Report Industry Investment Rating - Not provided Core Viewpoints - Cotton maintains a relatively strong and volatile trend in the short - term, and attention should be paid to the actual planting areas in April, especially the release of the U.S. cotton planting area tonight, as there is an expected tightening of supply in the new quarter [1] - The bottom - building trend of sugar is becoming clearer, and it may continue to fluctuate upward after experiencing the stage of maximum inventory pressure in the short - term [2] Summary by Related Catalogs Cotton - StoneX keeps the estimate of Brazil's 2025/26 cotton production at 3.74 million tons, but caution is needed due to weather and growth conditions, especially in Mato Grosso where cotton is in the early growth stage and April rainfall will affect yield [1] - Trump's visit to China is scheduled for May 14 - 15, which is expected to stabilize Sino - U.S. trade and may lead to tariff cuts and U.S. cotton purchases [1] Sugar - From March 27 to 30, 10 sugar mills in Guangxi completed the sugar - pressing process. As of March 30, 38 sugar mills in the 2025/26 season in Guangxi have completed the process, with a total daily sugar - cane pressing capacity of 352,500 tons, a year - on - year decrease of 234,500 tons [2] - The estimated cost of processed and duty - paid Brazilian sugar within the quota is 4,388 yuan/ton, and outside the quota is 5,586 yuan/ton. The estimated profit of processed and duty - paid Brazilian sugar within the quota compared with the Rizhao white sugar spot price is 1,262 yuan/ton, and outside the quota is 64 yuan/ton [2] - With the strengthening of the outer - market raw sugar and the weakening of the inner - market, the price difference between the inside and outside is narrowing, and the downward space of sugar is expected to shrink [2]

Group 1: Report Industry Investment Rating - Not provided in the given content Group 2: Core Views of the Report - For cotton, the ICE U.S. cotton rose 1.85% to 69.44 cents per pound on Thursday, and the main contract of Zhengzhou cotton rose 0.72% to 15,420 yuan per ton, with the main contract's open interest decreasing by 3,264 lots to 550,400 lots. The 3128B spot price index of cotton was 16,560 yuan per ton, up 70 yuan from the previous day. Internationally, the situation in the Middle East is volatile, and the ICE U.S. cotton futures price is slowly rising. Domestically, the Zhengzhou cotton futures price has a slight upward shift. The cotton planting area in Xinjiang is expected to decline in 2026, and the supply - demand pattern of cotton in 2026/27 is expected to narrow year - on - year. In the short term, the Zhengzhou cotton is expected to fluctuate with some upside potential [1]. - For sugar, the spot price quotes in different regions show some adjustments. The regional situation is complex, and the market's concern is rising. The Brazilian sugar cane harvest is approaching, and the raw sugar price remains strong. In the domestic market, it is cautious, with macro - disturbances and inventory pressure. Traders should wait patiently for trading opportunities [1]. Group 3: Summary by Relevant Catalogs Research Views - **Cotton**: The ICE U.S. cotton and Zhengzhou cotton futures prices have different trends. The international and domestic situations affect the cotton market. The long - term supply - demand pattern change may bring upside potential to cotton prices, while in the short term, it will fluctuate [1]. - **Sugar**: Spot prices vary by region. The complex regional situation and the approaching Brazilian harvest affect the raw sugar price. The domestic market is cautious due to macro - disturbances and inventory pressure [1]. Daily Data Monitoring - **Cotton**: The 5 - 9 contract spread is - 125 (unchanged), the main contract basis is 1,325 (down 46), the Xinjiang spot price is 16,597 (up 24), and the national spot price is 16,745 (up 34) [2]. - **Sugar**: The 5 - 9 contract spread is - 27 (up 3), the main contract basis is - 3 (down 34), the Nanning spot price is 5,460 (unchanged), and the Liuzhou spot price is 5,460 (unchanged) [2]. Market Information - **Cotton**: On March 26, the cotton futures warehouse receipt quantity was 12,444 (up 100), with 339 valid forecasts. The cotton arrival prices in different regions are provided. The yarn comprehensive load decreased slightly, and the inventory and short - fiber cloth load and inventory remained unchanged [3]. - **Sugar**: On March 26, the sugar spot prices in Nanning and Liuzhou remained unchanged. The sugar futures warehouse receipt quantity was 16,342 (unchanged), with 520 valid forecasts [3][4]. Chart Analysis - **Cotton**: Multiple charts show the trends of cotton's main contract closing price, basis, 5 - 9 spread, 1% tariff quota internal - external spread, warehouse receipts and valid forecasts, and China cotton price index [6][8][9][10][11][12]. - **Sugar**: Multiple charts show the trends of sugar's main contract closing price, basis, 5 - 9 spread, and warehouse receipts and valid forecasts [14][15][17]

