白糖数据日报-20250711

Report Summary 1) Report Industry Investment Rating - No investment rating information is provided in the given report. 2) Core Viewpoints - The rebound of the international raw sugar from its bottom has led to a rebound in the domestic market, but the upside space remains limited [3]. - Internationally, the supply side continues to recover this season. Brazil's new season is progressing smoothly, but the increase in Brazil's production may fall short of expectations. Benefiting from good monsoon weather, the production in India and Thailand is expected to rebound [3]. - Domestically, the new season is expected to see a significant increase in production, reaching a historical high. The domestic market may continue to face pressure, but the downside space is also limited [3]. 3) Summary by Relevant Catalog Domestic Spot Price - In Guangxi, the price in Nanning Warehouse is 6130 yuan/ton, up 10 yuan, with a basis of 325 yuan against SR09, down 16 yuan [3]. - In Yunnan, the price in Kunming is 5895 yuan/ton, up 30 yuan, with a basis of 190 yuan against SR09, up 4 yuan; in Dali, it is 5790 yuan/ton, up 20 yuan, with a basis of 125 yuan against SR09, down 6 yuan [3]. - In Shandong, the price in Rizhao is 6135 yuan/ton, unchanged, with a basis of 230 yuan against SR09, down 26 yuan [3]. Futures Price - SR09 is at 5805 yuan, up 26 yuan; SR01 is at 5632 yuan, up 26 yuan; the spread between SR09 - 01 is 173 yuan, unchanged [3]. International Exchange Rate and Commodity Price - The RMB against the US dollar is at 7.1965, down 0.0030; the Brazilian real against the RMB is at 1.2818, up 0.0212; the Indian rupee against the RMB is at 0.084, down 0.0004 [3]. - The ICE raw sugar main contract is at 16.54, unchanged; the London white sugar main contract is at 573, up 3; the Brent crude oil main contract is at 70.18, unchanged [3].