Group 1: Report Industry Investment Rating - No relevant content found Group 2: Core View of the Report - No relevant content found Group 3: Summary by Metals Gold (AU) - Shanghai Gold (SHFE) main contract closing price was 781.16 yuan/gram on July 30, 2025, with minor changes on other dates [1] - COMEX gold main contract closing price was 3443.20 dollars/ounce on July 30, 2025, and fluctuated on different days [1] - London gold spot price was 3370.00 dollars/ounce on July 30, 2025, with price changes over time [1] Silver (AG) - Shanghai Silver (SHFE) main contract closing price was 9305 yuan/kilogram on July 30, 2025, and showed variations later [1] - COMEX silver main contract closing price was 0.16 dollars/ounce on July 30, 2025, and changed on other dates [1] - London silver spot price was 38.42 dollars/ounce on July 30, 2025, with price movements [1] Copper (CU, BC) - Shanghai Copper (SHFE) main contract closing price was 79190 yuan/ton on August 27, 2025, with price differences compared to previous periods [1] - LME copper 3M closing price (15:00) was 9812.00 dollars/ton on August 27, 2025, and had price changes [1] - COMEX copper main contract price was 0.01 dollars/pound on August 27, 2025, and fluctuated [1] Aluminum and Alumina (AL, AO) - Shanghai Aluminum (SHFE) main contract closing price was 20810 yuan/ton on August 27, 2025, with price changes over time [1] - Alumina (AO) main contract closing price was -101 yuan/ton on August 27, 2025, and had different values on other days [1] - LME aluminum 3M closing price (15:00) was 14.00 dollars/ton on August 27, 2025, and showed price variations [1] Zinc (ZN) - Shanghai Zinc (SHFE) main contract closing price was 22310 yuan/ton on August 27, 2025, and changed compared to previous dates [1] - LME zinc 3M closing price (15:00) was -2 dollars/ton on August 27, 2025, with price movements [1] - Regional spot premiums and discounts varied in different areas [1] Lead (PB) - Shanghai Lead (SHFE) main contract closing price was 16890 yuan/ton on August 27, 2025, and had price differences [1] - LME lead 3M closing price (15:00) was -19.00 dollars/ton on August 27, 2025, and fluctuated [1] - Refined lead spot and 3M import profit and loss changed over time [1] Nickel and Stainless Steel (NI, SS) - Shanghai Nickel (SHFE) main contract closing price was 121760 yuan/ton on August 27, 2025, and had price changes [1] - Stainless Steel (SS) main contract closing price was 12850 yuan/ton on August 27, 2025, and showed variations [1] - LME nickel 3M closing price (15:00) was 195 dollars/ton on August 27, 2025, and had price movements [1] Tin (SN) - Shanghai Tin (SHFE) main contract closing price was 271790 yuan/ton on August 27, 2025, and changed compared to previous periods [1] - LME tin 3M closing price (15:00) was 34290 dollars/ton on August 27, 2025, with price variations [1] - Refined tin spot import profit and loss had different values on different days [1]

Report Overview - Date: August 27, 2025 - Author: Tao Jinfeng - Investment Consulting Qualification Number: Z0000372 - Email: taojinfeng@gtht.com Industry Investment Rating No relevant information provided. Core Viewpoints - On August 27, the main contracts of stock index futures IF2509, IH2509, IC2509, and IM2509 opened slightly higher. IF2509, IC2509, and IM2509 oscillated upward, reaching new highs in over three years, while IH2509 oscillated slightly upward with a relatively small increase [2]. - In July, the operating income of industrial enterprises above the designated size increased year-on-year, and the decline in profits continued to narrow. The gross profit of enterprises turned from a decline in June to an increase in July, indicating a continuous improvement in corporate profitability [6]. - The A-share market has seen a continuous increase in popularity recently, and private equity institutions are actively deploying. More than 60% of private equity funds with assets over 10 billion have nearly full positions. However, some private equity institutions have warned that the short-term market volatility may increase [7]. - China's ETF scale has officially entered the 5-trillion era, with the current scale reaching 5.07 trillion yuan, and 101 ETFs having a scale of over 10 billion, and 6 over 100 billion [7]. Summary by Directory Market Outlook - **Intraday Forecast**: - IF2509 is expected to oscillate strongly and attack resistance levels at 4490 and 4530 points, with support at 4449 and 4425 points [2]. - IH2509 is expected to oscillate strongly and attack resistance levels at 2992 and 2999 points, with support at 2965 and 2951 points [2]. - IC2509 is expected to oscillate strongly and attack resistance levels at 7050 and 7100 points, with support at 6916 and 6900 points [2]. - IM2509 is expected to oscillate strongly and attack resistance levels at 7550 and 7600 points, with support at 7415 and 7381 points [2]. - **August Forecast**: - The IF main contract in August 2025 is expected to oscillate strongly in a wide range and attack resistance levels at 4535 and 4690 points, with support at 4003 and 3983 points [3]. - The IH main contract in August 2025 is expected to oscillate strongly in a wide range and attack resistance levels at 3050 and 3117 points, with support at 2725 