Group 1: Research Views - Cotton: On Wednesday, ICE U.S. cotton rose 0.92% to 68.24 cents per pound, and the main contract of Zhengzhou cotton rose 0.43% to 15,340 yuan per ton. The position of the main contract decreased by 17,996 lots to 553,600 lots. The spot price index of cotton 3128B was 16,490 yuan per ton, up 30 yuan from the previous day. In the international market, due to the continuous and repeated disturbances in the Middle East and the entry of the U.S. and Iran into the negotiation cycle, the short - term crude oil index declined, and market concerns eased slightly. The price center of ICE U.S. cotton moved up slightly. In the domestic market, Zhengzhou cotton rose with reduced positions, and the stock market performed strongly, also easing market concerns. Fundamentally, there are both long and short factors. Future market focuses include the new cotton planting situation and the new round of cotton target price subsidy policy to be announced in early April, as well as the changes in the Middle East situation. It is expected that Zhengzhou cotton will fluctuate in the short - term and still have upward space in the medium - to - long - term [2]. - Sugar: In the 2025/26 sugar - making season in Inner Mongolia, the total sugar production was about 680,000 tons, an increase of about 20,000 tons compared with the previous season. The spot quotes of Guangxi sugar - making groups were in the range of 5,420 - 5,490 yuan per ton, with a few adjusted by 10 - 20 yuan per ton; Yunnan sugar - making groups' quotes were 5,280 - 5,320 yuan per ton, unchanged; the mainstream quotes of processing sugar mills were in the range of 5,680 - 5,880 yuan per ton, with one individual mill reducing the price by 10 yuan per ton. The peace talks in the Middle East brought hope to the market, the rise of crude oil prices slowed down, and raw sugar adjusted to correct the previous increase. Future regional conflicts may still be repeated, and raw sugar is difficult to have a smooth unilateral market. Attention should be paid to the new sugar - making season in Brazil. In the domestic market, spot quotes varied, the main contracts were gradually shifted, the inventory pressure of near - month contracts remained, and macro - disturbances persisted. Investors should wait patiently for trading opportunities and be aware of systematic risks [2]. Group 2: Daily Data Monitoring - Cotton: The 5 - 9 spread was - 125, up 15; the main basis was 1371, down 146. The spot price in Xinjiang was 16,573 yuan per ton, down 17; the national spot price was 16,711 yuan per ton, down 21 [3]. - Sugar: The 5 - 9 spread was - 30, unchanged; the main basis was 31, unchanged. The spot price in Nanning was 5,460 yuan per ton, unchanged; the spot price in Liuzhou was 5,460 yuan per ton, unchanged [3]. Group 3: Market Information - Cotton: On March 25, the number of cotton futures warehouse receipts was 12,344, a decrease of 10 from the previous trading day, and the effective forecast was 430. The arrival prices of cotton in various domestic regions on March 25 were: 16,573 yuan per ton in Xinjiang, 16,704 yuan per ton in Henan, 16,725 yuan per ton in Shandong, and 16,964 yuan per ton in Zhejiang. On March 25, the comprehensive load of yarn was 58.2, down 0.1 from the previous day; the comprehensive inventory of yarn was 16.7, up 0.2 from the previous day; the comprehensive load of staple - fiber cloth was 60.8, up 0.1 from the previous day; the comprehensive inventory of staple - fiber cloth was 23.6, down 0.1 from the previous day [4]. - Sugar: On March 25, the spot price of sugar in Nanning was 5,460 yuan per ton, unchanged from the previous trading day; the spot price in Liuzhou was 5,460 yuan per ton, unchanged from the previous trading day. The number of sugar futures warehouse receipts on March 25 was 16,342, unchanged from the previous trading day, and the effective forecast was 520 [4][5]. Group 4: Research Team - Zhang Xiaojin, the research director of resource products at Everbright Futures Research Institute, focuses on the sugar industry. She has participated in major projects of the Zhengzhou