白糖：9月合约定价的锚点

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - The international sugar market is in a pattern of strong current situation and weak future expectations. The 24/25 sugar season has a relatively large short - term supply, making the current situation strong, while the 25/26 sugar season is expected to see increased production and inventory accumulation, resulting in weak expectations. The New York raw sugar price, although having dropped significantly from its peak, is still over - valued compared to other major agricultural products [1][28]. - The pricing anchor of the domestic sugar market has shifted to the cost of out - of - quota imports. Whether in the 24/25 or 25/26 sugar seasons, due to tightened policies on syrup and premixed powder imports, the market needs out - of - quota imports to fill the supply gap [1][26][28]. - The SR2509 contract first trades based on expectations and then on reality. As the contract approaches delivery, the pricing anchor will gradually shift from the expectation of a decline in out - of - quota import costs to the reality of a tight domestic spot market supply [2][29]. 3. Summary by Relevant Catalogs 3.1 SR2509 Contract Oscillates Downward, and the Basis Widens - Since April 2025, the price of the SR2509 contract has oscillated downward, and the basis has risen from a minimum of 173 yuan/ton in early April to a maximum of 327 yuan/ton, being at a relatively high level in the same historical period [5]. - The international and domestic market fundamentals are strong. The international market has a supply shortage in the 24/25 sugar season, and the Brazilian and Indian production situations are not optimistic. The domestic market has tightened import policies and faced drought in the Guangxi production area. The weak expectations come from the global economic recession expectation and the expected increase in production and inventory accumulation in the 25/26 sugar season. The SR2509 contract is priced based on expectations, and as the raw sugar price drops, the futures price moves down, causing the basis to widen [6]. 3.2 The Tug - of - War between Reality and Expectation 3.2.1 SR2505 Contract Pricing Benchmark Situation - The SR2505 contract price shows an "N" - shaped trend, and the basis shows a "W" - shaped trend. Since December 2024, the Nanning spot price has fluctuated, and the SR2505 contract generally follows the spot price. The basis fluctuates between 0 - 250 yuan/ton and shows a "W" - shaped trend. Since the end of April 2025, the basis of the SR2505 contract has strengthened significantly [10]. - The SR2505 contract is priced based on the spot price in Kunming, Yunnan. The Zhengzhou sugar registered warehouse receipts are increasing, and the delivery pressure will be concentrated on the SR2509 contract. The warehouse receipts are mainly from beet sugar and Yunnan sugar [12][14][15]. 3.2.2 SR2509 Contract Pricing Benchmark Situation - The SR2509 contract is priced based on expectations, and the basis fluctuates greatly. It generally follows the spot price, and the basis fluctuates between 100 - 350 yuan/ton. Since its listing, it has been mainly priced based on expectations, and its price is more closely linked to the out - of - quota import cost. The large fluctuation of the basis is mainly contributed by the fluctuation of the futures price [19]. - In the past three sugar seasons, the Zhengzhou sugar September contracts have maintained relatively high bases. The reasons for the high bases of SR2309, SR2409, and SR2509 contracts are different, including factors such as unexpected production reduction in the Northern Hemisphere, large imports of syrup and premixed powder, and the difference between international and domestic market situations [21]. 3.2.3 International and Domestic Market Fundamental Situations - In the 24/25 sugar season, the global sugar supply is short by 547,000 tons. The shortage is at a relatively high historical level, indicating a tight supply situation. The expected production in Brazil and India has decreased [23]. - In the 25/26 sugar season, major institutions generally expect an increase in production and inventory accumulation in the global sugar market, with expected supply surpluses of different magnitudes. The expected production in Brazil and India will increase [25]. - The core of the domestic sugar market trading is still the total import volume and structure. The CAOC data shows that the production and consumption in the 24/25 and 25/26 sugar seasons change slightly. Due to tightened policies on syrup and premixed powder imports, the market needs out - of - quota imports to fill the supply gap, and the pricing anchor has shifted to the out - of - quota import cost [26]. 3.3 Pricing Anchor: First Trade on Expectations, Then on Reality - The international market is in a pattern of strong current situation and weak future expectations. The domestic market's pricing anchor has shifted to the out - of - quota import cost [1][28]. - The SR2509 contract first trades based on expectations and then on reality. As it approaches delivery, the pricing anchor will shift from the expectation of a decline in out - of - quota import costs to the reality of a tight domestic spot market supply [2][29].