【冠通期货研究报告】 软商品日报：晨光微露 发布日期：2025 年 12 月 24 日 棉花：上周（12 月 15 日-12 月 21 日），新疆绝大多数加工企业已结束收购， 仅剩南疆个别地区仍有零星交售，收购量持续下降，籽棉价格基本稳定，机采棉 在 5.4-5.8 元/公斤之间，手摘棉在 6.4-6.8 元/公斤之间。截止 12 月 20 日，全 国共有 1086 家棉花加工企业进行公证检验，检验重量 577.8 万吨。其中新疆 1012 家加工企业，检验重量 571.3 万吨；内地 74 家加工企业，检验重量 6.5 万吨。 现货宽松下，远月种植面积结构调整引发盘面出现一定反弹，而近月出口需 求转好，而供应压力最大阶段已经过去，这使得目前棉花市场稳中偏好，但是内 外棉价差扩大，后续关注进口棉是否会有增量，短期预估震荡偏强为主，中长期 棉花存在供应端削减后的供需结构重置。 投资有风险，入市需谨慎。 本公司具备期货交易咨询业务资格，请务必阅读最后一页免责声明。 1 成一定支撑。今天盘面出现明显反弹，后续关注双节备货，或仍对于价格产生较 强支撑，在远月有明显供应端缩减预期的背景下，预估在 2026 年上半年，白 ...

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）并不能依靠本报告以取代行使 独立判断。对交易者（您）依据或者使用本报告所造成的一切后果，本公司及作者均不承担任何法律责任。本报告版权仅为本公司所有。未经本公司书面许可，任何机构或个人不得以翻 版、复制、发表、引用或再次分发他人等任何形式侵犯本公司版权。如征得本公司同意进行引用、刊发的，需在允许的范围内使用，并注明出处为"东亚期货"，且不得对本报告进行任何有 悖原意的引用、删节和修改。本公司保留追究相关责任的权力。所有本报告中使用的商标 ...

Report Industry Investment Ratings - Cotton: ★☆☆ [1] - Pulp: ★☆★ [1] - Sugar: ★★★ (implied by the text) [1][3] - Apple: ★☆☆ [1] - Logs: ☆☆☆ [1] - Natural Rubber: ★☆☆ [1] - 20 - rubber: ★☆☆ [1] - Butadiene Rubber: ★☆☆ [1] Core Views - The report provides investment ratings and analyses for various soft commodities including cotton, pulp, sugar, apple, logs, natural rubber, 20 - rubber, and butadiene rubber. It analyzes supply, demand, inventory, and other factors for each commodity and gives corresponding investment suggestions [1][2][3][4][5][6][7] Summary by Commodity Cotton & Cotton Yarn - Zhengzhou cotton prices rose significantly, with positions shifting from the 01 contract to the 05 contract, breaking through the previous trading range. Spot cotton sales basis remained stable [2] - Despite a large increase in new cotton production this year, commercial inventories are similar to last year, and the sales progress is fast, supporting the market. Demand is stable in the off - season [2] - In November 2025, cotton imports increased month - on - month. From January to November 2025, cumulative imports decreased year - on - year. As of December 18, domestic cotton processing increased year - on - year [2] - There are expectations of a decrease in Xinjiang's cotton planting area next year. Spinning mills' raw material demand is resilient, and their finished product inventories are low. The market is bullish, and industries can look for hedging opportunities [2] Sugar - Last week, US sugar prices were low. The production in Brazil's central - southern region in the second half of November was neutral, and the current crushing season is ending [3] - After the rainy season, less rainfall in Brazil's central - southern region may lead to a decline in sugarcane yield next year [3] - Domestically, Zhengzhou sugar prices were weak. In November, Guangxi's sugar production was slow, and imports decreased year - on - year [3] - In the short term, with a strong expectation of increased production in the Northern Hemisphere, sugar prices at home and abroad are expected to continue to decline. However, there may be production cuts in major producing countries next year [3] Apple - Apple futures prices fluctuated. Spot prices were stable, and cold - storage transactions were few. Merchants mainly packed their own goods, and the purchase of farmers' apples was low [4] - As of December 19, national cold - storage apple inventory decreased year - on - year, and the destocking volume also decreased significantly [4] - The market's trading logic has shifted to demand. Poor apple quality, high purchase prices, and strong reluctance to sell may affect destocking speed. With demand in the off - season, the market is bearish [4] 20 - rubber, Natural Rubber & Synthetic Rubber - Natural rubber RU and 20 - rubber NR futures prices fluctuated, while butadiene rubber BR futures prices rose. Domestic natural rubber spot prices were stable, and synthetic rubber prices were stable to rising [5] - Global natural rubber supply is entering the decreasing production season. Some domestic production areas will stop tapping. Last week, the domestic butadiene rubber plant operating rate increased, while the upstream butadiene plant operating rate decreased [5] - China's tire operating rate decreased slightly last week, and Shandong tire enterprises' finished product inventories increased. Qingdao's natural rubber inventory increased, while China's butadiene rubber social inventory decreased [5] - In November, China's tire exports, butadiene rubber imports and exports, and butadiene imports had different changes. Overall, demand is weakening, and there are opportunities for cross - commodity arbitrage [5] Pulp - Pulp prices rose significantly today. As of December 18, 2025, China's mainstream pulp port inventory decreased, although it is still higher year - on - year [6] - In November, domestic pulp imports increased year - on - year. The new - year contracts, especially the 01 contract, may face less pressure from warehouse receipts. The narrowing price difference between softwood and hardwood pulp supports softwood pulp [6] - Paper mills' pulp purchases are mainly for essential needs, and the increase in base paper prices is weak. The pulp market is highly competitive. It is recommended to wait and see or make short - term operations [6] Logs - Log futures prices fluctuated. Spot prices were stable. Foreign quotes decreased, and domestic prices were weak. The short - term arrival volume will decrease [7] - As of December 19, the average daily出库 volume of 13 national ports decreased week - on - week, but the demand in the off - season is still acceptable. The national log inventory decreased, and the inventory pressure is relatively small [7] - Low inventory supports prices. It is recommended to wait and see [7]

软商品日报 2025/12/17 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）并不能依靠本报告以取代行使 独立判断。对交易者（您）依据或者使用本报告所造成的一切后果，本公司及作者均不承担任何法律责任。本报告版权仅为本公司所有。未经本公司书面许可，任何机构或个人不得以翻 版、复制、发表、引用或再次分发他人等任何形式侵犯本公司版权。如征得本公司同意进行引用、刊发的，需在允许的范围内使用，并注明出处为"东亚期货"，且不得对本报告进行任何有 悖原意的引用、删节和修改。本公司保留追究相关 ...

软商品日报 光大期货软商品日报（2025 年 12 月 16 日） 一、研究观点 | 品种 | 点评 | 观点 | | --- | --- | --- | | 棉花 | 周一，ICE 美棉上涨 0.16%，报收 63.93 美分/磅，CF601 环比上涨 1.08%，报收 14000 | 震荡 | | | 元/吨，主力合约持仓环比下降 50374 手至 34.71 万手，棉花 3128B 现货价格指数 | | | | 14690 元/吨，较前一日上涨 60 元/吨。国内市场方面，宏观层面仍有扰动，市场在 | | | | 等待美国经济数据发布。在此期间，有关哈塞特将当选美联储新一任主席的预期有 | | | | 所降温，美元指数宽幅震荡，持续关注。美棉出口方面，数据更新恢复至 11 月中 | | | | 旬，数据表现相对较好，对美棉价格有一定支撑。国内市场方面，昨日郑棉期价重 | | | | 心上移，突破 14000 整数关口。市场上有关于新年度棉花种植面积调控的消息传 | | | | 出，等待官方报告。我们认为近期棉花多空因素交织，支撑在于情绪、政策、有韧 | | | | 性的需求、偏高的出疆运费等；压力在于 ...

