农产品团队 | 作者： | 侯芝芳 | | --- | --- | | 从业资格证号： | F3042058 | | 投资咨询证号： | Z0014216 | | 联系方式： | 010-68578922 | | 作者： | 宋从志 | | 从业资格证号： | F03095512 | | 投资咨询证号： | Z0020712 | | 联系方式： | 18001936153 | | 作者： | 王亮亮 | | 从业资格证号： | F03096306 | | 投资咨询证号： | Z0017427 | | 联系方式： | 010-68578697 | | 作者： | 辛旋 | | 从业资格证号： | F3064981 | | 投资咨询证号： | Z0016876 | | 联系方式： | -- | | 作者： | 汤冰华 | | 从业资格证号： | F3038544 | | 投资咨询证号： | Z0015153 | | 联系方式： | 010-68518793 | | 投资咨询业务资格：京证监许可【2012】75号 | | 成文时间：2026年02月26日星期四 更多精彩内容请关注方正中期官方微信 摘要 软商品板块 ...

投资咨询业务资格：京证监许可【2012】75号 成文时间：2026年02月25日星期三 更多精彩内容请关注方正中期官方微信 农产品团队 | 作者： | 侯芝芳 | | --- | --- | | 从业资格证号： | F3042058 | | 投资咨询证号： | Z0014216 | | 联系方式： | 010-68578922 | | 作者： | 宋从志 | | 从业资格证号： | F03095512 | | 投资咨询证号： | Z0020712 | | 联系方式： | 18001936153 | | 作者： | 王亮亮 | | 从业资格证号： | F03096306 | 投资咨询证号： Z0017427 联系方式： 010-68578697 作者： 辛旋 从业资格证号： F3064981 投资咨询证号： Z0016876 联系方式： -- 作者： 汤冰华 从业资格证号： F3038544 投资咨询证号： Z0015153 联系方式： 010-68518793 摘要 软商品板块 白糖 【市场逻辑】 周三，郑糖主力合约上涨，午后收于5248元/吨。广西南宁白糖报 价5320元/吨，环比持稳。近期市场围绕印度、泰 ...

农产品团队 | 作者： | 侯芝芳 | | --- | --- | | 从业资格证号： | F3042058 | | 投资咨询证号： | Z0014216 | | 联系方式： | 010-68578922 | 作者： 宋从志 从业资格证号： F03095512 投资咨询证号： Z0020712 联系方式： 18001936153 作者： 王亮亮 从业资格证号： F03096306 投资咨询证号： Z0017427 联系方式： 010-68578697 作者： 辛旋 从业资格证号： F3064981 投资咨询证号： Z0016876 联系方式： -- 作者： 汤冰华 从业资格证号： F3038544 投资咨询证号： Z0015153 联系方式： 010-68518793 投资咨询业务资格：京证监许可【2012】75号 成文时间：2026年02月24日星期二 更多精彩内容请关注方正中期官方微信 摘要 软商品板块 白糖 【市场逻辑】 节后首日，郑糖主力合约高开后先扬后抑，午后收于5229元/吨。 广西南宁白糖报价5320元/吨，环比持稳。印度糖产量或不及预期 ，泰国糖产量同比下滑，国际糖供应过剩的局面有所改善，国际 ...

1. Industry Investment Rating No information about the industry investment rating is provided in the report. 2. Core Views of the Report - The soft commodity sector is facing different market conditions. The sugar market has sufficient global supply, and the domestic sugar supply is also abundant. The pulp market has relatively stable prices, but the overall supply is not tight, and the demand from downstream paper mills is weak. The double - offset paper market has cost - support weakening and faces demand pressure. In the fresh fruit and vegetable sector, the apple market has strong mid - line supply support but weak marginal drivers, and the jujube market is entering the consumption peak season with inventory starting to decline [3][5][7]. - Different trading strategies are recommended for each variety. For example, for sugar, consider short - selling on rebounds; for pulp, switch from one - sided short - allocation to range trading; for double - offset paper, reduce long positions on high prices and try short - allocation; for apples, adopt a long - thinking strategy; for jujubes, aggressive investors can hold reverse spreads or long positions with protective put options [4][5][7][8]. 3. Summary According to the Directory 3.1 First Part: Sector Strategy Recommendations - For fresh fruit and vegetable futures, recommend holding long positions in Apple 2605 cautiously with a support range of 8800 - 8900 and a pressure range of 11000 - 11500. For Jujube 2605, recommend reducing short positions with a support range of 8900 - 9000 and a pressure range of 9300 - 9700 [16]. - For soft commodity futures, recommend temporarily observing Sugar 2605 with a support range of 5070 - 5100 and a pressure range of 5270 - 5300. For Pulp 2605, recommend range trading with a support range of 5200 - 5300 and a pressure range of 5550 - 5600. For Double - offset Paper 2605, recommend trying short - selling on high prices with a support range of 4000 - 4050 and a pressure range of 4250 - 4300 [16]. 3.2 Second Part: Sector Weekly Market Review 3.2.1 Futures Market Review - Apple 2605 closed at 9535, down 6 points or 0.06% for the week; Jujube 2605 closed at 8800, down 75 points or 0.85% for the week; Sugar 2605 closed at 5180, down 78 points or 1.48% for the week; Pulp 2605 closed at 5398, up 36 points or 0.67% for the week; Double - offset Paper 2602 closed at 4226, up 178 points or 4.40% for the week [17]. 3.2.2 Spot Market Review - The spot price of apples is 4.70 yuan per jin, with no change from the previous period and an increase of 0.45 yuan year - on - year. The spot price of jujubes is 9.40 yuan per kilogram, down 0.10 yuan from the previous period and down 5.30 yuan year - on - year. The spot price of sugar is 5280 yuan per ton, up 20 yuan from the previous period and down 630 yuan year - on - year. The spot price of pulp (Shandong Yinxing) is 5400 yuan, with no change from the previous period and down 1150 yuan year - on - year [23]. 3.3 Third Part: Sector Basis Situation The report provides basis data charts for apple, jujube, sugar, and pulp, including Apple 5 - month basis, Jujube main - continuous basis, Sugar main - continuous basis, and Pulp main - continuous basis, but no specific data analysis is given [28][31][33][34]. 3.4 Fourth Part: Inter - monthly Spread Situation The report provides inter - monthly spread charts for apple, jujube, and sugar, such as Apple 5 - 10 spread, Apple 1 - 5 spread, Jujube 1/5 spread, Jujube 5/9 spread, Sugar 5 - 9 spread, and Sugar 9 - 1 spread, but no specific data analysis is given [37][39][41]. 3.5 Fifth Part: Futures Warehouse Receipt Situation - The warehouse receipt volume of apples is 0, with no change from the previous period and no change year - on - year. - The warehouse receipt volume of jujubes is 3298, with no change from the previous period and a decrease of 706 year - on - year. - The warehouse receipt volume of sugar is 13745, a decrease of 11 from the previous period and a decrease of 10383 year - on - year. - The warehouse receipt volume of pulp is 139554, with no change from the previous period and a decrease of 197742 year - on - year [42]. 3.6 Sixth Part: Option - related Data 3.6.1 Option Strategy Recommendations - For Apple 2605, recommend selling out - of - the - money put options as the bullish factors have been partially realized and the price increase has slowed down. - For Jujube 2605, recommend selling deep out - of - the - money call options as new jujubes are concentrated on the market and the spot inventory is high. - For Sugar 2605, recommend considering selling both call and put options as there are differences in China's sugar production and the international market has oversupply [42]. 3.6.2 Apple Option Data The report provides charts of apple option trading volume, open interest, put - call ratio of open interest and trading volume, historical volatility, etc., but no specific data analysis is given [44]. 3.6.3 Sugar Option Data The report provides charts of sugar option trading volume, open interest, put - call ratio of trading volume and open interest, historical volatility, implied volatility, etc., but no specific data analysis is given [45][46]. 