1. Report Industry Investment Ratings - Sugar: Oscillation [1] - Jujube: Low - level oscillation [3] - Rubber: Oscillation for natural rubber, synthetic rubber, and 20 - grade rubber [4] 2. Core Views - Sugar: The external market of ICE raw sugar fell slightly due to the sharp drop in oil prices caused by the US president's remarks. The domestic sugar supply - demand structure is loose, but the potential support from the policy bottom and the strength of raw sugar provide some support. The upward space needs more real - world news. [1] - Jujube: The supply - side topic is lacking, and it has entered the off - season of demand. The inventory reduction is slow, and the supply - strong and demand - weak situation suppresses the price. It is expected to show an oscillating bottom - grinding market. [3] - Rubber: Natural rubber has seasonal shrinkage in Southeast Asia, but the inventory in Qingdao has increased again, and the fundamentals are weak. Synthetic rubber, especially BR, has a continuous increase in raw material costs, and it is expected to have a high - level wide - range oscillation. [4] 3. Summary by Variety Sugar - **Market Performance**: SR605 closed at 5453 yuan/ton with a daily increase of 0.26% and 5429 yuan/ton at night; SR609 closed at 5482 yuan/ton with a daily increase of 0.24% and 5460 yuan/ton at night. [1] - **Important Information**: ICE raw sugar was 15.52 cents/pound with a daily decrease of 0.7%. The spot price of Guangxi white sugar increased by 50 yuan/ton. The import volume of syrup and sugar pre - mixed powder from January to February increased by 31% year - on - year. India's sugar production increased by about 10.5% year - on - year. China's sugar import volume from January to February increased significantly year - on - year. [1] - **Market Logic**: The external market is affected by oil prices and geopolitical events. The domestic supply - demand structure is loose, but there is marginal support. [1] - **Trading Strategy**: Hold and observe long positions in Zhengzhou sugar. SR605 focuses on the range of 5300 - 5500 yuan/ton, with a warning support of around 5350 yuan/ton and a warning pressure of around 5460 yuan/ton. [1] Jujube - **Market Performance**: CJ605 closed at 8860 yuan/ton with a daily increase of 0.23%; CJ609 closed at 9260 yuan/ton with a daily increase of 0.27%. [3] - **Important Information**: The inventory of 36 sample physical warehouses decreased by 1.37% week - on - week and increased by 5.60% year - on - year. The wholesale price of Hebei special - grade jujube decreased by 0.03 yuan/kg. The number of arrival vehicles in Guangdong Ruyifang Market decreased by 4. [3] - **Market Logic**: The supply - side topic is lacking, and it has entered the off - season of demand, with slow inventory reduction and a supply - strong and demand - weak situation. [3] - **Trading Strategy**: Short on rallies. [3] Rubber - **Market Performance**: RU closed at 16145 yuan/ton with a daily increase of 0.91%; NR closed at 13055 yuan/ton with a daily increase of 1.48%; BR closed at 17470 yuan/ton with a daily increase of 9.29%. [4] - **Important Information**: The price of Thai raw material glue and cup glue, the price of Yunnan glue, and the inventory in Qingdao increased. The prices of synthetic rubber such as BR and SBR increased significantly. [4] - **Market Logic**: Natural rubber has seasonal support but weak fundamentals due to inventory increase. Synthetic rubber has rising raw material costs and a high - level wide - range oscillation is expected. [4] - **Trading Strategy**: Observe or try long positions for RU and NR near the support; hold long positions in BR or use options for hedging. [4]

Report Industry Investment Rating No relevant information provided. Core Views - The international sugar market is mainly influenced by geopolitical events, and if international oil prices remain high or strengthen, raw sugar may have further upside potential. The domestic sugar supply - demand structure is relatively loose, but there is still marginal support for Zhengzhou sugar. For Zhengzhou sugar, it is recommended to hold long positions and observe, and pay attention to the price range [1]. - The supply - demand situation of red dates is currently characterized by strong supply and weak demand, and the futures price is expected to show a bottom - grinding market. It is recommended to short on rallies [4]. - For natural rubber, due to the combined effects of supply expectations and macro - sentiment, the price has dropped significantly. It is recommended to look for buying opportunities at low prices with reference to technical signals. For synthetic rubber, the BR futures price may continue to have upside potential but will be volatile. It is recommended to hold long positions in BR and use out - of - the - money put options for hedging [5]. Summary by Variety Sugar Market Conditions - SR605 contract closed at 5439 yuan/ton on Friday, with a daily increase of 0.41%, and closed at 5460 yuan/ton at night. SR609 contract closed at 5469 yuan/ton, with a daily increase of 0.53%, and closed at 5484 yuan/ton at night [1]. Important Information - On Friday, the ICE raw sugar main contract was at 15.63 cents/pound, with a daily increase of 1.36%. - The spot price of white sugar in Guangxi on Friday was 5394 yuan/ton, unchanged; the price range of Guangxi sugar - making groups was 5400 - 5490 yuan/ton, with individual prices up 10 yuan/ton; the price range of Yunnan sugar - making groups was 5280 - 5320 yuan/ton, unchanged; the mainstream price range of processing sugar mills was 5680 - 5890 yuan/ton, unchanged. - From January to February 2026, China's imports of syrup and white sugar premixed powder were 8.30 million tons and 5.92 million tons respectively, an increase of 0.75 million tons and 2.66 million tons year - on - year. The total import volume from January to February was 14.22 million tons, an increase of 3.41 million tons year - on - year, a growth rate of 31%. - As of March 15, 2026, India's sugar production in the 2025/26 crushing season reached 26.214 billion tons, an increase of 2.49 billion tons year - on - year, a year - on - year increase of about 10.5%. - From January to February 2026, China's sugar imports were 28 million tons and 24 million tons respectively, an increase of 21.7 million tons and 22.39 million tons year - on - year. From January to February 2026, China's cumulative sugar imports were 52 million tons, an increase of 44.09 million tons year - on - year. As of the end of February in the 2025/26 crushing season, China's cumulative sugar imports were 228.26 million tons, an increase of 74.17 million tons year - on - year. - On Friday, the number of white sugar warehouse receipts on the Zhengzhou Commodity Exchange was 16,342, unchanged from the previous day [1]. Market Logic - External market: ICE raw sugar has risen strongly. The sugar - making process in the Northern Hemisphere is coming to an end. The cumulative sugar production in India and Thailand has increased year - on - year, but the increase is less than expected. The escalating Middle East situation may make Brazil's 2026/27 crushing season more inclined to produce ethanol rather than raw sugar. Technically, raw sugar broke through the upper edge of the shock range on Wednesday, and various signals have strengthened. - Domestic market: Zhengzhou sugar fluctuated widely last week, and the lower support was tested. The sugar import data in January and February increased significantly year - on - year, and the domestic production increase expectation for this crushing season has basically been achieved. The current domestic supply - demand structure is relatively loose. However, due to Brazil's approaching crushing season and the unclear sugar - making prospects in Brazil caused by the escalating Middle East situation, the strengthening of raw sugar