Report Summary 1. Report Industry Investment Rating No information provided. 2. Core View of the Report The pulp futures market has experienced significant declines, and the market is currently in a state of multi - empty power struggle. With the support from the cost side due to firm overseas quotes, but the downstream paper price increase is weak, suppressing the purchasing willingness of downstream paper enterprises. It is recommended to wait for the market to stabilize and temporarily adopt a wait - and - see approach [32]. 3. Summary by Directory 3.1 This Week's Market Review - The main pulp futures contract SP2605 dropped significantly, with a weekly decline of 3.39% [7]. 3.2 Fundamental Analysis - **Pulp Market Price**: As of January 15, the weekly average price of imported softwood pulp was 5552 yuan/ton, down 0.52% from last week, turning from an increase to a decrease; the weekly average price of imported hardwood pulp was 4683 yuan/ton, up 0.60% from last week, with the growth rate narrowing by 0.14 percentage points [11]. - **Accumulated Pulp Imports from January to December**: In December 2025, China imported 311.3 million tons of pulp, with an import value of 1799.4 million US dollars and an average unit price of 578.03 US dollars/ton. The accumulated import volume and value from January to December increased by 4.9% and - 2.4% respectively compared to last year [15]. - **Port Inventory Situation**: As of January 15, 2026, the weekly pulp inventory in major Chinese regions and ports was 195.39 million tons, down 0.56% from last week, with the decline rate narrowing by 0.63 percentage points [19]. - **Pulp Inventory in Major European Ports in November**: In November 2025, the total European port inventory decreased by 1.07% month - on - month and 2.75% compared to November 2024, indicating that the off - season of European demand may have passed and demand is gradually recovering [22]. - **Shanghai Futures Exchange Pulp Inventory**: No detailed data was provided. - **Differentiated Trends in the Operating Rates of Downstream Pulp Types**: Waste paper pulp consumption accounts for 63% of the total pulp consumption in China. As of January 15, the weekly operating load rate of double - copper paper remained flat; that of double - offset paper increased by 0.07 percentage points; that of white cardboard remained flat; and that of household paper decreased by 2.44 percentage points [28]. 3.3 Future Outlook - The offshore price of Brazilian eucalyptus hardwood pulp "Little Bird" in January was raised by 20 US dollars/ton. Chile's Arauco Company's January pulp offshore quotes showed that the coniferous pulp "Silver Star" increased by 10 US dollars/ton to 710 US dollars/ton; the natural pulp "Venus" remained flat at 620 US dollars/ton; and the hardwood pulp "Star" increased by 20 US dollars/ton to 590 US dollars/ton [32]. - With the decline in European wood pulp port inventory, it indicates that the off - season of European demand may have passed and demand is gradually recovering. The firm offshore quotes provide some support to the cost side. However, the downstream paper price increase is weak, squeezing corporate profits and suppressing the purchasing willingness of enterprises for high - priced raw materials. The market is in a state of multi - empty power struggle, and it is recommended to wait for the market to stabilize and adopt a wait - and - see approach [32].