3.7 Seventh Part: Sector Futures Fundamental Situation 3.7.1 Apple - **Weather Conditions in Producing Areas**: The report provides charts of minimum temperature and precipitation in Shandong and Shaanxi, which are major apple - producing areas, but no specific data analysis is given [49][50]. - **Export Situation**: The report provides a chart of the monthly apple export volume, but no specific data analysis is given [53]. - **Inventory Situation**: The report provides charts of national apple inventory, weekly apple inventory in Shandong and Shaanxi, but no specific data analysis is given [53][55]. 3.7.2 Jujube The report provides charts of weekly jujube trading volume in Henan and Hebei, and daily arrival volume of jujubes at Guangdong Ruyifang Market, but no specific data analysis is given [57]. 3.7.3 Sugar The report provides charts of national sugar industrial inventory (newly added), monthly sugar import volume, and sugar spot - futures difference, but no specific data analysis is given [59][60][62]. 3.7.4 Pulp The report provides charts of domestic 4 - port pulp inventory, global pulp producer inventory days, weekly production volume of various types of paper, and import volume of broad - leaf and coniferous pulp, but no specific data analysis is given [64][65][74]. 3.7.5 Double - offset Paper The report provides charts of double - offset paper capacity utilization rate, weekly production volume, enterprise inventory, and apparent consumption volume, but no specific data analysis is given [76][79].

Report Industry Investment Rating No relevant information provided. Core Viewpoints - The Zhengzhou sugar futures price is under pressure due to India's increased sugar production and global oversupply, but there may be support during the Brazilian off - season and the Ramadan stocking period. It is recommended to wait and see and consider double - selling out - of - the - money options [4]. - The pulp market has limited upside space before further overseas supply cuts or new production cut news, and the 2605 contract is recommended to be short - allocated on rallies [4]. - The double - offset paper price is under pressure due to weakened cost support, but the widening basis may support the futures price. It is recommended to close long positions and wait and see [5][6]. - The cotton futures price may adjust narrowly in the short term and is expected to move up in the medium - to - long term. It is recommended to hold long positions in the 05 contract cautiously [7]. - The apple futures price may adjust at a high level in the short term and is expected to be supported in the medium term. It is recommended to buy on dips [8]. - The jujube futures price is oscillating at a low level and may rise. Aggressive investors can hold reverse spreads or long positions with protective puts [9][10]. Summary by Directory Part 1: Plate Strategy Recommendation - **Fruit Futures**: - Apple 2605: Reduce long positions. The supply has medium - term support but the marginal driving force is decreasing. The support interval is 8800 - 8900, and the pressure interval is 11000 - 11500 [18]. - Jujube 2605: Reduce short positions. The spot market has entered the consumption peak season, and inventory has peaked and started to decline. The support interval is 8900 - 9000, and the pressure interval is 9300 - 9700 [18]. - **Soft Commodity Futures**: - Sugar 2605: Wait and see. There are differences in China's sugar production rate, and the international market supply is still sufficient. The support interval is 5200 - 5230, and the pressure interval is 5350 - 5380 [18]. - Pulp 2605: Try short - allocation. The impact of supply bullish factors is weakening, and the downstream paper products are in the off - season. The short - term pulp price is under pressure, but the low point of the futures price follows the rising cost of warehouse receipts. The support interval is 5300 - 5350, and the pressure interval is 5550 - 5600 [18]. - Double - offset Paper 2605: Wait and see. The fundamental situation has not changed much. The short - term futures price fluctuates with the pulp price, and the widening basis supports the double - offset paper futures price. The support interval is 4000 - 4100, and the pressure interval is 4300 - 4400 [18]. - Cotton 2605: Reduce long positions. There is a game between strong expectation and weak reality, and the futures price is expected to move up. The support interval is 13500 - 13500, and the pressure interval is 15400 - 15500 [18]. Part 2: Plate Weekly Market Review - **Futures Market Review**: - Apple 2605: The closing price is 9541, down 148 (- 1.53%) for the week [19]. - Jujube 2605: The closing price is 8875, down 275 (- 3.01%) for the week [19]. - Sugar 2605: The closing price is 5258, down 30 (- 0.57%) for the week [19]. - Pulp 2605: The closing price is 5362, down 188 (- 3.39%) for the week [19]. - Double - offset Paper 2602: The closing price is 4048, down 148 (- 3.53%) for the week [19]. - Cotton 2605: The closing price is 14590, down 85 (- 0.58%) for the week [19]. - **Spot Market Review**: - Apple: The spot price is 4.70 yuan/jin, with no change from the previous period and an increase of 0.45 yuan year - on - year [24]. - Jujube: The spot price is 9.40 yuan/kg, down 0.10 yuan from the previous period and down 5.30 yuan year - on - year [24]. - Sugar: The spot price is 5360 yuan/ton, with no change from the previous period and a decrease of 550 yuan year - on - year [24]. - Pulp: The spot price of Shandong Yinxing pulp is 5550 yuan, with no change from the previous period and a decrease of 1000 yuan year - on - year [24]. - Cotton: The spot price is 15931 yuan/ton, down 41 yuan from the previous period and an increase of 1182 yuan year - on - year [24]. Part 3: Plate Basis Situation No specific text summary information provided, only figure references [29][30]. Part 4: Inter - month Spread Situation No specific text summary information provided, only figure references [34][36]. Part 5: Futures Warehouse Receipt Situation - Apple: The number of warehouse receipts is 0, with no change from the previous period and no change year - on - year [42]. - Jujube: The number of warehouse receipts is 3271, an increase of 60 from the previous period and a decrease of 699 year - on - year [42]. - Sugar: The number of warehouse receipts is 14126, with no change from the previous period and a decrease of 7939 year - on - year [42]. - Pulp: The number of warehouse receipts is 149134, with no change from the previous period and a decrease of 196156 year - on - year [42]. - Cotton: The number of warehouse receipts is 9666, an increase of 337 from the previous period and an increase of 3166 year - on - year [42]. - Cotton Yarn: The number of warehouse receipts is 70, with no change from the previous period and an increase of 7 year - on - year [42]. Part 6: Option - related Data - **Option Strategy Recommendation**: - Apple 2605: Sell out - of - the - money put options as the bullish factors have been partially realized, and the futures price is in the high - level range [45]. - Jujube 2605: Sell deep out - of - the - money call options as new jujubes