白糖数据日报-20250527

Report Industry Investment Rating - No information provided Core View - Zhengzhou sugar (Zheng sugar) is expected to maintain a weak and volatile trend [4] Summary by Relevant Catalogs Domestic Spot Price and Futures Data - On May 26, 2025, the spot price of sugar in Nanning Warehouse, Guangxi was 6200 yuan/ton with no change; in Kunming it was 5970 yuan/ton, down 5 yuan; in Dali, Yunnan it was 5900 yuan/ton, up 10 yuan; in Rizhao, Shandong it was 6260 yuan/ton with no change [4] - The price of SR09 was 5835 yuan/ton, up 2 yuan; SR01 was 5699 yuan/ton, up 6 yuan; the spread between SR09 - 01 was 136 yuan, down 4 yuan [4] Exchange Rate and International Commodity Data - The exchange rate of RMB against the US dollar was 7.1915, down 0.0291; the exchange rate of the Brazilian real against the RMB was 1.2818, up 0.0212; the exchange rate of the Indian rupee against the RMB was 0.084, down 0.0004 [4] - The price of ICE raw sugar's main contract was 17.31, with no change; the price of London white sugar's main contract was 573, up 3; the price of Brent crude oil's main contract was 65.03, with no change [4] Supply and Market Analysis - In the second half of April in the central - southern region of Brazil, the sugarcane crushing volume increased year - on - year, the sugar - making ratio remained high, and the expected sugar production in the 2025/2026 crushing season may reach 42 million tons, leading to a strong global supply surplus [4] - Earlier, when ICE raw sugar fell below 18 cents per pound, it triggered domestic sugar purchases. The near - month purchase volume exceeded one million tons. Imported sugar is expected to arrive at ports gradually from mid - to - late June, increasing supply pressure in the third quarter [4] - The cost of out - of - quota imports from Brazil dropped to 5980 yuan/ton, and the price difference with domestic spot prices narrowed to 150 yuan/ton. The recovery of import profits will stimulate subsequent purchases [4] - From January to March, the import of syrups and premixes was 242,000 tons (equivalent to about 156,000 tons of sugar), and low - cost substitutes continue to squeeze the consumption space of domestic sugar [4]