Report Title - "Consumption Peak Season Approaching, Pay Attention to Slaughter Rhythm —— Guoxin Futures Weekly Report on Live Pigs" [2] Report Date - January 16, 2026 [2] Report Industry Investment Rating - Not provided Core Viewpoints - In the past week, the live pig spot market fluctuated strongly, the price difference between fat and standard pigs widened, the slaughter volume was generally stable, the large - scale enterprises' slaughter volume recovered to normal from a low level, and the small and medium - sized farmers' slaughter volume decreased slightly, indicating strong demand and tight supply. The futures market rose due to the strong spot market and the discount of the futures price to the spot price, and the spread between near - and far - month contracts also strengthened [7]. - Based on the number of piglet births, the theoretical supply of standard pigs in the first quarter remains high. However, due to the strong price difference between fat and standard pigs, the industry's behavior of delaying slaughter and secondary fattening has led to a temporary shortage of slaughter volume. Currently, the average slaughter weight has been rising continuously, indicating that the inventory of live pigs is still increasing [7]. - From the demand side, starting from the second half of next week, the slaughter demand in the industry will enter the climbing period of the peak season before the Spring Festival. At that time, the supply of pigs from large - scale enterprises and large pigs from small farmers will also increase simultaneously. This will be an important node to verify the matching degree of real supply and demand, and the inventory reduction situation will also be an important guide for the spot price in the off - season after the Spring Festival [7]. - In the long term, the recent rapid increase in piglet prices reflects that the industry's expectations are tilting towards optimism. Attention should be paid to the impact of the rising piglet prices on the pace of capacity reduction [7]. - In the futures market, the current futures price is strong. Although the main LH03 contract corresponds to the off - season after the Spring Festival, the market still focuses on the strong spot market and the possibility of reduced supply pressure after the Spring Festival due to the accelerated digestion of large pigs before the Spring Festival. However, considering the valuation level and the subsequent supply - demand forecast, the current price may be close to the upper limit of the oscillation range. The far - end contracts are supported by capacity reduction, but the swing of expectations should be vigilant. In terms of operation, the near - end contracts are expected to oscillate weakly, and for the far - end contracts, pay attention to the opportunity of low - level band - trading long under the idea of wide - range oscillation [7]. Summary by Directory 1. Weekly Analysis and Outlook - The live pig spot market was strong last week, and the futures market was also boosted. In the first quarter, the theoretical supply of standard pigs is high, but the actual slaughter volume is temporarily tight. The demand will enter the peak - season climbing period soon, and the matching of supply and demand will be verified. The rising piglet prices affect the capacity - reduction pace. The near - end futures contracts are expected to be weak, and the far - end contracts can be considered for low - level long - trading [7]. 2 - 14. Other Sections - The report also includes various aspects such as pig futures prices, futures contract spreads, spot prices, price differences between fat and standard pigs, changes in breeding sows, piglets, inventory, slaughter, consumption, frozen meat market, cost and profit, central reserve operations, and multi - caliber comparisons, but specific content summaries are not provided in the given text [8][12][16]

郑棉转为震荡 回归基本面 ——国信期货棉花周报 2026年1月16日 研究所 研究所 目 录 CONTENTS 1 棉花市场分析 2 后市展望 免责声明：本报告以投资者教育为目的，不构成任何投资建议。 3 数据来源：博易云 国信期货 郑商所棉花期货价格走势 ICE期棉价格走势 一、棉花市场分析 研究所 郑棉本周小幅震荡，周度跌幅0.37%。ICE期棉偏强震荡，周涨幅0.58%。 本周棉花价格指数回落。3128指数较上周下跌17元/吨，2129指数较上周下跌20元/吨。 数据来源：WIND 国信期货 免责声明：本报告以投资者教育为目的，不构成任何投资建议。 4 2、棉花进口情况 研究所 150,000.00 120,000.00 70,000.00 60,000.00 40,000.00 30,000.00 50,000.00 70,000.00 100,000.00 90,000.00 120,000.00 30,000 80,000 130,000 180,000 230,000 280,000 330,000 380,000 430,000 1月 2月 3月 4 月 5月 6月 7月 8月 9月 10月 ...