during the week provided some support. Considering the uncertainty of the war situation and the repeatability of expected trading, more definite real - world news may be needed to further open up the upside space [1]. Trading Strategy - Hold long positions in Zhengzhou sugar and observe. For SR605, pay attention to the price range of 5300 - 5500 yuan/ton, with a lower warning support around 5350 yuan/ton and an upper warning pressure around 5460 yuan/ton [3]. Red Dates Market Conditions - On Friday, the CJ605 contract closed at 8840 yuan/ton, with a daily increase of 0.17%. The CJ609 contract closed at 9235 yuan/ton, with a daily increase of 0.22% [4]. Important Information - The physical inventory of 36 sample points last week was 11,540 tons, a decrease of 160 tons from the previous week, a month - on - month decrease of 1.37%, and a year - on - year increase of 5.60%. - On Friday, the wholesale price of special - grade red dates in Hebei was 9.14 yuan/kg, unchanged from the previous day. - On Friday, the number of arrival vehicles at the Guangdong Ruyifang market was 1, a decrease of 2 from the previous day. - On Friday, the number of red date warehouse receipts was 4112, unchanged from the previous day [4]. Market Logic - The jujube trees in the Xinjiang production area are still in the dormant stage, and there is a temporary lack of supply - side topics. The center of the red date futures price has moved down recently. As the weather warms up, red dates enter the off - season of demand, the de - stocking of sample inventories is slow, and the spot price has declined slightly. The current fundamental information for trading red dates is limited, and the strong supply and weak demand situation is still the main factor suppressing the futures and spot prices of red dates. Technically, the main red date contract is weak after breaking through the upward channel, and it is expected that the red date futures price will show a bottom - grinding market without new information [4]. Trading Strategy - Short on rallies [4]. Rubber Market Conditions - As of March 20, the main RU contract closed at 16,000 yuan/ton, with a daily decrease of 0.56%. The main NR contract closed at 12,865 yuan/ton, with a daily decrease of 0.46%. The main BR contract closed at 15,985 yuan/ton, with a daily increase of 2.86% [5]. Important Information - On Friday, the price of raw material glue in Thailand was 73.5 Thai baht/kg (0.5/1%), and the price of cup rubber was 58.5 Thai baht/kg (0/0%). The price of Yunnan rubber blocks was 13,500 yuan/ton (0/0%). - As of March 15, 2026, the total inventory of natural rubber in bonded and general trade in Qingdao was 67.76 million tons, a decrease of 0.28 million tons from the previous period, a decrease of 0.42%. The bonded area inventory was 12.13 million tons, an increase of 1.43%; the general trade inventory was 55.63 million tons, a decrease of 0.81%. The inbound rate of the Qingdao natural rubber sample bonded warehouse increased by 1.71 percentage points, and the outbound rate increased by 1.71 percentage points; the inbound rate of the general trade warehouse increased by 1.37 percentage points, and the outbound rate increased by 2.22 percentage points. - On Friday, the price of full - latex was 15,900 yuan/ton, a decrease of 100 yuan/ton (- 0.63%); the price of 20 - grade Thai standard was 1955 US dollars/ton, a decrease of 5 US dollars/ton (- 0.26%), equivalent to 13,470 yuan/ton in RMB; the price of 20 - grade Thai mixed rubber was 15,080 yuan/ton, a decrease of 70 yuan/ton (- 0.46%). - On Friday, the price difference between the main RU and NR contracts was 3135 yuan/ton, a month - on - month decrease of 30 yuan/ton; the price difference between the mixed standard rubber and the main RU contract was - 920 yuan/ton, a month - on - month decrease of 20 yuan/ton. - On Friday, the delivery price of butadiene in the central Shandong region was 15,800 - 16,100 yuan/ton, and the ex - tank self - pick - up price in East China was about 15,700 - 16,000 yuan/ton. - On Friday, the market prices of cis - butadiene rubber and styrene - butadiene rubber increased. The price of Daqing BR9000 in the Shandong market increased by 200 yuan/ton to 15,600 yuan/ton, and the price of Qilu styrene - butadiene 1502 in the Shandong market increased by 200 yuan/ton to 16,000 yuan/ton [5]. Market Logic - Natural rubber: The price of natural rubber dropped from a high last week, and both trading volume and open interest decreased during the week. On the supply side, the seasonal reduction in Southeast Asia supported the raw material price. Some domestic and Laotian production areas started tapping early, and the overall phenological conditions were good, and the new - season tapping work was carried out smoothly. On the demand side, the capacity utilization rate of domestic tire enterprises increased slightly. Affected by the increase in product prices, the market shipments were concentrated, and the inventory of finished all - steel tires decreased significantly. Semi - steel tire enterprises had support from foreign trade orders, but due to internal and external sales pressure, the de - stocking of finished products was slow. Considering the pressure of some enterprises to complete orders and quarterly tasks, it is expected that the operating rate of tire enterprises will remain high next week. In terms of inventory, the social inventory continued to decrease this period, and the inventory of dark - colored rubber decreased significantly. The bonded area in Qingdao accumulated inventory, and the general trade inventory decreased, with the total inventory decreasing slightly. In the context of limited supply increase and good demand performance, it is expected that the next inventory data may still decrease slightly, but the de - stocking amplitude may be relatively moderate. Overall, the recent fundamental news of natural rubber is not an unexpected event, but the price has dropped significantly, mainly due to the combined effects of positive supply expectations and the decline in macro - sentiment. Looking forward to this week, considering that the long - term narrative logic of natural rubber has not changed, it is recommended to look for buying opportunities at low prices with reference to technical signals, and pay attention to inventory data and raw material prices in the short term, while also paying attention to macro and synthetic rubber disturbances. - Synthetic rubber: The BR futures price maintained a high - level shock last week. The Middle East geopolitical conflict continued, and butadiene was still strong under the influence of crude oil. Some enterprises' devices were shut down for maintenance during the week, and Japan and South Korea continued to purchase domestic butadiene supplies, so the butadiene price was still supported by the supply side. At the same time, the rapid increase in the cost side also caused serious losses for cis - butadiene rubber, and some enterprises have plans to reduce production or shut down for maintenance, which is conducive to digesting the social inventory of cis - butadiene rubber. Considering that the price difference between synthetic rubber and natural rubber is at a historical low, the suppression from substitution factors may gradually appear in the future. Overall, the current BR futures price is mainly anchored to the impact of the war on oil prices. Against the background of the expected strong raw materials, there is still upside potential for the BR futures price. However, considering the unpredictability of the war situation, its price may be more volatile, and high - level wide - range shocks may be the norm in the near future [5]. Trading Strategy - Hold a wait - and - see attitude towards RU and NR; for BR long positions, it is recommended to hold out - of - the - money put options for hedging [5].

