1. Report Industry Investment Rating There is no information about the report industry investment rating in the provided content. 2. Core Viewpoints of the Report - **Sugar**: The global sugar surplus situation in the 2025/26 season has improved. The international raw sugar price has strengthened due to factors such as the high - price of Brazilian ethanol and the possible lower - than - expected sugar production in India. In China, the sugar production is expected to slow down as southern sugar mills start to shut down, and the domestic sugar market fundamentals are also improving. The Zhengzhou sugar futures may rise in a wide - range shock, and it is recommended to hold long positions cautiously [4]. - **Pulp**: The game between buyers and sellers in the wood pulp spot market continues. The downstream demand for finished paper is approaching the peak season, but the positive impact of seasonal demand fluctuations is not obvious. The cost - side support for pulp has increased, but the upward drive for pulp prices is limited in the short term. It is recommended to operate with a short - bias in the range [4][5]. - **Double - offset Paper**: The start - up rate of double - offset paper has rebounded after the Spring Festival, but the downstream demand is mainly for rigid procurement. The cost - side upward drive is not strong. It is expected to maintain range consolidation in the short term, and it is recommended to operate with a short - bias in the range [6][7]. - **Cotton**: The external market has limited new negative factors, and the domestic market is digesting the negative news of increased imports. The medium - term support for cotton prices remains, and the futures price is expected to enter a support range and return to a relatively strong shock. It is recommended to hold long positions in the 05 contract cautiously [8]. - **Apple**: The decline in apple futures prices is mainly due to differences in the value of taking delivery. The supply - side support remains, but the consumption - side support is insufficient. The futures price is expected to fluctuate in a high - level range, and it is recommended to return to a wait - and - see state [9]. - **Jujube**: The jujube futures price is in a low - level weak shock. The spot inventory is gradually reaching its seasonal peak and then declining. It is recommended to close short positions below 9000 points for the 2605 contract, and for long - position holders, it is recommended to buy protective put options at the same time. Cautious investors can hold a reverse spread of short 2605 and long 2609 [9][10]. 3. Summary According to the Directory 3.1 First Part: Plate Strategy Recommendation - **Fresh Fruit Futures Strategy** - **Apple 2605**: Return to wait - and - see. The supply - side support remains, but the consumption support is insufficient. The futures price continues to fluctuate in a high - level range. The support range is 9000 - 9200, and the pressure range is 11000 - 11500 [18]. - **Jujube 2605**: Short - term buy on dips. The expected reduction in production may gradually be reflected in the far - month contracts, and the spot inventory has begun to reach its peak and decline. The support range is 8700 - 9000, and the pressure range is 9500 - 9800 [18]. - **Soft Commodity Futures Strategy** - **Sugar 2605**: Hold long positions cautiously. The international sugar supply surplus situation has improved. The southern sugar mills in China are starting to shut down, and the supply - demand fundamentals are improving, but the supply is still sufficient. The support range is 5250 - 5300, and the pressure range is 5600 - 5650 [18]. - **Pulp 2605**: Short on rallies. The rise in the outer - market price of broad - leaf pulp has driven the pulp futures to strengthen, but the peak - season demand for finished paper needs to be verified, and the improvement in the supply - demand situation of bleached softwood kraft pulp is limited. The support range is 5000 - 5100, and the pressure range is 5350 - 5400 [18]. - **Double - offset Paper 2605**: Range operation. The spot market is stable, but the demand has entered the off - season. Short - term attention should be paid to the support situation after the futures price further declines and the basis widens. The support range is 4000 - 4100, and the pressure range is 4250 - 4300 [18]. - **Cotton 2605**: Hold long positions cautiously. The significant increase in imported cotton and cotton yarn has put short - term pressure on the market, but the outer - market has stabilized and rebounded, and the medium - term upward trend of the futures price remains unchanged. The support range is 14900 - 15000, and the pressure range is 16300 - 16500 [18]. 3.2 Second Part: Market News Changes - **Apple Market** - **Fundamental Information**: In January 2026, the export volume of fresh apples was about 99,900 tons, a month - on - month decrease of 36.14% and a year - on - year increase of 9.44%. In February, it was about 79,100 tons, a month - on - month decrease of 20.83% and a year - on - year increase of 15.96%. As of March 25, 2026, the cold - storage inventory of apples in the main producing areas was 4.4179 million tons, a week - on - week decrease of 266,400 tons. As of March 26, it was 3.8947 million tons, a week - on - week decrease of 294,500 tons and a year - on - year decrease of 217,900 tons [19]. - **Spot Market Situation**: In the Shandong production area, the price of late - maturing bagged Fuji apples in stock is stable, and the trading volume in cold storage is average. In the Shaanxi production area, the mainstream price is stable, and the cold - storage packaging volume for the Tomb - sweeping Festival is acceptable. In the sales area, the arrival of goods is stable, the overall sales speed is average, and the mainstream price is stable [19][20][21]. - **Jujube Market**: As of March 5, the physical inventory of 36 sample points was 11,700 tons, a decrease of 117 tons from the previous week, a month - on - month decrease of 0.99% and a year - on - year increase of 7.39%. The downstream customers mainly purchase on demand, and the overall trading atmosphere in the market is stable [22]. - **Sugar Market**: In the first half of March, the sugar - cane crushing volume in the central - southern region of Brazil decreased by 29.67% year - on - year, the sugar - making ratio decreased by 25.27 percentage points year - on - year, and the sugar production decreased by 88.60% year - on - year. In India, the sugar - making work in the 2025/26 season in the state of Maharashtra is coming to an end. In Thailand, as of March 25, 2026, the cumulative sugar - cane crushing volume increased by 8.81% year - on - year, and the sugar production increased by 12.01% year - on - year. As of March 25, the number of ships waiting to load sugar at Brazilian ports decreased, and the quantity of sugar waiting to be shipped also decreased. India announced that the domestic sugar sales quota for April 2026 was 2.3 million tons, a decrease of 50,000 tons from the same period last year. As of March 30, 25/26 season in Guangxi, 37 sugar mills have shut down, with a shutdown capacity of 332,000 tons per day [24]. - **Pulp Market**: After the Spring Festival, Chinese buyers returned to the market. The price of South American BHK pulp increased by $10 per ton in February, and sellers announced another price increase of $20 per ton in March, which led to cautious waiting and watching by buyers. The terminal users' resistance sentiment intensified, the domestic market trading was weak, many factories shut down, and the port inventory increased by 205,000 tons [27]. - **Double - offset Paper Market**: Last Thursday, the inventory days of double - offset paper decreased by 2.05% compared with the previous Thursday, and the decline rate narrowed by 0.40 percentage points week - on - week. The industry's overall inventory - reduction speed decreased. This week, the start - up load rate of double - offset paper was 57.43%, a week - on - week increase of 0.07 percentage points, and the increase rate narrowed by 0.67 percentage points week - on - week [28]. - **Cotton Market**: As of March 29, 2026, 1,100 cotton processing enterprises in the 2025 cotton year processed and carried out notarized inspection on cotton, with an inspection quantity of 33,712,814 bales and an inspection weight of 7.61 million tons. From March 20 to 26, 2026, the United States graded and inspected 3,700 tons of cotton in the 2025/26 season, and 82.2% of the lint met the delivery requirements of ICE cotton futures [29]. 3.3 Third Part: Market Review - **Futures Market Review** | Variety | Closing Price | Daily Change | Daily Change Rate | | --- | --- | --- | --- | | Apple 2605 | 9863 | - 104 | - 1.04% | | Jujube 2605 | 8775 | - 95 | - 1.07% | | Sugar 2605 | 5441 | - 23 | - 0.42% | | Pulp 2605 | 5182 | - 20 | - 0.38% | | Cotton 2605 | 15385 | - 10 | - 0.06% | [30] - **Spot Market Review** | Variety | Spot Price | Month - on - Month Change | Year - on - Year Change | | --- | --- | --- | --- | | Apple (yuan/jin) | 4.45 | 0 | 0.45 | | Jujube (yuan/kg) | 9.40 | - 0.10 | - 5.30 | | Sugar (yuan/ton) | 5460 | 0 | - 720 | | Pulp (Shandong Silver Star) | 5180 | - 40 | - 1300 | | Double - offset Paper (Sun Tianyang - Tianjin) | 4350 | 0 | - 800 | | Cotton (yuan/ton) | 16823 | 9 | 1959 | [35] 3.4 Fourth Part: Basis Situation There is no text description of the basis situation, only relevant figure references are provided. 3.5 Fifth Part: Inter - monthly Spread Situation | Variety | Spread | Current Value | Month - on - Month Change | Year - on - Year Change | Forecast | Recommended Strategy | | --- | --- | --- | --- | --- | --- | --- | | Apple | 5 - 10 | 1100 | - 100 | 1006 | Oscillate strongly | Buy on dips | | Jujube | 5 - 9 | - 385 | - 35 | - 80 | Reverse spread on rallies | Wait - and - see | | Sugar | 5 - 9 | - 26 | - 3 | - 127 | Oscillate | Wait - and - see | | Cotton | 5 - 9 | - 130 | 5 | 15 | Oscillate weakly | Short on rallies | [55] 3.6 Sixth Part: Futures Position Situation There is no text description of the futures position situation, only relevant figure references are provided. 3.7 Seventh Part: Futures Warehouse Receipt Situation | Variety | Warehouse Receipt Volume | Month - on - Month Change | Year - on - Year Change | | --- | --- | --- | --- | | Apple | 0 | 0 | 0 | | Jujube | 4273 | 0 | - 2341 | | Sugar | 16862 | 520 | - 10548 | | Pulp | 188163 | 2601 | - 187102 | | Cotton | 12435 | 1 | 3160 | [87] 3.8 Eighth Part: Option - related Data There is no text description of the option - related data, only relevant figure references are provided.