are concentrated on the market and the spot inventory is high [45]. - Sugar 2605: Consider double - selling call and put options as there are differences in China's sugar production and the international market supply is in surplus [45]. - Cotton 2605: Sell out - of - the - money put options as there is a game between strong expectation and weak reality, and the futures price is expected to move up [45]. - Pulp 2605: Sell put options with an exercise price of 4900 and call options with an exercise price of 5300 as there is cost support but weak upward fundamental driving force [45]. - **Option Data Figures**: There are figures for option trading volume, open interest, put - call ratios, historical volatility, and implied volatility of apple, sugar, and cotton, but no specific text summary [46][48][54]. Part 7: Plate Futures Fundamental Situation - **Apple**: - **Weather Conditions in Producing Areas**: There are figures for minimum temperature and precipitation in Shandong and Shaanxi, but no specific text summary [56]. - **Export Situation**: There is a figure for apple export volume, but no specific text summary [59]. - **Inventory Situation**: There are figures for China's weekly apple storage inventory, as well as in Shandong and Shaanxi, but no specific text summary [60]. - **Jujube**: There are figures for jujube trading volume in Henan and Hebei and the arrival volume in Guangdong Ruyifang Market, but no specific text summary [61]. - **Sugar**: There are figures for national sugar industrial inventory, monthly import volume, and the spot - futures spread, but no specific text summary [63][65][67]. - **Pulp**: There are figures for domestic pulp inventory, global producer inventory days, paper product weekly production, and pulp import volume, but no specific text summary [71][75][76]. - **Double - offset Paper**: There are figures for double - offset paper capacity utilization, production, enterprise inventory, and apparent consumption, but no specific text summary [78]. - **Cotton**: There are figures for retail sales, inventory, and consumption data in the US, UK, and Japan, as well as China's cotton industrial and commercial inventory, import volume, and textile industry data, but no specific text summary [81][82][88].

1. Report Industry Investment Rating No information provided in the given content. 2. Core Views of the Report - **Sugar**: The main contract of Zhengzhou sugar futures has oscillated upwards. The market is worried that the sugar production in Guangxi may decline year - on - year, and the domestic sugar spot price has slightly recovered. Globally, sugar is still in a state of oversupply. It is recommended to hold long positions in the main contract of Zhengzhou sugar [3]. - **Pulp**: The supply pressure of pulp is gradually alleviating, and the cost of new warehouse receipts has increased, which may drive up the bottom of the futures price. However, the global bleached softwood kraft pulp is not in short supply, and the ability of paper mills to accept high - priced pulp is limited. The upward space of pulp price is limited without further supply reduction or new production cut news [3]. - **Double - offset paper**: After the festival, the futures price of double - offset paper continued to rise, but the spot market was stable. The cost - driving force has weakened, and the upward space of the futures price is expected to be limited [5]. - **Cotton**: The futures price of cotton showed a trend of rising first and then falling. Globally, the supply of cotton is abundant, and the consumption side lacks obvious drivers. In the short term, the futures price may be slightly adjusted [7]. - **Apple**: The main 05 contract of apples showed a trend of rising first and then falling. The supply side has support, but the bullish factors have been somewhat realized, and the market is worried about consumption. The futures price is expected to be in a high - level range [8]. - **Jujube**: After the New Year's Day, the jujube futures price oscillated at a low level and tentatively rose. The spot market has entered the consumption peak season, and the inventory has started to decline. Pay attention to the spot and inventory situation in January [9]. 3. Summary According to the Directory 3.1 First Part: Plate Strategy Recommendation - **Fresh Fruit Futures**: For Apple 2605, it is recommended to hold long positions cautiously due to medium - term supply support but with a declining marginal driving force. The support range is 8800 - 8900, and the pressure range is 10000 - 10200. For Jujube 2605, it is recommended to reduce short positions as the spot market enters the consumption peak season and the inventory has peaked [18]. - **Soft Commodity Futures**: For Sugar 2605, it is recommended to go long with a small position in the short term because of the uncertainty of domestic sugar production and sufficient international supply. For Pulp 2605, it is recommended to go long within a range. For Double - offset paper 2605, it is recommended to wait and see. For Cotton 2605, it is recommended to reduce long positions [18]. 3.2 Second Part: Plate Weekly Market Review 3.2.1 Futures Market Review - Apple 2605 closed at 9689, with a weekly increase of 569 and a weekly increase rate of 6.24%. - Jujube 2605 closed at 9150, with a weekly increase of 185 and a weekly increase rate of 2.06%. - Sugar 2605 closed at 5288, with a weekly increase of 37 and a weekly increase rate of 0.70%. - Pulp 2605 closed at 5550, with a weekly increase of 18 and a weekly increase rate of 0.33%. - Double - offset paper 2602 closed at 4196, with a weekly increase of 18 and a weekly increase rate of 0.43%. - Cotton 2605 closed at 14675, with a weekly increase of 90 and a weekly increase rate of 0.62% [19]. 3.2.2 Spot Market Review - The spot price of apples was 4.70 yuan per jin, with no环比 change and a year - on - year increase of 0.45 yuan. - The spot price of jujubes was 9.40 yuan per kilogram, with a环比 decrease of 0.10 yuan and a year - on - year decrease of 5.30 yuan. - The spot price of sugar was 5350 yuan per ton, with no环比 change and a year - on - year decrease of 650 yuan. - The spot price of pulp (Shandong Yinxing) was 5580 yuan, with no环比 change and a year - on - year decrease of 850 yuan. - The spot price of cotton was 15930 yuan per ton, with a环比 decrease of 62 yuan and a year - on - year increase of 1278 yuan [23]. 3.3 Third Part: Plate Basis Situation No specific analysis content provided in the given text, only relevant figure references are given. 3.4 Fourth Part: Inter - month Spread Situation No specific analysis content provided in the given text, only relevant figure references are given. 