Report Summary 1. Report Industry Investment Rating No investment rating information is provided in the report. 2. Core Viewpoints - Domestically, Zhengzhou sugar (Zheng sugar) attempted to break through the 5300 yuan/ton mark this week but failed to hold. The spot price was firm due to pre - Spring Festival stocking, but overall supply was abundant with new sugar on the market, a rapid increase in warehouse receipts, and an expected year - on - year rise in December imports. The decline in external market prices also had a negative impact. Short - term, Zheng sugar is expected to remain volatile. Weather in Guangxi should be monitored due to a cold wave warning [55]. - Internationally, the global sugar market has weakened with significant supply pressure. As of January 15, 2026, India's sugar production reached 15.885 million tons, higher than the previous year, and the average sugar yield increased. In Brazil, due to dry weather, the crushing progress was fast and may finish ahead of schedule. The international sugar market remains weak, with support at around 14 cents per pound [55]. - The operation suggestion is to focus on short - term trading [56]. 3. Summary by Directory 3.1 Sugar Market Analysis - **Futures Price Trends**: Zheng sugar fluctuated slightly with a weekly decline of 0.38%, and ICE sugar dropped with a weekly decline of 2.01% [8]. - **Spot Price and Basis Trends**: No specific data analysis content is provided in the given text. - **Sales in Guangxi and Yunnan**: No specific analysis content is provided in the given text. - **Sugar Imports**: In November, imports were 430,000 tons, a year - on - year decrease of 90,000 tons. Based on the ICE sugar March contract price of 14.5 cents per pound, the in - quota import cost from Brazil was 4019 yuan/ton, and the out - of - quota cost was 5090 yuan/ton; from Thailand, the in - quota cost was 4078 yuan/ton, and the out - of - quota cost was 5166 yuan/ton [20]. - **Domestic Industrial Inventory**: In the 2025/2026 sugar - making season, the industrial inventory in November was about 700,000 tons, a year - on - year decrease of 58,900 tons [23]. - **Zhengzhou Commodity Exchange Warehouse Receipts and Valid Forecasts**: This week, the total of Zheng sugar warehouse receipts and forecasts was 14,881, an increase of 4313 from the previous week. There were 14,126 warehouse receipts and 755 valid forecasts [31]. - **Brazilian Production Progress**: In the first half of December, the cumulative crushing volume was 598 million tons, a year - on - year decrease of 2.36%, and sugar production was 40.158 million tons, a year - on - year increase of 0.86% [35]. - **Brazilian Bi - weekly Sugar - making Ratio**: The cumulative sugar - making ratio of sugarcane in the central - southern region of Brazil was 50.91%, compared with 48.19% in the same period last year [40]. - **Brazilian Monthly Sugar Exports**: In December, Brazil's sugar exports were 2.913 million tons, a year - on - year increase of 2.9% [42]. - **International Main - producing Area Weather**: In Brazil, there was abundant rainfall, which was beneficial for sugarcane growth. In India, there was little precipitation, which was conducive to sugarcane crushing [51]. 3.2 Market Outlook - **Domestic Market**: Zheng sugar is expected to remain volatile in the short term, affected by factors such as supply, external market prices, and weather [55]. - **International Market**: The international sugar market remains weak with strong supply pressure, and the support level is around 14 cents per pound [55].

Report Summary 1. Report Industry Investment Rating No investment rating information is provided in the report. 2. Core Viewpoints - The overall trend of oils this week was soybean oil > palm oil > rapeseed oil, with a slight recovery in the soybean - palm oil spread. The soybean - meal and rapeseed - meal oil - to - meal ratios of the main contracts slightly recovered, and the price spread between the main contracts of soybean meal and rapeseed meal continued to rise. The 5 - 9 spread of soybean meal slightly declined, the 5 - 9 spread of soybean oil slightly recovered, the 5 - 9 spread of palm oil significantly declined, and the 5 - 9 spread of rapeseed oil slightly recovered [62][97][102]. - In the short - term, the technical indicators of soybean meal and rapeseed meal are bearish; the short - and medium - term indicators of soybean oil are bullish, while the long - term indicator is entangled; the indicators of palm oil are all entangled; and the indicators of rapeseed oil are bearish. Fundamentally, for protein meals, international weather may be a factor for speculation, and domestic soybean meal spot remains firm. For oils, international geopolitics affects the market, and domestic oils may rotate [123][124]. 3. Summary by Directory 3.1 Protein Meal Market Analysis - **Market Trends**: CBOT soybeans fluctuated lower this week, first falling and then rising. Domestic soybean meal futures declined, while the spot market was relatively firm, showing a situation of strong spot and weak futures [6]. - **Export Data**: As of January 8, 2026, the weekly export inspection volume of US soybeans was 1,529,707 tons. The total export inspection volume for the 2025/26 season reached 17,934,546 tons, a year - on - year decrease of 42.8%. The export to China in that week was 901,118 tons, accounting for 58.9% of the total [10]. - **South American Market**: In Brazil, as of January 9, the soybean harvest progress was 0.53%. In Argentina, as of January 8, the cotton, corn, and soybean planting rates were 86%, 90%, and 92% respectively [20][21][29]. - **Oilseed Market**: The USDA raised the production and inventory of US soybeans in the 2025/26 season and lowered exports. The NOPA's December soybean crushing volume was the second - highest on record [32][31]. - **Inventory and Consumption**: As of the end of the second week of 2026, the domestic soybean port inventory was about 833.96 tons, and the soybean meal inventory was 99.8 tons, a week - on - week decrease of 13.7 tons [41][47]. 