1. Report Industry Investment Rating There is no mention of the report industry investment rating in the provided content. 2. Core Viewpoints of the Report - **Soft Commodity Sector** - **Sugar**: International factors such as high - priced Brazilian ethanol and potentially lower Indian sugar production improve the global sugar supply - demand situation. In China, with southern sugar mills starting to finish the crushing season, the domestic sugar market fundamentals are also improving. Zhengzhou sugar futures may rise in a wide - range oscillation [3]. - **Pulp**: The spot market is in a state of buyer - seller game. Although the downstream demand for finished paper has improved in the peak season, the positive impact of seasonal demand fluctuations is not obvious. The cost support has increased, but the weak fundamentals remain. The pulp price may rebound in the short - term, but the upward space is limited [3]. - **Double - offset Paper**: The operating rate is rising, but the demand is mainly for rigid needs. The cost - side driving force is not strong, and the supply is still relatively loose. It is expected to maintain a range - bound arrangement in the short - term, and the rebound height is limited [4]. - **Fresh Fruit Sector** - **Apple**: The decline in apple futures prices is due to market differences in delivery value. The supply side has medium - term support, but the consumption side lacks driving force. The futures price is expected to fluctuate in a high - level range [6]. - **Jujube**: The jujube futures price has rebounded from the bottom and then entered a narrow - range oscillation. The spot inventory is gradually reaching its seasonal peak and then declining. The futures - spot price difference has been alleviated. Different trading strategies are recommended according to different positions [7]. 3. Summary According to the Directory 3.1 First Part: Plate Strategy Recommendation - **Fresh Fruit Futures** - **Apple 2605**: Recommend to reduce or exit long positions at high prices. The supply side has medium - term support, but the marginal driving force is decreasing, and the futures price fluctuates in a high - level range. The support range is 9000 - 9200, and the pressure range is 11000 - 11500 [15]. - **Jujube 2605**: Recommend to reduce short positions. The agricultural products are rebounding from the low level, and the jujube spot inventory is reaching its peak and then declining. The support range is 8900 - 9000, and the pressure range is 9300 - 9700 [15]. - **Soft Commodity Futures** - **Sugar 2605**: Recommend to hold long positions with a light position. The supply - demand fundamentals are improving, and the supply pressure in China is weakening. The support range is 5250 - 5300, and the pressure range is 5600 - 5650 [15]. - **Pulp 2605**: Recommend to short at high prices. Although there is bottom support, the upward space is limited due to high inventory and weak fundamentals. The support range is 5000 - 5100, and the pressure range is 5350 - 5400 [15]. - **Double - offset Paper 2605**: Recommend range - bound operation. The spot market improvement is limited, and the cost - side driving force is general. The support range is 4000 - 4100, and the pressure range is 4250 - 4300 [15]. 3.2 Second Part: Plate Weekly Market Review - **Futures Market Review** - Apple 2605 closed at 9967, with a weekly decline of 754 and a decline rate of 7.03%. - Jujube 2605 closed at 8870, with a weekly increase of 30 and an increase rate of 0.34%. - Sugar 2605 closed at 5464, with a weekly increase of 25 and an increase rate of 0.46%. - Pulp 2605 closed at 5202, with a weekly increase of 38 and an increase rate of 0.74%. - Double - offset Paper 2602 closed at 4308, with a weekly increase of 212 and an increase rate of 5.18% [16]. - **Spot Market Review** - The spot price of apples is 4.70 yuan per catty, with no change compared to the previous period and an increase of 0.55 yuan year - on - year. - The spot price of jujubes is 9.40 yuan per kilogram, with a decrease of 0.10 yuan compared to the previous period and a decrease of 5.30 yuan year - on - year. - The spot price of sugar is 5460 yuan per ton, with no change compared to the previous period and a decrease of 705 yuan year - on - year. - The spot price of pulp (Shandong Silver Star) is 5180 yuan, with a decrease of 40 yuan compared to the previous period and a decrease of 1300 yuan year - on - year [21]. 3.3 Third Part: Plate Basis Situation The report provides basis data charts for jujube, sugar, and pulp main - continuous contracts, but no specific data analysis is given [29][31][34]. 3.4 Fourth Part: Inter - month Spread Situation The report provides spread data charts for apples, jujubes, and sugar in different months, but no specific data analysis is given [37][39][41]. 3.5 Fifth Part: Futures Warehouse Receipt Situation - Apple: The number of warehouse receipts is 0, with no change compared to the previous period and the same as the same period last year. - Jujube: The number of warehouse receipts is 4273, an increase of 161 compared to the previous period and a decrease of 2198 compared to the same period last year. - Sugar: The number of warehouse receipts is 16342, with no change compared to the previous period and a decrease of 11068 compared to the same period last year. - Pulp: The number of warehouse receipts is 185562, a decrease of 1000 compared to the previous period and a decrease of 189546 compared to the same period last year [41]. 3.6 Sixth Part: Option - related Data - **Option Strategy Recommendation** - Apple 2605: Recommend to sell out - of - the - money put options. - Jujube 2605: Recommend to sell deep out - of - the - money call options. - Sugar 2605: Recommend to sell out - of - the - money put options [41]. - **Apple Option Data** The report provides charts of apple option trading volume, open interest, put - call ratio, and historical volatility, but no specific data analysis is given [44]. - **Sugar Option Data** The report provides charts of sugar option trading volume, open interest, put - call ratio, historical volatility, and implied volatility, but no specific data analysis is given [45]. 3.7 Seventh Part: Plate Futures Fundamental Situation - **Apple** - **Production Area Weather**: The report provides charts of minimum temperature and precipitation in apple - producing areas such as Shandong and Shaanxi, but no specific data analysis is given [48]. - **Export Situation**: The report provides a chart of apple export volume, but no specific data analysis is given [53]. - **Inventory Situation**: The report provides charts of national apple inventory, Shandong and Shaanxi weekly apple storage inventory, but no specific data analysis is given [54]. - **Jujube** The report provides charts of jujube trading volume in Henan and Hebei, and the daily arrival volume in Guangdong Ruyifang Market, but no specific data analysis is given [58]. - **Sugar** The report provides charts of national sugar industrial inventory, monthly sugar import volume, and sugar spot - futures price difference, but no specific data analysis is given [60]. - **Pulp** The report provides charts of domestic four - port pulp inventory, global pulp producer inventory days, and production volume of various paper products, but no specific data analysis is given [64]. - **Double - offset Paper** The report provides charts of double - offset paper capacity utilization rate, production volume, enterprise inventory, and apparent consumption, but no specific data analysis is given [78].