Commodity Exchange and the writing of series books of the China Futures Association. She has won many awards such as "Best Agricultural Product Analyst" and "Senior Senior Analyst of Sugar at the Zhengzhou Commodity Exchange" [20]. - Zhang Linglu, a master of accounting and finance from the University of Bristol, UK, is an analyst of resource products at Everbright Futures Research Institute, responsible for the research of futures varieties such as urea and soda - ash glass. She has participated in large - scale projects and topics of the China Futures Association and the Zhengzhou Commodity Exchange and has won many awards [21]. - Sun Chengzhen, an analyst of resource products at Everbright Futures Research Institute, is a master of finance from Yunnan University. He is mainly engaged in the fundamental research and data analysis of varieties such as cotton, cotton yarn, and ferroalloy. He has participated in the writing of relevant topics of the Zhengzhou Commodity Exchange and has won many awards [22]. Group 5: Contact Information - Company address: Unit 703, 6th Floor, No. 729 Yanggao South Road, China (Shanghai) Pilot Free Trade Zone - Company phone: 021 - 80212222 - Fax: 021 - 80212200 - Customer service hotline: 400 - 700 - 7979 - Zip code: 200127 [25]

1. Report Industry Investment Rating - Not provided 2. Core Views - Cotton is expected to maintain a short - term oscillating market. The downstream is in the traditional peak season of "Golden March and Silver April", but the spinning profit is poor. Domestically, cotton has entered the de - stocking cycle, and the reduction of the cotton planting area in the new year provides medium - to - long - term support for cotton prices. However, the frequent fluctuations of crude oil lead to sharp price changes in chemical fibers, causing cotton to show an oscillating effect. The potential visit of Trump to China in May is expected to provide some support for prices [1]. - Sugar is expected to continue its oscillating upward trend. As of March 24, 46 sugar mills in Guangxi are still in operation, with an increase of 45 compared to the same period last year. The daily cane - crushing capacity of the mills that have completed the crushing is 256,500 tons per day, a decrease of 332,500 tons per day compared to the same period last year. The narrowing import profit indicates that the downside space for sugar is gradually shrinking [1][2]. 3. Summary by Related Content Cotton - The downstream is in the "Golden March and Silver April" traditional peak season, but the spinning profit is poor [1]. - Domestically, cotton has entered the de - stocking cycle, and the reduction of the new - year cotton planting area provides medium - to - long - term support for cotton prices [1]. - Frequent fluctuations in crude oil lead to sharp price changes in chemical fibers, causing cotton to maintain an oscillating effect [1]. - The potential visit of Trump to China in May is expected to provide some support for prices, and the short - term market is expected to oscillate [1]. Sugar - As of March 24, 46 sugar mills in Guangxi are still in operation, an increase of 45 compared to the same period last year. Among the operating mills, nearly one - third are large - scale mills with a daily capacity of over 10,000 tons [1]. - The daily cane - crushing capacity of the mills that have completed the crushing is 256,500 tons per day, a decrease of 332,500 tons per day compared to the same period last year [1]. - In terms of regional distribution, 10 sugar mills in Chongzuo have completed the crushing, with a relatively fast progress; 6 sugar mills in Laibin have completed the crushing, with an accelerating progress; no sugar mills in Liuzhou and Guigang have completed the crushing, and the earliest estimated completion time is the end of March [1]. - The estimated cost of processed and duty - paid Brazilian sugar within the quota is 4,365 yuan/ton, and the estimated cost outside the quota is 5,556 yuan/ton. The estimated profit of processed and duty - paid Brazilian sugar within the quota compared to the Rizhao white sugar spot price is 1,275 yuan/ton, and the profit outside the quota is 84 yuan/ton [2]. - The rise of the outer - market raw sugar narrows the price difference between domestic and foreign sugar. Although the global sugar market is still loose, the raw sugar is gradually emerging from the trough due to the sharp rise in crude oil prices. With the narrowing import profit, the downside space for sugar is gradually shrinking, and it is expected to continue its oscillating upward trend [2].

