白糖日报-20250725

Report Information - Report Name: Sugar Daily Report - Date: July 25, 2025 - Researchers: Wang Haifeng, Lin Zhenlei, Yu Lanlan, Hong Chenliang, Liu Youran [2][3] 2. Market Review and Operational Suggestions Futures Market Conditions - SR509 closed at 5866 yuan/ton, up 40 yuan or 0.69%, with an increase of 9969 contracts in open interest [7]. - SR601 closed at 5668 yuan/ton, up 18 yuan or 0.32%, with an increase of 7680 contracts in open interest [7]. - US Sugar 10 closed at 16.27 cents/pound, down 0.01 cents or -0.06%, with an increase of 4799 contracts in open interest [7]. - US Sugar 03 closed at 16.91 cents/pound, up 0.01 cents or 0.06%, with an increase of 2469 contracts in open interest [7]. Market Trends - On Wednesday, New York raw sugar futures fluctuated weakly. The main October contract closed down 0.06% to 16.27 cents/pound. The London ICE white sugar futures' main October contract closed down 0.2% to $471.40/ton. There were rumors that India might allow new - season sugar exports due to a bumper new - season sugarcane crop, which affected raw sugar prices. However, the current market sugar price is not high enough to support Indian exports [7]. - The main contract of Zhengzhou sugar closed up in a fluctuating manner. The 09 contract closed at 5866 yuan/ton, up 40 yuan or 0.69%, and the open interest increased by 9969 contracts. The spot prices in domestic producing areas slightly decreased. The price of Nanning sugar was 6070 yuan, and that of Kunming sugar was 5860 yuan. Recently, the domestic commodity market rose generally due to the anti - involution theme, and Zhengzhou sugar was slightly affected, showing a stronger trend than raw sugar [8]. 3. Industry News - Coca - Cola will launch a signature cola product using sucrose in the US market this fall, confirming a recent statement by President Donald Trump [11]. - The European crop monitoring agency MARS lowered the 2025 EU sugar beet yield forecast to 74.8 tons per hectare, down from last month's forecast of 76.3 tons per hectare, but still 2% higher than the average of the past five years [11]. - In June 2025, China imported a total of 11.55 tons of syrup and premixed powder (tax codes 1702.90, 2106.906), a year - on - year decrease of 10.35 tons. From January to June 2025, the total import was 45.91 tons, a year - on - year decrease of 49.24 tons. As of June in the 2024/25 sugar - crushing season, the total import was 109.83 tons, a year - on - year decrease of 26.95 tons [11]. - In June 2025, China imported 42 tons of sugar, a year - on - year increase of 39.23 tons. From January to June 2025, China imported 105.08 tons of sugar, a year - on - year decrease of 25.12 tons, a decline of 19.29%. As of June in the 2024/25 sugar - crushing season, China imported 251.26 tons of sugar, a year - on - year decrease of 64.93 tons, a decline of 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, it was 14.33 million tons, a year - on - year decrease of 0.3%. In June 2025, China's beverage output was 18.428 million tons, a year - on - year increase of 3.2%; from January to June, it was 93.089 million tons, a year - on - year increase of 2.9% [11]. 4. Data Overview Trading Volume and Open Interest of Top 20 Seats in Zhengzhou Sugar's Main Contract - The total trading volume was 332,449 lots, an increase of 87,359 lots. The total long - position volume was 250,320 lots, an increase of 8,473 lots. The total short - position volume was 237,085 lots, an increase of 7,251 lots [24]. - Among them, Dongzheng Futures (on behalf of clients) had the highest trading volume of 76,875 lots, an increase of 24,293 lots; CITIC Futures (on behalf of clients) had the highest long - position volume of 76,332 lots, an increase of 3,151 lots; COFCO Futures (on behalf of clients) had the highest short - position volume of 54,245 lots, an increase of 3,136 lots [24].