Group 1: Sugar (Sector: Agriculture, Livestock) Report Industry Investment Rating - Sugar: Volatile [1] Core View - After the holiday, the Zhengzhou sugar futures may rebound slightly, but there is strong resistance above, and the upside space is limited. The expected good production in major producing countries still suppresses the upward movement of sugar prices. [1] Summary by Relevant Catalog - **Market Review**: Before the holiday, SR601 closed at 5,479 yuan/ton with a daily increase of 0.02%, and at 5,493 yuan/ton in the night session; SR605 closed at 5,437 yuan/ton with a daily decrease of 0.09%, and at 5,458 yuan/ton in the night session. [1] - **Important Information**: - The closing price of the ICE raw sugar main contract was 16.32 cents/lb, with a daily decrease of 1.92%; the closing price of the London white sugar main contract was 451.3 yuan/ton, with a daily decrease of 1.57%. [1] - The spot transaction price of Guangxi white sugar before the holiday was 5,658 yuan/ton, up 5 yuan/ton. [1] - In September, Brazil exported 3,245,837.61 tons of sugar, a year-on-year decrease of 16%. The average daily export volume was 147,538.07 tons, a year-on-year decrease of 20%. [1] - In the first half of September, the sugar production in the central - southern region of Brazil increased by 15.72% year - on - year to 3.62 million tons. [1] - On September 30, the number of white sugar warehouse receipts on the Zhengzhou Commodity Exchange was 8,968, a daily decrease of 13. [1] - **Trading Strategy**: Take profit on sugar long positions opportunely and wait for opportunities to short at high prices. [1] Group 2: Red Dates (Sector: Agriculture, Livestock) Report Industry Investment Rating - Red dates: Volatile [3] Core View - Before the large - scale harvest of red dates, the futures market is expected to be volatile. Attention should be paid to the game on the opening price of new dates and the trends of long and short funds. [3] Summary by Relevant Catalog - **Market Review**: Before the holiday, CJ601 closed at 10,820 yuan/ton, with a daily decrease of 0.87%; CJ605 closed at 10,865 yuan/ton, with a daily decrease of 0.87%. [3] - **Important Information**: - As of September 26, the physical inventory of 36 sample points was 9,203 tons, a decrease of 44 tons from the previous week, a week - on - week decrease of 0.46%. [3] - Before the holiday, the reference price of special - grade red dates in the Hebei market was 10.5 yuan/kg, a week - on - week decrease of 0.01 yuan/kg; the price of first - grade red dates was stable. [3] - Before the holiday, 3 trucks of red dates arrived at Guangzhou Ruyifang, the same as the previous day. [3] - **Trading Strategy**: Treat the CJ601 contract as volatile in the short term, and recommend high - selling and low - buying. In the medium - to - long term, short far - month contracts at high prices. [3] Group 3: Rubber (Sector: Energy, Chemical) Report Industry Investment Rating - Rubber: Volatile and Weak [4] Core View - After the holiday, the domestic rubber futures market is expected to remain weak and volatile. Although there is some support from the heavy rainfall in Thailand, the overseas rubber market does not provide obvious support, and the domestic fundamentals remain unchanged. [4] Summary by Relevant Catalog - **Market Review**: As of September 30, RU2601 closed at 15,375 yuan/ton, with a daily decrease of 0.61%; NR2511 closed at 12,435 yuan/ton, with a daily decrease of 0.04%; BR2511 closed at 11,340 yuan/ton, with a daily decrease of 0.79%. [4] - **Important Information**: - In September, the average monthly price of Thai latex was 55.79 Thai baht/kg, a month - on - month increase of 2.33%; the average monthly price of cup lump was 51.46 Thai baht/kg, a month - on - month increase of 4.51%. [4] - In August 2025, China's natural rubber imports were 52.08 million tons, a month - on - month increase of 9.68% and a year - on - year increase of 5.39%. From January to August 2025, the cumulative import volume was 412.14 million tons, a cumulative year - on - year increase of 19.47%. [4] - As of September 28, 2025, the general trade inventory of natural rubber samples in Qingdao decreased by 0.46 million tons to 38.71 million tons compared with the previous period, a decrease of 1.18%. [4] - In September, the average monthly price of Shanghai full - latex was 14,860 yuan/ton, an increase of 367 yuan/ton from the previous month; the average monthly price of 20 - grade Thai mixed rubber in the Qingdao market was 14,966 yuan/ton, an increase of 458 yuan/ton from the previous month. [4] - In September, the capacity utilization rate of sample enterprises increased month - on - month. The capacity utilization rate of China's semi - steel tire sample enterprises was 71.39%, a month - on - month increase of 2.29 percentage points and a year - on - year decrease of 8.18 percentage points; the capacity utilization rate of full - steel tire sample enterprises was 64.29%, a month - on - month increase of 0.96 percentage points and a year - on - year increase of 4.35 percentage points. [4] - **Trading Strategy**: Hold the previous short positions and wait and see as the rubber fundamentals currently lack positive support. [4]