Group 1: Investment Ratings - No investment ratings are provided in the report Group 2: Core Views - The cotton market is expected to be volatile in the short - term with potential for medium - to long - term growth. ICE US cotton dropped 0.12% to 67.23 cents/pound on Monday, while Zhengzhou cotton's main contract rose 0.92% to 15,280 yuan/ton, with its position decreasing by 14,650 lots to 577,800 lots. The spot price index of cotton 3128B increased by 160 yuan/ton to 16,450 yuan/ton. International factors like Middle - East disturbances, TACO trading, a weaker US dollar index, lower oil prices, and a rebound in precious metals affect the market. In the domestic market, the main contract of Zhengzhou cotton increased with reduced positions. Key concerns are new cotton planting and the Middle - East situation [1] - The sugar market is also expected to be volatile. As of March 23, 2026, 25 sugar mills in Guangxi had completed the 2025/26 crushing season, 46 fewer than the previous year. Spot prices of sugar increased across regions. The net short position of funds in raw sugar decreased, causing the price to rise initially and then adjust slightly with oil. International geopolitical conflicts and domestic supply - demand factors result in no clear price trend [1] Group 3: Summary by Directory 1. Research Views - **Cotton**: ICE US cotton fell 0.12% to 67.23 cents/pound, Zhengzhou cotton's main contract rose 0.92% to 15,280 yuan/ton, and the main contract position decreased by 14,650 lots. The spot price index of cotton 3128B rose 160 yuan/ton. International factors include Middle - East disturbances, a weaker US dollar index, lower oil prices, and a precious - metal rebound. In the domestic market, the main contract increased with reduced positions. Key concerns are new cotton planting and the Middle - East situation [1] - **Sugar**: As of March 23, 2026, 25 sugar mills in Guangxi completed the 2025/26 crushing season, 46 fewer than before. Spot prices increased in Guangxi, Yunnan, and among processing sugar factories. The net short position of funds in raw sugar decreased, causing the price to rise initially and then adjust with oil. International geopolitical conflicts and domestic supply - demand factors lead to no clear price trend [1] 2. Daily Data Monitoring - **Cotton**: The 5 - 9 spread was - 120 yuan/ton, down 15 yuan/ton. The main contract basis was 1312 yuan/ton, down 122 yuan/ton. The spot price in Xinjiang was 16,440 yuan/ton, down 40 yuan/ton, and the national average was 16,592 yuan/ton, down 57 yuan/ton [2] - **Sugar**: The 5 - 9 spread was - 29 yuan/ton, unchanged. The main contract basis was 27 yuan/ton, up 16 yuan/ton. The spot price in Nanning was 5470 yuan/ton, up 30 yuan/ton, and in Liuzhou was 5480 yuan/ton, up 30 yuan/ton [2] 3. Market Information - On March 23, 2026, the number of cotton futures warehouse receipts was 12,384, down 16 from the previous day, with 349 valid forecasts [3] - On March 23, 2026, the cotton arrival prices in different regions were: 16,440 yuan/ton in Xinjiang, 16,602 yuan/ton in Henan, 16,618 yuan/ton in Shandong, and 16,733 yuan/ton in Zhejiang [3] - On March 23, 2026, the comprehensive load of yarn was 58.3, down 0.1 from the previous day; the comprehensive inventory of yarn was 16.4, up 0.1; the comprehensive load of staple - fiber cloth was 60.7, up 0.1; and the comprehensive inventory of staple - fiber cloth was 23.8, down 0.2 [3] - On March 23, 2026, the spot price of sugar in Nanning was 5480 yuan/ton, up 30 yuan/ton, and in Liuzhou was 5470 yuan/ton, up 30 yuan/ton [3] - On March 23, 2026, the number of sugar futures warehouse receipts was 16,342, unchanged from the previous day, with 0 valid forecasts [4] 4. Chart Analysis - The report includes charts of cotton and sugar, such as the closing price, basis, spread, and warehouse receipts of the main contracts, as well as the China Cotton Price Index [6][9][11][14][17]

1. Report Industry Investment Rating - Not provided 2. Core Viewpoints - The issuance of an additional 300,000 tons of cotton processing trade sliding-duty tariff quotas by the state is aimed at alleviating the tight supply of raw materials during the traditional peak season of "Golden March and Silver April" and stabilizing the production expectations of export-oriented textile enterprises. Although it exerts some short - term pressure on cotton prices, its long - term impact on the overall pattern of the domestic cotton market is limited. Due to the delay of Trump's visit to China, the near - term demand growth expectation may not be met, causing a certain decline in cotton prices, but the decline is limited, and it is expected to fluctuate at a high level in the