3.5 Fifth Part: Futures Warehouse Receipt Situation - The warehouse receipt volume of apples is 0, with no环比 or year - on - year change. - The warehouse receipt volume of jujubes is 2523, with a环比 increase of 260 and a year - on - year decrease of 716. - The warehouse receipt volume of sugar is 6005, with no环比 change and a year - on - year decrease of 9158. - The warehouse receipt volume of pulp is 136489, with a环比 increase of 983 and a year - on - year decrease of 202170. - The warehouse receipt volume of cotton is 7388, with a环比 increase of 199 and a year - on - year increase of 2848. - The warehouse receipt volume of cotton yarn is 20, with no环比 change and a year - on - year decrease of 97 [43]. 3.6 Sixth Part: Option - related Data - **Apple 2605**: Sell out - of - the - money put options as the bullish factors have been somewhat realized, and the futures price is in a high - level range [45]. - **Jujube 2605**: Sell deep out - of - the - money call options as new jujubes are concentrated on the market, and the spot inventory is high [45]. - **Sugar 2605**: Buy out - of - the - money call options as there is a divergence in China's sugar production, and the futures price may rise in the short term [45]. - **Cotton 2605**: Sell out - of - the - money put options as there is a situation of strong expectation vs. weak reality, and the futures price is expected to continue to move up [45]. - **Pulp 2605**: Sell put options with an exercise price of 4900 and call options with an exercise price of 5300 as there is cost support but weak upward fundamental driving force [45]. 3.7 Seventh Part: Plate Futures Fundamental Situation 3.7.1 Apple - **Production Area Weather**: No specific analysis content provided, only relevant figure references are given [54]. - **Export Situation**: No specific analysis content provided, only relevant figure references are given [57]. - **Inventory Situation**: No specific analysis content provided, only relevant figure references are given [59]. 3.7.2 Jujube No specific analysis content provided, only relevant figure references are given [62]. 3.7.3 Sugar No specific analysis content provided, only relevant figure references are given [64]. 3.7.4 Pulp No specific analysis content provided, only relevant figure references are given [70]. 3.7.5 Double - offset paper No specific analysis content provided, only relevant figure references are given [83]. 3.7.6 Cotton No specific analysis content provided, only relevant figure references are given [88].

1. Report Industry Investment Rating No relevant content provided. 2. Core Views of the Report - **Sugar**: The global sugar market remains in a state of oversupply, with India and Thailand experiencing a sugar surplus. In the domestic market, there are concerns about a decline in sugar production in Guangxi, leading to a slight recovery in domestic sugar prices. The SR2605 contract's support level is around 5000 - 5030, and the pressure level is around 5300 - 5330 [2]. - **Pulp**: Terminal users have accepted the price increases led by suppliers, causing both softwood and hardwood pulp prices to rise. The supply pressure of pulp is gradually easing, and the cost of new warehouse receipts is increasing, which may drive up the bottom of the market. However, the global market for bleached softwood kraft pulp is not tight, and the inventory of domestic and European ports is relatively high. The profitability of paper mills is low, and their ability to absorb high - priced pulp may be limited. In the short term, prices will operate in a high - range [2]. - **Double - offset Paper**: After the New Year's Day holiday, the spot market for double - offset paper remained stable. The paper mill's inventory is at a high level, and the improvement in demand alone is not enough to significantly change the supply - demand situation. The futures price may follow the basis, and the upward space may be limited [6]. - **Cotton**: The external market has limited drivers, and the futures price is in the process of bottom - building. In the domestic market, there is an expectation of tight supply at the end of the year, a potential reduction in Xinjiang's cotton production, and support from related substitutes. The 05 contract is expected to maintain an upward trend in the medium - to - long term [9]. - **Apples**: The apple 2605 contract is supported by low cold - storage inventory, an unsatisfactory high - quality fruit rate, and rising acquisition prices. However, it also faces the contradiction between supply decline and the off - season of consumption, and is expected to remain in a high - range [10]. - **Jujubes**: The jujube market has shifted from a state of high premium to a state of discount relative to the spot market, and the contradiction between futures and spot prices has been alleviated. The supply is gradually becoming more abundant, and the expectation of a production reduction has decreased [11][12]. 3. Summary by Directory 3.1 First Part: Sector Strategy Recommendations - **Fresh Fruit Futures**: For the apple 2605 contract, it is recommended to hold long positions cautiously, with a support range of 8800 - 8900 and a pressure range of 10000 - 10200. For the jujube 2605 contract, it is recommended to buy on dips, with a support range of 8900 - 9000 and a pressure range of 9500 - 9800 [20]. - **Soft Commodity Futures**: For the sugar 2605 contract, it is recommended to hold short - term long positions lightly, with a support range of 5180 - 5200 and a pressure range of 5350 - 5400. For the pulp 2605 contract, it is recommended to take a long - biased approach within the range, with a support range of 5300 - 5400 and a pressure range of 5600 - 5800. For the double - offset paper 2605 contract, it is recommended to wait and see, with a support range of 3900 - 4000 and a pressure range of 4200 - 4300. For the cotton 2605 contract, it is recommended to hold long positions cautiously, with a support range of 13500 - 13600 and a pressure range of 15400 - 15500 [20]. 3.2 Second Part: Market News Changes - **Apple Market**: In November 2025, the export volume of fresh apples was about 121,600 tons, a month - on - month increase of 51.28% and a year - on - year increase of 12.42%. As of December 25, 2025, the cold - storage inventory of apples in the main producing areas was 702,100 tons, a month - on - month decrease of 106,000 tons and a year - on - year decrease of 857,800 tons. The prices in the Shandong and Shaanxi production areas remained stable, and the shipment in the sales areas was stable [21][22][23]. - **Jujube Market**: As of the week before New Year's Day, the physical inventory of 36 sample points was 15,898 tons, a month - on - month decrease of 1.30% and a year - on - year increase of 37.17%. The acquisition in Xinjiang is coming to an end, and the market supply is gradually increasing. The overall sales in the sales areas are stable [24]. - **Sugar Market**: As of December 31, 2025, Indian sugar mills had crushed 133.921 million tons of sugarcane, a year - on - year increase of 24%. The sugar production reached 11.83 million tons, a year - on - year increase. In Thailand, from the 2025/26 sugar - making season to December 