白糖：跟随原糖

Report Summary 1. Report Industry Investment Rating - Not provided in the given content 2. Core View - The price of white sugar follows the price of raw sugar [1] 3. Summary by Relevant Catalogs Fundamental Tracking - Raw sugar price is 16.36 cents/pound, down 0.43 cents year-on-year; mainstream spot price is 6,060 yuan/ton, up 20 yuan year-on-year; futures main contract price is 5,839 yuan/ton, up 13 yuan year-on-year [1] - 91 spread is 169 yuan/ton, down 1 yuan year-on-year; 15 spread is 54 yuan/ton, down 5 yuan year-on-year; mainstream spot basis is 221 yuan/ton, up 7 yuan year-on-year [1] Macro and Industry News - Pakistan approves the import of 500,000 tons of sugar; the crushing progress in the central - southern region of Brazil is still slow, but MIX has increased significantly year-on-year; monsoon precipitation in India is higher than LPA; Brazil exported 3.36 million tons of sugar in June, a 5% year-on-year increase; China imported 420,000 tons of sugar in June [1] Domestic Market - CAOC expects domestic sugar production in the 24/25 season to be 11.16 million tons, consumption to be 15.8 million tons, and imports to be 5 million tons; in the 25/26 season, production is expected to be 11.2 million tons, consumption 15.9 million tons, and imports 5 million tons [2] - As of the end of May in the 24/25 season, national sugar production was 11.16 million tons (+1.2 million tons), cumulative sales were 8.11 million tons (+1.52 million tons), and the cumulative sales rate was 72.7% [2] - As of the end of June in the 24/25 season, China imported 2.51 million tons of sugar (-650,000 tons) [2] International Market - ISO expects a global sugar supply shortage of 5.47 million tons in the 24/25 season (previously 4.88 million tons) [3] - As of July 1 in the 25/26 season, the cumulative sugarcane crushing volume in the central - southern region of Brazil decreased by 14 percentage points year-on-year, cumulative sugar production was 12.25 million tons (-2.04 million tons), and the cumulative MIX was 51.02%, up 2.33 percentage points year-on-year [3] - As of May 15 in the 24/25 season, sugar production in India was 25.74 million tons (-5.8 million tons) [3] - In the 24/25 season, Thailand's cumulative sugar production was 10.08 million tons (+1.27 million tons) [3] Trend Intensity - The trend intensity of white sugar is 0, indicating a neutral view [4]