short term [1] - As of March 15, 2026, India's sugar production in the 2025/26 crushing season reached 26.214 million tons, a year - on - year increase of 2.49 million tons, with a year - on - year increase of about 10.5%. China's sugar imports from January to February 2026 increased significantly year - on - year. The sugar market is generally in a stage of loose supply and demand, especially the international raw sugar supply and demand is obviously loose. The domestic market is stronger than the foreign market in the first half of the year, and the rise and fall of crude oil drives the sugar price to fluctuate. It is recommended to adopt a low - buying strategy [1][2] 3. Summary by Related Content Cotton - The state issued an additional 300,000 tons of cotton processing trade sliding - duty tariff quotas, much earlier than the usual time from July to August. This move aims to ease the tight supply of raw materials during the "Golden March and Silver April" peak season and stabilize the production expectations of export - oriented textile enterprises. In the short term, it puts pressure on cotton prices, but has limited long - term impact on the domestic cotton market. The delay of Trump's visit to China may lead to a decline in cotton prices, but the decline is limited, and it is expected to fluctuate at a high level in the short term [1] Sugar - As of March 15, 2026, India's sugar production in the 2025/26 crushing season reached 26.214 million tons, a year - on - year increase of 2.49 million tons, with a year - on - year increase of about 10.5%. In January and February 2026, China imported 280,000 tons and 240,000 tons of sugar respectively, a year - on - year increase of 217,000 tons and 223,900 tons respectively. From January to February 2026, China's cumulative sugar imports were 520,000 tons, a year - on - year increase of 440,900 tons. As of the end of February in the 2025/26 crushing season, China's cumulative sugar imports were 2.2826 million tons, a year - on - year increase of 741,700 tons. The sugar market is in a stage of loose supply and demand, especially the international raw sugar supply and demand is obviously loose. The domestic market is stronger than the foreign market in the first half of the year, and the rise and fall of crude oil drives the sugar price to fluctuate. It is recommended to adopt a low - buying strategy [1][2]

Group 1: Report Industry Investment Rating - No relevant information provided Group 2: Core Viewpoints of the Report - For cotton, on Tuesday, ICE U.S. cotton rose 0.76% to 68.71 cents per pound, and the main contract of Zhengzhou cotton fell 0.16% to 15,415 yuan per ton. The international market has the U.S. cotton futures price in a phased high - level shock. The situation in the Middle East, the strengthening of the U.S. dollar index, and the firm oil price affect the upward range of the U.S. cotton futures price. In the domestic market, the Zhengzhou cotton futures price rose and then fell, and the stock index was weak. The National Development and Reform Commission announced the issuance of 300,000 tons of sliding - duty import quotas for cotton processing, increasing the supply expectation and bringing short - term pressure. In the long - term, the focus is on the Middle East situation and new cotton planting, and it is expected to maintain a shock in the short - term and have certain support in the long - term [2]. - For sugar, the estimated sugarcane planting area in Brazil in 2026 is 9.373731 million hectares, a 1.3% decrease from the previous month's estimate and a 2.0% decrease from the previous year. The sugarcane output is estimated to be 700.38 million tons, a 0.9% decrease from the previous month's estimate and a 0.4% decrease from the previous year. The spot prices of sugar in various regions have been adjusted down. The raw sugar futures price is still in a high - level shock. The domestic market is affected by geopolitical, energy, and sentiment factors, and the futures price has a slight reduction in positions and a downward trend. It is recommended to continue to treat it as a shock and pay attention to the import data from January to February and the spot market trading situation [2]. Group 3: Summary of Each Section Research Viewpoints - **Cotton**: ICE U.S. cotton rose 0.76% to 68.71 cents per pound, Zhengzhou cotton main contract fell 0.16% to 15,415 yuan per ton, and the main contract position decreased by 1,776 lots to 710,200 lots. The 3128B cotton spot price index rose 30 yuan to 16,610 yuan per ton. The international market has factors affecting the upward range of the U.S. cotton futures price. The domestic market has the Zhengzhou cotton futures price rising and