白糖日报-20250729

Group 1: Report Information - Report title: Sugar Daily Report [1] - Date: July 29, 2025 [2] - Researcher: Wang Haifeng, Lin Zhenlei, Yu Lanlan, Hong Chenliang, Liu Youran [3] Group 2: Market Review and Operation Suggestions Futures Market Conditions - New York raw sugar futures weakened on Friday. The main October contract closed down 1.75% at 16.28 cents per pound. The London ICE white sugar futures main October contract closed down 1.9% at $471.00 per ton. The market predicts that Brazil's latest sugar production will increase due to dry weather, but overall, there is a high possibility of a production cut in Brazil [6][7]. - Zhengzhou sugar's main contract was weak yesterday. The 09 contract closed at 5,845 yuan per ton, down 31 yuan or 0.53%, with a position reduction of 18,873 lots. The spot price in domestic producing areas declined slightly. Nanning sugar was quoted at 6,060 yuan, and Kunming sugar was quoted at 5,850 yuan. Today, Zhengzhou sugar's trend was influenced by the external market and weakened. The far - month 01 contract was significantly stronger, and speculative funds showed a clear intention to go long. The 9 - 1 spread may further shrink [7][8]. Contract Details | Contract | Closing Price (Yuan/Ton or Cents/Pound) | Change | Change Rate | Position (Lots) | Increase/Decrease | | --- | --- | --- | --- | --- | --- | | SR509 | 5845 | -31 | -0.53% | 324831 | -18873 | | SR601 | 5702 | | | | | | 10 | 16.28 | | | | | 398579 | -2410 | | US Sugar | 16.90 | | | | | 223083 | 2296 | [7] Group 3: Industry News - As of July 25, Tiandong Ertang Factory's "Dongxing" brand cleared its inventory, becoming the 7th sugar factory of Guangxi Nanhua to clear its inventory in the 24/25 sugar - making season, 2 more than the same period last year. Currently, only Longtian and Mianhuahua brands are still quoting [9]. - The "Mutual Recognition Arrangement between the General Administration of Customs of the People's Republic of China and the Customs Department of the Kingdom of Thailand on the Mutual Recognition of China's Customs Enterprise Credit Management System and Thailand's Customs 'Authorized Economic Operator' System" will be officially implemented on August 1, 2025 [9]. - Coca - Cola will launch a signature cola product using sucrose in the US market this fall [9]. - The European crop monitoring agency MARS lowered its forecast for the average sugar beet yield in the EU in 2025 to 74.8 tons per hectare, down from 76.3 tons per hectare last month, but still 2% higher than the average of the past five years [9]. - In June 2025, China imported 11.55 tons of syrup and premixed powder (including tax codes 1702.90, 2106.906), a year - on - year decrease of 10.35 tons. From January to June 2025, China imported 45.91 tons of syrup and premixed powder, a year - on - year decrease of 49.24 tons. As of June in the 24/25 sugar - making season, China imported 109.83 tons of syrup and premixed powder, a year - on - year decrease of 26.95 tons [9]. - 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 24/25 sugar - making season, China imported 251.26 tons of sugar, a year - on - year decrease of 64.93 tons, a decline of 20.54% [9][10]. Group 4: Data Overview - The report presents data on spot trends, 2509 contract basis, SR9 - 1 spread, Brazilian raw sugar import profit, Zhengzhou Commodity Exchange warehouse receipts, Brazilian real exchange rate, and the trading and position of the top 20 seats of the main Zhengzhou sugar contract [11][13][15] - The trading volume of the top 20 seats of the main Zhengzhou sugar contract was 298,040 lots, an increase of 53,256 lots. The long - position volume was 242,931 lots, a decrease of 10,763 lots. The short - position volume was 231,782 lots, a decrease of 10,343 lots [21]