27, the cumulative sugarcane crushing volume was 14.0733 million tons, a year - on - year decrease of 16.71%. In China, as of January 7, 2026, 41 sugar mills in Yunnan had started crushing, 3 more than the same period last year. All 19 sugar mills in Guangdong had started crushing [27][28]. - **Pulp Market**: In December, the global pulp shipment volume continued to decline year - on - year and month - on - month, and the shipment volume to China decreased more than the global average. The supply pressure of pulp is gradually alleviating. Suzano, APRIL, and Eldorado have raised the prices of BHK pulp [31]. - **Double - offset Paper Market**: The inventory days of double - offset paper increased by 0.76% compared to last Thursday, and the growth rate narrowed by 0.93 percentage points. The social demand is still weak, and the overall inventory pressure has increased. The operating rate is 55.24%, a month - on - month increase of 1.02 percentage points [32]. - **Cotton Market**: In November 2025, Turkey imported 57,000 tons of cotton, a month - on - month increase of 32.2% and a year - on - year increase of 23.6%. As of January 3, 2026, the cotton planting in Brazil for the 2025/26 season was 31.2% completed. As of January 5, 2026, the cumulative inspection volume of U.S. upland cotton and Pima cotton was 2.6675 million tons, accounting for 85.8% of the annual estimated output [33]. 3.3 Third Part: Market Review - **Futures Market Review**: The closing price of the apple 2605 contract was 9583, a daily decrease of 31 or 0.32%. The closing price of the jujube 2605 contract was 9150, a daily increase of 175 or 1.95%. The closing price of the sugar 2605 contract was 5281, a daily increase of 22 or 0.42%. The closing price of the pulp 2605 contract was 5596, a daily decrease of 16 or 0.29%. The closing price of the cotton 2605 contract was 15035, a daily increase of 180 or 1.21% [34]. - **Spot Market Review**: The spot price of apples was 4.45 yuan per catty, with no month - on - month change and a year - on - year increase of 0.45 yuan. The spot price of jujubes was 9.40 yuan per kilogram, a month - on - month decrease of 0.10 yuan and a year - on - year decrease of 5.30 yuan. The spot price of sugar was 5350 yuan per ton, a month - on - month increase of 10 yuan and a year - on - year decrease of 670 yuan. The spot price of pulp (Shandong Yinxing) was 5580 yuan, with no month - on - month change and a year - on - year decrease of 950 yuan. The spot price of double - offset paper (Taiyang Tianyang - Tianjin) was 4450 yuan, with no month - on - month change and a year - on - year decrease of 500 yuan. The spot price of cotton was 15784 yuan per ton, a month - on - month increase of 73 yuan and a year - on - year increase of 1154 yuan [40]. 3.4 Fourth Part: Basis Situation No specific data analysis provided, only relevant figures are mentioned [50]. 3.5 Fifth Part: Inter - monthly Spread Situation - The 5 - 10 spread of apples is 1109, with a month - on - month increase of 26 and a year - on - year increase of 1487. It is expected to fluctuate strongly, and it is recommended to go long on dips. - The 9 - 1 spread of jujubes is 90, with a month - on - month increase of 25 and a year - on - year decrease of 630. It is expected to fluctuate within a range, and it is recommended to wait and see. - The 1 - 5 spread of sugar is 26, with no month - on - month change and a year - on - year decrease of 48. It is expected to fluctuate, and it is recommended to wait and see. - The 5 - 9 spread of cotton is - 190, a month - on - month decrease of 5 and a year - on - year decrease of 40. It is expected to fluctuate weakly, and it is recommended to go short on rallies [58]. 3.6 Sixth Part: Futures Positioning Situation No specific data analysis provided, only relevant figures are mentioned [63]. 3.7 Seventh Part: Futures Warehouse Receipt Situation - The warehouse receipt volume of apples is 0, with no month - on - month or year - on - year change. - The warehouse receipt volume of jujubes is 2263, a month - on - month increase of 158 and a year - on - year decrease of 258. - The warehouse receipt volume of sugar is 6005, with no month - on - month change and a year - on - year decrease of 8358. - The warehouse receipt volume of pulp is 135506, a month - on - month increase of 4452 and a year - on - year decrease of 203230. - The warehouse receipt volume of cotton is 7049, a month - on - month increase of 225 and a year - on - year increase of 2971 [87]. 3.8 Eighth Part: Option - related Data No specific data analysis provided, only relevant figures are mentioned [89].

1. Report Industry Investment Rating No relevant content provided. 2. Core Views of the Report - The global sugar market is in a state of oversupply, but concerns about a decline in Guangxi sugar production may support domestic sugar prices. Zheng sugar short - positions are advised to exit and wait and see [3]. - The supply pressure of pulp is gradually easing, and the cost of new warehouse receipts is rising, which is expected to drive up the bottom of the futures price. However, due to high inventory and weak paper mill profits, it is difficult to form a trending upward market in the short term. Short - term operations can consider long - positions at low levels in the range [3][4]. - The spot price of offset paper remains stable, and the futures price may fluctuate with the basis. As the basis narrows, the upward space of the futures price may be limited. Consider short - positions near the pressure level [5][6]. - The global cotton supply is abundant, and the domestic cotton market is a game between strong expectations and weak reality. The short - term supply is sufficient, but there is a long - term support due to the expected decline in planting area. It is recommended to hold long - positions in the 05 contract cautiously [9]. - The apple 05 contract is facing a game between supply decline and the off - season of consumption, maintaining a high - level range expectation. It is recommended to adopt the idea of buying on dips [10]. - The market's expectation of a decline in jujube production has cooled, and the consumption season is approaching. Aggressive investors can consider short - term long - positions in the 2609 contract near 8900 - 9000 points [11][12]. 