20231224-招商期货-白糖及苹果周报_白糖探底_苹果震荡_22页_1mb

The report analyzes the sugar and apple markets for the period December 18-24, 2023, based on futures research. For sugar, the market experienced a bottom bounce after a sharp decline, driven by tighter supply initially but shifting to a bearish outlook due to expected inventory accumulation and weaker domestic demand. Key supply factors include improved weather in Thailand reducing drought concerns, India's reduced ethanol diversion supporting output, and Brazil's record production potentially easing supply tightness. Demand remains weak, particularly domestically, with price pressures from alternatives. Strategy suggests short positions for profit-taking, considering risks like unexpected Indian exports or domestic supply changes. For apple, prices opened high, but slow inventory clearance and strong competitors like citrus fruits tempered gains, leading to oscillatory weakness. Supply is abundant with quality trade-offs, while demand is sluggish due to high costs and consumer alternatives. The outlook depends on inventory depletion and consumption improvement.