1. Report Industry Investment Rating - Not provided in the content 2. Core Viewpoints of the Report - **Cotton**: ICE US cotton fell 0.25% to 63.43 cents/pound on Tuesday, CF601 decreased 0.15% to 13,265 yuan/ton, and the main contract's open interest increased by 4,581 lots to 568,000 lots. The international market focuses on the macro - level, with the US government in a shutdown and a data vacuum. Short - term US cotton is expected to remain in low - level oscillations. In the domestic market, new cotton has a strong harvest expectation, with faster picking, delivery, and inspection progress. Supply pressure will persist. Short - term Zhengzhou cotton is under pressure but has few major negative factors, so it is expected to operate under pressure [1]. - **Sugar**: Brazil's exports of sugar and molasses in the first two weeks of October increased by 9.45% year - on - year. Domestic sugar spot prices were lowered, and the raw sugar's rebound from a 4.5 - year low drove a slight rebound in domestic futures prices. However, due to the over - supply problem, the rebound is weak. The domestic market lacks strong drivers, and it is expected to have a weak oscillation. Future attention should be paid to the beet sugar pressing progress and the estimated output of cane sugar [1]. 3. Summary by Relevant Catalogs 3.1 Daily Data Monitoring - **Cotton**: The 1 - 5 contract spread was - 55, up 5; the main basis was 1,490, up 1. The Xinjiang spot price was 14,598 yuan/ton, down 44; the national spot price was 14,755 yuan/ton, down 34 [2]. - **Sugar**: The 1 - 5 contract spread was 26, down 4; the main basis was 403, up 53. The Nanning spot price was 5,810 yuan/ton, up 10; the Liuzhou spot price was 5,800 yuan/ton, down 20 [2]. 3.2 Market Information - **Cotton**: On October 14, the cotton futures warehouse receipt quantity was 2,823, down 44, with 52 valid forecasts. The cotton arrival prices in different regions were: Xinjiang 14,598 yuan/ton, Henan 14,868 yuan/ton, Shandong 14,758 yuan/ton, and Zhejiang 14,947 yuan/ton. The yarn comprehensive load was 50.9, up 0.2; the yarn comprehensive inventory was 26.1, up 0.1; the short - fiber cloth comprehensive load was 52, unchanged; the short - fiber cloth comprehensive inventory was 29.3, unchanged [3]. - **Sugar**: On October 14, the Nanning sugar spot price was 5,810 yuan/ton, up 10; the Liuzhou sugar spot price was 5,800 yuan/ton, down 20. The sugar futures warehouse receipt quantity was 8,488, down 193, with 0 valid forecasts [3][4]. 3.3 Chart Analysis - **Cotton**: There are charts showing the closing price of the main cotton contract, the main contract basis, the 1 - 5 spread, the 1% tariff quota internal - external spread, the warehouse receipt and valid forecast, and the China Cotton Price Index: 3218B [6][9][10]. - **Sugar**: There are charts showing the closing price of the main sugar contract, the main contract basis, the 1 - 5 spread, and the warehouse receipt and valid forecast [12][15]. 3.4 Research Team - The research team includes Zhang Xiaojin, a resource product research director focusing on the sugar industry; Zhang Linglu, responsible for research on urea, soda ash, and glass futures; and Sun Chengzhen, engaged in fundamental research and data analysis of cotton, cotton yarn, and ferroalloy [17][18][19].