Group 1: Report Industry Investment Rating - No relevant content provided Group 2: Core Views of the Report - For cotton, on Wednesday, ICE U.S. cotton fell 0.7% to 63.94 cents per pound, CF601 rose 0.52% to 13,485 yuan per ton, and the main - contract position decreased by 11,574 lots to 553,400 lots. The spot price index of cotton 3128B was 14,320 yuan per ton, up 40 yuan from the previous day. The macro - level is the focus in the international market. The Fed's meeting minutes showed some participants thought there should be no rate cut in December, pushing the dollar index above 100. In the domestic market, Zhengzhou cotton maintains a volatile trend. Currently, during the relatively quiet macro - level period, the market focuses more on fundamentals. In the short term, supply pressure is a significant issue, and cotton commercial inventory is increasing rapidly. The supply peak will last for some time, pressuring cotton prices. The downstream textile enterprises' operating load remains relatively stable. Overall, in the short term, Zhengzhou cotton has pressure above and limited downside space, remaining in a volatile pattern [1]. - For sugar, the International Sugar Organization (ISO) predicts that in the 2025/26 sugar - crushing season, the global sugar market will have a surplus of 1.63 million tons due to increased production. The sugar production in the 2025/26 season is expected to increase by 3.15% year - on - year to 181.77 million tons, while consumption will only grow by 0.6% to 180.14 million tons. The supply - demand gap in the 2024/25 season was 2.92 million tons. The spot price of new sugar in Guangxi is 5,600 - 5,660 yuan per ton, and the old sugar price of Yunnan sugar - making groups is 5,450 - 5,500 yuan per ton, with new sugar at 5,400 - 5,600 yuan per ton, down 30 yuan per ton. The mainstream quotation of processed sugar factories is 5,750 - 5,890 yuan per ton, with some down 20 yuan per ton. After the rebound last Friday, the raw sugar futures price has closed above 14.5 cents per pound for 4 consecutive trading days. With no new news from Brazil and the northern hemisphere's production increase already well - known, if it doesn't reach India's export price, Thailand will be the main supplier. Without new negative news, raw sugar shows signs of bottom - building. In the domestic market, with new sugar on the market and higher - than - expected imports in October, market confidence is low, and prices continue to break down. In the short term, the pressure remains high. Attention should be paid to the import data of syrup and premixed powder. If there is no significant reduction, the futures price will continue to seek the bottom [1]. Group 3: Summary by Relevant Catalogs Sub - group 1: Daily Data Monitoring - For cotton, the 1 - 5 contract spread is - 5 yuan, up 5 yuan; the main - contract basis is 1,294 yuan, down 100 yuan. The spot price in Xinjiang is 14,557 yuan per ton, down 1 yuan, and the national average is 14,779 yuan per ton, down 10 yuan [2]. - For sugar, the 1 - 5 contract spread is 48 yuan, down 6 yuan. Some data for sugar, such as the main - contract basis and spot prices in Nanning and Liuzhou, are missing [2]. Sub - group 2: Market Information - On November 19, the number of cotton futures warehouse receipts was 3,486, down 900 from the previous trading day, and the valid forecast was 1,150 [2]. - On November 19, the arrival prices of cotton in different domestic regions were: 14,557 yuan per ton in Xinjiang, 14,816 yuan per ton in Henan, 14,831 yuan per ton in Shandong, and 14,871 yuan per ton in Zhejiang [2]. - On November 19, the comprehensive load of yarn was 51.2, unchanged from the previous day; the comprehensive inventory of yarn was 26.5, unchanged; the comprehensive load of short - fiber cloth was 51.8, unchanged; and the comprehensive inventory of short - fiber cloth was 29.7, up 0.1 [3]. - On November 19, the number of sugar futures warehouse receipts was 8,428, down 183 from the previous trading day, and the valid forecast was 183 [4]. Sub - group 3: Chart Analysis - There are various charts for cotton and sugar, including the closing price, basis, 1 - 5 spread, 1% tariff quota internal - external spread, warehouse receipts and valid forecasts, and price index of cotton, as well as the closing price, basis, 1 - 5 spread, and warehouse receipts and valid forecasts of sugar [6][9][11][14][17].