3. Summary According to the Directory 3.1 First Part: Plate Strategy Recommendation - **Apple 2605**: Recommend buying on dips. The new - season output, good - fruit rate, and peak value have declined year - on - year, but the driving force for consumption growth is insufficient. The support range is 8800 - 8900, and the pressure range is 10000 - 10200 [20]. - **Jujube 2605**: Recommend short - term long - positions at low levels. The expectation of production decline may be gradually reflected in the far - month contracts. The support range is 8500 - 8600, and the pressure range is 9500 - 9800 [20]. - **Sugar 2605**: Recommend temporary waiting and seeing. The international sugar supply is sufficient, and the domestic sugar - cane pressing season is underway. The market is worried about the decline in production and sugar - making rate this season, weakening short - position confidence. The support range is 5000 - 5030, and the pressure range is 5300 - 5330 [20]. - **Pulp 2605**: Recommend long - positions in the range. The futures price has risen above the price of the main physical delivery product, increasing potential delivery pressure. There is limited improvement in the fundamentals, but there is support below. The support range is 5300 - 5400, and the pressure range is 5600 - 5800 [20]. - **Offset Paper 2605**: Recommend temporary waiting and seeing. Raw material fluctuations affect the price of offset paper from the cost side, but the spot price is stable, and the futures price may operate within a range. The support range is 3900 - 4000, and the pressure range is 4200 - 4300 [20]. - **Cotton 2605**: Recommend holding long - positions cautiously. The external market is operating at a low level, the domestic market expectation is positive, and the long - term bullish expectation is strong. The futures price is expected to move up. The support range is 13500 - 13600, and the pressure range is 15400 - 15500 [20]. 3.2 Second Part: Market News Changes 3.2.1 Apple Market - **Fundamental Information**: In November 2025, the export volume of fresh apples was about 121,600 tons, a month - on - month increase of 51.28% and a year - on - year increase of 12.42%. As of December 25, 2025, the inventory of apple cold storage in the main producing areas was 7.021 million tons, a month - on - month decrease of 106,000 tons and a year - on - year decrease of 857,800 tons [21]. - **Spot Market Situation**: The price of late - maturing bagged Fuji in Shandong is stable, and the overall shipment has slightly increased. The price of bagged Fuji 65 - 70 in Qixia is 2.0 - 2.2 yuan per catty. The price in Shaanxi is also stable, and the trading volume of cold - storage merchants has increased. The price of bagged Fuji 70 in Luochuan is 3.8 - 4.2 yuan per catty. The arrival volume in the sales area has slightly decreased, and the price is stable [21][22][23]. 3.2.2 Jujube Market As of one week before New Year's Day, the physical inventory of 36 sample points was 15,898 tons, a month - on - month decrease of 1.30% and a year - on - year increase of 37.17%. The acquisition in Xinjiang is coming to an end, and the market supply is increasing. The overall sales in the sales area are stable, showing a pattern of "overall stability and local dynamic adjustment" [24]. 3.2.3 Sugar Market As of December 31, 2025, the sugar - cane crushing volume in India was 133.921 million tons, a year - on - year increase of 24%, and the sugar production was 11.83 million tons. From the beginning of the 2025/26 season to December 27, the cumulative sugar - cane crushing volume in Thailand was 14.0733 million tons, a year - on - year decrease of 16.71%, and the sugar production was 1.2793 million tons, a year - on - year decrease of 15.83%. As of December, the cumulative sugar production in Guangdong was 86,600 tons, and the sugar - making rate was 8.72%. India's domestic sugar sales quota in January 2026 was 2.2 million tons, a decrease of 50,000 tons compared with January 2025 [27]. 3.2.4 Pulp Market In November 2025, the total import volume of pulp was 3.246 million tons, a month - on - month increase of 24.0% and a year - on - year increase of 15.9%. The total export volume of Brazilian hardwood pulp was 1.6206 million tons, a month - on - month decrease of 3.7% and a year - on - year increase of 7.0%. The export volume to China was 636,400 tons, a year - on - year increase of 8.7% [29]. 3.2.5 Offset Paper Market The inventory days of offset paper increased by 0.76% compared with last Thursday, and the increase rate narrowed by 0.93 percentage points. The social demand is still weak, and the inventory pressure has increased. The operating rate is 55.24%, a month - on - month increase of 1.02 percentage points, and the increase rate expanded by 0.23 percentage points [30]. 3.2.6 Cotton Market The sowing progress in the Argentine cotton area has reached about 90%, and the final planting area is estimated to be between 380,000 and 430,000 hectares. The new - cotton planting progress in Brazil is about 25%, basically the same as the same period last year, and the final sown area is expected to be between 2.05 million and 2.1 million hectares. As of now this year, the Cotton Corporation of India (CCI) has cumulatively purchased about 2.85 million tons of seed cotton, accounting for about 20% of the total estimated output [31]. 3.3 Third Part: Market Review 3.3.1 Futures Market Review | Variety | Closing Price | Daily Change | Daily Change Rate | | --- | --- | --- | --- | | Apple 2605 | 9547 | 427 | 4.68% | | Jujube 2605 | 8955 | - 10 | - 0.11% | | Sugar 2605 | 5257 | 6 | 0.11% | | Pulp 2605 | 5530 | - 2 | - 0.04% | | Cotton 2605 | 14655 | 70 | 0.48% | [32] 3.3.2 Spot Market Review | Variety | Spot Price | Month - on - Month Change | Year - on - Year Change | | --- | --- | --- | --- | | Apple (yuan per catty) | 4.45 | 0.00 | 0.45 | | Jujube (yuan per kilogram) | 9.40 | - 0.10 | - 5.30 | | Sugar (yuan per ton) | 5330 | - 20 | - 710 | | Pulp (Shandong Yinxing) | 5580 | 0 | - 870 | | Offset Paper (Taiyang Tianyang - Tianjin) | 4450 | 0 | - 500 | | Cotton (yuan per ton) | 15615 | 30 | 888 | [39] 3.4 Fourth Part: Basis Situation No specific data summary provided, only figures are mentioned, such as the basis of Apple 5 - month contract, Jujube main contract, etc. 3.5 Fifth Part: Inter - Monthly Spread Situation | Variety | Spread | Current Value | Month - on - Month Change | Year - on - Year Change | Prediction | Recommended Strategy | | --- | --- | --- | --- | --- | --- | --- | | Apple | 5 - 10 | 1026 | - 30 | 1313 | Oscillating strongly | Buying on dips | | Jujube | 9 - 1 | - 45 | 145 | - 710 | Range - bound | Waiting and seeing | | Sugar | 1 - 5 | 21 | 8 | - 39 | Oscillating | Waiting and seeing | | Cotton | 5 - 9 | - 190 | - 15 | - 25 | Oscillating weakly | Selling on rallies | [57] 3.6 Sixth Part: Futures Position Situation No specific data summary provided, only figures about the top 20 long - positions, short - positions, trading volume, etc. of each variety are mentioned. 3.7 Seventh Part: Futures Warehouse Receipt Situation | Variety | Warehouse Receipt Quantity | Month - on - Month Change | Year - on - Year Change | | --- | --- | --- | --- | | Apple | 0 | 0 | 0 | | Jujube | 2102 | - 18 | 148 | | Sugar | 6005 | 823 | - 4775 | | Pulp | 115576 | 11089 | - 224540 | | Cotton | 6118 | 406 | 2531 | [83] 3.8 Eighth Part: Option - Related Data No specific data summary provided, only figures about option trading volume, open interest, put - call ratio, historical volatility, etc. of apple, sugar, and cotton are mentioned.