Group 1: Report Industry Investment Rating - No relevant content provided Group 2: Core Viewpoints of the Report - For cotton, the ICE U.S. cotton rose 0.1% to 66.74 cents per pound on Thursday, and CF601 remained flat at 13,835 yuan per ton. The position of the main contract decreased by 2,390 lots to 502,500 lots. The cotton arrival price in Xinjiang was about 15,186 yuan per ton, down 24 yuan from the previous day, and the national average cotton market price was 15,249 yuan per ton, down 37 yuan. The upcoming large - scale listing of new cotton and the pressure on the demand side and clothing exports are the main factors affecting the recent cotton price. However, the downside space is limited due to the improvement in downstream开机 conditions during the traditional peak season, the cost - end constraint with the expected purchase price between 6.2 - 6.5 yuan per kilogram, and the expected tight - balance state of China's cotton supply - demand balance sheet in the new year. It is expected that the short - term Zhengzhou cotton will have limited downside space and will fluctuate at a low level [2]. - For sugar, the spot quotes of Guangxi sugar - making groups were 5,830 - 5,940 yuan per ton, with some up 10 yuan per ton; Yunnan sugar - making groups' quotes were 5,740 - 5,790 yuan per ton, up 10 yuan per ton; and the mainstream quotes of processing sugar mills were in the range of 5,950 - 6,080 yuan per ton, remaining stable. The recent rebound of Brazilian ethanol prices has curbed the continuous rise of the sugar - making ratio, providing some support for sugar prices. Although domestic sugar futures prices have stopped falling and closed with two consecutive positive lines, caution is still needed regarding the rebound height, which mainly depends on the lead of raw sugar. It is currently regarded as a weak - side fluctuation, and future attention should be paid to the pre - sale situation of new sugar [2]. Group 3: Summary by Relevant Catalogs 1. Daily Data Monitoring - **Cotton**: The 1 - 5 contract spread was 40, up 5; the main contract basis was 1,414, down 17. The arrival price in Xinjiang was 15,186 yuan per ton, down 24 yuan, and the national average was 15,249 yuan per ton, down 37 yuan [3]. - **Sugar**: The 1 - 5 contract spread was 26, unchanged; the main contract basis was 379, down 21. The spot price in Nanning was 5,890 yuan per ton, up 10 yuan, and in Liuzhou was 5,935 yuan per ton, unchanged [3]. 2. Market Information - **Cotton**: On September 11, the number of cotton futures warehouse receipts was 5,159, down 163 from the previous trading day, and the effective forecast was 0. The cotton arrival prices in different regions were 15,186 yuan per ton in Xinjiang, 15,214 yuan per ton in Henan, 15,274 yuan per ton in Shandong, and 15,316 yuan per ton in Zhejiang. The yarn comprehensive load was 49.9, unchanged from the previous day; the yarn comprehensive inventory was 26.6, down 0.1; the short - fiber cloth comprehensive load was 50.4, up 0.3; and the short - fiber cloth comprehensive inventory was 30.2, down 0.1 [4]. - **Sugar**: On September 11, the sugar spot price in Nanning was 5,890 yuan per ton, up 10 yuan from the previous day, and in Liuzhou was 5,935 yuan per ton, unchanged. The number of sugar futures warehouse receipts was 11,739, down 33 from the previous trading day, and the effective forecast was 6 [4][5]. 3. Chart Analysis - Multiple charts are presented, including those related to cotton (such as the closing price, basis, 1 - 5 spread, 1% tariff quota internal - external spread, warehouse receipts and effective forecasts, and China Cotton Price Index) and sugar (such as the closing price, basis, 1 - 5 spread, and warehouse receipts and effective forecasts) [7][10][12][14][17]. 4. Research Team Personnel Introduction - Zhang Xiaojin, the director of the resource product research at Everbright Futures Research Institute, focuses on the sugar industry. She has won many awards related to sugar analysis [19]. - Zhang Linglu, an analyst at Everbright Futures Research Institute, is responsible for research on futures varieties such as urea and soda - ash glass. She has won many honors [20]. - Sun Chengzhen, an analyst at Everbright Futures Research Institute, is engaged in fundamental research and data analysis of varieties such as cotton, cotton yarn, and ferroalloy. He won the Zhengzhou Commodity Exchange's textile - category senior analyst title in 2024 [21]. 5. Contact Information - The company is located at Unit 703, 6th Floor, No. 729 Yanggao South Road, China (Shanghai) Pilot Free Trade Zone. The company phone is 021 - 80212222, the fax is 021 - 80212200, the customer service hotline is 400 - 700 - 7979, and the postal code is 200127 [24].