1. Report Industry Investment Rating There is no information about the report industry investment rating in the provided content. 2. Core Viewpoints of the Report - The geopolitical situation in the Middle East has a significant impact on the global energy supply, with a sharp decline in oil exports from Middle - Eastern countries. The Fed maintains the federal funds rate, and the market is affected by multiple factors such as inflation expectations and geopolitical risks [6][7]. - Different sectors in the market show various trends. For example, in the agricultural products sector, there are differences in supply - demand relationships and price trends for different products; in the energy - chemical sector, prices are affected by factors like the Middle - East situation and supply - demand balance; in the financial market, A - share markets have certain investment opportunities after risk release, but short - term uncertainties remain [11][15][22]. 3. Summary by Relevant Catalogs 3.1 Chemicals - **Price Changes**: On March 26, 2026, compared with March 25, 2026, among chemical products, methanol had the largest increase of 1.942% (from 3,089.00 to 3,149.00), and benzene had the largest decrease of 1.217% (from 10,105.00 to 9,982.00) [4]. 3.2 Macro News - **Middle - East Situation**: The attack on Iranian energy facilities by the US and Israel has led to a sharp increase in the risk of attacks on Middle - East energy facilities. Iran has retaliated, and the conflict has severely impacted the global energy supply, with a significant drop in oil exports from Middle - Eastern countries [6]. - **Fed's Decision**: The Fed maintains the federal funds rate target range at 3.50% - 3.75%, with a more conservative approach to future interest rate cuts, reflecting a cautious stance in the face of multiple risks [7]. - **China - US Relations**: China and the US will continue to communicate about Trump's visit to China [8]. - **Land Policy**: China is conducting a second - round pilot project to extend land contracts for another 30 years, emphasizing the protection of collective ownership and the prevention of "non - agricultural" and "non - grain" use of land [8]. 3.3 Main Variety Morning Meeting Views 3.3.1 Agricultural Products - **Sugar**: The domestic sugar market is under short - term supply pressure, but the international market has a tightening supply expectation. It is advisable to pay attention to the opportunity of long - term contracts at low prices, with a support level of 5400 yuan/ton and a resistance level of 5450 yuan/ton [11]. - **Corn**: The corn price is in a weak - oscillating trend. The supply pressure may increase in the short term, and the support level is in the range of 2350 - 2380 yuan/ton [11]. - **Peanut**: The peanut price is in a high - level oscillation. The supply is tight, and the demand is divided. It is recommended to wait and see or conduct range operations, with a resistance level around 8200 yuan [11]. - **Pig**: The pig price is declining. The supply is sufficient, and the market is pessimistic. It is advisable to reduce short positions [11][13]. - **Egg**: The egg price is stable with a slight upward trend. The supply is sufficient, but there is also support at the bottom. It is recommended to conduct intraday operations [13]. - **Jujube**: The jujube market is in a seasonal consumption off - season. The supply exceeds demand, and it is recommended to conduct intraday range operations [13]. - **Cotton**: The cotton price is in a strong - oscillating trend. The supply is slightly affected by the import quota, and the demand is improving. It is advisable to go long on dips, with a support level around 15300 yuan [13]. 3.3.2 Energy - Chemicals - **Caustic Soda**: The price of caustic soda is rising, and there is an expectation of increased exports. However, attention should be paid to the risk of near - term contract correction [15]. - **Coking Coal and Coke**: The price of coking coal is stable with a slight increase, and the first - round price increase of coke has not been responded to by steel mills. The price is in an oscillating adjustment [15]. - **Double - offset Paper**: The supply of double - offset paper is recovering, but the demand is weak. The price is expected to oscillate, with a resistance level in the 4220 - 4230 area and a support level of 4180 yuan [15]. - **Urea**: The urea market is in a pattern of strong supply and weak demand, and the price is expected to continue high - level consolidation in the range of 1780 - 1950 yuan/ton [15]. 3.3.3 Non - ferrous Metals - **Gold and Silver**: The prices of gold and silver are rising due to factors such as the tense Middle - East situation and the Fed's interest - rate cut signal. They are in a high - level oscillation, and attention should be paid to risks [15][17]. - **Copper and Aluminum**: The prices of copper and aluminum are following the market correction. It is recommended to wait patiently for the price to stop falling and stabilize [17]. - **Alumina**: The domestic supply of alumina is large, but there are concerns about the supply of bauxite from Guinea. It is advisable to take a long - position approach on dips and be vigilant against macro risks [17]. - **Rebar and Hot - rolled Coil**: The steel market's supply - demand structure is improving, but the steel price is slightly under pressure in the short term and is expected to have a small - scale oscillating adjustment [17]. - **Ferroalloys**: The prices of ferroalloys are strong, mainly due to the energy premium caused by the geopolitical conflict. It is advisable to take a long - position approach on dips, but be cautious about the risk of chasing high prices [17][19]. - **Lithium Carbonate**: The price of lithium carbonate has broken through the previous high. It is not advisable to chase high prices. It is recommended to look for long - position opportunities on price corrections, with a resistance level of 161500 yuan and a support level of 158000 yuan [19]. 3.3.4 Options and Finance - **Stock Index Options**: On March 25, A - share indexes rose, and different stock index options showed different trends in volume and open interest. Trend investors can pay attention to the arbitrage opportunities between varieties, and volatility investors can take corresponding strategies according to price changes [19]. - **Stock Index**: On March 25, the three major indexes oscillated and rose. The A - share market has investment opportunities after risk release, but short - term uncertainties remain. It is advisable to control positions and participate in the rebound [19][22].