Group 1: Report Industry Investment Rating - No relevant content provided Group 2: Core Views of the Report - For the sugar market, the global supply surplus in the 2025/26 sugar season has been revised down due to potential production cuts in Brazil and India. However, Brazilian sugar production is expected to increase, and domestic sugar prices face pressure from new sugar supply. The short - term sentiment has improved, but the medium - to - long - term is still under supply surplus pressure [3]. - The pulp market is currently in a situation where the futures are strong, and the spot price has followed the increase. The cost of warehouse receipts has risen, but the supply pressure remains high, and the demand is supported by the high production of finished paper during the peak season [3]. - The double - offset paper market has limited improvement in demand during the peak season, and the supply is relatively abundant. Although the cost is supported by the increase in pulp prices, the upward driving force is weak [5]. - The cotton market is under pressure from increased production and weak consumption. The short - term price is expected to fluctuate weakly [7]. - The apple market is supported by the decline in new - season production and good fruit rate, and the inventory is decreasing year - on - year. The price of the 2605 contract is expected to remain strong [8]. - The jujube market has seen a decline in the futures price, and the market's expectation of production cuts has cooled. The inventory removal speed has slowed down, and the price is expected to be weak [9]. Group 3: Summary According to the Directory First Part: Plate Strategy Recommendation - **Fresh Fruit Futures Strategy** - Apple 2605: Hold long positions cautiously. The new - season production and good fruit rate decline year - on - year, and the inventory continues to decline year - on - year, supporting the valuation. The support range is 8800 - 8900, and the pressure range is 9700 - 9800 [18]. - Jujube 2601: Exit short positions at low prices. The futures premium is high, and there is a pressure for the futures and spot prices to converge. The support range is 9400 - 9500, and the pressure range is 11000 - 11300 [18]. - **Soft Commodity Futures Strategy** - Sugar 2601: Short on rebounds. The global supply surplus pressure remains, and domestic new sugar supply increases. The support range is 5380 - 5400, and the pressure range is 5520 - 5550 [18]. - Pulp 2601: Wait and see. The cost of pulp warehouse receipts has increased, but the supply remains high, and the fundamentals have limited improvement. The support range is 4900 - 5000, and the pressure range is 5400 - 5500 [18]. - Double - offset Paper 2601: Wait and see. The cost is supported by the increase in pulp prices, but the supply is elastic, and the demand suppresses the price. The support range is 4100 - 4200, and the pressure range is 4400 - 4500 [18]. - Cotton 2601: Reduce short positions at low prices. The new - cotton production estimate is stable, and the consumption improvement is insufficient. The support range is 13200 - 13300, and the pressure range is 13700 - 13800 [18]. Second Part: Market News Changes - **Apple Market** - **Fundamental Information**: In September 2025, the export volume of fresh apples was about 70,800 tons, a month - on - month increase of 3.50% and a year - on - year decrease of 6.32%. As of November 13, 2025, the cold - storage inventory of apples in the main producing areas decreased year - on - year [19]. - **Spot Market Situation**: In Shandong, the purchase price outside the warehouse was stable, and the price of medium - and small - sized apples in the cold - storage increased. In Shaanxi, the cold - storage transaction increased, and the price of the same - quality fruit in the cold - storage was higher than that outside the warehouse. In other producing areas, the situation varied. The arrival volume in the sales area decreased slightly, and the sales were stable [19][20][21]. - **Jujube Market**: The physical inventory of 36 sample points increased by 2.06% month - on - month and 131.35% year - on - year. The futures price continued to fall, and the spot price followed. The market's expectation of production cuts cooled [9][22]. - **Sugar Market**: Datagro lowered the global sugar supply surplus in the 2025/26 season to 1 million tons. The Brazilian and Indian production estimates were reduced. The domestic new sugar supply increased, and the price faced pressure [3][24]. - **Pulp Market**: As of October 27, the weekly pulp inventory in sample areas decreased by 1.58% month - on - month. The domestic paper pulp import volume decreased in October, and the demand was supported by the high production of finished paper [3][26]. - **Double - offset Paper Market**: In October, the average theoretical gross profit margin of the double - offset paper industry was - 6.57%, a decrease of 1.38 percentage points from the previous month. The cost decline was narrower than the revenue decline, and the profitability continued to decline [27]. - **Cotton Market**: The import volume of cotton in Japan and Thailand changed in September, and the export volume of Cote d'Ivoire increased in October. The national cotton production estimate in November was 741.8 million tons, an increase of 0.3 million tons from October [28]. Third Part: Market Review - **Futures Market Review** - Apple 2601 closed at 9504, up 297 or 3.23% [29]. - Jujube 2601 closed at 9195, down 170 or - 1.82% [29]. - Sugar 2601 closed at 5512, up 34 or 0.62% [29]. - Pulp 2511 closed at 4906, up 16 or 0.33% [29]. - Cotton 2601 closed at 13490, down 25 or - 0.18% [29]. - **Spot Market Review** - The spot price of apples was 4 yuan per catty, with no month - on - month change and a year - on - year increase of 0.7 yuan [34]. - The spot price of jujubes was 9.40 yuan per kilogram, a month - on - month decrease of 0.10 yuan and a year - on - year decrease of 5.30 yuan [34]. - The spot price of sugar was 5760 yuan per ton, a month - on - month increase of 10 yuan and a year - on - year decrease of 560 yuan [34]. - The spot price of pulp (Shandong Yinxing) was 5500 yuan, with no month - on - month change and a year - on - year decrease of 680 yuan [34]. - The spot price of double - offset paper (Taiyang Tianyang - Tianjin) was 4450 yuan, with no month - on - month change and a year - on - year decrease of 450 yuan [34]. - The spot price of cotton was 14819 yuan per ton, a month - on - month decrease of 32 yuan and a year - on - year decrease of 585 yuan [34]. Fourth Part: Basis Situation - No specific summary content provided, only relevant charts are mentioned Fifth Part: Inter - month Spread Situation - Apple 1 - 5 spread is - 34, with a month - on - month increase of 26 and a year - on - year increase of 507. It is expected to fluctuate and decline, and the recommended strategy is to short on rebounds [51]. - Jujube 9 - 1 spread is 390, with a month - on - month increase of 385 and a year - on - year increase of 275. It is expected to fluctuate within a range, and the recommended strategy is to wait and see [51]. - Sugar 1 - 5 spread is 79, with a month - on - month increase of 12 and a year - on - year increase of 46. It is expected to fluctuate, and the recommended strategy is to wait and see [51]. - Cotton 1 - 5 spread is - 5, with a month - on - month increase of 5 and a year - on - year increase of 60. It is expected to fluctuate within a range, and the recommended strategy is to short on rebounds [51]. Sixth Part: Futures Positioning Situation - No specific summary content provided, only relevant charts are mentioned Seventh Part: Futures Warehouse Receipt Situation - The warehouse receipt volume of apples is 0, with no month - on - month or year - on - year change [78]. - The warehouse receipt volume of jujubes is 0, with no month - on - month or year - on - year change [78]. - The warehouse receipt volume of sugar is 7721, with no month - on - month change and a year - on - year decrease of 5419 [78]. - The warehouse receipt volume of pulp is 221861, with no month - on - month change and a year - on - year decrease of 154591 [78]. - The warehouse receipt volume of cotton is 4180, a month - on - month increase of 296 and a year - on - year increase of 1736 [78]. Eighth Part: Option - related Data - No specific summary content provided, only relevant charts are mentioned