Group 1: Research Views - Cotton: On Tuesday, ICE U.S. cotton rose 0.27% to 66.39 cents per pound, and CF601 decreased 0.68% to 13,835 yuan per ton. The main contract's open interest increased by 2,364 lots to 507,700 lots. The cotton market price in Xinjiang was about 15,300 yuan per ton, down 50 yuan from the previous day, and the national average cotton market price was 15,401 yuan per ton, down 27 yuan. The international market focused on the macro - level, with a nearly 100% probability of a September interest rate cut and over 10% probability of a 50BP cut. The weak - oscillating U.S. dollar index supported U.S. cotton prices. In the domestic market, Zhengzhou cotton futures prices declined slightly due to new cotton listings, export pressure on clothing, and market sentiment adjustment. It is expected to oscillate weakly in the short - term with limited downside space [2]. - Sugar: Brazil exported 769,000 tons of sugar and molasses in the first week of September, with a daily average of 153,800 tons. In September 2024, Brazil's sugar export volume was 3.8795 million tons, with a daily average of 184,700 tons. Guangxi sugar - making groups quoted 5,830 - 5,940 yuan per ton, and Yunnan groups quoted 5,720 - 5,770 yuan per ton, with some prices up 10 yuan. Processing sugar mills' mainstream quotes were 5,950 - 6,080 yuan per ton, with some down 20 yuan. Raw sugar rebounded from a two - month low. The domestic spot market has sufficient short - term supply, and the futures prices lack upward drivers. It is expected to remain weak [2]. Group 2: Daily Data Monitoring - Cotton: The 1 - 5 contract spread was 45 yuan with no change, the main contract basis was 1,566 yuan, up 23 yuan. The Xinjiang spot price was 15,300 yuan per ton, down 50 yuan, and the national average was 15,401 yuan per ton, down 27 yuan [3]. - Sugar: The 1 - 5 contract spread was 18 yuan, up 2 yuan, the main contract basis was 417 yuan, up 9 yuan. The Nanning spot price was 5,880 yuan per ton with no change, and the Liuzhou price was 5,935 yuan per ton with no change [3]. Group 3: Market Information - Cotton: On September 9, the cotton futures warehouse receipt quantity was 5,459, down 112 from the previous day, and the valid forecast was 0. The cotton market prices in different regions were: Xinjiang 15,300 yuan/ton, Henan 15,350 yuan/ton, Shandong 15,500 yuan/ton, and Zhejiang 15,400 yuan/ton. The yarn comprehensive load was 49.9, up 0.1, the yarn comprehensive inventory was 26.8, down 0.1, the short - fiber cloth comprehensive load was 49.9, up 0.2, and the short - fiber cloth comprehensive inventory was 30.4 with no change [4]. - Sugar: On September 9, the Nanning sugar spot price was 5,880 yuan/ton with no change, and the Liuzhou price was 5,935 yuan/ton with no change. The sugar futures warehouse receipt quantity was 11,977, down 125 from the previous day, and the valid forecast was 6 [4][5]. Group 4: Research Team - 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 and data analysis of cotton, cotton yarn, and ferroalloys [21]. Group 5: Company Information - The company is located at Unit 703, 6th Floor, No. 729 Yanggao South Road, China (Shanghai) Pilot Free Trade Zone. The company phone is 021 - 80212222, the fax is 021 - 80212200, the customer service hotline is 400 - 700 - 7979, and the postal code is 200127 [24]

Report Summary 1. Industry Investment Rating No investment rating information is provided in the report. 2. Core Views - **Copper**: Today, Shanghai copper showed a slight downward oscillation with a slight increase in open interest. Recently, copper prices have been weak, but the amplitude has been narrowing, and open interest has stabilized. At the macro - level, the domestic commodity atmosphere has cooled, and overseas risk appetite has declined. At the industrial level, the social inventory of electrolytic copper began to decline on Thursday. As the peak season approaches, industrial support may continue to strengthen. In the short term, copper prices are expected to maintain a weak oscillation [5]. - **Aluminum**: Today, Shanghai aluminum showed a strong oscillation with an increase in open interest. At the macro - level, the domestic commodity atmosphere has cooled. At the industrial level, the social inventory of electrolytic aluminum decreased slightly on Thursday, and the inventory of downstream aluminum rods continued to decline slowly. As the peak season approaches, industrial support for aluminum prices has increased. Technically, pay attention to the support of the 60 - day moving average [6]. - **Nickel**: Today, Shanghai nickel increased in position and declined, with the main contract price breaking through the 120,000 - yuan mark. At the macro - level, the bullish atmosphere in the domestic market has cooled. At the industrial level, high domestic nickel ore and nickel inventories keep the nickel fundamentals weak. In the short term, with the cooling of the macro - atmosphere and weak fundamentals, the nickel price has broken through the 120,000 - yuan mark, and the futures price is expected to continue its decline [7]. 