1. Report Industry Investment Rating - Not provided in the given content 2. Core Viewpoints of the Report - For the sugar market, the external market shows a strong trend due to geopolitical conflicts affecting oil prices and the shift of market focus to Brazil. The domestic market is in a state of weak reality and strong expectation, with a neutral - to - bearish supply - demand structure, and the sugar price is expected to fluctuate [1]. - For the rubber market, natural rubber is under pressure from the start of tapping in Yunnan and Laos, with a neutral - to - bearish fundamental situation. Synthetic rubber is affected by the supply and demand of raw materials and the overseas situation, and its price is expected to fluctuate widely at a high level [5]. 3. Summary by Relevant Catalogs Sugar Market 3.1. Market Quotes - SR605 contract closed at 5417 yuan/ton with a daily increase of 1.38%, and the night - session closed at 5427 yuan/ton; SR609 contract closed at 5440 yuan/ton with a daily increase of 1.30%, and the night - session closed at 5460 yuan/ton [1]. - The main ICE raw sugar contract was at 15.42 cents/pound with a daily increase of 4.05% [1]. 3.2. Important Information - The spot price of white sugar in Guangxi was 5394 yuan/ton, up 17 yuan/ton. The quotation range of Guangxi sugar - making groups was 5400 - 5490 yuan/ton, with some prices up 10 yuan/ton; the quotation of Yunnan sugar - making groups was 5280 - 5320 yuan/ton, with some prices up 10 yuan/ton; the mainstream quotation range of processing sugar mills was 5680 - 5890 yuan/ton, with some prices up 10 yuan/ton [1]. - As of the 18th, the number of sugar mills that had completed the crushing in the 2025/26 season in Guangxi was 17, 50 less than the same period last year. The daily sugar - cane crushing capacity of the crushed sugar mills was 16.35 million tons, 38.5 million tons less than the same period last year [1]. - As of March 19th, 10 sugar mills in the Zhanjiang area of Guangdong had completed the crushing, and 7 were still in production, about 4 more than the same period last year, and the overall crushing progress was slower than the previous season [1]. - In January - February 2026, China's imported sugar was 280,000 tons and 240,000 tons respectively, an increase of 217,000 tons and 223,900 tons year - on - year. From January to February 2026, China's cumulative imported sugar was 520,000 tons, an increase of 440,900 tons year - on - year. As of the end of February in the 2025/26 season, China's cumulative imported sugar was 2.2826 million tons, an increase of 741,700 tons year - on - year [1]. - The white sugar warehouse receipts on the Zhengzhou Commodity Exchange were 16,342, with a daily increase of 0 [1]. 3.3. Market Logic - External market: The sharp rise of ICE raw sugar is due to the high oil price caused by geopolitical conflicts, which affects the sugar - making ratio in Brazil's new season. As the main sugar - producing countries in the Northern Hemisphere enter the end of the sugar - making season, the market focus turns to Brazil in the Southern Hemisphere, and there are still short - term macro and event disturbances, with a strong technical trend [1]. - Domestic market: Zhengzhou sugar fluctuated and rebounded, with effective support from MA20. The domestic fundamental information is limited, and the supply - demand structure is neutral - to - bearish. The strong performance of raw sugar and energy issues are the trading hotspots affecting the expected sugar supply. In the short term, Zhengzhou sugar is in a long - short game between weak reality and strong expectation, and the price is expected to fluctuate [1]. 3.4. Trading Strategy - Temporarily wait and see or conduct short - term operations. Pay attention to the activity range of 5350 - 5480 for the main contract [1]. Rubber Market 3.1. Market Quotes - The closing price of the RU main contract was 16,090 yuan/ton, with a daily decline of 1.89%. The closing price of the NR main contract was 12,925 yuan/ton, with a daily decline of 1.37%. The closing price of the BR main contract was 15,540 yuan/ton, with a daily increase of 1.83% [5]. 3.2. Important Information - The price of Thai RSS3 was 73.89 Thai baht/kg, down 1.31 Thai baht/kg; the price of field latex was 74 Thai baht/kg, up 0.50 Thai baht/kg; the price of cup lump was 57.5 Thai baht/kg, down 1 Thai baht/kg [5]. - As of March 15, 2026, the total inventory of natural rubber in bonded and general trade in Qingdao was 677,600 tons, a decrease of 2,800 tons from the previous period, a decrease of 0.42%. The bonded area inventory was 121,300 tons, an increase of 1.43%; the general trade inventory was 556,300 tons, a decrease of 0.81%. The inbound rate of the bonded warehouse increased by 1.71 percentage points, and the outbound rate increased by 1.71 percentage points; the inbound rate of the general trade warehouse increased by 1.37 percentage points, and the outbound rate increased by 2.22 percentage points [5]. - The weekly average price of Shanghai full - latex was 16,440 yuan/ton, down 430 yuan or 2.55%; the weekly average price of 20 - grade Thai standard rubber in the Qingdao market was 1,998 US dollars/ton, down 44 US dollars or 2.15%; the weekly average price of 20 - grade Thai mixed rubber in the Qingdao market was 15,450 yuan/ton, down 350 yuan or 2.22% [5]. - The capacity utilization rate of China's semi - steel tire sample enterprises was 79.32%, an increase of 0.59 percentage points month - on - month and 0.05 percentage points year - on - year. The capacity utilization rate of full - steel tire sample enterprises was 72.21%, an increase of 0.41 percentage points month - on - month and 3.31 percentage points year - on - year [5]. - In February 2026, Vietnam's natural rubber export volume was 76,200 tons, a decrease of 128,800 tons from the previous month, a month - on - month decrease of 62.83% and a year - on - year decrease of 34.01%. From January to February, Vietnam's cumulative natural rubber export was 281,100 tons, a cumulative year - on - year increase of 75.02% [5]. - As of March 19, 2026, the ex - factory price of Sinopec's BR9000 was 15,800 yuan/ton, and the ex - factory price of PetroChina's BR9000 was 15,800 - 15,900 yuan/ton [5]. - As of March 19, the delivered price in the central Shandong area was 14,900 - 15,100 yuan/ton, and the ex - tank self - pick - up price in Jiangsu was 15,300 - 15,500 yuan/ton [5]. 3.3. Market Logic - Natural rubber: The price of natural rubber continued to decline and fluctuated at night. The start of tapping in Yunnan and Laos suppressed the rubber price. The downstream tire factory's operation was stable, and the geopolitical impact was relatively limited. In the short term, the fundamental situation of natural rubber was neutral - to - bearish, and the technical trend was significantly weak. Pay attention to whether the lower integer - point support is effective [5]. - Synthetic rubber: Recently, BR has been consolidating at a high level. The reduction in butadiene supply supports its price, but the downstream's actual acceptance willingness is limited, and the news of enterprise production cut is frequent, and the poor trading suppresses the butadiene price. Affected by the high raw material price, the production loss of butadiene rubber continues, and the unplanned shutdown increases. In the short term, due to the overseas situation, merchants still have a mentality of hoarding and bullishness. However, the unpredictability of the war may make its trend more volatile, and high - level wide - range fluctuations may be the norm in the near future [5]. 3.4. Trading Strategy - Wait and see for RU and NR; for BR, it is recommended to hold out - of - the - money put options for hedging [5].

