郑糖：主力合约下跌，巴西、印度产量有增减

Core Insights - New York raw sugar futures weakened, with the main October contract closing down 0.92% at 16.20 cents per pound, while London ICE white sugar futures also fell by 0.6% to $465.00 per ton [1] - Brazilian sugar production data for early July was bearish, putting pressure on raw sugar prices, although there are still concerns about declining production in Brazil [1] - Zhengzhou sugar futures also experienced a slight decline, with the main September contract closing at 5718 yuan per ton, down 44 yuan or 0.76% [1] Group 1: Market Performance - New York raw sugar futures fell by 0.92% to 16.20 cents per pound, while London white sugar futures decreased by 0.6% to $465.00 per ton [1] - Zhengzhou sugar futures saw the September contract close at 5718 yuan per ton, down 44 yuan or 0.76%, with a reduction in open interest by 25,642 contracts [1] Group 2: Supply and Production Data - In the first half of July, Brazil's sugarcane crush volume reached 49.823 million tons, an increase of 6.411 million tons or 14.77% year-on-year [1] - The sugar production ratio in Brazil was 53.68%, up 3.79% from the previous year, while ethanol production increased by 2.36% to 2.194 billion liters [1] - Cumulative sugar production in Brazil for the 2025/26 season as of mid-July was 15.655 million tons, a decrease of 159,100 tons or 9.22% year-on-year [1] Group 3: Future Projections - The Indian Sugar and Bioenergy Manufacturers Association projected an 18% increase in sugar production for the 2025/26 season, estimating total production at approximately 34.9 million tons, up from 29.5 million tons in 2024/25 [1] - The total area planted with sugarcane in India for the 2025/26 season is expected to be around 5.724 million hectares, slightly higher than the 5.711 million hectares in 2024/25 [1]