3. Industry Dynamics - **Copper**: On August 21, the spot inventory of electrolytic copper in the domestic market was 129,700 tons, a decrease of 2,700 tons compared to the 14th and 14,500 tons compared to the 18th. The procurement and sales sentiment in the Shanghai area has improved. Looking ahead to tomorrow, domestic copper is still being warehoused, and under the drag of low - priced imported goods, the spot premium of Shanghai copper may further decline. However, as it is Friday tomorrow, the downstream procurement sentiment is expected to be strong, so the decline of the spot premium of Shanghai copper is limited [9]. - **Aluminum**: On August 21, the domestic spot inventory of electrolytic aluminum was 579,000 tons, an increase of 8,000 tons compared to the 14th and a decrease of 7,000 tons compared to the 18th. In July 2025, the import volume of unwrought aluminum alloy was 69,200 tons, a year - on - year decrease of 28.4% and a month - on - month decrease of 10.6%. From January to July 2025, the cumulative import volume was 611,500 tons, a year - on - year decrease of 13.9%. In July 2025, the export volume of unwrought aluminum alloy was 24,900 tons, a year - on - year increase of 38.3% and a month - on - month decrease of 3.3%. From January to July 2025, the cumulative export volume was 145,200 tons, a year - on - year increase of 7.8% [10]. - **Nickel**: Today, the price of SMM1 electrolytic nickel was 119,700 - 122,500 yuan/ton, with an average price of 121,100 yuan/ton, a 200 - yuan increase compared to the previous trading day. The mainstream spot premium quotation range of Jinchuan No. 1 nickel was 2,400 - 2,600 yuan/ton, with an average premium of 2,500 yuan/ton, a 100 - yuan increase compared to the previous trading day. The spot premium and discount quotation range of domestic mainstream brand electrowon nickel was - 100 - 300 yuan/ton [11]. 4. Relevant Charts The report provides various charts for copper, aluminum, and nickel, including base differentials, inventory changes, and price trends. For example, for copper, there are charts of copper base differentials, domestic and overseas inventory changes, and LME copper cancellation warrant ratios; for aluminum, there are charts of aluminum base differentials, social inventory changes, and alumina inventory changes; for nickel, there are charts of nickel base differentials, inventory changes, and LME nickel trends [12][25][38]

Group 1: Report Industry Investment Rating - No relevant content provided Group 2: Core Views of the Report - For cotton, the ICE U.S. cotton dropped 0.04% to 67.53 cents per pound, and CF601 decreased 0.5% to 14,055 yuan per ton. The position of the main contract decreased by 10,082 lots to 478,500 lots. The cotton arrival price in Xinjiang remained flat at 15,080 yuan per ton, and the China Cotton Price Index Grade 3128B dropped 3 yuan to 15,240 yuan per ton. Internationally, the market is waiting for the Jackson Hole Symposium results, with the U.S. dollar index and U.S. cotton prices fluctuating. Domestically, Zhengzhou cotton declined with reduced positions. The current tight commercial cotton inventory supports cotton prices, but the upcoming new - cotton harvest (a likely bumper crop) exerts upward pressure. The over - capacity of ginning mills and pre - sales of new cotton support the purchase expectations. Zhengzhou cotton is expected to remain firm and fluctuate in the short term [2]. - For sugar, in July 2025, China's imports of syrup and sugar premixes totaled 159,700 tons, a year - on - year decrease of 68,600 tons. Spot prices in Guangxi, Yunnan, and processing sugar mills were mostly down 10 yuan per ton. The raw sugar futures lack a clear direction, showing a range - bound trend. The domestic investment market sentiment is optimistic, with sugar spot trading improving and prices slightly rising. However, facing pressure near previous highs and the weak performance of raw sugar, Zhengzhou sugar is expected to continue with a range - bound pattern [2]. Group 3: Summary by Related Catalogs Research Views - **Cotton**: The international market is affected by macro factors, and the domestic market has a complex situation with inventory support and new - cotton supply pressure. The short - term outlook is a firm and fluctuating trend [2]. - **Sugar**: Import volume decreased, spot prices adjusted downward, and the futures market is range - bound due to lack of direction in raw sugar and pressure near previous highs [2]. Day - to - day Data Monitoring - **Cotton**: The 9 - 1 spread was - 255 yuan, up 25 yuan; the main contract basis was 1,185 yuan, up 42 yuan. The Xinjiang spot price was 15,080 yuan (unchanged), and the national price was 15,240 yuan, down 3 yuan [3]. - **Sugar**: The 9 - 1 spread was 62 yuan, up 2 yuan; the main contract basis was 314 yuan, down 25 yuan [3]. Market Information - **Cotton**: On August 20, the cotton futures warehouse receipts decreased by 141 to 7,455, with 249 valid forecasts. The arrival prices in different regions were reported, and the yarn and short - fiber cloth load and inventory data also changed [5]. - **Sugar**: On August 20, the sugar spot prices in Nanning and Liuzhou decreased by 10 yuan to 5,970 yuan and 5,990 yuan respectively. The sugar futures warehouse receipts decreased by 242 to 16,244, with 1 valid forecast [5][6]. Chart Analysis - **Cotton**: Charts show 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 over different time periods [9][11][12][13][14][15]. - **Sugar**: Charts display the closing price, basis, 9 - 1 spread, and warehouse receipts and valid forecasts of sugar over different years [17][18][20].