1. Report Industry Investment Rating - No relevant content provided 2. Core View of the Report - The decline of Zhengzhou sugar is expected to reach a temporary bottom. The overnight surge in crude oil prices led to a rise in energy - chemical commodities this morning, and Zhengzhou sugar rebounded accordingly [8] 3. Summary by Related Catalogs 3.1 Market Review and Operation Suggestions - **International Sugar Market**: On Thursday, New York raw sugar futures weakened. The main July contract closed down 0.97% to 16.26 cents per pound. The main August contract of London ICE white sugar futures closed down 1.4% to $466.30 per ton. The market is waiting for the production data of the second half of May in the central - southern region of Brazil to be announced by Unica. The intense military conflict between Israel and Iran caused a sharp rise in crude oil prices, which is beneficial to sugar prices [7] - **Domestic Sugar Market**: Yesterday, the main contract of Zhengzhou sugar rebounded after reaching the bottom. The 09 contract closed at 5,664 yuan per ton, up 2 yuan or 0.04%, with an increase of 646 positions. The spot prices in domestic producing areas declined. The price of Kunming sugar was 5,815 yuan, and that of Nanning sugar was 6,015 yuan. During the night session, Zhengzhou sugar continued to decline. The main 09 contract approached the 5,600 mark but then stabilized and rebounded, indicating strong support at this level [7][8] 3.2 Industry News - **Brazilian Sugar Production and Export**: A survey of 20 analysts by S&P Global Commodity Insights shows that the sugarcane crushing volume in the central - southern region of Brazil in the second half of May is expected to increase by 1.2% year - on - year to 45.91 million tons. Sugar production is expected to increase by 4.7% to 2.839 million tons. Ethanol production is expected to decrease by 5.6% year - on - year to 2.005 billion liters. The sugar content of sugarcane (ATR) is expected to decrease by 3.8% year - on - year to 125.17 kg/ton. The ratio of sugarcane to sugar production is expected to be 51.84%, compared with 48.2% in the same period last year. 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 with the average daily export volume in June last year [9] - **Indian Sugar Production**: Indian growers and industry officials said that India will have a sugar production surplus for at least two consecutive years. Due to sufficient rainfall, millions of farmers have expanded the planting area of sugarcane, and the crop yield is expected to increase. The rebound in production will enable India to increase exports in the 2025/26 season [9] - **Domestic Sugar Production and Sales**: In the 24/25 sugar - making season, the cumulative sugar production in Guangdong was 654,500 tons, an increase of 122,800 tons year - on - year. As of the end of May, the cumulative sugar sales in Guangdong were 654,500 tons, an increase of 223,600 tons year - on - year; the industrial inventory was 0 tons, a decrease of 100,800 tons year - on - year; the sales - to - production ratio was 100%, an increase of 18.97% year - on - year. In May, the single - month sugar sales in Guangdong were 3,900 tons. In the 24/25 sugar - making season, the final sugar production in Xinjiang was 814,200 tons, an increase of 255,600 tons year - on - year. As of the end of May, the cumulative sugar sales in Xinjiang were 618,800 tons, an increase of 231,400 tons year - on - year; the sales - to - production ratio was 76%, an increase of 6.65% year - on - year; the industrial inventory was 195,400 tons, an increase of 24,200 tons year - on - year. In May, the single - month sugar sales in Xinjiang were 73,700 tons [9][10] 3.3 Data Overview - The report presents multiple figures and a table showing the trading volume and position changes of the top 20 seats of the main contract of Zhengzhou sugar, including details such as the trading volume, increase or decrease of trading volume, long - position volume, increase or decrease of long - position volume, short - position volume, and increase or decrease of short - position volume of each member [21]