Report Industry Investment Ratings - The investment ratings for different sectors are as follows: sugar is rated as "oscillating" [1]; jujube is rated as "oscillating" [3]; rubber series (including natural rubber and synthetic rubber) are rated as "oscillating" [4]. Core Views - The report analyzes the market conditions of sugar, jujube and rubber series, including price trends, important information and market logic, and provides corresponding trading strategies [1][3][4]. Summary by Related Catalogs Sugar - **行情复盘**: SR605 contract closed at 5472 yuan/ton yesterday with a daily increase of 0.46%, and closed at 5428 yuan/ton at night; SR609 contract closed at 5501 yuan/ton with a daily increase of 0.33%, and closed at 5455 yuan/ton at night [1]. - **重要资讯**: ICE raw sugar main contract was 14.18 cents/pound yesterday with a daily decrease of 1.60%; Guangxi white sugar spot transaction price was 5426 yuan/ton, unchanged; 2025/26 sugar season in India, as of March 12, 2026, 154 sugar mills in Maharashtra state had stopped squeezing, 56 were still operating; as of March 15, the remaining operating sugar mills in India were 173, 27 less than the same period last year; Zhengshang Institute's white sugar warehouse receipts were 16342 yesterday, unchanged from the previous day [1]. - **市场逻辑**: Overseas, ICE raw sugar weakened yesterday, affected by the decline in oil prices; domestically, Zheng sugar was strong yesterday but fell significantly at night. The domestic 25/26 sugar season's high - yield expectation is gradually being realized, and the domestic sugar supply - demand situation is neutral to bearish, but affected by geopolitical conflicts and capital rotation, the market anticipates cost increase and supply tightening, and there is strong support at the bottom [1]. - **交易策略**: Take profit on long positions in batches, and pay attention to the activity range of 5350 - 5500 for SR605 [1]. Jujube - **行情复盘**: CJ605 contract closed at 9070 yuan/ton yesterday with a daily decrease of 0.27%; CJ609 contract closed at 9445 yuan/ton with a daily decrease of 0.21% [3]. - **重要资讯**: Last week, the physical inventory of 36 sample points was 11700 tons, 117 tons less than last week, a decrease of 0.99% month - on - month and an increase of 7.39% year - on - year; yesterday, the wholesale price of Hebei special - grade jujube was 9.21 yuan/kg, unchanged from the previous day; yesterday, the number of arrival vehicles at Guangdong Ruyifang Market was 2, 1 less than the previous day; yesterday, jujube warehouse receipts were 4027, unchanged from the previous day [3]. - **市场逻辑**: The jujube trees in Xinjiang are still in the dormant stage, and there is a lack of supply - side news. Downstream merchants restock as needed, and prices are stable. The jujube futures price has been oscillating strongly recently. The current jujube fundamentals have limited trading information, and supply pressure is the main factor suppressing prices. Technically, the CJ605 contract is in an upward channel but is under obvious pressure above [3]. - **交易策略**: Short at high prices; enterprises can consider selling hedging operations [3]. Rubber Series Natural Rubber - **行情复盘**: As of March 16, the main contract of RU closed at 16870 yuan/ton with a daily increase of 0.63%; the main contract of NR closed at 13495 yuan/ton with a daily increase of 1.31% [4]. - **重要资讯**: Yesterday, the price of Thai raw material glue was 72.3 baht/kg, cup glue was 58.2 baht/kg; as of March 15, 2026, the total inventory of natural rubber in Qingdao was 67.76 tons, a decrease of 0.28 tons from the previous period, a decrease of 0.42%; the price of whole latex was 16700 yuan/ton, 20 - grade Thai standard was 2020 US dollars/ton, equivalent to 13950 yuan/ton; the price difference between RU and NR main contracts was 3375 yuan/ton, 70 yuan/ton less than the previous day [4]. - **市场逻辑**: Overseas production areas are gradually entering the shutdown period, and the initial production in Yunnan is limited, so there is still support on the supply side. The overall inventory of natural rubber has decreased slightly, and the inventory inflection point may be approaching, but the de - stocking speed is relatively slow. Geopolitical situation overseas is the most uncertain factor affecting the overall operation of commodities. Technically, natural rubber is still in an upward channel [4]. - **交易策略**: Hold long positions in RU and NR in the short - term [4]. Synthetic Rubber - **行情复盘**: The main contract of BR closed at 15700 yuan/ton yesterday with a daily decrease of 0.16% [4]. - **重要资讯**: Yesterday, the delivery price in the central Shandong area was 15000 - 15100 yuan/ton, and the ex - tank self - pick - up price in East China was about 15350 - 15500 yuan/ton; the price of butadiene rubber was stable, and the price of styrene - butadiene rubber in the Shandong market decreased [4]. - **市场逻辑**: BR was oscillating at a high level yesterday. The news of butadiene exports supports the price, but downstream acceptance is limited, and poor trading restricts the upward trend. Affected by high raw material prices, some private butadiene rubber suppliers have reduced production. Due to the overseas situation, merchants are reluctant to sell and are bullish, but the unpredictable war situation may make the price fluctuate widely at a high level [4]. - **交易策略**: Consider taking partial profit on long positions in BR [4].