and 2700 points [3]. - The IC main contract in August 2025 is expected to oscillate strongly and attack resistance levels at 7200 and 7400 points, with support at 6070 and 6050 points [3]. - The IM main contract in August 2025 is expected to oscillate strongly and attack resistance levels at 7900 and 8100 points, with support at 6500 and 6450 points [3]. Macroeconomic and Stock Market News - The State Council issued an opinion on in-depth implementation of the "Artificial Intelligence +" action, aiming to achieve wide and deep integration of artificial intelligence with six key areas by 2027 and fully empower high-quality development by 2030 [4]. - In July, the operating income of industrial enterprises above the designated size increased year-on-year, and the decline in profits continued to narrow. The gross profit of enterprises turned from a decline in June to an increase in July [6]. - The Ministry of Commerce will introduce policies to expand service consumption next month, aiming to optimize service supply and stimulate new consumption [6]. - The A-share market has seen a continuous increase in popularity, and private equity institutions are actively deploying. However, the short-term market volatility may increase [7]. - China's ETF scale has officially entered the 5-trillion era, with the current scale reaching 5.07 trillion yuan [7]. - As of the end of July 2025, the total scale of China's public funds reached 35.08 trillion yuan, hitting a new high for the tenth time since early 2024 [7].

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - Through macro - fundamental and technical analysis, the report predicts the trend of various futures on August 27, 2025, including股指期货,国债 futures, and commodity futures [2][3]. - A - share market sentiment has been rising recently, with over 60% of billion - level private equity funds approaching full - position operations. However, the high turnover rate of on - site funds may increase short - term market volatility [16]. - The scale of Chinese ETFs has officially entered the 5 - trillion era, and the total scale of public funds has set a new record for the tenth time since early 2024 [17]. 3. Summary by Relevant Catalogs 3.1. Futures Market Forecast 3.1.1. Stock Index Futures - On August 27, 2025, stock index futures are expected to have a strong - side shock. For example, IF2509 has resistance levels at 4490 and 4530 points and support levels at 4449 and 4425 points [2]. - In August 2025, IF, IH, IC, and IM main contracts are expected to have strong - side or shock - biased - strong trends [19][20]. 3.1.2. Treasury Bond Futures - On August 27, 2025, the ten - year Treasury bond futures main contract T2512 is likely to have a wide - range shock, with support at 107.82 and 107.66 yuan and resistance at 108.09 and 108.17 yuan. The thirty - year Treasury bond futures main contract TL2512 is also likely to have a wide - range shock, with support at 116.5 and 116.1 yuan and resistance at 117.8 and 118.1 yuan [38][42]. 3.1.3. Commodity Futures - Gold, copper, aluminum, zinc, glass, soda ash, PVC, and natural rubber futures are expected to have strong - side shocks on August 27, 2025; silver and PTA futures are expected to oscillate and consolidate; thermal coil, soybean meal, soybean oil, and methanol futures are expected to have weak - side shocks; crude oil futures are expected to have a weak - side shock [2][3][5][7]. - Alumina, industrial silicon, polysilicon, lithium carbonate, and iron ore futures are expected to have wide - range shocks on August 27, 2025 [4][5]. 3.2. Macro - Information and Trading Tips - The State Council has issued an action plan for in - depth implementation of "Artificial Intelligence +", aiming to achieve wide - ranging and in - depth integration of AI in six key areas by 2027 and full - scale empowerment of high - quality development by 2030 [8]. - China's outbound investment flow has ranked among the top three globally for 13 consecutive years as of the end of 2024, with an outbound investment stock of over 3 trillion US dollars and accounting for 7.2% of global outbound investment [8]. - The US President Trump has made statements on trade agreements, tariffs on imported furniture, and personnel changes at the Federal Reserve, which have an impact on the market [10]. 3.3. A - Share Market Situation - On August 26, 2025, the broader market had a narrow - range shock with shrinking volume. The Shanghai Composite Index fell 0.39%, and the Shenzhen Component Index rose 0.26%. A - share trading volume was 2.71 trillion yuan, down from 3.18 trillion yuan the previous day [16]. - A - share market sentiment has been rising recently, with private equity funds actively deploying. Over 60% of billion - level private equity funds are approaching full - position operations, focusing on technology growth, small - and medium - cap, and high - prosperity sectors [16]. 3.4. Global Market Situation - On August 26, 2025, the Hong Kong Hang Seng Index fell 1.18%, and the US three major stock indexes rose slightly, while European three major stock indexes fell across the board [18][19]. - On August 26, 2025, international precious metal futures closed mixed, London base metals mostly rose, and the US dollar index fell [12].