then falling. The issuance of import quotas increases supply expectation and brings short - term pressure. In the long - term, the focus is on the Middle East situation and new cotton planting [2]. - **Sugar**: The estimated sugarcane planting area and output in Brazil in 2026 have decreased. The spot prices of sugar in various regions have been adjusted down. The raw sugar futures price is in a high - level shock. The domestic market is affected by multiple factors, and the futures price has a slight reduction in positions and a downward trend. Attention should be paid to import data and spot market trading [2]. Daily Data Monitoring - **Cotton**: The 5 - 9 contract spread is - 75, unchanged from the previous day. The main basis is 1,406, an increase of 2. The Xinjiang spot price is 16,655 yuan per ton, a decrease of 60, and the national spot price is 16,821 yuan per ton, a decrease of 63 [3]. - **Sugar**: The 5 - 9 contract spread is - 27, an increase of 7. The main basis is 64, an increase of 56. The Nanning spot price is 5,460 yuan per ton, unchanged, and the Liuzhou spot price is 5,470 yuan per ton, a decrease of 10 [3]. Market Information - On March 17, the number of cotton futures warehouse receipts was 12,482, a decrease of 13 from the previous day, and the effective forecast was 293 [4]. - On March 17, the cotton arrival prices in various domestic regions were: 16,655 yuan per ton in Xinjiang, 16,812 yuan per ton in Henan, 16,887 yuan per ton in Shandong, and 16,976 yuan per ton in Zhejiang [4]. - On March 17, the comprehensive yarn load was 57.6, an increase of 1.3 from the previous day; the comprehensive yarn inventory was 16.8, unchanged from the previous day; the comprehensive short - fiber cloth load was 60.6, unchanged from the previous day; the comprehensive short - fiber cloth inventory was 24.9, a decrease of 0.2 from the previous day [4]. - On March 17, the sugar spot prices were: 5,460 yuan per ton in Nanning, unchanged from the previous day; 5,470 yuan per ton in Liuzhou, a decrease of 10 yuan per ton from the previous day [4]. - On March 17, the number of sugar futures warehouse receipts was 16,342, unchanged from the previous day, and the effective forecast was 0 [5]. Chart Analysis - The report provides multiple charts including cotton and sugar, such as the closing price, basis, contract spread, warehouse receipts, and price index of cotton and sugar, to show the historical data trends [7][9][11][13][15][16][18] Research Team Personnel Introduction - Zhang Xiaojin, the director of resource product research at Everbright Futures Research Institute, focuses on sugar industry research, and has won many awards [20]. - 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 awards [21]. - 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, and has won many awards [22].

1. Report Industry Investment Rating - Not provided in the content 2. Core Viewpoints of the Report - Cotton is expected to remain volatile and slightly bullish in the short term [1] - Sugar is in a stage with strong downside support but limited upward drive, and a low - buying strategy is recommended [2] 3. Summary by Related Catalogs Cotton - The National Development and Reform Commission announced that the total volume of processing trade quotas for cotton imports under the sliding - scale tariff in 2026 is 300,000 tons, distributed on a contract - based application basis, and applications will stop once the quota reaches the total [1] - Last week, textile enterprises were still reluctant to replenish inventory due to high cotton prices. External factors such as geopolitical situation, high price difference between domestic and foreign cotton, and the impact of imported yarn, as well as the policy factor of rumored additional processing trade quotas, significantly restricted the short - term upward movement of cotton prices [1] - Two informed sources revealed that the high - level economic officials of China and the United States had a "quite stable" meeting in Paris on Sunday, discussing areas such as agriculture, critical minerals, and trade management where consensus might be reached for consideration during the meeting between the two heads of state in Beijing [1] Sugar - As of March 15, 2025/26 sugar - crushing season, there were 173 remaining sugar - mills in India, 27 less than the same period last year. The cumulative sugar production was 26.175 million tons, an increase of 2.46 million tons year - on - year [2] - In Maharashtra, the cumulative sugar production was 9.85 million tons, an increase of 1.99 million tons year - on - year, with an average sugar yield of 9.50%, a year - on - year increase of 0.05% [2] - In Uttar Pradesh, the cumulative