1. Report Industry Investment Rating No relevant information provided. 2. Core Views of the Report - The international sugar supply surplus situation has improved, and domestic sugar mills are gradually closing. The main contract of Zhengzhou sugar is expected to be strong, and it is recommended to lightly position long orders [4]. - The news of overseas bleached softwood pulp production cuts supports the current valuation of softwood pulp prices. The decline of pulp prices is limited, but the rebound space still needs to focus on the sustainability of production cuts. It is recommended to temporarily exit short positions and wait and see [5]. - The spot price of offset printing paper is stable, and the cost support is weakening. The futures price is expected to fluctuate with the basis. It is recommended to try to short - match on rallies in the short term [7]. - Macroeconomic sentiment still disturbs the cotton market. The mid - term support for domestic cotton prices exists, but the short - term price may show a platform consolidation. It is recommended to hold long orders of the 05 contract cautiously [8]. - The low inventory of apples continues to support, and the futures price may continue to fluctuate in a high - level range. It is recommended to reduce long orders on rallies [9]. - For jujubes, it is recommended to exit short positions below 9000 points for the 2605 contract. If holding long futures, it is recommended to buy protective put options at the same time. Cautious investors can hold the reverse spread of short 2605 and long 2609 [11]. 3. Summary According to the Directory 3.1 First Part: Sector Strategy Recommendation 3.1.1 Fresh Fruit and Nuts Futures Strategy Recommendation - Apple 2605: Reduce long orders on rallies. The supply - side support remains, and the overall futures price is expected to move up. The support range is 9000 - 9200, and the pressure range is 11000 - 11500 [19]. - Jujube 2605: Buy on dips in the short term. The production reduction expectation may gradually appear in the far - month contracts, and the spot inventory starts to peak and decline. The support range is 8700 - 9000, and the pressure range is 9500 - 9800 [19]. 3.1.2 Soft Commodity Futures Strategy Recommendation - Sugar 2605: Go long. The international sugar supply surplus situation has improved, and the supply - demand fundamentals in China are improving. The support range is 5300 - 5320, and the pressure range is 5600 - 5650 [19]. - Pulp 2605: Short on rallies. The rise in the outer - market price of hardwood pulp drives the pulp futures to strengthen, but the peak - season demand for finished paper needs to be verified, and the supply - demand improvement of bleached softwood pulp is limited. The support range is 5130 - 5200, and the pressure range is 5350 - 5400 [19]. - Offset Printing Paper 2605: Trade within the range. The spot market is stable, but the demand has entered the off - season. In the short term, focus on the support situation after the futures price further declines and the basis widens. The support range is 4000 - 4100, and the pressure range is 4250 - 4300 [19]. - Cotton 2605: Hold long orders cautiously. The long - term bullish expectation remains, and the mid - term support is unchanged. However, the rise of the outer - market price has not been confirmed, and the internal - external price difference restricts the domestic price. The short - term price may continue to consolidate. The support range is 14000 - 14200, and the pressure range is 15800 - 16000 [19]. 3.2 Second Part: Market News Changes 3.2.1 Apple Market - **Fundamental Information**: In December 2025, the export volume of fresh apples was about 156,500 tons, a month - on - month increase of 28.63% and a year - on - year increase of 26.76%. As of February 25, 2026, the cold - storage inventory of apples in the main producing areas was 5.5292 million tons, a week - on - week decrease of 190,800 tons. As of February 26, 2026, the inventory was 4.9448 million tons, a decrease of 370,300 tons compared with before the Spring Festival and a year - on - year decrease of 308,900 tons [20]. - **Spot Market Situation**: In the Shandong production area, the price of high - quality late - maturing bagged Fuji apples in cold storage is stable, and there are some packaging operations in the cold storage. The trading volume in the cold storage is not large, and foreign traders mainly purchase medium and small fruits. In the Shaanxi production area, the mainstream price is stable, the number of merchants has increased, and they mainly purchase high - quality goods. The supply of high - quality goods is scarce, and the procurement is difficult. In the sales area, the arrival of goods is stable, the sales situation is good, and the price remains stable [20][21][23]. 3.2.2 Jujube Market As of March 5th, the physical inventory of 36 sample points was 11,817 tons, a decrease of 35 tons from last week, a month - on - month decrease of 0.30% and a year - on - year increase of 8.04%. The inventory decreased slightly, and the market is slowly recovering after the Spring Festival, with general replenishment by downstream and slow de - stocking [24]. 3.2.3 Sugar Market - The ongoing Middle East conflict has driven up international crude oil and diesel prices, which may effectively support ethanol prices and be bullish for sugar. - The All India Sugar Trade Association (AISTA) said that India's sugar production in the 2025 - 26 season may be 28.3 million tons, a 4.4% reduction from the previous estimate. - The total sugar production in the 2025 - 26 season may reach 31.5 million tons, of which about 3.2 million tons will be converted into ethanol production. - The International Sugar Organization (ISO) predicts that the global sugar production in the 2025/26 season is expected to be 181.29 million tons, a reduction of 480,000 tons from the previous forecast. - The consulting firm Datagro expects a supply gap of 800,000 tons in the 2025/26 season. - As of March 3, 2026, in the 2025/26 season in the Indian state of Maharashtra, 113 sugar mills have stopped production, and 97 are still operating, a year - on - year decrease of 102. - As of March 3, 2026, in the 2025/26 season in Guangxi, 3 sugar mills have stopped production, a year - on - year decrease of 44. - As of the week of March 3, 2026, the non - commercial net long position of ICE sugar was - 245,034 contracts [26]. 3.2.4 Pulp Market After the Spring Festival, Chinese buyers returned to the market. In February, the price of South American BHK pulp increased by $10 per ton to $590 - $600 per ton. Sellers have announced another price increase of $20 per ton in March, which has made buyers cautious. The domestic market transaction is weak, many factories have shut down, and the port inventory has increased by 205,000 tons. In the BSK market, suppliers hope to push up prices before the northern hemisphere's spring maintenance, but buyers are seeking discounts and reducing import orders. The prices of Canadian and Nordic NBSK pulp remain stable [28]. 3.2.5 Offset Printing Paper Market Last Thursday, the inventory days of offset printing paper decreased by 2.05% compared with the previous Thursday, and the decline rate narrowed by 0.40 percentage points this week. Some paper mills' publishing orders have not been fully executed, and they continue to reduce inventory, but the new orders in the market are limited, and the overall de - stocking speed of the industry has decreased. This week, the operating load rate of the offset printing paper industry is 57.43%, a month - on - month increase of 0.07 percentage points, and the increase rate narrowed by 0.67 percentage points this week [29]. 3.2.6 Cotton Market - In February, Brazil's cotton export volume was 270,000 tons, a month - on - month decrease of 14.7% and a year - on - year decrease of 1.5%. - As of the week of March 5, 2026, the cumulative inspection volume of U.S. upland cotton + Pima cotton was 3.0442 million tons, accounting for 100.5% of the estimated annual U.S. cotton production, a year - on - year decrease of 4% [30]. 3.3 Third Part: Market Review 3.3.1 Futures Market Review | Variety | Closing Price | Daily Change | Daily Change Rate | | --- | --- | --- | --- | | Apple 2605 | 10,287 | - 29 | - 0.28% | | Jujube 2605 | 9,060 | 35 | 0.39% | | Sugar 2605 | 5,436 | 65 | 1.21% | | Pulp 2605 | 5,300 | - 22 | - 0.41% | | Cotton 2605 | 15,285 | - 10 | - 0.07% | [31] 3.3.2 Spot Market Review | Variety | Spot Price | Month - on - Month Change | Year - on - Year Change | | --- | --- | --- | --- | | Apple (yuan/jin) | 4.45 | 0.00 | 0.45 | | Jujube (yuan/kg) | 9.40 | - 0.10 | - 5.30 | | Sugar (yuan/ton) | 5,520 | 130 | - 500 | | Pulp (Shandong Silver Star) | 5,300 | 20 | - 1,250 | | Offset Printing Paper (Sun Tianyang - Tianjin) | 4,350 | 0 | - 700 | | Cotton (yuan/ton) | 16,632 | - 46 | 1,797 | [36] 3.4 Fourth Part: Basis Situation No specific data summary provided in the text, only relevant figures are mentioned. 3.5 Fifth Part: Inter - month Spread Situation | Variety | Spread | Current Value | Month - on - Month Change | Year - on - Year Change | Forecast | Recommended Strategy | | --- | --- | --- | --- | --- | --- | --- | | Apple | 5 - 10 | 2,063 | 362 | 2,530 | Bullish oscillation | Buy on dips | | Jujube | 5 - 9 | - 380 | - 25 | 40 | Reverse spread on rallies | Wait and see | | Sugar | 5 - 9 | - 13 | 0 | - 152 | Oscillatory fluctuation | Wait and see | | Cotton | 5 - 9 | - 55 | - 5 | 115 | Bearish oscillation | Short on rallies | [57] 3.6 Sixth Part: Futures Positioning Situation No specific data summary provided in the text, only relevant figures 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 | 4,031 | 162 | - 1,321 | | Sugar | 14,948 | - 38 | - 9,489 | | Pulp | 163,436 | 9,115 | - 202,494 | | Cotton | 11,647 | 204 | 3,843 | [89] 3.8 Eighth Part: Option - related Data No specific data summary provided in the text, only relevant figures are mentioned.

