Ruida Futures(SZ:002961) Rui Da Qi Huo·2025-07-22 09:27Report Summary 1. Report Industry Investment Rating No investment rating is provided in the report. 2. Core View of the Report The domestic demand for sugar is recovering, and the price of sugar futures in China is stronger than that in the international market. With multiple factors at play, the overall sugar price is expected to move in a volatile manner. It is recommended to wait and see for now, and pay attention to the arrival of imported sugar and summer consumption [2]. 3. Summary by Relevant Catalogs Futures Market - The closing price of the main sugar futures contract is 5,823 yuan/ton, down 16 yuan; the main contract's open interest is 334,160 lots, down 2,993 lots [2]. - The number of sugar warehouse receipts is 21,359, down 78; the net long position of the top 20 futures holders is -2,538 lots [2]. - The estimated import - processing price of Brazilian sugar within the quota is 4,583 yuan/ton, up 15 yuan; that of Thai sugar is 4,644 yuan/ton, up 16 yuan [2]. 现货市场 - The spot price of white sugar in Kunming is 5,920 yuan/ton, unchanged; in Nanning it is 6,050 yuan/ton, down 10 yuan; in Liuzhou it is 6,120 yuan/ton, unchanged [2]. Upstream Situation - The national sugar - crop planting area is 1,480 thousand hectares, an increase of 60 thousand hectares; the sugar - cane planting area in Guangxi is 835.09 thousand hectares, a decrease of 12.86 thousand hectares [2]. Industry Situation - The national cumulative sugar production is 11.1621 million tons, an increase of 54,900 tons; the cumulative sugar sales volume is 8.1138 million tons, an increase of 869,200 tons [2]. - The national industrial sugar inventory is 3.0483 million tons, a decrease of 814,300 tons; the national sugar sales rate is 72.69%, an increase of 7.47 percentage points [2]. - The monthly sugar import volume is 420,000 tons, an increase of 70,000 tons; the monthly sugar export volume from Brazil is 3.359 million tons, an increase of 1.1024 million tons [2]. Downstream Situation - The cumulative year - on - year growth rate of refined sugar production is 16.7%, an increase of 2.6 percentage points; the cumulative year - on - year growth rate of soft drink production is 2.9%, a decrease of 0.1 percentage points [2]. Option Market - The implied volatility of at - the - money call and put options for sugar is 8.38%, an increase of 2.22 percentage points [2]. - The 20 - day historical volatility of sugar is 5.26%, an increase of 0.01 percentage points; the 60 - day historical volatility is 7.02%, a decrease of 0.03 percentage points [2]. Industry News - Brazil exported 2.34472471 million tons of sugar in the first half of July, with an average daily export volume of 167,480.34 tons, a 2% increase compared to the average daily export volume in July last year [2].