白糖数据日报-20250724

Industry Investment Rating - No information provided on the industry investment rating Core View - Internationally, Brazil's sugar production decline in the second half of June exceeded expectations. If the sugar - alcohol ratio continues to decrease, Brazil's output may fall short of expectations. Domestically, market demand is weak, low inventory supports Guangxi's spot prices, processed sugar is gradually entering the market with loosening quotes, which exerts pressure on prices. Considering the increase in later imports, the overall domestic supply - demand is marginally looser, and a bearish view after a rebound is maintained [3][4] Summary by Relevant Catalog Sugar Price Data - In the domestic spot market, on July 23, 2025, the price per ton in Nanning Warehouse, Guangxi was 6120 yuan (unchanged), in Kunming was 5920 yuan (unchanged), in Dali, Yunnan was 5800 yuan (down 20 yuan), and in Rizhao, Shandong was 6135 yuan (unchanged). SR09 was 5834 yuan (up 11 yuan), SR01 was up 3 yuan, and SR09 - 01 was 178 yuan (up 8 yuan) [4] Exchange Rate and International Commodity Data - The exchange rate of RMB against the US dollar was 7.1855 (down 0.0020), 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). The ice raw sugar main contract was 16.26 (unchanged), the London white sugar main contract was 573 (up 3), and the Brent crude oil main contract was 68.67 (unchanged) [4]