3.2 Oils Market Analysis - **Market Trends**: US soybean oil rose significantly this week, reaching a 7 - week high. Malaysian palm oil fluctuated at a low level and closed slightly higher. Domestic oils showed a differentiated trend, with soybean oil rising, palm oil rising and then falling, and rapeseed oil falling first and then rising [62]. - **International Data**: In December 2025, the inventory of Malaysian palm oil increased to 305 tons. In January 2026, the export volume of Malaysian palm oil increased month - on - month. In December 2025, India's palm oil imports reached an 8 - month low [66][67][68]. - **Domestic Inventory**: As of the end of the second week of 2026, the total inventory of the three major domestic edible oils was 214.17 tons, a week - on - week decrease of 10.48 tons [83]. 3.3 Market Outlook - **Seasonal Analysis**: Seasonal index data for US soybeans, soybean meal, domestic soybean meal, and various oils and meals are provided, but no specific conclusions are drawn [114][115][117]. - **Next - Week Outlook**: Technically, the indicators of soybean meal and rapeseed meal are bearish; those of soybean oil are bullish in the short and medium - term; those of palm oil are entangled; and those of rapeseed oil are bearish. Fundamentally, for protein meals, weather and South American harvests may affect the market, and domestic soybean meal spot remains firm. For oils, geopolitics and policies may impact the market, and domestic oils may rotate [123][124].

Report Industry Investment Rating - Not provided in the content Core Viewpoints of the Report - In the short term, the "rush to export" market caused by the adjustment of the export tax - rebate policy boosts market confidence and improves the extremely sluggish demand in the off - season. The increase in component exports from January to March will drive the growth of polysilicon demand. But if enterprises do not actively cut production to digest inventory, polysilicon prices will face significant downward pressure in the medium and long term [2][21]. - In the long run, cost control and technological optimization are the core competitiveness of enterprises and key variables affecting the long - term trend of polysilicon futures. As the industry returns to a market - oriented competition order, the supply - demand pattern will shift from "oversupply and high inventory" to a healthy state, and the futures price will more accurately reflect the real value of the industry [3][21]. Summary by Relevant Catalogs Policy Influence - Since May 2025, rumors and measures related to polysilicon capacity storage have dominated the sentiment and price trend of polysilicon futures, showing characteristics of "expected - driven rise - regulatory cooling and shock - policy reversal and sharp decline". The establishment of the capacity integration and acquisition platform "Guanghe Qiancheng" in December 2025 drove the futures price to a high of 61,985 yuan/ton on December 17. However, subsequent regulatory interventions, including the market supervision department's约谈 of leading enterprises in January 2026, reversed the policy expectation, causing a sharp decline in the futures price [4]. Current Situation of the Polysilicon Industry - From January 2023 to December 2025, the polysilicon industry's over - supply is a long - term problem with periodic adjustments. The mismatch between production expansion and demand, and the subsequent supply rebound after industry adjustment, have led to continuous over - supply. The industry's high inventory, reaching 32,234 tons for polysilicon enterprises and over 500,000 tons in the industrial chain by 2026, will suppress prices in the first half of 2026 [7][9]. - Before 2024, the photovoltaic industry chain had high profitability. After 2024, intensified competition led to profit decline. In the second half of 2025, profits concentrated in the polysilicon segment, while downstream segments suffered losses. The anti - monopoly约谈 in January 2026 will reshape the profit distribution logic, promoting a return to market - oriented rationality [10][13]. Cancellation of Export Tax Rebates - From April 1, 2026, the 13% VAT export tax - rebate rate for photovoltaic products will be zeroed, and the tax - rebate rate for power batteries will be gradually reduced to zero. Before April 1, a "rush to export" is likely to occur. It is estimated that the demand for polysilicon may increase by 1 - 1.5 tons per month, and the oversupply may be reduced to less than 10,000 tons. However, after April, the demand will face pressure, and enterprises need to cut production [16][18]. Polysilicon Futures - In the short term, the "rush to export" will drive polysilicon demand growth. But without production cuts, prices will face downward pressure in the medium and long term. In the long run, cost control and technological optimization will drive the industry to a more balanced state, and the futures price will better reflect the real value of the industry [21].