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - Soft Commodity Sector: The international raw sugar market is under pressure and may continue to fluctuate within a range. The domestic sugar market has a supply - demand gap, and the spot price is firm. Zhengzhou sugar is expected to fluctuate and consolidate. Paper pulp fundamentals change little, but may be driven by market sentiment. The global cotton market has a slight inventory build - up, and the domestic cotton market is in a game between supply tightening expectations and weak downstream consumption. The price increase is expected to slow down [3][4][6]. - Fresh Fruit and Nut Sector: Apple futures prices continue to oscillate at a high level, supported by overall commodity sentiment, the influence of the jujube market, and its own fundamentals. Jujube futures prices are in a wide - range oscillation, and attention should be paid to the weather during the fruit - setting period in the producing areas [8][9]. 3. Summary According to the Directory 3.1 First Part: Sector Strategy Recommendations - **Fresh Fruit Futures** - Apple 2510: Wait for opportunities to short at high prices. The consumption is average, and the initial production estimate for the new season is better than before, putting pressure on the overall futures price. Support range is 7300 - 7350, and pressure range is 7900 - 8000 [17]. - Jujube 2601: Hold long positions. The overall commodity sentiment is strong, and in the third quarter, jujubes enter the production - forming period, and the price is likely to rise due to weather concerns. Support range is 10200 - 10400, and pressure range is 10500 - 11500 [17]. - **Soft Commodity Futures** - Sugar 2509: Short - term band trading. Raw sugar has rebounded, the domestic spot price is firm, but import pressure restricts the price, and the futures price is expected to oscillate. Support range is 5750 - 5770, and pressure range is 5850 - 5870 [17]. - Pulp 2507: Temporarily wait and see. The fundamentals are stable, the finished paper price is weak, overseas prices are lowered, and the domestic re - inflation trading expectation is positive for pulp. Support range is 5000 - 5100, and pressure range is 5300 - 5400 [17]. - Cotton 2509: Hold long positions cautiously. The previous negative factors have been digested, the spot supply is expected to tighten, and crude oil prices affect the market. Support range is 13200 - 13300, and pressure range is 14400 - 14500 [17]. 3.2 Second Part: Market News Changes - **Apple Market** - **Fundamentals**: In June 2025, the export volume of fresh apples was about 3.70 tons, a month - on - month decrease of 18.62% and a year - on - year decrease of 38.55%. As of July 16, the national apple cold - storage inventory was 80.60 tons, a week - on - week decrease of 10.89 tons. As of July 17, it was 73.41 tons, a week - on - week decrease of 9.03 tons. The estimated national apple production is 3659.04 tons, a year - on - year decrease of 2.03%, but according to another estimate, the 2025 - 2026 production season shows a slight increase [18]. - **Spot Market**: In the Shandong production area, the mainstream transaction price is stable. In the northwest production area, early - maturing varieties are on the market, and the price is high [19]. - **Jujube Market**: As of July 18, the inventory of 36 sample points decreased slightly. Affected by the rising futures price, the spot price in each sales area increased slightly. The market is in the off - season, and the terminal demand is limited. Attention should be paid to the new - season production in the producing areas [20]. - **Sugar Market**: Brazil's sugar and molasses exports in the first three weeks of July 2025 increased by 9.78% year - on - year. As of Tuesday morning, the spot price of Guangxi sugar - making enterprises decreased to 6010 - 6040 yuan/ton [22]. - **Pulp Market**: The demand is weak, the supplier's quotation is firm, the port inventory is high, and the downstream paper - making market is in the off - season. Arauco lowered the price of its Uruguayan factory's bleached broadleaf pulp by 10 dollars/ton to 490 dollars/ton [25]. - **Cotton Market**: In June 2025, Pakistan's textile and clothing exports increased year - on - year. China's cotton imports in June 2025 decreased significantly year - on - year and month - on - month. As of July 15, the national commercial cotton inventory decreased [26][27]. 3.3 Third Part: Market Review - **Futures Market Review**: Apple 2510 closed at 7929, up 0.08%; Jujube 2509 closed at 9485, up 1.23%; Sugar 2509 closed at 5823, down 0.27%; Pulp 2509 closed at 5368, up 0.64%; Cotton 2509 closed at 14225, up 0.28% [27]. - **Spot Market Review**: The spot price of apples was 3.90 yuan/jin, down 0.15 yuan month - on - month and 0.25 yuan year - on - year; jujubes were 9.40 yuan/kg, down 0.10 yuan month - on - month and 5.30 yuan year - on - year; sugar was 6050 yuan/ton, down 10 yuan month - on - month and 410 yuan year - on - year; pulp (Shandong Yinxing) was 5950 yuan/ton, unchanged month - on - month and down 150 yuan year - on - year; cotton was 15549 yuan/ton, down 40 yuan month - on - month and 193 yuan year - on - year [30]. 3.4 Fourth Part: Basis Situation No specific numerical or analytical content provided other than figure references. 3.5 Fifth Part: Inter - month Spread Situation - Apple 10 - 1 spread is 126, unchanged month - on - month and up 41 year - on - year, expected to oscillate repeatedly, recommend waiting and seeing. - Jujube 9 - 1 spread is - 1005, down 960 month - on - month and down 670 year - on - year, expected to oscillate within a range, recommend waiting and seeing. - Sugar 9 - 1 spread is 170, up 1 month - on - month and down 83 year - on - year, expected to oscillate within a range, recommend waiting and seeing [46]. 3.6 Sixth Part: Futures Positioning Situation No specific numerical or analytical content provided other than figure references. 3.7 Seventh Part: Futures Warehouse Receipt Situation - Apple: 0 warehouse receipts, unchanged month - on - month and year - on - year. - Jujube: 8912 warehouse receipts, down 35 month - on - month and down 2808 year - on - year. - Sugar: 21359 warehouse receipts, down 78 month - on - month and up 5068 year - on - year. - Pulp: 255819 warehouse receipts, down 100 month - on - month and down 250723 year - on - year. - Cotton: 9436 warehouse receipts, down 65 month - on - month and down 2722 year - on - year [75]. 3.8 Eighth Part: Option - related Data No specific numerical or analytical content provided other than figure references.