1. Report Industry Investment Rating There is no information about the report industry investment rating in the given content. 2. Core Viewpoints of the Report - The report provides a comprehensive analysis of various industries, including chemicals, agriculture, energy, and finance, presenting the latest market trends, price changes, and investment suggestions [4][12][18]. - It also covers macro - economic news, such as Sino - US economic and trade consultations, RMB exchange rate trends, and global geopolitical events, which have an impact on the market [7][8]. 3. Summary by Relevant Catalogs 3.1 Chemicals - Most chemical products' prices decreased on February 27, 2026, compared to the previous day. For example, the price of PVC dropped by 1.895% to 4,763.00 yuan, and the price of plastic decreased by 0.960% to 6,604.00 yuan. However, the price of crude oil increased by 1.282% to 489.80 yuan [4]. 3.2 Agriculture - Sugar: The price of the sugar main contract continued to rebound, breaking through the upper limit of the recent shock range. Although the domestic supply pressure is high, the international sugar price increase provides cost support. The price may fluctuate around 5300 yuan [12]. - Corn: The corn main contract price showed a narrow - range shock. The supply in North China increased, while the demand from deep - processing enterprises was cautious. The price is expected to be weak and volatile, with support at 2330 - 2335 yuan/ton [12]. - Peanut: The peanut futures main contract price fluctuated near 7900 yuan. The decrease in imports supported the price, but the demand was loose. It is expected to maintain a shock pattern, with support at 7850 yuan and pressure at 8000 yuan [12]. - Other agricultural products: The prices of some products such as soybean oil, rapeseed oil, and palm oil increased, while the prices of cotton and cotton yarn decreased [4]. 3.3 Energy and Chemicals - Caustic soda: The inventory of caustic soda manufacturers increased, and the market sentiment was cautious. The fundamentals remained in an oversupply situation, and the near - month contracts may continue to be under pressure [13]. - Coking coal and coke: The supply in the main production areas gradually recovered, but the terminal demand was not fully restored. The overall supply - demand was relatively loose, and the prices were in a weak shock [13]. - Double - offset paper: The supply pressure was significant, and the demand recovery was slow. The price was under continuous pressure, and a short - selling strategy was recommended when the price is high [14]. - Urea: The domestic urea market price was stable. The supply is expected to remain at a high level in March, and the demand from the agricultural sector is increasing. However, factors such as the release of reserve goods and price - stabilizing policies may limit the price increase [14]. 3.4 Non - ferrous Metals - Gold and silver: The prices of gold and silver were in a high - level shock. The cautious interest - rate cut signals from the Federal Reserve and the decrease in discount window loan balances suppressed the short - term safe - haven buying of gold [15]. - Copper and aluminum: The short - term interest - rate holding expectation of the Federal Reserve pushed up the US dollar. The global macro - environment was in a weak balance with high volatility. The domestic social inventory of copper and aluminum was in a seasonal accumulation, and the market should pay attention to the recovery of downstream demand [15]. - Alumina: The overall inventory of the domestic alumina market decreased slightly after the Spring Festival, but the oversupply situation has not been fundamentally reversed. It is expected to remain at a low level [17]. 3.5 Steel and Iron Alloys - Rebar and hot - rolled coil: The spot market has not fully recovered, and the prices of rebar and hot - rolled coil decreased slightly. The supply decreased and the demand increased, but the overall supply - demand was still loose. The prices faced pressure at 3150 yuan for rebar and 3300 yuan for hot - rolled coil [17]. - Ferrosilicon and ferromanganese: The price of ferromanganese increased significantly on February 26, driven by market sentiment. The supply - demand of alloys was weak, but the price fluctuations of imported commodities were intensified due to the current anti - globalization cycle. A short - term callback and long - buying strategy was recommended [17]. 3.6 Lithium Carbonate - The lithium carbonate futures main contract price increased by 4.31% on February 26, but it fell back from the high point. The supply was expected to tighten due to the export suspension policy in Zimbabwe, and the demand was good. However, there was a divergence at the high level. It was recommended to take partial profits for previous long positions and wait and see for new positions [17]. 3.7 Options and Finance - Stock index options: On February 26, the three major A - share indexes showed different trends. The trading volume and open interest of stock index futures and options changed, and investors were advised to pay attention to the strength - weakness arbitrage opportunities between varieties and sell wide - straddles to short volatility [18]. - Stock index: The A - share market showed a good start after the Spring Festival. As the two sessions are approaching, the market is expected to be stable, and there will be structural opportunities. It is recommended to pay attention to low - buying and rolling operation opportunities [18].

