] - **Profit Margins**: The sugar import profit remained unchanged at 1513 [3] - **Options**: Implied and historical volatilities of sugar and cotton options are provided [3] - **Warehouse Receipts**: Sugar warehouse receipts decreased 0.93% from 31020 to 30731; cotton decreased 0.36% from 11102 to 11062 [3] Company Introduction - The report is produced by Cinda Futures Co., Ltd., a large - scale domestic futures company with a registered capital of 600 million RMB, wholly - owned by Cinda Securities Co., Ltd. It has memberships in multiple futures exchanges [9]

软商品日报 光大期货软商品日报（2025 年 5 月 30 日） 一、研究观点 | 品种 | 点评 | 观点 | | --- | --- | --- | | 棉花 | 周四，ICE 美棉下跌 0.46%，报收 65.03 美分/磅，CF509 下跌 0.08%，报收 13320 | 震荡 | | | 元/吨，主力合约持仓环比减少 10069 手至 55.25 万手，新疆地区棉花到厂价为 14459 | | | | 元/吨，较前一日增加 6 元/吨，中国棉花价格指数 3128B 级为 14578 元/吨，较前 | | | | 一日上涨 6 元/吨。国际市场方面，宏观层面仍是主要影响因数，美国关税政策再 | | | | 起变数，美国国际贸易法院裁定特朗普关税政策无效。但 24 小时之内，该裁定被 | | | | 作废，特朗普关税政策重新生效。关税政策反复无常，美元指数与美元价格共振走 | | | | 弱。国内市场方面，郑棉期价窄幅震荡，当前国内新棉正常生长中，新棉预计丰产， | | | | 陈棉库存位于近年来同期低位水平，但短期并无短缺担忧，需求端下游纺织企业开 | | | | 机负荷稳中略降，纺织企业产成品库存 ...

Group 1: Report's Investment Ratings - Cotton: Neutral [1] - Sugar: Slightly Bearish [1] Group 2: Core Views - Cotton: ICE U.S. cotton prices decreased slightly due to weak overall drivers and macro - level disturbances. The U.S. dollar index rebounded, and future attention should be paid to the weather in the main U.S. cotton - producing areas. In the domestic market, Zhengzhou cotton futures prices weakened. New cotton is growing normally and is expected to have a good harvest, with low - level but non - short - term - shortage concerns for old cotton inventory. Demand is relatively stable, and textile enterprise inventories increased slightly. Zhengzhou cotton is expected to oscillate in the current range, and future attention should be paid to international situations, domestic policies, and weather [1]. - Sugar: Brazil's sugar exports in the first four weeks of May decreased by 23.15% year - on - year. The spot price of sugar decreased slightly, and the raw sugar price tested the support at 17 cents/pound. Domestic spot trading was average, with concerns about future imports. However, due to good domestic sales progress, the basis was strong, supporting the futures price. The sugar price is expected to slowly decline, and future sales progress and imports should be monitored [1]. Group 3: Summary by Directory 1. Research Views - Cotton: ICE U.S. cotton dropped 0.8% to 65.58 cents/pound, and CF509 fell 0.37% to 13,330 yuan/ton. The main - contract positions decreased by 10,377 hands to 565,100 hands. Xinjiang's cotton arrival price was 14,485 yuan/ton, down 19 yuan/ton, and the China Cotton Price Index 3128B was 14,595 yuan/ton, down 11 yuan/ton [1]. - Sugar: Brazil exported 1572,300 tons of sugar and molasses in the first four weeks of May, a 23.15% decrease year - on - year. The average daily export was 98,200 tons. Guangxi's sugar - making group quoted 6100 - 6190 yuan/ton, with some prices down 10 yuan/ton, and Yunnan's group quoted 5890 - 5930 yuan/ton, also with some prices down 10 yuan/ton [1]. 2. Daily Data Monitoring - Cotton: The 7 - 9 spread was - 215, unchanged; the main - contract basis was 1265, up 44. Xinjiang's spot price was 14,485 yuan/ton, down 19 yuan/ton, and the national price was 14,595 yuan/ton, down 11 yuan/ton [2]. - Sugar: The 7 - 9 spread was 89, up 1; the main - contract basis was 319, down 6. Nanning's spot price was 6155 yuan/ton, unchanged, and Liuzhou's was 6160 yuan/ton, unchanged [2]. 3. Market Information - Cotton: On May 27, the cotton futures warehouse receipts were 11,260, down 83, with 348 valid forecasts. Cotton arrival prices in different regions were: Xinjiang 14,485 yuan/ton, Henan 14,651 yuan/ton, Shandong 14,600 yuan/ton, and Zhejiang 14,817 yuan/ton. The yarn comprehensive load was 55.3, unchanged; the yarn comprehensive inventory was 23.6, up 0.1. The short - fiber cloth comprehensive load was 52.6, down 0.2; the short - fiber cloth comprehensive inventory was 30.9, up 0.1 [3]. - Sugar: On May 27, Nanning's sugar spot price was 6155 yuan/ton, unchanged, and Liuzhou's was 6160 yuan/ton, unchanged. The sugar futures warehouse receipts were 31,881, down 363, with 0 valid forecasts [3][4]. 4. Chart Analysis - There are multiple charts for cotton and sugar, including closing prices, basis, spreads, and warehouse receipts and valid forecasts, with data from 2021 - 2025 [6][13][16]