Group 1: Report Title and Date - The report is titled "Rise and Fall, Consolidating for Momentum - Guoxin Futures Non-ferrous (Nickel) Weekly Report" dated January 11, 2026 [2][3] Group 2: Table of Contents - The report includes sections on market review, fundamental analysis, and outlook for the future [4] Group 3: Market Review - This section presents the price trend of the nickel futures main contract [7] Group 4: Fundamental Analysis - Upstream: It shows the port inventory of nickel ore in China [12] - Midstream: It includes the prices of electrolytic nickel, nickel sulfate, and 8 - 12% nickel - iron, as well as the monthly import volume of nickel - iron [15][18][20] - Downstream: It covers the price, position, and inventory of stainless steel, as well as the production of power and energy - storage batteries and new energy vehicles [22][30][32] Group 5: Outlook for the Future - In the US, the Federal Reserve cut interest rates for the third time in December 2025, with the federal funds rate target range at 3.50% - 3.75%. The GDP growth rate in Q3 2025 was 4.3%. There are differences in views on future interest - rate cuts, and the market is concerned about the new Fed chair. The probabilities of different interest - rate scenarios are provided. In China, the manufacturing PMI in December 2025 was 50.1%, and the central bank will implement a moderately loose monetary policy in 2026 [38] - The Shanghai nickel futures showed a rise - and - fall trend this week. Nickel inventory is at a high level. The 2026 RKAB quota in Indonesia may be 2.5 billion tons, lower than in 2025. Indonesian nickel - iron production in December remained high, with large supply pressure. Stainless - steel demand enters the off - season, but production has increased due to price hikes. The expected operating range of the Shanghai nickel main contract is 130,000 - 150,000 yuan/ton, and that of the stainless - steel main contract is 12,800 - 14,200 yuan/ton [38]

1. Report Industry Investment Rating - Not provided in the report 2. Core Viewpoints - In the past week, the live hog spot price was weak first and then strong, slightly falling compared to before the New Year's Day holiday, with the southern price performing weaker than the northern price. The live hog futures fluctuated, and the main LH03 contract reached a high of 11,925 on Wednesday and then declined. The basis of the Henan spot price against LH03 generally fluctuated, the futures were generally weaker in the near - term and stronger in the far - term, and the spread between LH03 and LH05 decreased. After the New Year's Day, consumption was seasonally weak, the slaughtering end had a general acceptance of high prices. Meanwhile, large - scale farms reduced the supply at the beginning of the month and then slightly increased it, and small - scale farmers were somewhat reluctant to sell large hogs. The decrease in both supply and demand led to a lower slaughter volume, but the hog price fluctuated, indicating that supply and demand were generally in a balanced state [7]. - In the second half of January, domestic consumption will enter the pre - holiday stocking peak season, and slaughter demand will increase significantly. Considering the reduced sales plan of large - scale farms in December, the supply of small and medium - sized farmers' hogs is the key to the pre - holiday supply capacity. Considering the lagging supply of second - fattened hogs in December and the weakening price difference between fat and standard hogs, there is unlikely to be a large supply - demand imbalance during the peak season [7]. - In the medium term, according to the previous piglet birth data, the supply of standard hogs after the Spring Festival is still large, which will continue to suppress the March contract. In the long term, continuous losses will be conducive to the industry's capacity reduction, providing low - level support for distant contracts. In terms of operation, short the LH03 and LH05 contracts on rallies, and seize the low - level band - buying opportunities under the wide - range fluctuation of distant contracts [7]. 3. Summary by Relevant Catalog 3.1 1. Week - to - Week Analysis and Outlook - The past week saw the live hog spot price first weak then strong, slightly down from before the New Year's Day. Futures fluctuated. The current supply - demand is in balance. In the future, consumption will enter the peak season in mid - to - late January, but large supply - demand imbalance is unlikely. Medium - term supply pressure exists after the Spring Festival, and long - term capacity reduction may support distant contracts. Suggested operations are to short near - term contracts on rallies and buy distant contracts at low levels in bands [7]. 