Market Overview - On February 13, 2026, the domestic futures market opened with more declines than gains, with caustic soda rising over 3% and soybean one and double-sided paper increasing over 2% [5][6] - Soybean meal and soybean two saw nearly a 1% increase [5][6] Declines in Key Commodities - Silver futures dropped over 9%, while SC crude oil fell more than 5% [5][6] - Platinum, palladium, lithium carbonate, and Shanghai tin all decreased by over 4% [5][6] - Shanghai nickel declined over 3%, and both international copper and Shanghai copper fell by more than 2% [5][6] - Other commodities such as stainless steel, low-sulfur fuel oil, PX (paraxylene), and asphalt experienced declines exceeding 1% [5][6]

1. Report Industry Investment Rating No relevant content provided. 2. Core Views of the Report - The soft commodity and fresh fruit and vegetable futures markets have complex supply - demand situations and price trends, with different trading strategies recommended for each variety [3][6][7]. - For sugar, the international supply surplus and domestic sufficient supply may lead to a downward price trend, and the SR2605 contract is recommended to be on the sidelines [3]. - Pulp is in a state of general fundamentals and low valuation, and the price has support but needs supply - side reduction news to strengthen. The 2605 contract is recommended to reduce short positions on dips and wait and see [3][4]. - Double - offset paper has weak cost support, and the spot price is stable. The 2605 contract is recommended to try short - selling on rallies [5]. - Cotton has a supply - abundant situation, and the short - term price is expected to fluctuate narrowly. The 05 contract long positions are recommended to be reduced [6]. - Apples have supply - side support, and the price is expected to fluctuate in a high - level range. It is recommended to wait for opportunities to buy on dips [7]. - For jujubes, the 2605 contract is recommended to close short positions below 9000 points, and protective put options can be bought for long positions. Cautious investors can hold a reverse spread of short 2605 and long 2609 [8]. 3. Summary According to the Directory 3.1 First Part: Sector Strategy Recommendations | Variety | Reference Strategy | Main Logic | Support Interval | Pressure Interval | | --- | --- | --- | --- | --- | | Apple 2605 | Reduce long positions | Supply - side support exists, but the overall commodity sentiment is volatile recently, with short - term oscillatory trends | 8800 - 8900 | 11000 - 11500 | | Jujube 2605 | Short - term buy on dips | The expected production reduction may gradually appear in the far - month contracts, and the spot inventory has started to peak and decline | 8700 - 9000 | 9500 - 9800 | | Sugar 2605 | Wait and see | The overall supply is relatively sufficient | 5070 - 5100 | 5320 - 5350 | | Pulp 2605 | Lightly long - allocate | The downstream is in the off - season, and pulp lacks new positive factors. There may be cost support for warehouse receipts | 5130 - 5200 | 5360 - 5400 | | Double - offset Paper 2605 | Interval operation | The spot market is stable, but the demand is in the off - season. Pay attention to the support after the basis widens | 4000 - 4100 | 4250 - 4300 | | Cotton 2605 | Reduce long positions | The long - term positive expectations remain, but the external price decline restricts the domestic price, and the short - term price may fluctuate | 13500 - 13600 | 15400 - 15500 | [16] 3.2 Second Part: Market News Changes 3.2.1 Apple Market - **Fundamentals**: In December 2025, the export volume of fresh apples was about 156,500 tons, a month - on - month increase of 28.63% and a year - on - year increase of 26.76%. As of February 5, 2026, the national main - producing area apple cold - storage inventory was 563,510 tons, a week - on - week decrease of 375,000 tons and a year - on - year decrease of 554,900 tons [17]. - **Spot Market**: In the Shandong production area, the price of high - quality late - maturing bagged Fuji apples is stable. In the Shaanxi production area, the mainstream price is stable, and the cold - storage trading is gradually decreasing. In the sales area, the recent arrival volume has increased significantly, and the overall sales situation is okay with stable prices [17][18][19]. 3.2.2 Sugar Market - The USDA's February report shows that the estimated total sugar production in the US in the 2025/26 season is 9.41 million short tons, with a sugar inventory/consumption ratio of 15.9%. As of mid - January in the 2025/26 season, the cumulative sugar production in the central - southern region of Brazil was 40.236 million tons, a year - on - year increase of 345,000 tons [20]. - As of the week of February 3, 2026, the non - commercial net long position of ICE sugar was - 210,289 contracts, showing strong bearish sentiment in the market [20]. 3.2.3 Pulp Market The Chinese pulp market continues to weaken due to falling futures prices and weakening demand for key resale varieties. The spot price of imported NBSK has declined, and the inventory in major ports has increased [24]. 3.2.4 Double - offset Paper Market The inventory days of double - offset paper decreased by 2.05% week - on - week, and the decline rate narrowed. The industry's overall inventory reduction speed decreased. The operating load rate was 57.43%, with a slight increase [25]. 3.2.5 Cotton Market - In January, Vietnam's cotton imports were 152,000 tons, a month - on - month decrease of 3.0% and a year - on - year increase of 17.8%. The main import sources were the US, Brazil, and Australia [26]. - As of February 6, the new cotton sowing progress in Mato Grosso, Brazil, advanced by 22 percentage points to 90%, faster than the same period last year. As of the end of January, the 2026 new cotton sales progress in Mato Grosso was about 55%, slightly faster than the previous year [26]. - In January 2026, Bangladesh's clothing export volume was 3.615 billion US dollars, a year - on - year decrease of 1.35% and a month - on - month increase of 11.77% [26]. 3.3 Third Part: Market Review 3.3.1 Futures Market Review | Variety | Closing Price | Daily Change | Daily Change Rate | | --- | --- | --- | --- | | Apple 2605 | 9601 | 101 | 1.06% | | Jujube 2605 | 8895 | 225 | 2.60% | | Sugar 2605 | 5266 | - 12 | - 0.23% | | Pulp 2605 | 5236 | 34 | 0.65% | | Cotton 2605 | 14745 | 90 | 0.61% | [27] 3.3.2 Spot Market Review | Variety | Spot Price | Month - on - Month Change | Year - on - Year Change | | --- | --- | --- | --- | | Apple (yuan/jin) | 4.45 | 0.00 | 0.45 | | Jujube (yuan/kg) | 9.40 | - 0.10 | - 5.30 | | Sugar (yuan/ton) | 5330 | 0 | - 670 | | Pulp (Shandong Silver Star) | 5300 | 0 | - 1400 | | Double - offset Paper (Taiyang Tianyang - Tianjin) | 4350 | 0 | - 600 | | Cotton (yuan/ton) | 16029 | 41 | 1204 | [32] 3.4 Fourth Part: Basis Situation No specific text description provided. Only relevant charts are mentioned, such as the basis of Apple 5 - month contract, Jujube main contract, etc. [46][47][49] 3.5 Fifth Part: Inter - month Spread Situation | Variety | Spread | Current Value | Month - on - Month Change | Year - on - Year Change | Forecast | Recommended Strategy | | --- | --- | --- | --- | --- | --- | --- | | Apple | 5 - 10 | 1343 | 57 | 2046 | Oscillating strongly | Buy on dips | | Jujube | 5 - 9 | - 205 | 45 | 215 | Reverse spread on rallies | Wait and see | | Sugar | 5 - 9 | - 9 | 1 | - 140 | Oscillating | Wait and see | | Cotton | 5 - 9 | - 80 | 35 | 85 | Oscillating weakly | Sell on rallies | [52] 3.6 Sixth Part: Futures Positioning Situation No specific text description provided. Only relevant charts showing the top 20 long and short positions and trading volume changes of each variety are mentioned [59][63][69]. 3.7 Seventh Part: Futures Warehouse Receipt Situation | Variety | Warehouse Receipt Volume | Month - on - Month Change | Year - on - Year Change | | --- | --- | --- | --- | | Apple | 0 | 0 | 0 | | Jujube | 3673 | 127 | - 399 | | Sugar | 14461 | 0 | - 9526 | | Pulp | 146427 | 0 | - 198876 | | Cotton | 10746 | 60 | 4016 | [84] 3.8 Eighth Part: Option - related Data No specific text description provided. Only relevant charts about option trading volume, open interest, and put - call ratios of apple, sugar, and cotton are mentioned [87][94][99].

