Group 1 - The international raw sugar futures are fluctuating between 15.5 - 17 cents per pound, pressured by Brazil's high sugar-to-ethanol ratio, leading to weak prices [1] - Brazil's 25/26 sugar season is expected to have low yield and sugar content, and if the sugar-to-ethanol ratio declines, production may fall short of expectations, potentially supporting international sugar prices [1] - Long-term outlook suggests that if Brazil, India, and Thailand increase production, the raw sugar supply and demand will become more relaxed [1] Group 2 - Domestic sugar market lacks fundamental trading topics, with focus shifting to imported sugar; July sugar imports may increase, putting pressure on futures [1] - It is anticipated that by the end of the third quarter, domestic sugar supply pressure will increase, leading to potential backwardation in distant contracts, with a recommendation to short on rallies [1] Group 3 - Cotton prices initially rose and then fell in July, with the rise attributed to macro sentiment and subsequent profit-taking by funds [1] - As of the end of July, national cotton commercial inventory is depleting quickly, and low inventory from old crops supports cotton prices, while strong expectations for new crop yields are present [1] - Demand side shows some improvement, with the macro context of delayed US-China tariffs suggesting short-term cotton prices may remain volatile but biased towards strength [1] Group 4 - In the medium term, continuous negative feedback from downstream enterprises and increasing pressure from new crop listings may lead to a shift in market logic, potentially resulting in price declines [1] - Overall, cotton prices are expected to be strong initially and then weaken, with a recommendation for high short positions [1]

Group 1 - The core objective of the training session is to enhance the service capabilities of futures institutions in Beijing, thereby promoting high-quality development of the capital's futures market [1] - Zhengzhou Commodity Exchange (ZCE) aims to strengthen product, service, and regulatory supply to improve market operation quality, focusing on four key areas: optimizing product offerings, market cultivation, enhancing member service quality, and strengthening regulation [1][2] - The training emphasized the importance of team building in futures companies, highlighting that a strong team is essential for achieving sustainable growth and competitiveness [2] Group 2 - The trading consulting business is identified as a crucial direction for differentiation and specialization among futures companies, providing tailored services to meet enterprise needs [3] - Challenges faced by the trading consulting business include significant demand variability among enterprises, low efficiency in point-to-point services, and insufficient comprehensive talent [3] - Future developments in trading consulting should leverage technology and data, with a focus on building intelligent research platforms and digital risk management tools to enhance service efficiency and integration with the real economy [3]