郑糖超跌反弹，关注产业接货预期

Group 1 - Brazil's sugar and molasses exports in November reached 3.3023 million tons, a decrease of 87,900 tons or 2.59% compared to 3.3902 million tons in the same period last year [1] - In China, the actual arrival of raw sugar outside the tariff quota in the first half of November 2025 was 114,500 tons, with a forecasted arrival of 363,500 tons for November [1] Group 2 - The ICE raw sugar March contract increased by 1 point, closing at 14.83 cents per pound, while the London white sugar March contract decreased by $2.9, closing at $422.8 per ton [1] - The raw sugar market fundamentals have not shown significant changes, with Brazil entering the end of the crushing season and production fully priced in [1] - The Zhengzhou sugar January contract rose by 2 yuan per ton, closing at 5,339 yuan per ton, while the May contract fell by 1 yuan per ton, closing at 5,243 yuan per ton [1] - Spot prices from Guangxi Group ranged from 5,390 to 5,490 yuan per ton, while Yunnan Group prices were between 5,250 and 5,410 yuan per ton, with processing sugar factories quoting between 5,700 and 5,900 yuan per ton, remaining stable compared to the previous day [1] - Short-term observation is needed on the willingness of the industry to receive and deliver January contracts, as well as the purchasing situation after the rebound [1]