Group 1: Report Industry Investment Rating - No information provided Group 2: Core Viewpoints of the Report - For cotton, on Monday, ICE U.S. cotton rose 0.12% to 64.21 cents per pound, CF601 fell 0.22% to 13,445 yuan per ton, and the main contract position increased by 14,902 lots to 571,300 lots. The spot price index of cotton 3128B was 14,315 yuan per ton, a decrease of 40 yuan per ton from the previous day. Globally, there are still macro - level disturbances, the probability of the Fed cutting interest rates by 25bp in December is below 50%, and the U.S. dollar index is strong. The USDA monthly report increased the global cotton production forecast, mainly from the U.S., China, and Brazil, and the global cotton inventory - to - sales ratio is expected to increase year - on - year. In the domestic market, the short - term supply pressure is significant, with the commercial cotton inventory increasing by over 1.2 million tons in two weeks. It is expected that Zhengzhou cotton may adjust under supply pressure in the short term, but the adjustment range is limited, and the overall pattern is expected to be volatile [1]. - For sugar, in the second half of October, the sugarcane crushing volume in the central - southern region of Brazil was 31.108 million tons, a year - on - year increase of 3.902 million tons or 14.34%. The sugar production was 2.068 million tons, a year - on - year increase of 292,000 tons or 16.40%. The spot sugar prices in various regions in China have been lowered. The Brazilian sugar production decreased significantly month - on - month but was still higher than the same period last year. Three sugar mills in Guangxi have started crushing. The new sugar quotes of traders are moderate. There is no new market driver in the short term. The price is under pressure and approaching the lower limit of the range, but the cost support is effective. It is expected to remain in a weak range [1]. Group 3: Summary by Relevant Catalogs Research Views - **Cotton**: The international macro - environment has disturbances, and the USDA report increases the global cotton production forecast. The domestic short - term supply pressure is high. It is expected to be volatile in the short term [1]. - **Sugar**: The Brazilian sugar production data shows an increase year - on - year. The domestic sugar prices are lowered, and the market lacks new drivers. It is expected to be in a weak range [1]. Daily Data Monitoring - **Cotton**: The 1 - 5 contract spread is - 10, a change of 10; the main contract basis is 1356, with no change. The spot price in Xinjiang is 14,579 yuan per ton, a decrease of 15 yuan per ton; the national spot price is 14,801 yuan per ton, a decrease of 5 yuan per ton [2]. - **Sugar**: The 1 - 5 contract spread is 62, a change of - 9. Some data on the basis and spot prices are missing [2]. Market Information - On November 17, the number of cotton futures warehouse receipts was 4,396, a decrease of 5 from the previous trading day, and the valid forecast was 822. The cotton arrival prices in different regions in China are provided [2]. - On November 17, the yarn comprehensive load was 51.2, unchanged from the previous day; the yarn comprehensive inventory was 26.6, an increase of 0.1. The short - fiber cloth comprehensive load was 51.9, unchanged, and the short - fiber cloth comprehensive inventory was 29.3, unchanged [3]. - On November 17, the number of sugar futures warehouse receipts was 8,622, unchanged from the previous trading day, and the valid forecast was 183 [4]. Chart Analysis - Multiple charts are provided, including the closing price, basis, 1 - 5 spread, and warehouse receipts of cotton and sugar, showing the historical data trends of these indicators [6][8][9][10][11][12][14][15][17]

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].