Group 1: Report Industry Investment Ratings - No industry investment ratings are provided in the report. Group 2: Core Views of the Report - **Cotton**: The ICE U.S. cotton rose 0.7% to 64.65 cents/pound on Monday, and CF601 rose 0.11% to 13,565 yuan/ton. The position of the main contract decreased by 5,622 lots to 585,300 lots. The spot price index of cotton 3128B was 14,565 yuan/ton, up 10 yuan/ton from the previous day. The macro - level is the focus recently, with the weakening of the U.S. dollar index and the continuous decline of the gold price. The Fed is likely to cut interest rates by 25BP in October, and positive news from Sino - U.S. trade consultations support the U.S. cotton price. Due to the U.S. government shutdown, data is lacking. In the domestic market, it is the peak supply season of new cotton, with large supply pressure limiting the upside of cotton prices. The demand is relatively stable. As time passes, the supply pressure will ease, and the supply - demand pattern will reverse, making the upward drive of cotton futures prices stronger. In the short term, it should be treated as a firm oscillation. [1] - **Sugar**: As of September 30, India's cumulative monsoon rainfall was 937.2 mm, 8% higher than the long - term average, the wettest in the past five years. The NFCSF expects India's sugar production in the 2025/26 season to reach 34.9 million tons, a 19% year - on - year increase. The spot prices of sugar in some regions decreased. Due to concerns about sufficient supply, the raw sugar price broke through the support level and fell to a five - year low. The domestic futures price is supported by cost and hovers above 5,400 yuan/ton. It should be treated with an oscillation mindset, and selling call options can be considered. [1] Group 3: Summary According to Relevant Catalogs 1. Daily Data Monitoring - **Cotton**: The 1 - 5 contract spread was - 10, down 10; the main basis was 1,268, up 5. The spot price in Xinjiang was 14,690 yuan/ton, up 34, and the national spot price was 14,833 yuan/ton, up 30. [2] - **Sugar**: The 1 - 5 contract spread was 45, down 4; the main basis was 305, up 1. The spot prices in Nanning and Liuzhou were both 5,750 yuan/ton, unchanged. [2] 2. Market Information - **Cotton**: On October 27, the number of cotton futures warehouse receipts was 2,488, down 15 from the previous trading day, with 769 valid forecasts. The arrival prices of cotton in different domestic regions were reported. The yarn comprehensive load was 51.3, down 0.1; the yarn comprehensive inventory was 26, unchanged; the short - fiber cloth comprehensive load was 51.9, unchanged; and the short - fiber cloth comprehensive inventory was 29.8, up 0.1. [3] - **Sugar**: On October 27, the spot prices in Nanning and Liuzhou were 5,750 yuan/ton, unchanged. The number of sugar futures warehouse receipts was 7,795, down 390 from the previous trading day, with 586 valid forecasts. [3][4] 3. Chart Analysis - The report provides various charts related to cotton and sugar, including the closing price, basis, contract spread, warehouse receipts, and effective forecasts of their main contracts, showing historical data trends from 2021 - 2025. [6][14]

Group 1: Investment Ratings - The investment ratings for cotton and sugar are both "Oscillation" [2] Group 2: Core Views - For cotton, on Thursday, ICE U.S. cotton rose 0.44% to 64.02 cents per pound, and CF601 rose 0.26% to 13,575 yuan per ton. The position of the main contract increased by 6,744 lots to 599,600 lots. The spot price index of cotton 3128B was 14,575 yuan per ton, up 15 yuan from the previous day. There are still macro - level disturbances in the international market, and the U.S. dollar index has large fluctuations. In the domestic market, the recent rise in the price of Zhengzhou cotton futures is due to macro - level good news and different views on the increase in domestic new cotton production in the 2025/26 season. The purchase price of machine - picked cotton in southern Xinjiang has also increased slightly. In the short term, the kinetic energy for Zhengzhou cotton to break through the range oscillation is still relatively weak, with supply increments and hedging pressure above and cost and expectations as support below. It is expected to oscillate slightly stronger in the short term, but the upward space may be limited [2] - For sugar, the spot quotes of Guangxi and some processing sugar groups have decreased. Raw sugar is testing the support at 15 cents per pound. Domestic terminals are in a wait - and - see state and purchase as needed. Spot prices are reducing inventory through price cuts. Weather in the next month is crucial for sugar accumulation, and the market will focus on the game of the deviation of the production increase expectation. In the short term, cost support is emerging, and it should be treated with an oscillation mindset [2] Group 3: Summary by Directory Daily Data Monitoring - For cotton, the 1 - 5 contract spread is - 25, up 15; the main basis is 1,209, down 28. The spot price in Xinjiang is 14,652 yuan