sugar production was 8.15 million tons, an increase of 55,000 tons year - on - year, with an average sugar yield of 10.15%, a year - on - year increase of 0.55% [2] - In Karnataka, the cumulative sugar production was 4.58 million tons, an increase of 670,000 tons year - on - year, with an average sugar yield of 8.65%, a year - on - year increase of 0.15% [2] - The estimated cost of processing and paying taxes for Brazilian sugar within the quota is 4,055 yuan/ton, and outside the quota is 5,153 yuan/ton. Compared with the spot price of Rizhao white sugar, the estimated profit for processing and paying taxes for Brazilian sugar within the quota is 1,565 yuan/ton, and outside the quota is 467 yuan/ton [2] - Sugar is generally in a stage of loose supply and demand. Since the proportion of imported sugar in the first half of the year is not large, the price difference between domestic and foreign markets continues to widen after the domestic market strengthens, and the rise and fall of crude oil drives the sugar price up and down [2]

Group 1: Investment Ratings - No investment ratings provided in the report Group 2: Core Views - **Cotton**: On Wednesday, ICE U.S. cotton fell 0.09% to 65.24 cents per pound, while the main contract of Zhengzhou cotton rose 1.5% to 15,515 yuan per ton. The position of the main contract increased by 21,848 lots to 743,500 lots. The spot price index of cotton 3128B was 16,650 yuan per ton, up 220 yuan from the previous day. Overseas geopolitical conflicts continue, affecting market expectations. The U.S. cotton futures price has a relatively narrow amplitude. The USDA March report increased the global cotton production forecast for the 2025/26 season by 246,000 tons, with China's production and consumption both increasing by 109,000 tons. The end - of - season inventory remains unchanged, and the inventory - to - sales ratio decreased. Exports of textile yarn, fabrics, and clothing in January - February had double - digit year - on - year growth. In the short term, the market is affected by the Middle East situation, and in the long term, as new cotton planting is about to start, attention should be paid to the expected difference in planting area. The short - term trend is wide - range oscillation, and there is support in the long term with potential upside [2]. - **Sugar**: The spot price of sugar in Guangxi decreased by 20 - 30 yuan per ton, Yunnan remained flat, and the price of processed sugar decreased by 10 - 20 yuan per ton. The raw sugar futures price declined again, closing near 14.2 cents per pound. The impact of crude oil persists, and the situation in the Middle East should be closely monitored. The Ministry of Agriculture and Rural Affairs maintains the sugar production estimate at 1.17 million tons, while information agencies have raised it to 1.2 million tons. Basis trading is still active, with a bumper harvest and macro - level disturbances coexisting. Before the regional situation becomes clear, the market is expected to fluctuate. It is recommended that hedging positions be held, and speculative trading should be cautious [2]. Group 3: Summary by Directory Research Views - **Cotton**: ICE U.S. cotton fell, Zhengzhou cotton rose, and the position of the main contract increased. The USDA report adjusted the production and consumption of global and Chinese cotton. Exports of textile products were good. The short - term market is affected by the Middle East situation, and the long - term trend depends on new cotton planting [2]. - **Sugar**: The spot price of sugar decreased in some regions, and the raw sugar futures price declined. The production estimate has different views. Basis trading is active, and the market is expected to be volatile [2]. Daily Data Monitoring - **Cotton**: The 5 - 9 spread was - 15, up 45; the main contract basis was 1,153, down 260. The spot price in Xinjiang was 16,483 yuan per ton, down 73, and the national average was 16,668 yuan per ton, down 65 [3]. - **Sugar**: The 5 - 9 spread was - 23, down 8; the main contract basis was 7, down 34. The spot price in Nanning was 5,420 yuan per ton, down 20, and in Liuzhou was 5,430 yuan per ton, down 20 [3]. Market Information - **Cotton**: On March 11, the number of cotton futures warehouse receipts increased by 202 to 12,152, with 610 valid forecasts. The arrival prices of cotton in different regions were reported. The yarn comprehensive load increased, and the inventory decreased. The short - fiber cloth comprehensive load increased, and the inventory decreased [4]. - **Sugar**: On March 11, the spot price of sugar in Nanning and Liuzhou decreased by 20 yuan per ton. The number of sugar futures warehouse receipts increased by 412 to 16,342, with 684 valid forecasts [4][5]. Chart Analysis - Multiple charts are presented, including the closing price, basis, spread, and warehouse receipts of cotton and sugar, showing the historical trends of these indicators [7][9][11][13][15][16]