1. Industry Investment Rating No information provided in the report. 2. Core Views of the Report - The overall supply of sugar remains abundant, with a likely downward trend in price. For the Zhengzhou sugar main contract 05, consider short - selling on rebounds [3]. - The pulp market is affected by the downstream off - season. Although the cost of warehouse receipts has increased, the pulp futures are under short - term pressure, and it is recommended to wait and see [3][4]. - The cost support for double - offset paper has weakened, and the spot price is relatively stable. The futures price is expected to fluctuate with the basis, and it is advisable to try short - selling in the short term [5]. - The domestic cotton futures price is expected to fluctuate narrowly, and it is recommended to reduce long positions in the 05 contract [6]. - The apple futures price may continue to fluctuate in a high - level range, and it is recommended to wait for opportunities to go long at low prices [7]. - For the jujube 2605 contract, it is recommended to close short positions below 9000 points, and for long positions, consider buying protective put options. Cautious investors can hold a reverse spread of short 2605 and long 2609 [8]. 3. Summary by Directory 3.1 First Part - Plate Strategy Recommendation - **Fresh Fruit Futures** - Apple 2605: Reduce long positions. The supply side still has support, but the overall commodity sentiment is volatile recently, and it may show a volatile trend in the short term. Support range: 8800 - 8900, pressure range: 11000 - 11500 [16]. - Jujube 2605: Buy on dips in the short term. The expected production reduction may be gradually reflected in the distant months, and the spot inventory is starting to peak and decline. Support range: 8700 - 9000, pressure range: 9500 - 9800 [16]. - **Soft Commodity Futures** - Sugar 2605: Short - sell on rebounds. The global sugar supply is still in surplus, and the domestic sugar supply is in the peak season, with overall sufficient supply. Support range: 5070 - 5100, pressure range: 5300 - 5320 [16]. - Pulp 2605: Allocate long positions lightly. The downstream finished paper is in the off - season, and there is a lack of new supply - side利多 recently. However, the US dollar quotation remains stable, and the cost of warehouse receipts may support the short - term price. Support range: 5200 - 5300, pressure range: 5450 - 5500 [16]. - Double - offset Paper 2605: Operate within a range. The spot market is stable, but demand has entered the off - season. In the short term, pay attention to the support after the futures price further declines and the basis widens. Support range: 4000 - 4100, pressure range: 4250 - 4300 [16]. - Cotton 2605: Reduce long positions. The long - term positive expectations still exist, and the medium - term support remains unchanged. However, the external market price is in a downward trend, and the internal - external price difference restricts the domestic price. The short - term futures price may fluctuate. Support range: 13500 - 13600, pressure range: 15400 - 15500 [16]. 3.2 Second Part - Market News Changes - **Apple Market** - **Fundamental Information**: In December 2025, the export volume of fresh apples was about 156,500 tons, a month - on - month increase of 28.63% and a year - on - year increase of 26.76%. As of February 5, 2026, the cold - storage inventory of apples in the main producing areas was 5.6351 million tons, a week - on - week decrease of 375,000 tons and a year - on - year decrease of 554,900 tons [17]. - **Spot Market**: The price of high - quality late - maturing bagged Fuji apples in Shandong is stable. The Spring Festival stocking is basically over, and the price will remain stable before the Spring Festival. The mainstream price of 80 and above first - and second - grade fruits in Qixia is 3.0 - 3.5 yuan per catty. In Shaanxi, the mainstream price is stable, and the cold - storage trading is gradually decreasing. The mainstream price of 70 and above bagged Fuji in Luochuan is 3.8 - 4.2 yuan per catty [17][18]. - **Jujube Market**: As of February 29, the physical inventory of 36 sample points was 11,888 tons, a week - on - week decrease of 1255 tons, a month - on - month decrease of 9.55%, and a year - on - year increase of 12.84%. Due to the scattered acquisition structure in the 2025 production season and the cautious market outlook for the new season after the Spring Festival, holders are more inclined to sell actively before the Spring Festival to reduce inventory pressure [20]. - **Sugar Market**: In the 2025/26 sugar - making season, as of the first half of January, the cumulative sugar production in the central - southern region of Brazil was 40.236 million tons, a year - on - year increase of 345,000 tons. As of the week of February 3, 2026, the non - commercial net long position of ICE sugar was - 210,289 contracts, showing strong bearish sentiment in the market [22]. - **Pulp Market**: Affected by the decline in futures prices and weakening demand for key resale products, the Chinese pulp market continues to weaken. The price of resale BSK has fallen, and the spot price of imported NBSK has also declined. However, the prices of Canadian and Nordic NBSK remain stable [26]. - **Double - offset Paper Market**: The inventory days of double - offset paper decreased by 2.05% week - on - week, and the decline rate narrowed. The start - up load rate was 57.43%, a week - on - week increase of 0.07 percentage points, and the growth rate also narrowed [27]. - **Cotton Market**: As of the end of January, the industrial inventory of cotton in textile enterprises was 1.001 million tons, an increase of 17,200 tons from the previous month. The intended cotton - planting area in 2026 is 46.479 million mu, a year - on - year decrease of 827,000 mu, a decrease of 1.7%. It is estimated that the total cotton output will be 7.275 million tons, a year - on - year decrease of 452,000 tons, a decrease of 5.8% [28]. 3.3 Third Part - Market Review - **Futures Market Review** - Apple 2605: Closing price of 9517, a daily decrease of 18, a daily decline rate of 0.19%. - Jujube 2605: Closing price of 8725, a daily increase of 30, a daily increase rate of 0.35%. - Sugar 2605: Closing price of 5261, a daily increase of 33, a daily increase rate of 0.63%. - Pulp 2605: Closing price of 5200, a daily decrease of 34, a daily decline rate of 0.65%. - Cotton 2605: Closing price of 14580, no daily change [29]. - **Spot Market Review** - Apple: Spot price of 4.45 yuan per catty, no month - on - month change, a year - on - year increase of 0.45 yuan. - Jujube: Spot price of 9.40 yuan per kilogram, a month - on - month decrease of 0.10 yuan, a year - on - year decrease of 5.30 yuan. - Sugar: Spot price of 5310 yuan per ton, a month - on - month increase of 10 yuan, a year - on - year decrease of 640 yuan. - Pulp: Spot price of 5300 yuan (Shandong Yinxing), a month - on - month decrease of 20 yuan, a year - on - year decrease of 1400 yuan. - Double - offset Paper: Spot price of 4350 yuan (Taiyang Tianyang - Tianjin), no month - on - month change, a year - on - year decrease of 600 yuan. - Cotton: Spot price of 15967 yuan per ton, a month - on - month decrease of 58 yuan, a year - on - year increase of 1150 yuan [33]. 3.4 Fourth Part - Basis Situation No specific text summary information provided, only figure references such as apple 5 - month basis, jujube main contract basis, etc. 3.5 Fifth Part - Inter - month Spread Situation - Apple 5 - 10 spread: Current value of 1280, a month - on - month decrease of 38, a year - on - year increase of 1909, expected to be volatile and strong, recommended strategy: buy on dips. - Jujube 5 - 9 spread: Current value of - 240, a month - on - month decrease of 15, a year - on - year increase of 140, recommended strategy: wait and see. - Sugar 5 - 9 spread: Current value of - 13, a month - on - month decrease of 2, a year - on - year decrease of 133, expected to be volatile, recommended strategy: wait and see. - Cotton 5 - 9 spread: Current value of - 125, a month - on - month decrease of 5, a year - on - year increase of 40, expected to be volatile and weak, recommended strategy: short - sell on rallies [54]. 3.6 Sixth Part - Futures Positioning Situation No specific text summary information provided, only figure references for the top 20 long and short positions, trading volume changes, etc. of each variety. 3.7 Seventh Part - Futures Warehouse Receipt Situation - Apple: 0 warehouse receipts, no month - on - month or year - on - year change. - Jujube: 3350 warehouse receipts, no month - on - month change, a year - on - year decrease of 722. - Sugar: 14461 warehouse receipts, a month - on - month increase of 87, a year - on - year decrease of 9667. - Pulp: 146447 warehouse receipts, no month - on - month change, a year - on - year decrease of 193040. - Cotton: 10580 warehouse receipts, a month - on - month increase of 5, a year - on - year increase of 3815 [87]. 3.8 Eighth Part - Option - related Data No specific text summary information provided, only figure references for option trading volume, open interest, put - call ratio, historical volatility, etc. of apple, sugar, and cotton.