per ton, up 9, and the national spot price is 14,784 yuan per ton, up 12 [3] - For sugar, the 1 - 5 contract spread is 38, down 8; the main basis is 303, down 41. The spot price in Nanning is 5,750 yuan per ton, unchanged, and in Liuzhou is 5,760 yuan per ton, down 10 [3] Market Information - On October 23, the number of cotton futures warehouse receipts was 2,526, down 39 from the previous trading day, and the effective forecast was 482 [4] - On October 23, the arrival prices of cotton in different domestic regions were: 14,652 yuan per ton in Xinjiang, 14,794 yuan per ton in Henan, 14,806 yuan per ton in Shandong, and 14,935 yuan per ton in Zhejiang [4] - On October 23, the comprehensive load of yarn was 51.4, unchanged from the previous day; the comprehensive inventory of yarn was 26, down 0.2. The comprehensive load of short - fiber cloth was 51.9, down 0.1, and the comprehensive inventory of short - fiber cloth was 29.6, unchanged [4] - On October 23, the spot price of sugar in Nanning was 5,770 yuan per ton, unchanged, and in Liuzhou was 5,760 yuan per ton, down 10 [4] - On October 23, the number of sugar futures warehouse receipts was 8,196, down 117 from the previous trading day, and the effective forecast was 0 [5]

Group 1: Report Industry Investment Rating - No information provided in the given content Group 2: Core Views of the Report - The view on cotton is that it will be in a volatile state. On Wednesday, ICE US cotton fell 1.2% to 63.65 cents per pound, and CF601 rose 0.3% to 13,535 yuan per ton. The position of the main contract decreased by 417 lots to 593,000 lots. The spot price index of cotton 3128B was 14,560 yuan per ton, up 30 yuan from the previous day. Internationally, there are still macro - level disturbances, and Trump's speech affected market sentiment. Domestically, the upward trend of Zhengzhou cotton futures is due to different views on the increase in domestic cotton production in the 2025/26 season, a slight increase in the purchase price of new cotton in southern Xinjiang, and good economic data in the third quarter. In the short term, it is difficult for Zhengzhou cotton to break out of the volatile range [2]. - The view on sugar is also that it will be in a volatile state. Agricultural consulting firm Datagro predicts that the sugarcane crushing volume in the central - southern region of Brazil in the 2026/27 season will be about 625 million tons, with sugar production of 42.3 million tons and a sugar - making ratio of 52%. Domestic spot markets are clearing inventories. The futures price is following the weakness of raw sugar and is testing the support at the 5400 mark. Attention should be paid to India's export policy for the new season [2]. Group 3: Summary by Relevant Catalogs 1. Research Views - **Cotton**: ICE US cotton fell 1.2% to 63.65 cents per pound, CF601 rose 0.3% to 13,535 yuan per ton. The main contract position decreased by 417 lots to 593,000 lots. The spot price index of cotton 3128B was 14,560 yuan per ton, up 30 yuan. International macro - level disturbances and Trump's speech affected the market. Domestically, factors such as different views on production, rising purchase prices in southern Xinjiang, and good economic data led to the upward trend of Zhengzhou cotton futures. Short - term volatility is expected [2]. - **Sugar**: Datagro predicts Brazil's sugarcane crushing volume, sugar production, and sugar - making ratio. Domestic spot markets are clearing inventories. The futures price is weak, following raw sugar, and testing the 5400 mark. Attention should be paid to India's new - season export policy [2]. 2. Daily Data Monitoring - **Cotton**: The 1 - 5 contract spread was - 40 yuan, up 20 yuan; the main contract basis was 1237 yuan, up 49 yuan. The spot price in Xinjiang was 14,643 yuan per ton, up 57 yuan, and the national spot price was 14,772 yuan per ton, up 44 yuan [3]. - **Sugar**: The 1 - 5 contract spread was 46 yuan, up 6 yuan; the main contract basis was 344 yuan, up 2 yuan. The spot price in Nanning was 5750 yuan per ton, down 20 yuan, and in Liuzhou was 5770 yuan per ton, down 10 yuan [3]. 3. Market Information - On October 22, the number of cotton futures warehouse receipts was 2565, down 14 from the previous day, with 286 valid forecasts. The arrival prices of cotton in different regions were reported, and the load and inventory data of yarn and short - fiber cloth were also provided [4]. - On October 22, the spot price of sugar in Nanning was 5770 yuan per ton, up 10 yuan, and in Liuzhou was 5750 yuan per ton, down 20 yuan. The number of sugar futures warehouse receipts was 8313, down 63 from the previous day, with 0 valid forecasts [4][5]. 4. Chart Analysis - Charts for cotton include the closing price and basis of the main contract, 1 - 5 spread, 1% tariff quota internal - external spread, warehouse receipts and valid forecasts, and the China Cotton Price Index [7][10][11]. - Charts for sugar include the closing price and basis of the main contract, 1 - 5 spread, and warehouse receipts and valid forecasts [14][15].