Group 1: Report Industry Investment Rating - There is no information about the report industry investment rating in the provided content. Group 2: Core Views of the Report - For cotton, on Monday, ICE U.S. cotton rose 0.75% to 64.68 cents per pound, and the main contract of Zhengzhou cotton rose 0.2% to 15,285 yuan per ton. The position of the main contract decreased by 15,519 lots to 749,600 lots. The spot price index of cotton 3128B was 16,425 yuan per ton, up 25 yuan from the previous day. Overseas geopolitical conflicts continue, oil prices fluctuate greatly, and the G7 alliance plans to release strategic oil reserves. The U.S. dollar index is strong, and the price of U.S. cotton futures has moved slightly higher. The price of Zhengzhou cotton futures rose and then fell. The price of Zhengzhou cotton futures is affected by oil prices to some extent. The increase in oil prices drives up the cost of polyester chemical fiber raw materials, and cotton, as a substitute raw material for textile production, is also supported. The spreads between cotton and its substitutes have narrowed, but are still at a high level in the past year. In the medium to long term, domestic cotton is about to be planted, and the supply - demand pattern of domestic cotton in the 2026/27 season is expected to narrow. The price of Zhengzhou cotton is expected to fluctuate widely in the short term and may have some upside potential in the long term [1]. - For sugar, the price of raw sugar futures rose significantly last night, with the May contract closing at 14.6 cents per pound. In the domestic market, the futures price rose sharply in the morning and then fell in the afternoon, and hovered around 5,440 yuan per ton last night. The upward drive in the context of a bumper harvest mainly comes from concerns about inflation and expectations of policies. Once the regional conflict eases, the market will return to fundamental - driven. Hedging positions can seize the opportunity to enter the market, and avoid chasing high prices [1]. Group 3: Summary of Relevant Catalogs 1. Daily Data Monitoring - **Cotton**: The 5 - 9 contract spread is - 55, down 5; the main contract basis is 1,347, down 36. The spot price in Xinjiang is 16,465 yuan per ton, down 49; the national spot price is 16,632 yuan per ton, down 46 [2]. - **Sugar**: The 5 - 9 contract spread is - 7, up 2; the main contract basis is 84, up 55. The spot price in Nanning is 5,520 yuan per ton, up 130; the spot price in Liuzhou is 5,520 yuan per ton, up 120 [2]. 2. Market Information - On March 9, the number of cotton futures warehouse receipts was 11,647, an increase of 204 from the previous trading day, and the effective forecast was 1,099 [3]. - On March 9, the arrival prices of cotton in various domestic regions were: 16,465 yuan per ton in Xinjiang, 16,661 yuan per ton in Henan, 16,656 yuan per ton in Shandong, and 16,718 yuan per ton in Zhejiang [3]. - On March 9, the comprehensive load of yarn was 51.7, up 1.3 from the previous day; the comprehensive inventory of yarn was 20, down 0.7 from the previous day; the comprehensive load of staple - fiber cloth was 54.1, up 1.4 from the previous day; the comprehensive inventory of staple - fiber cloth was 28.3, down 2.3 from the previous day [3]. - On March 9, the spot price of sugar in Nanning was 5,520 yuan per ton, up 130 yuan from the previous trading day; the spot price in Liuzhou was 5,520 yuan per ton, up 120 yuan from the previous trading day [3]. - On March 9, the number of sugar futures warehouse receipts was 14,948, a decrease of 38 from the previous trading day, and the effective forecast was 2,264 [4]. 3. Chart Analysis - The report provides multiple charts including the closing price, basis, 5 - 9 spread, 1% tariff quota internal - external spread, warehouse receipts and effective forecasts of cotton, as well as the closing price, basis, 5 - 9 spread, and warehouse receipts and effective forecasts of sugar [6][8][9][10][11][12][14][15][17]. 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 [19]. - Zhang Linglu is an analyst at Everbright Futures Research Institute, responsible for research on futures varieties such as urea and soda - ash glass. She has also won many awards [20]. - Sun Chengzhen is an analyst at Everbright Futures Research Institute, mainly engaged in fundamental research and data analysis of varieties such as cotton, cotton yarn, and ferroalloy. He has won relevant awards [21].