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].