1. Report Industry Investment Ratings - No information provided in the content 2. Core Views of the Report - The sugar market shows signs of a narrowing supply surplus, with potential downward pressure on prices. The market is influenced by factors such as international production forecasts and domestic supply. The key support level for SR605 is 5300 yuan/ton [1]. - The jujube market is facing challenges with limited demand and high inventory, leading to a bearish outlook. The CJ605 contract is expected to have limited upward movement and may decline in the long - term [4]. - The natural rubber market is experiencing a slight decline from its high, with supply - side constraints in the off - season and weak demand. The synthetic rubber market is affected by geopolitical conflicts and needs new stimuli for further upward movement [5]. 3. Summary by Related Catalogs Sugar Market Performance - SR605 contract closed at 5308 yuan/ton yesterday, with a daily decline of 0.24%, and 5311 yuan/ton at night. SR609 contract closed at 5321 yuan/ton, with a daily decline of 0.21%, and 5327 yuan/ton at night [1]. Important Information - The spot price of white sugar in Guangxi was 5309 yuan/ton, down 5 yuan/ton. The price range of Guangxi sugar - making groups was 5310 - 5390 yuan/ton, and that of Yunnan sugar - making groups was 5160 - 5220 yuan/ton (unchanged). The mainstream price range of processing sugar mills was 5590 - 5850 yuan/ton, with some prices down 50 yuan/ton [1]. - The 2025/2026 sugar - crushing season in Yunnan started on October 30, 2025, one day later than the previous season. As of February 28, 2026, 52 sugar mills had started production (the same as last year) [1]. - The ISO predicted that the global sugar production in the 2025/26 season would be 181.29 million tons, down 480,000 tons from the previous forecast. The global sugar consumption was expected to be 180.07 million tons, down 70,000 tons. The supply surplus was 1.22 million tons, down 410,000 tons from the previous forecast [1]. - As of February 28, 2026, in the 2025/26 season in India, the cumulative sugar - cane crushing volume reached 260.896 million tons, an increase of 22.119 million tons year - on - year. The cumulative sugar production (excluding ethanol diversion) was 24.63 million tons, an increase of 2.625 million tons year - on - year. The average sugar - extraction rate was 9.44%, an increase of 0.13% year - on - year [1]. - The number of white - sugar warehouse receipts on the Zhengzhou Commodity Exchange was 14,461, unchanged from the previous day [1]. Market Logic - The Zhengzhou sugar market oscillated. The short - term impact of macro factors on sugar prices has weakened. International organizations are lowering the expected supply surplus of the 2025/26 sugar season, mainly due to the actual sugar - making performance in India and Thailand and the potential threat of El Niño. The domestic supply is sufficient, and there is still pressure above the main contract [1]. Trading Strategy - For the SR605 contract, pay attention to the support at the 5300 yuan/ton level. If it breaks through, short - selling can be considered [1]. Jujube Market Performance - The CJ605 contract closed at 8810 yuan/ton yesterday, with a daily decline of 0.96%. The CJ609 contract closed at 9135 yuan/ton, with a daily decline of 0.38% [4]. Important Information - The physical inventory of 36 sample points last week was 11,852 tons, unchanged from the previous week [4]. - The wholesale price of top - grade jujubes in Hebei was 9.19 yuan/kg, unchanged from the previous day [4]. - The number of arrival vehicles at the Guangdong Ruyifang market was 4, an increase of 3 from the previous day [4]. - The number of jujube warehouse receipts was 3869, unchanged from the previous day [4]. Market Logic - There is no new information in the jujube market. The spot price in the sales area remains low. After the post - holiday replenishment, the demand will enter the off - season again. With inventory pressure, the upward movement of jujube futures prices will face strong resistance. In the short - term, the CJ605 contract has limited drivers and will run in a narrow range. In the long - term, the bearish sentiment remains [4]. Trading Strategy - Short - sell the CJ605 contract when the price is high [4]. Rubber Market Performance - As of March 4, the closing price of the RU main contract was 16,740 yuan/ton, with a daily decline of 0.56%. The closing price of the NR main contract was 13,535 yuan/ton, with a daily decline of 0.40%. The closing price of the BR main contract was 13,825 yuan/ton, with a daily increase of 2.18% [5]. Important Information - The price of raw rubber latex in Thailand was 69 Thai baht/kg, and the price of cup rubber was 56.8 Thai baht/kg [5]. - As of March 1, 2026, the total inventory of natural rubber in Qingdao (bonded and general trade) was 679,900 tons, an increase of 12,200 tons (1.82%) from the previous period. The bonded - area inventory was 118,100 tons (6.52% increase), and the general - trade inventory was 561,800 tons (0.89% increase). The inbound and outbound rates of bonded and general - trade warehouses decreased [5]. - The price of whole - latex was 16,600 yuan/ton (- 100 yuan/- 0.6%); the price of 20 - grade Thai standard rubber was 2025 US dollars/ton (- 10 US dollars/- 0.49%), equivalent to 13,998 yuan/ton; the price of 20 - grade Thai mixed rubber was 15,650 yuan/ton (- 80 yuan/- 0.51%) [5]. - The price difference between the RU and NR main contracts was 3205 yuan/ton, narrowing by 130 yuan/ton from the previous day. The price difference between the mixed - standard rubber and the RU main contract was - 1090 yuan/ton, narrowing by 15 yuan/ton from the previous day [5]. - The delivery price of butadiene in the Shandong Luzhong area was 11,200 - 11,600 yuan/ton, and the ex - tank self - pick - up price in East China was about 10,900 - 11,100 yuan/ton [5]. - The market prices of cis - polybutadiene rubber and styrene - butadiene rubber increased. The price of Daqing BR9000 in the Shandong market increased by 350 yuan/ton to 13,400 yuan/ton, and the price of Qilu styrene - butadiene 1502 in the Shandong market increased by 100 yuan/ton to 13,700 yuan/ton [5]. Market Logic - Natural rubber has slightly declined from its high. The supply in Southeast Asian rubber - producing areas is in the off - season, and the supply - side information is limited. The inventory in China has continued to accumulate after the Spring Festival, and the downstream's acceptance of high - priced raw materials is limited, indicating weak terminal demand. There are also reports that tire - factory overseas export orders are blocked due to geopolitical conflicts. The natural rubber market is in a state of "buying on expectations and selling on reality" and will mainly oscillate in the short - term [5]. - Synthetic rubber: The BR contract was in high - level consolidation. The geopolitical conflict in the Middle East has led to an expected reduction in crude - oil supply due to the blockade of the Strait of Hormuz. It is necessary to pay attention to whether domestic cracking units will reduce their load defensively. The market has different views on the sustainability of this conflict, and new information is needed for the BR to continue to rise. As the event is gradually digested, the upward momentum of the energy - chemical sector has weakened, and the event trend needs to be continuously monitored [5]. Trading Strategy - Those who have not entered the market should wait and see. Holders of long positions can buy out - of - the - money put options to hedge and be vigilant against the callback after the conflict ends [5].