Group 1 - The main futures contract for coated paper experienced a sharp decline, reaching a low of 4034.00 yuan, closing at 4040.00 yuan with a drop of 2.18% [1] - The supply side saw a 4.6% decrease in production due to machine maintenance and conversion, while market supply remains ample [2][3] - Demand is weakening as orders for educational materials conclude, with high inventory levels maintained by companies, resulting in a weak supply-demand balance [2] Group 2 - The production of double-coated paper was reported at 187,000 tons, a decrease of 0.9 tons or 4.6% from the previous period, with a capacity utilization rate of 47.9%, down 2.3% [3] - The inventory level for double-coated paper production companies stands at 1.407 million tons, with a slight decrease of 0.1% [3] - Despite weak overall demand, supply constraints due to maintenance may provide some support for prices around the 4000 yuan mark [3]

1. Report Industry Investment Rating No information provided in the content. 2. Core Views of the Report - The overall commodity market is weak, affecting the prices of soft commodities and fresh - fruit products. Each variety has its own supply - demand fundamentals, which jointly determine their price trends and trading strategies [2][7][9]. - For soft commodities, sugar supply is abundant, paper pulp supply is not tight but demand is in the off - season, and double - offset paper has cost support weakening and demand in the off - season [2][5][6]. - For fresh - fruit products, the supply of apples has support, and the supply of jujubes is moving towards a situation of both supply and demand being strong [9][10]. 3. Summary of Each Section Based on the Table of Contents First Part: Sector Strategy Recommendations | Variety | Reference Strategy | Main Logic | Support Interval | Pressure Interval | | --- | --- | --- | --- | --- | | Apple 2605 | Reduce long positions | Supply - side support exists, but the overall commodity sentiment is weak recently, and the short - term may show a volatile and repeated trend | 8800 - 8900 | 11000 - 11500 [19] | | Jujube 2605 | Short - term buy on dips | The expectation of production reduction may gradually be reflected in the far - month contracts, and the spot inventory has begun to peak and decline | 8700 - 9000 | 9500 - 9800 [19] | | Sugar 2605 | Hold short positions | International sugar supply is sufficient, and the domestic sugar supply is in the peak season, with overall sufficient supply | 5070 - 5100 | 5300 - 5350 [19] | | Pulp 2605 | Lightly allocate long positions | Downstream finished paper is in the off - season, and pulp itself lacks new supply - side positive news recently, so the price is under pressure, but the US dollar quotation is stable, and the increase in warehouse receipt cost may support the short - term price | 5200 - 5300 | 5450 - 5500 [19] | | Double - offset Paper 2605 | Interval operation | The spot market is stable, but the demand has entered the off - season. In the short term, pay attention to the support situation after the disk price further declines and drives the basis to widen | 4000 - 4100 | 4250 - 4300 [19] | | Cotton 2605 | Hold long positions cautiously | The long - term positive expectation still exists, and the medium - term support remains unchanged. However, the external price is in a bottom - seeking trend, and the internal - external price difference restricts the domestic price. Recently, the overall commodity sentiment is weak, and the short - term price may fluctuate repeatedly | 13500 - 13600 | 15400 - 15500 [19] | Second Part: Market News Changes Apple Market - **Fundamentals**: In December 2025, the export volume of fresh apples was about 156,500 tons, a month - on - month increase of 28.63% and a year - on - year increase of 26.76%. As of January 29, 2026, the cold - storage inventory in the main apple - producing areas of China was 601,010 tons, a week - on - week decrease of 313,100 tons and a year - on - year decrease of 610,000 tons [20]. - **Spot Market**: The price of high - quality late - maturing bagged Fuji apples in the Shandong production area is stable, and the packaging volume of merchants in the cold storage is okay. The price of bagged Fuji in the Shaanxi production area is also stable, and the packaging volume in the cold storage has increased significantly. In the sales area, the market arrival volume is increasing, and the sales of gift - boxed products are okay [20][21][22]. Jujube Market As of January 29, the physical inventory of 36 sample points was 13,143 tons, a week - on - week decrease of 925 tons, a month - on - month decrease of 6.58%, and a year - on - year increase of 23.99%. The pre - Spring Festival is the traditional consumption peak season for jujubes, but the current sales speed is slower than that of last year, and the pre - holiday stocking is coming to an end [23]. Sugar Market As of January 31, 2026, India's sugar production in the 2025/26 crushing season reached 19.503 million tons, a year - on - year increase of 18.35%. Stonex estimated that Brazil's sugar production in the central and southern regions in the 2026/27 crushing season would be 40.7 million tons, a decrease of 800,000 tons from the previous estimate. As of the week of January 27, the net short position of speculative positions in ICE raw sugar futures + options decreased by 21,040 hands compared with the previous week. India's domestic sugar sales quota in February 2026 was 2.25 million tons, an increase of 50,000 tons from January [26]. Pulp Market Affected by the decline in futures prices and the weakening demand for key resale varieties, the Chinese pulp market continued to be weak. The price of resold BSK decreased, and the spot quotation of imported NBSK also declined, but the prices of NBSK from Canada and Northern Europe remained stable [28]. Double - offset Paper Market The inventory days of double - offset paper decreased by 2.05% compared with last Thursday, and the decline rate narrowed by 0.40 percentage points month - on - month. The start - up load rate was 57.43%, an increase of 0.07 percentage points month - on - month, and the increase rate narrowed by 0.67 percentage points month - on - month [29]. Cotton Market As of January 27, the non - commercial net long position of futures + options in the ICE cotton futures market decreased by 13,592 contracts compared with the previous week [30]. Third Part: Market Review Futures Market Review | Variety | Closing Price | Daily Change | Daily Change Rate | | --- | --- | --- | --- | | Apple 2605 | 9380 | - 138 | - 1.45% [31] | | Jujube 2605 | 8820 | - 130 | - 1.45% [31] | | Sugar 2605 | 5207 | - 41 | - 0.78% [31] | | Pulp 2605 | 5266 | - 34 | - 0.64% [31] | | Cotton 2605 | 14575 | - 95 | - 0.65% [31] | Spot Market Review | Variety | Spot Price | Month - on - Month Change | Year - on - Year Change | | --- | --- | --- | --- | | Apple (yuan/jin) | 4.45 | 0.00 | 0.45 [36] | | Jujube (yuan/kg) | 9.40 | - 0.10 | - 5.30 [36] | | Sugar (yuan/ton) | 5330 | 0 | - 580 [36] | | Pulp (Shandong Silver Star) | 5375 | - 25 | - 1225 [36] | | Double - offset Paper (Taiyang Tianyang - Tianjin) | 4350 | 0 | - 600 [36] | | Cotton (yuan/ton) | 16070 | - 113 | 1344 [36] | Fourth Part: Basis Situation No specific data summary provided in the text, only relevant figure references. Fifth Part: Inter - month Spread Situation | Variety | Spread | Current Value | Month - on - Month Change | Year - on - Year Change | Forecast | Recommended Strategy | | --- | --- | --- | --- | --- | --- | --- | | Apple | 5 - 10 | 1271 | 55 | 1781 | Oscillate strongly | Buy on dips [57] | | Jujube | 5 - 9 | - 225 | - 10 | 155 | Reverse spread on highs | Wait and see [57] | | Sugar | 5 - 9 | - 15 | 1 | - 148 | Oscillate | Wait and see [57] | | Cotton | 5 - 9 | - 110 | 30 | 40 | Oscillate weakly | Sell on highs [57] | Sixth Part: Futures Positioning Situation No specific data summary provided in the text, only relevant figure references. Seventh Part: Futures Warehouse Receipt Situation | Variety | Warehouse Receipt Volume | Month - on - Month Change | Year - on - Year Change | | --- | --- | --- | --- | | Apple | 0 | 0 | 0 [89] | | Jujube | 3317 | 0 | - 699 [89] | | Sugar | 14069 | - 50 | - 10059 [89] | | Pulp | 142447 | 0 | - 196281 [89] | | Cotton | 10325 | 36 | 3612 [89] | Eighth Part: Option - related Data No specific data summary provided in the text, only relevant figure references.