Core Viewpoint - The sugar futures market is experiencing fluctuations with a slight increase in prices, while external factors such as tariffs and global supply forecasts are influencing market dynamics [1][2][3] Market Performance - As of November 14, 2025, the main sugar futures contract closed at 5470 CNY/ton, with a weekly decline in open interest by 1719 contracts [1] - During the week of November 10-14, the sugar futures opened at 5457 CNY/ton, peaked at 5515 CNY/ton, and dipped to a low of 5451 CNY/ton, resulting in a weekly change of 0.37% [1] News Recap - Mexico has imposed tariffs of up to 210% on sugar imports from countries without trade agreements, aimed at protecting its domestic industry from price declines, effective from the following Tuesday [2] - Datagro forecasts a global sugar surplus of 1 million tons for the 2025/26 crushing season, a reduction from the previous estimate of 2.8 million tons [2] - The French Ministry of Agriculture has lowered its sugar beet production forecast for the 2025/26 season to 33.7 million tons, down by 500,000 tons from earlier estimates [2] Institutional Perspectives - According to Greeen Dahu Futures, the current transition between old and new domestic sugar is supporting prices due to low industrial inventory, while external market rebounds are also influencing domestic sugar trends. However, a bearish outlook remains due to anticipated supply pressures from new sugar production in China and India [3] - Southwest Futures notes that Brazil is entering a seasonal production decline, while India is expected to see strong production increases. The domestic market is facing dual pressure from both domestic and imported sugar, leading to anticipated price pressures in the coming months [3]
白糖面临国产和进口双重压力 盘面看空观点不变
Jin Tou Wang·2025-11-17 00:58