3.2 13. Central Reserve Frozen Pork Operations - In case of excessive price decline: At the national level, the state does not start temporary reserve purchases when the third - level early warning of excessive decline is issued, may start it when the second - level early warning is issued, and starts temporary reserve purchases when the first - level early warning is issued. Local governments follow the national practice [63]. - In case of excessive price increase: There are two scenarios for the central frozen pork reserve release. In the case of market cyclical fluctuations, the release is started when the second - level early warning of excessive increase is issued and the release intensity is increased when the first - level early warning is issued. In case of special situations such as major animal disease risks, the price increase tolerance is increased, and after the first - level early warning is issued, the release is mainly organized during key periods. Provinces can determine their own reserve release start conditions, which should generally not be higher than the central conditions [63].

Report Title - Structural Tightness Supports, Futures Near-Strong and Far-Weak - Guoxin Futures Corn Weekly Report, dated January 9, 2026 [2] Report Industry Investment Rating - Not provided Core View - In the past week, corn spot prices fluctuated, with the Northeast producing area being relatively strong, North China slightly weaker, and port spot prices adjusting. Futures prices were weak first and then strong, with a significant weekly increase. The main contract C03 approached the high point in early December again. The basis of Jinzhou to C03 weakened, and the spread between C3 and C5 strengthened significantly. The near-term futures performed stronger than the spot, mainly due to the valuation repair under the high discount of futures and the continuously low level of warehouse receipts. Looking ahead, on the supply side, although this year's corn production increased, the low carry-over inventory at the beginning of the year and the poor quality of North China corn effectively absorbed the pressure of the bumper harvest in Northeast China. On the demand side, feed enterprises' inventory has reached a normal level. With continuous losses in the breeding industry and a pessimistic outlook for feed demand, feed enterprises have insufficient motivation to further increase their inventory levels. The raw material inventory of deep-processing enterprises is still at a low level but has increased month-on-month. Considering the weak downstream consumption, there is room for further replenishment in the later stage, but the intensity is also limited. From the perspective of intermediate inventory, the inventory at northern ports failed to continue to rise in late December and instead declined; the inventory at southern ports increased, but the absolute level is still low. The overall circulation inventory reflects that the situation of structural tightness has not been completely eliminated. At the same time, the auction of policy grain sources is also progressing in an orderly manner, which is conducive to supplementing the market's available grain sources. In general, the corn market is supported by the low inventory of the middle and lower reaches in the short term and is relatively resistant to decline, but the large supply-demand background is difficult to support much room for price increases. It is expected that the market will fluctuate within a range in the later stage. The operation strategy is to adopt a fluctuating mindset [7]. Summary by Relevant Catalogs 1. Weekly Analysis and Outlook 1.1 Corn Futures Market Changes - Not provided 1.2 Corn Spot Market Changes - Not provided 1.3 Corn Spot Market: Regional Spread - Not provided 1.4 Corn Sales Progress - Not provided 1.5 Corn Imports - Not provided 1.6 Feed and Breeding Demand - Not provided 1.7 Feed and Breeding Demand: Feed Production - Not provided 1.8 Deep-Processing Demand - Not provided 1.9 Substitutes - Not provided 1.10 Northern Port Corn Dynamics - Not provided 1.11 Southern Port Corn Dynamics - Not provided 1.12 Southern Port Grain Dynamics - Not provided 2. Domestic Corn Market Dynamics 2.1 Corn Starch Futures - Not provided 2.2 Corn Starch Spot - Not provided 2.3 Corn - Starch Spread - Not provided 2.4 Corn Starch Production and Inventory - Not provided 2.5 Corn Starch Downstream Demand - Not provided 2.6 Cassava Starch - Not provided 3. International Corn Market Dynamics 3.1 US Corn Futures Market - Not provided 3.2 US Corn Planting and Growth Progress - Not provided 3.3 US Corn Export Sales - Not provided 3.4 Brazilian Corn Crop Progress - Not provided

