Group 1: Report Industry Investment Rating - No information provided Group 2: Core Viewpoints of the Report - The cotton market is expected to remain volatile in the short term. International market sentiment is affected by the Fed's interest - rate cut expectations and the US government's opening time. The upcoming USDA monthly report on Friday is worth attention. In the domestic market, there are both long and short factors. Supply pressure is high, but there is support from cost and expected reduction in supply pressure over time and a possible decline in the inventory - to - sales ratio this year [1]. - The sugar market is also expected to be volatile. The export of Brazilian sugar in the first week of November decreased compared to the average daily export in November last year. The raw sugar market is driven by the recovery of commodities, and the domestic market is waiting for the start of the crushing season in Thailand and India. The domestic crushing is postponed, and the market is watching if the price can break through the 5,500 yuan/ton resistance level [1]. Group 3: Summary by Relevant Catalogs Research Views - **Cotton**: On Tuesday, ICE US cotton fell 0.59% to 63.93 cents/pound, CF601 rose 0.04% to 13,560 yuan/ton, and the main - contract positions increased by 3,733 to 573,900. The 3128B cotton spot price index rose 5 yuan/ton to 14,445 yuan/ton [1]. - **Sugar**: In the first week of November, Brazil exported 685,700 tons of sugar and molasses, with an average daily export of 137,100 tons, a 23% decrease compared to the average daily export in November last year. Domestic sugar prices generally increased, and the raw sugar market slightly rose [1]. Daily Data Monitoring - **Cotton**: The 1 - 5 contract spread was 0, unchanged; the main - contract basis was 1,282, up 18; the Xinjiang spot price was 14,668, down 3, and the national spot price was 14,842, down 2 [2]. - **Sugar**: The 1 - 5 contract spread was 67, unchanged; the main - contract basis was 250, down 5; the Liuzhou spot price was 5,730, unchanged [2]. Market Information - **Cotton**: On November 11, the cotton futures warehouse receipts increased by 325 to 3,619, with 1,154 valid forecasts. The arrival prices in different regions were reported, and the yarn and short - fiber cloth load and inventory data were also provided [3]. - **Sugar**: On November 11, the sugar spot price in Liuzhou was unchanged at 5,730 yuan/ton, and the sugar futures warehouse receipts increased by 58 to 7,721, with 1,183 valid forecasts [4][5]. Chart Analysis - Multiple charts are provided for cotton and sugar, including the closing price, basis, contract spread, warehouse receipts, and effective forecasts of the main contracts over different time periods [7][9][11][13][16][17][19] Research Team Personnel Introduction - Zhang Xiaojin, the director of resource - product research at Everbright Futures Research Institute, focuses on the sugar industry [21]. - Zhang Linglu, an analyst at Everbright Futures Research Institute, is responsible for futures varieties such as urea and soda ash glass [22]. - Sun Chengzhen, an analyst at Everbright Futures Research Institute, is engaged in fundamental research and data analysis of cotton, cotton yarn, and ferroalloys [23].

2025 年 11 月 12 日 研 究 | | | 【基本面跟踪】 油脂基本面数据 | | | 单 位 | 收盘价 (日盘） | 涨跌幅 | 收盘价 （夜盘） | 涨跌幅 | | --- | --- | --- | --- | --- | --- | --- | | | 棕榈油主力 | 元/吨 | 8,770 | 0.92% | 8,734 | -0.41% | | | 豆油主力 | 元/吨 | 8,238 | 0.12% | 8,248 | 0.12% | | | 菜油主力 | 元/吨 | 9,775 | 1.96% | 9,782 | 0.07% | | 期 货 | 马棕主力 | 林吉特/吨 | 4,139 | 0.68% | 4,150 | 0.31% | | | CBOT豆油主力 | 美分/磅 | 51.04 | 0.91% | | | | | | 单 位 | 昨日成交 | 成交变动 | 昨日持仓 | 持仓变动 | | | 棕榈油主力 | 手 | 505,832 | -24977 | 418,681 | -5,435 | | | 豆油主力 | 手 | 274,118 | 22,215 | 445,9 ...