Report Investment Ratings - The investment ratings for the sugar, jujube, and rubber sectors are all "oscillating" [1][3][4] Core Views - For the sugar market, short - term macro factors' impact on sugar may weaken. Multiple international organizations are lowering the expected supply surplus of the 2025/26 sugar season. The main contract of Zhengzhou sugar has resistance above, and attention should be paid to the support below [1] - The domestic jujube spot market is gradually recovering, but after the post - festival replenishment, the demand will enter a slack season. The jujube futures price still faces strong resistance to rise, and a bearish view is recommended in the medium - to - long term [3] - For the rubber market, natural rubber is in a short - term oscillating state due to limited supply news from Southeast Asian producing areas, domestic post - festival inventory build - up, and weak terminal demand. Synthetic rubber may see a weakening of the overall upward momentum of the energy - chemical sector after the initial market sentiment shock, and new news is needed for further upward movement [4] Summary by Directory Sugar Market Review - SR605 contract closed at 5321 yuan/ton yesterday, with a daily decline of 0.45%, and closed at 5306 yuan/ton at night. SR609 contract closed at 5332 yuan/ton, with a daily decline of 0.39%, and closed at 5321 yuan/ton at night [1] Important Information - The spot price of white sugar in Guangxi was 5314 yuan/ton yesterday, a decrease of 2 yuan/ton. The price range of Guangxi sugar - making groups was 5310 - 5390 yuan/ton, with individual prices down 10 yuan/ton. The price range of Yunnan sugar - making groups was 5160 - 5220 yuan/ton, with the price unchanged. The mainstream price range of processing sugar mills was 5590 - 5900 yuan/ton, with individual prices down 10 yuan/ton [1] - Czarnikow predicts that the global sugar market will have a surplus of 6.7 million tons in the 2025/26 season, 0.7 million tons less than the previous forecast. The global sugar production is expected to be 184.4 million tons, 2.3 million tons less than the previous forecast [1] - The ISO predicts that the global sugar production in the 2025/26 season will be 181.29 million tons, a decrease of 0.48 million tons from the previous forecast; the consumption will be 180.07 million tons, a decrease of 0.07 million tons; the supply surplus will be 1.22 million tons, a decrease of 0.41 million tons [1] - As of February 28, 2025/26 season, India's cumulative cane crushing volume reached 260.896 million tons, an increase of 22.119 million tons year - on - year; the cumulative sugar production (excluding ethanol diversion) was 24.63 million tons, an increase of 2.625 million tons year - on - year; the average sugar yield was 9.44%, an increase of 0.13% year - on - year [1] - Yesterday, the number of white sugar warehouse receipts on the Zhengzhou Commodity Exchange was 14,461, with a daily increase of 0 [1] Market Logic - Zhengzhou sugar oscillated yesterday, and was strong first and then weak at night. The short - term impact of macro factors on sugar may weaken. Multiple international organizations are lowering the expected supply surplus of the 2025/26 sugar season, mainly due to the actual sugar - making performance in India and Thailand and the potential El Niño threat. The short - term upward pattern of Zhengzhou sugar was damaged last night, and there is still resistance above the main contract [1] Trading Strategy - For the SR605 contract, pay attention to the support at the 5300 mark today. If it breaks through smoothly, short - selling can be considered [1] Jujube Market Review - The CJ605 contract closed at 8895 yuan/ton yesterday, with a daily increase of 0.62%. The CJ609 contract closed at 9170 yuan/ton, with a daily increase of 0.66% [3] Important Information - The physical inventory of 36 sample points last week was 11,852 tons, with a month - on - month decrease of 0.00% [3] - The wholesale price of special - grade jujubes in Hebei yesterday was 9.19 yuan/kg, with a daily increase of 0 yuan/kg [3] - The number of arrival vehicles at the Guangdong Ruyifang market yesterday was 1, a decrease of 1 compared with the previous day [3] - The number of jujube warehouse receipts yesterday was 3869, with a daily increase of 0 [3] Market Logic - The domestic jujube spot market is gradually recovering, but there is no new news in terms of fundamentals. After the post - festival replenishment, the demand will enter a slack season. Coupled with inventory pressure, the jujube futures price still faces strong resistance to rise. From a technical perspective, the CJ605 contract still has a bearish atmosphere in the medium - to - long - term, and it is expected to find support at the previous historical low in the future [3] Trading Strategy - Short - sell the CJ605 contract on rallies [3] Rubber Market Review - As of March 3, the closing price of the RU main contract was 16,835 yuan/ton, with a daily decline of 2.38%. The closing price of the NR main contract was 13,500 yuan/ton, with a daily decline of 2.67%. The closing price of the BR main contract was 13,530 yuan/ton, with a daily increase of 0.48% [4] Important Information - Thailand's Makha Bucha Day was yesterday, a public holiday, and there was no raw material price information [4] - As of March 1, 2026, the total inventory of natural rubber in bonded and general trade in Qingdao was 679,900 tons, a month - on - month increase of 12,200 tons, an increase of 1.82%. The bonded area inventory was 118,100 tons, an increase of 6.52%; the general trade inventory was 561,800 tons, an increase of 0.89%. The inbound rate of the sample bonded warehouses for natural rubber in Qingdao decreased by 6.75 percentage points, and the outbound rate decreased by 2.39 percentage points; the inbound rate of general trade warehouses decreased by 8.75 percentage points, and the outbound rate decreased by 0.02 percentage points [4] - The price of whole latex yesterday was 16,700 yuan/ton, a decrease of 350 yuan or 2.05%. The price of 20 - grade Thai standard rubber was 2035 US dollars/ton, a decrease of 30 US dollars or 1.45%, equivalent to 14,059 yuan/ton in RMB. The price of 20 - grade Thai mixed rubber was 15,730 yuan/ton, a decrease of 220 yuan or 1.38% [4] - The price difference between the RU and NR main contracts yesterday was 3335 yuan/ton, a decrease of 40 yuan/ton compared with the previous day. The price difference between the mixed standard rubber and the RU main contract was - 1105 yuan/ton, a decrease of 190 yuan/ton compared with the previous day [4] - The delivery price of butadiene in the central Shandong region yesterday was 11,100 - 11,400 yuan/ton, and the ex - tank self - pick - up price in East China was about 10,600 - 10,900 yuan/ton [4] - The market prices of butadiene rubber and styrene - butadiene rubber rose yesterday. The price of Daqing BR9000 in the Shandong market rose 250 yuan/ton to 13,050 yuan/ton, and the price of Qilu styrene - butadiene 1502 in the Shandong market rose 300 yuan/ton to 13,600 yuan/ton [4] Market Logic - Natural rubber fell from a high yesterday and continued to decline at night. Due to the off - season of rubber supply in Southeast Asian producing areas, there is limited news on the supply side. On the contrary, the post - festival inventory build - up trend in China continues, and the downstream's acceptance of high - priced raw materials is limited, indicating that the terminal demand is not optimistic. There are also reports that tire factory overseas export orders are blocked due to geopolitical conflicts. Natural rubber has quietly declined under the rhythm of "buying the expectation, selling the reality" and will be in an oscillating state in the short term [4] - Synthetic rubber (BR) was in high - level consolidation yesterday. The blockade of the Strait of Hormuz due to the Middle East geopolitical conflict has led to an expected reduction in crude oil supply. In the short term, attention should be paid to whether domestic cracking units will reduce their load defensively. The market has different views on the sustainability of this conflict, and new news is needed for BR to continue to strengthen. In the short term, after the initial market sentiment shock, the overall upward momentum of the energy - chemical sector may weaken, and the development of the event needs to be continuously monitored [4] Trading Strategy - Temporarily observe the RU and NR contracts and pay attention to the technical support below. It is recommended to take profits on BR long positions [4]