1. Report Industry Investment Rating - No information provided regarding the industry investment rating 2. Core Viewpoints of the Report - Cotton: The 01 contract of cotton may face the pressure of expected high - yield new cotton and low opening price, but the domestic cotton supply - demand pattern in the 2025/26 season has no major contradictions. With the current cotton price at a relatively low level and limited downward drivers, in the medium - to - long - term, after the market digests the pressure of new cotton listing and along with the macro - economic improvement, the price will oscillate upwards [1]. - Sugar: The short - term sugar futures price may be boosted by the strengthening of raw sugar, but the fundamental driving force is not strong, and the sustainability of the price rebound depends on the external market [1]. 3. Summary by Relevant Catalogs Research Views - Cotton: On Tuesday, ICE US cotton rose 2.52% to 68.44 cents per pound, and CF601 rose 0.79% to 13,980 yuan per ton. The position of the main contract increased by 31,124 lots to 413,000 lots. The cotton arrival price in Xinjiang was 15,052 yuan per ton, up 5 yuan per ton from the previous day, and the China Cotton Price Index for Grade 3128B was 15,177 yuan per ton, up 16 yuan per ton. In the international market, the US CPI annual rate was lower than expected, increasing the expectation of a September interest rate cut. In the domestic market, the main contract switched to the 01 contract, and the position gradually increased. Besides the macro - factors, weather and demand should also be focused on [1]. - Sugar: In August 2024, Brazil's sugar export volume was 3.9208 million tons, with a daily average export volume of 178,200 tons. In the first week of August 2025, Brazil exported 1.094 million tons of sugar and molasses, with a daily average export volume of 182,300 tons. The spot price of sugar in different regions had some adjustments. Raw sugar rebounded for three consecutive days, boosting the market sentiment [1]. Daily Data Monitoring - Cotton: The 9 - 1 contract spread was - 245 yuan, down 45 yuan; the main contract basis was 1,197 yuan, down 84 yuan. The spot price in Xinjiang was 15,052 yuan per ton, up 5 yuan, and the national spot price was 15,177 yuan per ton, up 16 yuan [2]. - Sugar: The 9 - 1 contract spread was 101 yuan, down 5 yuan; the main contract basis was 362 yuan, down 35 yuan. The spot price in Nanning was 5,960 yuan per ton, unchanged, and in Liuzhou was 5,970 yuan per ton, unchanged [2]. Market Information - Cotton: On August 12, the number of cotton futures warehouse receipts was 8,087, down 85 from the previous day, with 282 valid forecasts. The cotton arrival prices in different domestic regions were reported. The yarn comprehensive load was 49.3, unchanged; the yarn comprehensive inventory was 29.5, down 0.2; the short - fiber cloth comprehensive load was 48.3, up 0.2; the short - fiber cloth comprehensive inventory was 33.4, down 0.3 [3]. - Sugar: On August 12, the spot price of sugar in Nanning and Liuzhou remained unchanged. The number of sugar futures warehouse receipts was 17,853, down 387 from the previous day, with 0 valid forecasts [3][4]. Chart Analysis - Multiple charts were presented, including those related to cotton (such as the closing price, basis, 9 - 1 spread, 1% tariff quota internal - external spread, warehouse receipts and valid forecasts, and China Cotton Price Index) and sugar (such as the closing price, basis, 9 - 1 spread, and warehouse receipts and valid forecasts) [6][9][11][14][17]. Research Team Personnel Introduction - Zhang Xiaojin, the director of resource product research at Everbright Futures Research Institute, focuses on the sugar industry and has won many 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 also won many honors [20]. - Sun Chengzhen, an analyst at Everbright Futures Research Institute, is engaged in fundamental research and data analysis of varieties such as cotton and has won relevant titles [21].