Report Overview - **Title**: "Soybean Meal: US Soybeans Strong, Dalian Soybean Meal Weak, Guard Against Oversold Rebound; Soybean No.1: Affected by the Soybean Market Atmosphere, Short - term Weak" [1] - **Author**: Wu Guangjing [1] 1. Report Industry Investment Rating - No industry investment rating information is provided in the report. 2. Core Viewpoints - The US soybean futures on the Chicago Board of Trade (CBOT) showed a slight increase due to the news of a Chinese trade representative's upcoming visit to the US, but the expected large - scale harvest of US soybeans restricted the upside potential [3]. - The soybean meal futures on the Dalian Commodity Exchange (DCE) were weak, and there was a need to guard against an oversold rebound; the soybean No.1 futures were short - term weak under the influence of the soybean market atmosphere [1]. 3. Summary by Relevant Catalogs 3.1 Fundamental Tracking 3.1.1 Futures Prices - DCE Soybean No.1 2511: The daytime closing price was 3974 yuan/ton, down 24 yuan (- 0.60%); the night - session closing price was 3961 yuan/ton, down 27 yuan (- 0.68%) [1]. - DCE Soybean Meal 2601: The daytime closing price was 3081 yuan/ton, down 29 yuan (- 0.93%); the night - session closing price was 3047 yuan/ton, down 50 yuan (- 1.61%) [1]. - CBOT Soybean 11: The closing price was 1049 cents/bushel, up 1.25 cents (+ 0.12%) [1]. - CBOT Soybean Meal 12: The closing price was 293.1 dollars/short ton, up 2.5 dollars (+ 0.86%) [1]. 3.1.2 Spot Prices - **Shandong Region**: The soybean meal price was 3080 - 3100 yuan/ton, down 30 yuan to unchanged compared to the previous day. Different delivery periods had different basis levels relative to M2601 [1]. - **East China Region**: The basis levels of soybean meal in different months relative to M2601 remained unchanged [1]. - **South China Region**: The soybean meal price was 3000 - 3050 yuan/ton, down 30 - 10 yuan compared to the previous day. Different companies and delivery periods had different basis levels relative to M2601 [1]. 3.1.3 Main Industry Data - **Trading Volume**: The trading volume of soybean meal was 7.95 million tons/day on the previous trading day, compared with 11.1 million tons/day two trading days ago [1]. - **Inventory**: The inventory of soybean meal was 98.55 million tons/week on the previous trading day, compared with 97.4 million tons/week two trading days ago [1]. 3.2 Macro and Industry News - On August 26, 2025, CBOT soybean futures closed slightly higher. The news of a Chinese trade representative's upcoming visit to Washington improved market sentiment, but the expected large - scale harvest of US soybeans restricted the upside potential [3]. 3.3 Trend Intensity - The trend intensity of soybean meal was 0, and the trend intensity of soybean No.1 was 0, referring only to the price fluctuations of the main - contract futures on the daytime session of the reporting day [3].