Group 1: Report Industry Investment Ratings - The investment ratings for different commodities are as follows: for white sugar, it is "oscillating"; for red dates, it is "oscillating and weakly bearish"; for the rubber series, it is "oscillating" [1][4][5] Group 2: Core Views of the Report - For white sugar, the global sugar market in the 2026/27 season is expected to have a reduced surplus. The external market is pressured by strong sugar production data from India, Thailand, and China, but some institutions are lowering production forecasts, which may support long - term prices. The domestic market lacks fundamental and external guidance, and short - term trading should be based on a high - selling and low - buying strategy [1] - For red dates, the current inventory reduction speed has accelerated, but the overall supply pressure remains the main factor suppressing prices. Technically, there are signs of bottoming out, but there is still a lack of significant positive factors after the festival. It is recommended to take a bearish view in the medium - to - long term [4] - For the rubber series, natural rubber is entering a seasonal reduction period, with strong raw material prices supported by stocking demand, but weak downstream procurement. It may fluctuate with the overall commodity market in the short term and has a long - term bullish expectation. Synthetic rubber may show a consolidation trend due to the end of festival stocking and stable upstream raw material supply [5] Group 3: Summaries by Commodity White Sugar - **Market Performance**: On Friday, the SR605 contract closed at 5248 yuan/ton, down 0.17% during the day and 5226 yuan/ton at night; the SR609 contract closed at 5264 yuan/ton, down 0.09% during the day and 5240 yuan/ton at night [1] - **Important Information**: The spot price of white sugar in Guangxi on Friday was 5293 yuan/ton, up 8 yuan/ton. The supply surplus in the 2026/27 season is expected to be 156,000 tons. Brazil exported 1.7376 million tons of sugar and honey in the first four weeks of January, with a daily average of 108,600 tons [1] - **Market Logic**: The external market is pressured by strong production data, but production forecast cuts may support long - term prices. The domestic market lacks guidance and has significant upward pressure [1] - **Trading Strategy**: Focus on the 5100 - 5300 range for SR605, and use a short - term high - selling and low - buying strategy [1] Red Dates - **Market Performance**: On Friday, the CJ605 contract closed at 8950 yuan/ton, up 0.62%; the CJ609 contract closed at 9165 yuan/ton, up 0.71% [4] - **Important Information**: The inventory of 36 sample physical warehouses last week was 13,143 tons, a decrease of 925 tons from the previous week. The wholesale price of top - grade red dates in Hebei on Friday was 9.31 yuan/kg, up 0.01 yuan/kg [4] - **Market Logic**: The price center has slightly increased, but the supply pressure remains the main factor. Technically, there are signs of bottoming out, but there is a lack of positive factors after the festival [4] - **Trading Strategy**: Hold short positions in the CJ605 contract, and those not yet in the market should short on rallies [4] Rubber Series - **Market Performance**: As of January 30, the RU2605 contract closed at 16,360 yuan/ton, down 1.98%; the NR2603 contract closed at 13,235 yuan/ton, down 1.64%; the BR2603 contract closed at 13,390 yuan/ton, unchanged [5] - **Important Information**: On Friday, the price of Thai raw material glue was 58.8 baht/kg, and the cup rubber price was 53.5 baht/kg. As of January 25, the total inventory of natural rubber in Qingdao was 5.845 million tons, a decrease of 0.04 million tons [5] - **Market Logic**: Natural rubber is in a seasonal reduction period, with strong raw material prices but weak downstream procurement. Synthetic rubber may consolidate due to the end of festival stocking [5] - **Trading Strategy**: Pay attention to the lower support, and those not yet in the market can wait for the adjustment to end and then go long with a light position [5]

1. Report's Industry Investment Ratings - Sugar: Oscillation [1] - Red dates: Oscillation [4] - Rubber series: Oscillation [5] 2. Core Views of the Report - Sugar market has supply pressure in both domestic and overseas markets in the medium and long term, with the external market lacking breakthrough momentum and the internal market affected by the overall commodity sector and the external market, and it's not recommended for non - participants to chase the rising market [1] - Red dates' short - term price is oscillating strongly, but there are still insufficient positive factors in the medium and long term, and the market may not have much room for a significant rebound [4] - Natural rubber may enter a consolidation phase recently, and synthetic rubber has mixed long and short factors, and there is pressure on the upper side of the market [5] 3. Summary by Related Catalogs Sugar - **Market Review**: On Friday, the closing price of SR605 contract was 5,288 yuan/ton, with a daily increase of 0.17%, and the night - session closing price was 5,284 yuan/ton; the closing price of SR609 contract was 5,299 yuan/ton, with a daily increase of 0.17%, and the night - session closing price was 5,297 yuan/ton [1] - **Important Information**: On Friday, the spot price of white sugar in Guangxi was 5,321 yuan/ton, up 6 yuan/ton; as of January 7, the quantity of sugar waiting to be shipped at Brazilian ports was 158.23 million tons, a week - on - week increase of 16.53 million tons, or 11.66%; in the 2025/26 sugar - making season as of January 7, Thailand's cumulative sugarcane crushing volume decreased by 25.35%, sugar production decreased by 27.03% year - on - year; on Friday, the number of white sugar warehouse receipts on the Zhengzhou Commodity Exchange was 6,005, unchanged from the previous day [1] - **Market Logic**: The external market is mainly concerned about the output in the Northern Hemisphere, lacking breakthrough momentum, and is expected to oscillate in a range; the domestic market is affected by the overall commodity sector and the external market, and the market sentiment is neutral to strong, but there is still supply pressure [1] - **Trading Strategy**: Hold the previous short positions of SR605, pay attention to the performance of the pressure range of 5,300 - 5,315; wait for short - selling opportunities for non - participants; consider the double - selling strategy for options [1] Red Dates - **Market Review**: On Friday, the closing price of CJ605 contract was 9,150 yuan/ton, with a daily increase of 0.83%; the closing price of CJ609 contract was 9,310 yuan/ton, with a daily increase of 0.76% [4] - **Important Information**: This week, the physical inventory of 36 sample points was 15,300 tons, a week - on - week decrease of 2.23% and a year - on - year increase of 41.27%; last week, the daily average arrival volume at the Guangdong Ruyifang Market increased by 0.8 carriages, and the price decreased by 0.2 yuan/kg; on the previous day, the wholesale price of Hebei special - grade red dates was 9.52 yuan/kg, unchanged from the previous day; on the previous day, the number of arrival vehicles at the Guangdong Ruyifang Market decreased by 1; on Friday, the number of red date warehouse receipts increased by 260 to 2,523 [4] - **Market Logic**: The short - term price of red dates is oscillating strongly. As the negative supply factors are gradually digested, the market focuses on the pre - holiday stocking demand. However, there are still insufficient positive factors in the medium