1. Report Industry Investment Rating - Not provided in the given content 2. Core Views of the Report - Palm oil has temporarily stabilized in the short term, but the rebound height is limited [1] - With the stabilization of US soybeans, the spread between soybean oil and palm oil continues to widen [1] 3. Summary According to Relevant Catalogs 3.1 Fundamental Tracking - **Futures Prices and Trading Volume** - Palm oil主力: Closing price (day session) is 8,770 yuan/ton with a 0.92% increase; closing price (night session) is 8,734 yuan/ton with a -0.41% decrease. Trading volume is 505,832 hands with a decrease of 24,977 hands, and the position is 418,681 hands with a decrease of 5,435 hands [1] - Soybean oil主力: Closing price (day session) is 8,238 yuan/ton with a 0.12% increase; closing price (night session) is 8,248 yuan/ton with a 0.12% increase. Trading volume is 274,118 hands with an increase of 22,215 hands, and the position is 445,960 hands with a decrease of 16,501 hands [1] - Rapeseed oil主力: Closing price (day session) is 9,775 yuan/ton with a 1.96% increase; closing price (night session) is 9,782 yuan/ton with a 0.07% increase. Trading volume is 248,320 hands with an increase of 90,320 hands, and the position is 217,894 hands with an increase of 8,918 hands [1] - Malaysian palm oil主力: Closing price (day session) is 4,139 ringgit/ton with a 0.68% increase; closing price (night session) is 4,150 ringgit/ton with a 0.31% increase [1] - CBOT soybean oil主力: Closing price is 51.04 cents/pound with a 0.91% increase [1] - **Spot Prices** - 24 - degree palm oil in Guangdong: 8,610 yuan/ton with a price increase of 50 yuan/ton [1] - First - grade soybean oil in Guangdong: 8,600 yuan/ton with a price increase of 50 yuan/ton [1] - Fourth - grade imported rapeseed oil in Guangxi: 10,130 yuan/ton with a price increase of 200 yuan/ton [1] - Malaysian palm oil FOB offshore price (continuous contract): 1,035 US dollars/ton with no price change [1] - **Basis** - Palm oil (Guangdong): - 160 yuan/ton [1] - Soybean oil (Guangdong): 362 yuan/ton [1] - Rapeseed oil (Guangxi): 355 yuan/ton [1] - **Price Spreads** - Rapeseed - palm oil futures主力 spread: 1,005 yuan/ton (previous trading day), 897 yuan/ton (two trading days ago) [1] - Soybean - palm oil futures主力 spread: - 532 yuan/ton (previous trading day), - 462 yuan/ton (two trading days ago) [1] - Palm oil 1 - 5 spread: - 84 yuan/ton (previous trading day), - 102 yuan/ton (two trading days ago) [1] - Soybean oil 1 - 5 spread: 212 yuan/ton (previous trading day), 230 yuan/ton (two trading days ago) [1] - Rapeseed oil 1 - 5 spread: 426 yuan/ton (previous trading day), 413 yuan/ton (two trading days ago) [1] 3.2 Macro and Industry News - CIMB Securities expects that due to a 10% month - on - month decrease in export volume, Malaysia's palm oil inventory will increase by 4.0% month - on - month to 2.57 million tons in November, and production is expected to decline by 8.0% month - on - month to 1.88 million tons after peaking in October [2] - From November 1 - 10, 2025, Malaysia's palm oil yield per unit area decreased by 4.14% month - on - month, the oil extraction rate decreased by 0.4% month - on - month, and production decreased by 2.16% month - on - month [3][4] - As of November 10, 2025, Indonesia's biodiesel consumption this year has reached 12.25 million kiloliters, and the Indonesian government has allocated 15.6 million kiloliters of FAME for biodiesel consumption in 2025 [4] - Analysts' average forecast for the global soybean ending inventory in the 2025/26 season is 124.21 million tons, with a forecast range between 122.5 - 126 million tons, and the USDA previously estimated it at 123.99 million tons in September [4] - Analysts' average forecast for the US soybean production in the 2025/26 season is 4.266 billion bushels, with a forecast range between 4.152 - 4.336 billion bushels; the average forecast for the US soybean yield per acre is 53.1 bushels/acre, with a forecast range between 51.7 - 54.0 bushels/acre; the average forecast for the US soybean ending inventory is 304 million bushels, with a forecast range between 187 - 494 million bushels. The USDA previously estimated the production at 4.301 billion bushels, the yield per acre at 53.5 bushels/acre, and the ending inventory at 300 million bushels in September [5] - Anec expects Brazil's soybean exports in November to reach 4.26 million tons, higher than the previous week's 3.77 million tons; and soybean meal exports to be 2.47 million tons, higher than the previous week's 2.23 million tons [5] - In the first week of November, Brazil exported 1,177,456.20 tons of soybeans, with a daily average export volume of 235,491.24 tons, a 75% increase compared to the daily average export volume of 134,370.20 tons in November last year. The total export volume in November last year was 2,553,033.89 tons [5] - From November 3 - 7, 2025, the soybean crushing profit in Mato Grosso state was 459.16 reais/ton, compared to 502.44 reais/ton in the previous week. The soybean meal price was 1,571.62 reais/ton, and the soybean oil price was 6,393.68 reais/ton [6] - As of November 9, 2025, the EU's palm oil imports in the 2025/26 season were 1.01 million tons, compared to 1.24 million tons in the same period last year; soybean imports reached 4.15 million tons, compared to 4.97 million tons in the same period last year; and rapeseed imports totaled 1.31 million tons, compared to 2.30 million tons in the same period last year [6] - The EU countries hope to postpone the implementation of the zero - deforestation bill by one year to December 2026 and are ready to conduct rapid consultations on adjustments before the bill takes effect next month [6] - The German rapeseed industry association expects the winter rapeseed planting area in Germany in 2026 to be between 1.1 - 1.15 million hectares, with little change compared to 1.1 million hectares in 2025 [6] 3.3 Trend Intensity - Palm oil trend intensity: 0; Soybean oil trend intensity: 0. The trend intensity ranges from - 2 to 2, where - 2 indicates the most bearish and 2 indicates the most bullish [7]