Group 1: Research Views - Cotton's short - term outlook is for low - level oscillation. On Monday, ICE US cotton rose 0.66% to 66.06 cents/pound, CF509 fell 0.3% to 13385 yuan/ton, and the main contract's open interest decreased by 2270 lots to 575,400 lots. The Xinjiang cotton arrival price dropped to 14504 yuan/ton, and the China Cotton Price Index 3128B dropped to 14606 yuan/ton. Macro factors and US cotton - growing area weather are key factors. In the domestic market, new cotton is growing normally, demand is stable, and inventory is decreasing. There is neither strong upward nor downward drive [1]. - Sugar's short - term trend is also expected to be oscillatory. The USDA predicts that the 2025/26 global sugar production will increase by 8.6 million tons to 189.3 million tons. Brazilian and Indian production increases will offset the EU's decline. Spot sugar prices in Guangxi and Yunnan decreased slightly. The market will focus on Brazil's crushing progress, and with future imported sugar arrivals, market sentiment will be under pressure [1]. Group 2: Daily Data Monitoring - For cotton, the 7 - 9 spread is - 215 with a 10 - point increase, the main contract basis is 1221 with a 23 - point increase. Xinjiang's spot price is 14504 yuan/ton with a 10 - yuan decrease, and the national price is 14606 yuan/ton with a 2 - yuan decrease [2]. - For sugar, the 7 - 9 spread is 88 with a 10 - point increase, the main contract basis is 325 with a 2 - point decrease. Nanning's spot price is 6155 yuan/ton unchanged, and Liuzhou's is 6160 yuan/ton unchanged [2]. Group 3: Market Information - On May 26, the cotton futures warehouse receipt quantity was 11343, a decrease of 16 from the previous day, and the valid forecast was 348 [3]. - On May 26, cotton arrival prices in different regions were: Xinjiang 14504 yuan/ton, Henan 14662 yuan/ton, Shandong 14609 yuan/ton, and Zhejiang 14823 yuan/ton [3]. - On May 26, the yarn comprehensive load was 55.3 (unchanged), the yarn comprehensive inventory was 23.5 (up 0.3), the short - fiber cloth comprehensive load was 52.8 (down 0.1), and the short - fiber cloth comprehensive inventory was 30.8 (up 0.2) [3]. - On May 26, the spot sugar prices in Nanning and Liuzhou were unchanged at 6155 yuan/ton and 6160 yuan/ton respectively [3]. - On May 26, the sugar futures warehouse receipt quantity was 32244 (unchanged), and the valid forecast was 0 [4]. Group 4: Research Team Introduction - Zhang Xiaojin is the director of resource product research at Everbright Futures Research Institute, focusing on the sugar industry. She has won many awards related to sugar analysis [18]. - Zhang Linglu, a master of accounting and finance from the University of Bristol, is a resource product analyst at Everbright Futures, responsible for research on urea, soda - ash glass, etc., and has won many industry awards [19]. - Sun Chengzhen, a financial master from Yunnan University, is a resource product analyst at Everbright Futures, mainly engaged in fundamental research on cotton, cotton yarn, etc., and has won the Zhengzhou Commodity Exchange's textile product senior analyst title [20].