Group 1: Investment Rating - No investment rating information is provided in the report. Group 2: Core View - The copper market shows that both domestic and overseas inventories have decreased, and prices remain firm. The trend strength of copper is 1, indicating a neutral to slightly positive outlook [1][3]. Group 3: Summary by Relevant Catalogs 1. Fundamental Tracking - **Futures Prices**: The closing price of the Shanghai copper main contract was 79,190 with a daily decline of 0.63%, and the night - session closing price was 79,420 with a night - session increase of 0.29%. The LME copper 3M electronic trading price was 9,847 with a daily increase of 0.38% [1]. - **Trading Volume and Open Interest**: The trading volume of the Shanghai copper main contract was 68,825, a decrease of 19,070 from the previous day, and the open interest was 175,488, an increase of 5,727. The trading volume of the LME copper 3M electronic trading was 15,548, a decrease of 1,393, and the open interest was 269,000, an increase of 522 [1]. - **Futures Inventories**: The Shanghai copper inventory was 22,917, a decrease of 830, and the LME copper inventory was 155,000, a decrease of 975. The LME copper注销仓单比 was 7.58%, a decrease of 0.45% [1]. - **Spreads**: The LME copper spread decreased by 6.44, the bonded - zone warehouse receipt premium and bill of lading premium both increased by 2. The Shanghai 1 bright copper price increased by 100. The spot - to - near - month futures spread decreased by 10, and the near - month to consecutive - first - month contract spread increased by 40 [1]. 2. Macro and Industry News - **Macro News**: Trump announced to "fire" the current Federal Reserve governor and said that interest - rate cuts would become the majority view of the Fed. He also claimed to have completed trade agreements with the EU, Japan, and South Korea, and planned to impose "high" furniture tariffs. The US will no longer directly fund Ukraine [1]. - **Micro News**: Australia's Hillgrove Resources discovered new high - grade copper/gold resources in its Kanmantoo underground mine in South Australia, which may increase the mine's metal resources. Codelco lowered its copper production target for this year to 134 - 137 tons, down from the previous target of 137 - 140 tons. The US government proposed to include copper, silicon, silver, etc. in the critical minerals list. Xingye Yinxi plans to process copper - tin ores in its second - phase project [1][3].

Report Industry Investment Ratings - Aluminum: Oscillating with a bias towards strength [1] - Alumina: Moving downward in the center [1] - Cast aluminum alloy: Following the trend of electrolytic aluminum [1] Core Viewpoints of the Report - The report provides updated fundamental data on aluminum, alumina, and cast aluminum alloy, including prices, trading volumes, open interest, spreads, and inventory levels [1]. - It also mentions some external news such as Trump's statements on trade agreements and tariffs, and the US durable goods orders data [3]. - The trend intensities of aluminum, alumina, and aluminum alloy are given as 0, -1, and 0 respectively [3]. Summary by Relevant Catalogs Futures Market - **Aluminum**: The closing price of the Shanghai aluminum main contract was 20,715, down 55 from the previous day. The trading volume was 103,054, a decrease of 43,106. The open interest was 251,409, an increase of 3,066 [1]. - **Alumina**: The closing price of the Shanghai alumina main contract was 3,069, down 115. The trading volume was 421,870, a decrease of 33,265. The open interest was 228,725, an increase of 34,880 [1]. - **Aluminum alloy**: The closing price of the aluminum alloy main contract was 20,265, down 65. The trading volume was 1,557, a decrease of 798. The open interest was 8,128, a decrease of 57 [1]. Spot Market - **Aluminum**: The domestic aluminum ingot social inventory was 603,000 tons, unchanged from the previous day. The LME aluminum ingot inventory was 478,100 tons, a decrease of 700 tons [1]. - **Alumina**: The average domestic alumina price was 3,246, down 16. The alumina price at Lianyungang's arrival port was 3,255 yuan/ton, down 20 [1]. - **Aluminum alloy**: The theoretical profit of ADC12 was -3. The price of Baotai ADC12 was 20,200, an increase of 100 [1]. External News - Trump claimed to have completed trade agreements with the EU, Japan, and South Korea and would soon impose "very high" furniture tariffs. Furniture stocks were affected. He also praised the oil price approaching $60/barrel and favored fossil fuels and nuclear energy [3]. - The US July durable goods orders环比初值 was -2.8%, exceeding expectations. However, core capital goods orders rebounded by 1.06%, the fastest growth rate in nearly three years, weakening market concerns about economic slowdown [3].

