Report Industry Investment Rating - All three industries (cotton, sugar, and pulp) are rated as neutral [4][7][8] Core Viewpoints - For cotton, short - term cotton prices are supported by positive market sentiment due to Sino - US negotiations, but the rebound space is limited by the off - season, high retained tariffs, and expected high yields in the new year [3][4] - For sugar, Zhengzhou sugar generally follows the trend of raw sugar. The domestic sugar price is supported in the short term but faces upward pressure limitations from potential imports. Long - term sugar prices may decline if Brazil's high - yield expectations are met [7] - For pulp, although macro - sentiment improvement boosts pulp prices, the approaching off - season and weak terminal demand lead to a lack of industry drivers, and short - term pulp prices are expected to remain in a low - level oscillation [8] Summary by Related Catalogs Cotton Market News and Key Data - Futures: The closing price of cotton 2509 contract was 13,440 yuan/ton yesterday, up 45 yuan/ton (+0.34%) from the previous day. Spot: The Xinjiang arrival price of 3128B cotton was 14,487 yuan/ton, up 22 yuan/ton, and the national average price was 14,567 yuan/ton, up 17 yuan/ton. As of May 15, the national commercial cotton inventory was 3.834 million tons, a decrease of 318,600 tons (-7.67%) from the end of April [2] Market Analysis - The Zhengzhou cotton futures price showed a strong oscillation yesterday. Macro: Sino - US negotiations made substantial progress, improving market sentiment, but the actual tariff on textile and clothing exports to the US remains high. International: USDA adjusted the 25/26 global cotton balance sheet, but there are many uncertainties. Domestic: The new - year cotton planting area is stable with a slight increase, current inventories are decreasing, but it's the off - season and the impact of retained tariffs has not been fully reflected [3] Strategy - A neutral strategy is recommended. Short - term price support comes from market sentiment, but the rebound space is limited [4] Sugar Market News and Key Data - Futures: The closing price of sugar 2509 contract was 5863 yuan/ton yesterday, up 14 yuan/ton (+0.24%) from the previous day. Spot: The sugar price in Nanning, Guangxi was 6150 yuan/ton, up 10 yuan/ton, and in Kunming, Yunnan was 5900 yuan/ton, down 10 yuan/ton. As of May 19, Russia's beet planting area reached 1.1609 million hectares, with different progress and weather impacts in different regions [5] Market Analysis - The Zhengzhou sugar futures price showed a strong performance yesterday. Raw sugar was first boosted by lower - than - expected production in Brazil's central - southern region but then pressured by expectations of global supply surplus. Zhengzhou sugar is supported by domestic sales data in the short term but faces import pressure in the long term [6][7] Strategy - A neutral strategy is recommended, with a focus on Brazil's production and domestic import rhythm [7] Pulp Market News and Key Data - Futures: The closing price of pulp 2507 contract was 5420 yuan/ton yesterday, up 10 yuan/ton (+0.18%) from the previous day. Spot: The price of Chilean silver star coniferous pulp in Shandong was 6300 yuan/ton, unchanged, and the price of Russian needles was 5440 yuan/ton, up 15 yuan/ton. The import pulp market had different price trends [7][8] Market Analysis - The pulp futures price closed higher with oscillation yesterday. Macro: The "reciprocal tariff" policy and Sino - US negotiations affected market sentiment. Supply: The foreign quotation decreased, and the inventory was at a high level. Demand: European and domestic demand was weak, and the off - season is approaching [8] Strategy - A neutral strategy is recommended. Although macro - sentiment improves prices, the short - term price is expected to remain in a low - level oscillation due to weak demand [8]