软商品日报 软商品日报 光大期货软商品日报（2025 年 7 月 29 日） 一、研究观点 | 品种 | 点评 | 观点 | | --- | --- | --- | | | 周一，ICE 美棉上涨 0.1%，报收 68.3 美分/磅，CF509 环比下降 1.09%，报收 14075 | 震荡 | | | 元/吨，主力合约持仓环比下降 35836 手至 46.9 万手，新疆地区棉花到厂价为 15473 | | | | 元/吨，较前一日上涨 54 元/吨，中国棉花价格指数 3128B 级为 15609 元/吨，较前 | | | | 一日上涨 60 元/吨。国际市场方面，近期市场关注重心仍更多在于宏观层面，美元 | | | | 指数大幅走强。中美开始会谈，关注会谈结果。美联储议息会议临近，7 月大概率 | | | | 按兵不动，关注 9 月降息概率变化。基本面驱动有限。国内市场方面，昨日郑棉 | | | 棉花 | 主力合约减仓下行。我们认为，近期郑棉驱动的主要逻辑稍有转变，9-1 价差持续 | | | | 收敛与近月偏紧、01 相对宽松是两个不同的驱动逻辑。当前棉花原料相对偏紧， | | | | 但偏紧的程度较此 ...

Group 1: Report Industry Investment Rating - No specific industry investment rating is provided in the report. Group 2: Core Views - Cotton is expected to be in a volatile pattern. ICE US cotton fell 0.86% to 68.09 cents per pound on Monday, and CF509 decreased 0.8% to 14,185 yuan per ton. The main contract's open interest decreased by 21,871 lots to 558,900 lots. While the low - inventory situation remains unchanged, the upward driving force has weakened. Considering the strong expectation of a new cotton harvest and no obvious improvement in demand, it is difficult for prices to rise continuously. It is advisable to sell out - of - the - money call options with higher prices and buy out - of - the - money put options with lower prices [1]. - Sugar is also expected to be volatile. In June, China's imports of syrup and premixes totaled 115,500 tons, a year - on - year decrease of 103,500 tons. Due to concerns about over - production, raw sugar prices are under pressure. Domestically, sugar producers in the production areas are actively selling to reduce inventory, and the influence of processed sugar is gradually increasing. In the short term, prices lack a clear direction, and in the medium term, they depend on the pace and intensity of imported sugar [1]. Group 3: Summary of Each Section 1. Daily Data Monitoring - For cotton, the 9 - 1 spread is 195 yuan, a decrease of 110 yuan compared to the previous period. The main contract basis is 1,404 yuan, an increase of 166 yuan. The Xinjiang spot price is 15,480 yuan per ton, an increase of 56 yuan, and the national spot price is 15,589 yuan per ton, an increase of 81 yuan [2]. - For sugar, the 9 - 1 spread is 170 yuan, an increase of 1 yuan. The main contract basis is 241 yuan, a decrease of 13 yuan. The Nanning spot price is 6,060 yuan per ton, an increase of 10 yuan, and the Liuzhou spot price is 6,080 yuan per ton, unchanged [2]. 2. Market Information - On July 21, the number of cotton futures warehouse receipts was 9,501, a decrease of 31 from the previous trading day, with 223 valid forecasts [3]. - On July 21, the cotton arrival prices in different regions were: 15,480 yuan per ton in Xinjiang, 15,650 yuan per ton in Henan, 15,563 yuan per ton in Shandong, and 15,803 yuan per ton in Zhejiang [3]. - On July 21, the yarn comprehensive load was 49.9, unchanged from the previous day; the yarn comprehensive inventory was 30.1, a decrease of 0.1; the short - fiber cloth comprehensive load was 48.1, unchanged; and the short - fiber cloth comprehensive inventory was 33.8, unchanged [3]. - On July 21, the sugar spot prices were 6,060 yuan per ton in Nanning, an increase of 10 yuan, and 6,080 yuan per ton in Liuzhou, unchanged [3]. - On July 21, the number of sugar futures warehouse receipts was 21,437, a decrease of 40 from the previous trading day, with 0 valid forecasts [4]. 3. Chart Analysis - The report presents multiple charts including cotton and sugar's main contract closing prices, basis, 9 - 1 spreads, warehouse receipts and valid forecasts, and China's cotton price index, with data sources from Wind and the research institute [6][11][13][15]. 4. Research Team Introduction - Zhang Xiaojin is the director of resource product research at Everbright Futures Research Institute, focusing on the sugar industry. He has won many awards [18]. - Zhang Linglu is a resource product analyst at Everbright Futures Research Institute, responsible for futures varieties such as urea and soda - ash glass, and has won many honors [19]. - Sun Chengzhen is a resource product analyst at Everbright Futures Research Institute, mainly engaged in fundamental research and data analysis of cotton, cotton yarn, and ferroalloys, and has won relevant honors [20].