Report Summary 1) Report Industry Investment Rating - The report does not explicitly provide an industry investment rating. 2) Core View of the Report - The short - term demand for PP has improved month - on - month, and the cost side has also rebounded significantly recently. The market has stopped falling, stabilized, and rebounded due to various unconfirmed information on the supply - side policy. In the future, as the maintenance devices gradually resume production and new supply - side production capacity expands, the supply pressure will further increase. Although the cost side still has great uncertainty and anti - deflation and anti - involution are policy directions, the short - term market is slightly stronger, but the long - term trend still faces significant pressure [2]. 3) Summary by Relevant Catalogs [Fundamental Tracking] - **Futures Data**: The closing price of PP2601 futures was 7046, with a daily decline of 0.30%. The trading volume was 183,034, and the open interest increased by 5561. The 01 - contract basis was - 136 (previous day: - 154), and the 01 - 05 contract spread was - 20 (previous day: - 15) [1]. - **Spot Price Data**: In the North China region, the spot price was 6880 - 7020 yuan/ton (previous day: 6900 - 7030); in the East China region, it was 6910 - 7050 yuan/ton (previous day: 6920 - 7050); in the South China region, it was 6870 - 7090 yuan/ton (unchanged from the previous day) [1]. [Spot News] - The domestic PP market was stable with a slight loosening, with some prices dropping by 10 - 20 yuan/ton. The morning futures' oscillating trend provided no clear guidance for the spot market. Most upstream manufacturers' prices remained stable, and traders' costs changed little. In the afternoon, as the futures market declined, holders actively sold, and some quotes dropped slightly. Downstream buyers mainly made low - price and just - in - time purchases, and market inquiries and transactions were weaker than the previous day [2]. [Trend Intensity] - The PP trend intensity is 0, with the range of trend intensity being integers in the [-2, 2] interval. - 2 represents the most bearish view, and 2 represents the most bullish view [3].

1. Report Industry Investment Rating - No information provided in the reports 2. Core Viewpoints - The spot trading of lithium carbonate has shown some improvement and is in a volatile state [1] - The trend strength of lithium carbonate is 0, indicating a neutral outlook [3] 3. Summary by Relevant Catalogs 3.1 Fundamental Tracking - **Futures Contracts**: The 2509 contract's closing price was 79,260 yuan, down 320 yuan from the previous day; its trading volume was 19,572 lots, up 3,687 lots; and its open interest was 34,045 lots, down 10,665 lots. The 2511 contract's closing price was 79,020 yuan, down 360 yuan; its trading volume was 559,599 lots, down 67,317 lots; and its open interest was 349,496 lots, down 19,171 lots [1] - **Warehouse Receipts**: The warehouse receipt volume was 26,690 lots, up 1,060 lots from the previous day [1] - **Basis**: The basis between the spot and the 2509 contract was 2,440 yuan, down 480 yuan; the basis between the spot and the 2511 contract was 2,680 yuan, down 440 yuan; the basis between the 2509 and 2511 contracts was 240 yuan, up 40 yuan [1] - **Raw Materials**: The price of lithium spodumene concentrate (6%, CIF China) was 920 US dollars, down 5 US dollars; the price of lithium mica (2.0% - 2.5%) was 1,970 yuan, down 25 yuan [1] - **Lithium Salts**: The price of battery - grade lithium carbonate was 81,700 yuan, down 800 yuan; the price of industrial - grade lithium carbonate was 79,400 yuan, down 800 yuan [1] - **Related Products**: The price of lithium iron phosphate (power type) was 35,620 yuan, down 190 yuan; the price of ternary material 523 (polycrystalline/consumer type) was 114,400 yuan, down 60 yuan [1] 3.2 Macro and Industry News - SMM's battery - grade lithium carbonate index price was 81,739 yuan/ton, down 780 yuan/ton from the previous day; the average price of battery - grade lithium carbonate was 81,700 yuan/ton, down 800 yuan/ton; the average price of industrial - grade lithium carbonate was 79,400 yuan/ton, down 800 yuan/ton [2] - Galan Lithium completed its due diligence on August 25 and met all conditions for placing 20 million Australian dollar shares to Clean Elements Fund. The funds will be paid in two installments. Galan will have the funds to complete the first - phase construction of the Hombre Muerto West (HMW) project and start producing the first batch of lithium chloride concentrate in the first half of 2026, with an annual capacity of 4,000 tons LCE [3]