Group 1: Report Industry Investment Rating - The investment rating for cotton is "Sideways" [1] - The investment rating for sugar is "Sideways with a Weak Bias" [1] Group 2: Core Viewpoints of the Report - For cotton, on Tuesday, ICE U.S. cotton rose 0.39% to 64.41 cents per pound, and CF601 increased 0.78% to 13,540 yuan per ton. The position of the main contract increased by 231 lots to 593,200 lots. The spot price index of cotton 3128B was 14,530 yuan per ton, up 50 yuan from the previous day. The international market focuses on the macro - level, with the Fed's two consecutive 25 - BP interest rate cuts this year fully priced in by the market, and the U.S. dollar index relatively strong, so U.S. cotton prices lack a continuous upward drive. In the domestic market, the price of Zhengzhou cotton futures has been rising, influenced by different views on domestic cotton production growth in the 2025/26 season, the rising purchase price of new cotton in southern Xinjiang, and the good Q3 economic data and a significant meeting boosting market sentiment. In the short - term, Zhengzhou cotton is likely to remain in a sideways range, with supply and hedging pressure on the upside and cost and expectations as support on the downside [1] - For sugar, in the third week of October, Brazil exported 2.3346 million tons of sugar and molasses, a 2.68% decrease compared to the same period last year. The daily average export volume was 179,500 tons. The spot prices of sugar in different regions showed some adjustments. Affected by sufficient supply, the raw sugar futures price dropped by over 3% yesterday, with weak short - term rebound momentum. The domestic spot market had average trading volume, with prices continuing to decline, old sugar being actively destocked, and the futures price breaking below the 5400 - point mark, showing a weak trend with short - term bearish sentiment hard to change [1] Group 3: Summary by Relevant Catalogs 1. Daily Data Monitoring - **Cotton**: The 1 - 5 contract spread was - 65, down 10; the main basis was 1188, down 26. The spot price in Xinjiang was 14,586 yuan per ton, up 34, and the national spot price was 14,728 yuan per ton, up 49 [2] - **Sugar**: The 1 - 5 contract spread was 40, up 1; the main basis was 342, down 10. The spot price in Nanning was 5770 yuan per ton, unchanged, and in Liuzhou was 5780 yuan per ton, unchanged [2] 2. Market Information - **Cotton**: On October 21, the number of cotton futures warehouse receipts was 2579, down 19 from the previous trading day, with 263 valid forecasts. The arrival prices of cotton in different domestic regions on that day were: 14,586 yuan per ton in Xinjiang, 14,755 yuan per ton in Henan, 14,753 yuan per ton in Shandong, and 14,913 yuan per ton in Zhejiang. The comprehensive load of yarn was 51.4, the comprehensive inventory of yarn was 26.2, the comprehensive load of staple - fiber cloth was 52, and the comprehensive inventory of staple - fiber cloth was 29.5, all unchanged from the previous day [3] - **Sugar**: On October 21, the spot price of sugar in Nanning was 5770 yuan per ton, and in Liuzhou was 5780 yuan per ton, both unchanged from the previous day. The number of sugar futures warehouse receipts was 8376, down 31 from the previous trading day, with 0 valid forecasts [3][4] 3. Chart Analysis - There are multiple charts including those for cotton (main contract closing price, main contract basis, 1 - 5 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, 1 - 5 spread, warehouse receipts and valid forecasts) [6][9][11][15][18]