白糖日报-20250724

Group 1: Report Information - Report Name: Sugar Daily Report [1] - Date: July 24, 2025 [2] - Researcher: Wang Haifeng, Lin Zhenlei, Yu Lanlan, Hong Chenliang, Liu Youran [3] Group 2: Market Review and Operation Suggestions - Futures Market Quotes - SR509 closed at 5834 yuan/ton, up 9 yuan or 0.15%, with a position of 332,040 contracts, a decrease of 2,120 contracts [7] - SR601 closed at 5656 yuan/ton, up 1 yuan or 0.02%, with a position of 126,227 contracts, an increase of 2,396 contracts [7] - ICE US Sugar 11 Oct closed at 16.26 cents/lb, down 0.11 cents or 0.67%, with a position of 392,620 contracts, a decrease of 4,151 contracts [7] - ICE US Sugar 11 Mar closed at 16.88 cents/lb, down 0.15 cents or 0.88%, with a position of 215,397 contracts, a decrease of 1,492 contracts [7] - Market Analysis - New York raw sugar futures trended weaker on Tuesday. The market rumor that India may allow new - season sugar exports due to a bumper cane crop affected the raw sugar price, but the current low price is not enough to support Indian exports [7] - Zhengzhou sugar futures' main contract closed higher. Recently, the domestic commodity market rose due to the "anti - involution" theme, and Zhengzhou sugar was slightly affected, showing a stronger trend than raw sugar. In the third quarter, the supply of refined sugar will gradually increase, which will suppress the domestic sugar price [8] Group 3: Industry News - Coca - Cola will launch a signature cola product using sucrose in the US market this fall [11] - The European Union's crop monitoring agency MARS lowered its 2025 sugar beet yield forecast to 74.8 tons per hectare from 76.3 tons last month, but it is still 2% higher than the five - year average [11] - In June 2025, China imported 115,500 tons of syrup and premixes, a year - on - year decrease of 103,500 tons. From January to June 2025, the total import was 459,100 tons, a year - on - year decrease of 492,400 tons. From the 2024/25 sugar season to June, the total import was 1,098,300 tons, a year - on - year decrease of 269,500 tons [11] - In June 2025, China imported 420,000 tons of sugar, a year - on - year increase of 392,300 tons. From January to June 2025, the total import was 1,050,800 tons, a year - on - year decrease of 251,200 tons or 19.29%. From the 2024/25 sugar season to June, the total import was 2,512,600 tons, a year - on - year decrease of 649,300 tons or 20.54% [11] - In June 2025, China's dairy product output was 2.546 million tons, a year - on - year increase of 4.1%. From January to June, the total output was 14.33 million tons, a year - on - year decrease of 0.3% [11] - In June 2025, China's beverage output was 18.428 million tons, a year - on - year increase of 3.2%. From January to June, the total output was 93.089 million tons, a year - on - year increase of 2.9% [11] Group 4: Data Overview - Transaction and Position Data of Top 20 Seats in Zhengzhou Sugar Futures' Main Contract - Dongzheng Futures (for clients) had the highest trading volume of 52,582 lots, an increase of 3,443 lots [22] - CITIC Futures (for clients) had the highest long position of 73,181 contracts, an increase of 1,840 contracts [22] - COFCO Futures (for clients) had the highest short position of 51,109 contracts, an increase of 1,037 contracts [22]