Report Summary 1. Report Industry Investment Rating No relevant information provided. 2. Core Viewpoints of the Report - Domestically, Zhengzhou sugar showed a relatively strong sideways movement this week. Supported by pre - Spring Festival stocking, spot prices were firm. It is expected that Yunnan's sugar sales in December will exceed last year's. However, the overall supply is relatively abundant, and the market is waiting for verification of Guangxi's production. Zhengzhou sugar is under obvious pressure at the 5300 yuan/ton level and may maintain a wide - range sideways movement in the short term, with an operating range of 5000 - 5350 yuan/ton [55]. - Internationally, the international sugar market has both bullish and bearish factors. Brazil's sugar exports in December were about 2.913 million tons, a 2.9% year - on - year increase. South Brazil's cumulative sugar exports from the 2025/26 crushing season to December decreased by 4.16% year - on - year. As of December 31, 2025, India's total sugar production was about 12 million tons, a nearly 25% increase compared to the same period last year. The Indian government will review sugar mills' export performance after March 31, 2026. Overall, the international sugar market is in a low - level sideways pattern [55]. - The operation suggestion is to focus on short - term trading [56]. 3. Summary by Directory 3.1 Sugar Market Analysis - **Futures Price Trends**: Zhengzhou sugar futures had a slight sideways movement with a weekly increase of 0.7%. ICE sugar futures had a low - level sideways movement with a weekly increase of 2.47% [8]. - **Spot Price and Basis Trends**: No specific text description of trends is provided, only data sources are given [11][12]. - **Sales in Guangxi and Yunnan**: No specific sales data or trend analysis is provided, only data sources are given [16][14]. - **Sugar Import Situation**: In November, imports were 430,000 tons, a year - on - year decrease of 90,000 tons. Based on the ICE sugar March 03 contract price of 14.5 cents/pound, Brazil's in - quota import cost was 4019 yuan/ton, and out - of - quota import cost was 5090 yuan/ton; Thailand's in - quota import cost was 4078 yuan/ton, and out - of - quota import cost was 5166 yuan/ton [20]. - **Domestic Industrial Inventory**: In the 2025/26 crushing season, the industrial inventory in November was about 700,000 tons, a year - on - year decrease of 58,900 tons [23]. - **Zhengzhou Commodity Exchange Warehouse Receipts and Valid Forecasts**: This week, the total of Zhengzhou sugar warehouse receipts and forecasts was 10,568, an increase of 1696 compared to last week. The number of warehouse receipts was 6005, and valid forecasts were 4563 [31]. - **Brazil's Production Progress**: In the second half of November, the cumulative crushing volume was 592 million tons, a year - on - year decrease of 1.92%, and sugar production was 39.904 million tons, a year - on - year increase of 1.13% [35]. - **Brazil's Bi - weekly Sugar - making Ratio**: The cumulative sugar - making ratio of sugarcane in central and southern Brazil was 51.12%, compared to 48.34% in the same period last year [40]. - **Brazil's Monthly Sugar Exports**: In December, Brazil's sugar exports were 2.913 million tons, a 2.9% year - on - year increase [42]. - **International Main Production Area Weather Conditions**: Brazil's main production areas had abundant rainfall, which was beneficial to sugarcane growth. India had little precipitation, which was beneficial to sugarcane crushing [51][52]. 3.2 Market Outlook - **Domestic Market**: Zhengzhou sugar is expected to maintain a wide - range sideways movement in the short term, with an operating range of 5000 - 5350 yuan/ton. Attention should be paid to the production and sales data in December [55]. - **International Market**: The international sugar market will remain in a low - level sideways pattern [55].