Group 1: Report's Overall View - The investment outlook for the methanol industry is short - term weakness and medium - term oscillation [1] Group 2: Fundamental Data Futures Market - The closing price of methanol's main contract (01 contract) was 2,395 yuan/ton, down 29 yuan from the previous day; the settlement price was 2,413 yuan/ton, down 10 yuan; the trading volume was 373,944 lots, and the open interest was 710,322 lots; the number of warehouse receipts was 10,466 tons, down 100 tons; the turnover was 902.159 million yuan, down 211.856 million yuan [2] - The basis was - 123, up 4; the monthly spread (MA09 - MA01) was - 123, down 7 [2] Spot Market - The Jiangsu ex - tank price was 2,315 yuan/ton, down 15 yuan; the Inner Mongolia price was 2,060 yuan/ton, unchanged; the northern Shaanxi price was 2,050 yuan/ton, down 20 yuan; the Shandong price was 2,290 yuan/ton, unchanged [2] Group 3: Spot News - The methanol spot price index was 2167.67, down 6.18. The Taicang spot price was 2272, down 25, and the Inner Mongolia northern line price was 2080, down 2.5. Among 20 large and medium - sized cities monitored by Longzhong, 13 cities saw price drops ranging from 2.5 to 90 yuan/ton [3] - The domestic methanol market in most regions showed a weak performance. Only in some parts of Shanxi, due to supply contraction, the auction was concluded at a premium. The sharp decline in futures prices suppressed market sentiment, traditional downstream buyers pressured prices, and traders were actively reporting volumes [3] - Due to a large - scale event in early September and downstream rigid demand, the impact of freight rate increases on the upstream and downstream should be watched out for. Also, pay attention to the resumption rhythm of some methanol plants in the production areas and the impact of low - priced goods from Xinjiang. The port market remained weak, and the basis continued to weaken [3] Group 4: Trend Intensity - The trend intensity of methanol is - 1, indicating a weak outlook (the range of trend intensity is integers in the [- 2,2] interval, with - 2 being the most bearish and 2 being the most bullish) [6]

1. Report Industry Investment Rating - The report maintains an interval consolidation mindset for sugar [1] 2. Core Viewpoints of the Report - The sugar market has complex fundamentals with various factors influencing supply and demand both domestically and internationally, and currently shows a neutral trend [1][4] 3. Summary by Related Contents 3.1 Fundamental Data - The raw sugar price is 16.42 cents per pound with a year - on - year increase of 0.02; the mainstream spot price is 5980 yuan per ton with no year - on - year change; the futures main contract price is 5632 yuan per ton, down 56 yuan year - on - year. The 91 spread is 46 yuan per ton, up 14 yuan year - on - year; the 15 spread is 33 yuan per ton, down 9 yuan year - on - year; the mainstream spot basis is 348 yuan per ton, up 56 yuan year - on - year [1] 3.2 Macro and Industry News - Brazil's sugar production needs to be re - estimated, and India's monsoon precipitation has weakened periodically. Brazil's central - southern region accelerated the sugarcane crushing progress in July, and its sugar exports in June reached 3.36 million tons, a 5% year - on - year increase. China imported 740,000 tons of sugar in July, an increase of 320,000 tons [1] 3.3 Domestic Market - CAOC predicts that the domestic sugar production in the 24/25 sugar - crushing season will be 11.16 million tons, consumption will be 15.8 million tons, and imports will be 5 million tons; in the 25/26 sugar - crushing season, production will be 11.2 million tons, consumption will be 15.9 million tons, and imports will be 5 million tons. As of the end of May in the 24/25 sugar - crushing season, the national sugar production was 11.16 million tons, an increase of 1.2 million tons, and the cumulative sugar sales were 8.11 million tons, an increase of 1.52 million tons, with a cumulative sugar sales rate of 72.7%. As of the end of July, the cumulative sugar imports in the 24/25 sugar - crushing season were 3.24 million tons, a decrease of 340,000 tons. In the 25/26 sugar - crushing season, the market expects a decline in the sugar yield and an increase in production costs in Guangxi [2] 3.4 International Market - ISO predicts a global sugar supply shortage of 5.47 million tons in the 24/25 sugar - crushing season (previously 4.88 million tons). As of August 1 in the 25/26 sugar - crushing season, the cumulative sugarcane crushing volume in Brazil's central - southern region decreased by 8.6 percentage points year - on - year, with cumulative sugar production of 19.27 million tons, a decrease of 1.62 million tons, and the cumulative MIX was 52.06%, a year - on - year increase of 2.93 percentage points. ISMA/NFCSF predicts that India's total sugar production in the 25/26 sugar - crushing season will be 34.9 million tons, compared with 29.5 million tons in the 24/25 sugar - crushing season, an increase of 5.4 million tons. OCSB data shows that Thailand's cumulative sugar production in the 24/25 sugar - crushing season was 10.08 million tons, an increase of 1.27 million tons [3] 3.5 Trend Intensity - The trend intensity of sugar is 0, indicating a neutral trend [4]