and long term [4] - **Trading Strategy**: Short CJ605 contract on rallies [4] Rubber Series - **Market Review**: As of January 9, the closing price of RU2605 contract was 16,030 yuan/ton, with a daily decrease of 0.56%; the closing price of NR2602 contract was 12,950 yuan/ton, with a daily decrease of 0.88%; the closing price of BR2602 contract was 12,015 yuan/ton, with a daily decrease of 1.48% [5] - **Important Information**: On Friday, the price of Thai raw material glue was 56 Thai baht/kg, and the price of cup rubber was 52.2 Thai baht/kg; as of January 4, the general trade inventory of natural rubber samples in Qingdao increased by 16,900 tons to 460,300 tons, an increase of 3.80% compared with the previous period; the total inventory of bonded and general trade in Qingdao increased by 23,500 tons to 548,300 tons, an increase of 4.48% compared with the previous period; this week, the capacity utilization rate of China's semi - steel tire and full - steel tire sample enterprises decreased both week - on - week and year - on - year [5] - **Market Logic**: Natural rubber first rose and then fell last week. Supply is expected to decrease next week, demand is expected to recover but may be restricted by inventory, and inventory has continued to accumulate recently; synthetic rubber's BR main contract continued to strengthen last week. The price of raw material butadiene is expected to remain firm, and there are mixed long and short factors [5] - **Trading Strategy**: Pay attention to the activity range of 15,750 - 16,400 for RU, 12,700 - 13,300 for NR, and 11,900 - 12,400 for BR; consider taking profit and leaving the market for the previous long positions of the rubber series [6]

Group 1: Investment Ratings - There is no information provided regarding the industry investment rating in the given reports [1][3][4] Group 2: Core Views - **Sugar**: In the short - term, the price of raw sugar may be difficult to break through the oscillation range due to intertwined long and short factors, and the domestic sugar price is expected to oscillate in a low range because of supply pressure despite the start of the Spring Festival stocking market [1] - **Red Dates**: The red date futures price is under pressure. In the short - term, it may oscillate, and the medium - to - long - term price center may move down due to lack of positive expectations after the stocking season [3] - **Rubber**: The upward movement of natural rubber is blocked, with resistance above in the short - term. The price of synthetic rubber is supported by cost, but high - price transactions are difficult, and some early long positions can be closed for profit [4] Group 3: Summary by Variety Sugar - **Market Review**: SR605 contract closed at 5279 yuan/ton yesterday with a daily decline of 0.04%, and the night session closed at 5279 yuan/ton; SR609 contract closed at 5290 yuan/ton with a daily decline of 0.06%, and the night session closed at 5292 yuan/ton [1] - **Important Information**: The spot price of sugar in Guangxi increased by 1 yuan/ton to 5315 yuan/ton; the sugar production in India's Maharashtra increased; Brazil's sugar export in December 2025 increased by 7.94 tons compared to 2024; Yunnan's sugar production in the 2025/26 season as of December increased by 6.54 tons year - on - year; in Guangxi, the sugar production in the 2025/26 season decreased year - on - year; the sugar warehouse receipts in Zhengzhou Commodity Exchange remained unchanged [1] - **Trading Strategy**: Hold the previous short positions of SR605 and pay attention to the performance in the 5300 - 5315 pressure range; wait for short - selling opportunities for non - participants; consider the double - selling strategy for options [1] Red Dates - **Market Review**: CJ605 contract closed at 9075 yuan/ton yesterday with a daily decline of 0.82%; CJ609 contract closed at 9240 yuan/ton with a daily decline of 0.96% [3] - **Important Information**: The physical inventory of 36 red date sample points decreased by 349 tons week - on - week; the price of Hebei's special - grade red dates decreased by 0.04 yuan/kg; the number of arrival vehicles in Guangdong Ruyifang Market increased by 6; the red date warehouse receipts remained unchanged [3] - **Trading Strategy**: Hold the long - term short positions of CJ605 contract; short - sell at high levels for non - participants [3] Rubber - **Market Review**: RU2605 contract closed at 16120 yuan/ton with a daily decline of 0.37%; NR2603 contract closed at 13065 yuan/ton with a daily decline of 0.65%; BR2602 contract closed at 12195 yuan/ton with a daily increase of 0.33% [4] - **Important Information**: The prices of Thai rubber raw materials increased; the inventory of natural rubber in Qingdao increased; the average weekly prices of Shanghai full - latex, 20 - standard Thai rubber in Qingdao and 20 - mixed Thai rubber in Qingdao increased; the capacity utilization rates of China's semi - steel and full - steel tire sample enterprises decreased; the price of butadiene increased, and the ex - factory price of high - cis butadiene rubber increased [4] - **Trading Strategy**: Pay attention to the activity ranges of RU (15750 - 16400), NR (12700 - 13300) and BR (11900 - 12400); consider closing early long positions of rubber series for profit [4]

Report Summary 1. Report Industry Investment Ratings - No specific industry investment ratings were provided in the report. 2. Core Views - The sugar market is expected to be bearish in the medium to long - term due to increasing domestic sugar production and overseas supply pressure [1] - The jujube market has limited upside potential in the medium to long - term, despite short - term signs of stabilization [4] - The rubber market may face a correction in the short - term, and the upward momentum of synthetic rubber prices may be hindered [5] 3. Summary by Variety Sugar - **Market Performance**: SR605 contract closed at 5258 yuan/ton yesterday with a daily decline of 0.10%, and 5244 yuan/ton at night [1] - **Important Information**: Guangxi spot price rose 10 yuan/ton; India's 2026 January sugar quota decreased by 50,000 tons; Thailand's sugar production decreased by 15.83% year - on - year; Zhengzhou Commodity Exchange's sugar warehouse receipts increased by 144 [1] - **Market Logic**: ICE raw sugar faced upward pressure after previous positive news was digested; the domestic sugar market is dull with bearish medium - to - long - term expectations due to increasing new sugar supply [1] - **Trading Strategy**: Wait and see during the holiday, reduce previous long positions or buy out - of - the - money put options [1] Jujube - **Market Performance**: CJ605 contract closed at 9020 yuan/ton yesterday with a daily increase of 0.56% [4] - **Important Information**: Sample jujube inventory decreased by 1.30% week - on - week, Hebei's wholesale price decreased, Guangdong's market arrivals increased, and warehouse receipts increased [4] - **Market Logic**: Inventory is in the seasonal destocking period but remains high; there are few medium - to - long - term positive factors, and short - term trading is expected to be range - bound [4] - **Trading Strategy**: Hold short positions in CJ605 contract and wait for short - selling opportunities for non - participants [4] Rubber - **Market Performance**: RU2605 contract closed at 15670 yuan/ton with a 0.03% increase; NR2602 contract closed at 12690 yuan/ton with a 0.20% increase; BR2602 contract closed at 11565 yuan/ton with a 0.30% decrease [5] - **Important Information**: Thai raw material prices were stable, Qingdao rubber inventory increased, tire production capacity utilization rates changed, and rubber prices were mostly stable [5] - **Market Logic**: Natural rubber may face a correction due to eased overseas tensions, port inventory accumulation, and potential decline in tire production; synthetic rubber price upward momentum may be hindered by a stalemate in the spot market and the drag of natural rubber [5] - **Trading Strategy**: Wait and see for the rubber sector and consider taking profits on previous long positions [5]