白糖数据日报-20250729

Report Summary 1. Report Industry Investment Rating No information provided. 2. Core View of the Report - International: Brazil's sugar production decline in the second half of June exceeded expectations. If the sugar - alcohol ratio continues to be adjusted downward, Brazil's sugar production may fall short of expectations [4]. - Domestic: Market demand is weak. Low inventory supports Guangxi's spot prices, but the entry of processed sugar into the market with loose quotes exerts pressure on prices. Considering the expected increase in imports, the domestic supply - demand situation shows a marginal loosening, and a bearish view is maintained after a rebound [4]. 3. Summary by Related Catalog Domestic Sugar Price and Futures Data - Spot prices: In Guangxi (Nanning Warehouse), it's 6120 yuan/ton with no change; in Yunnan (Kunming), 5915 yuan/ton, down 5 yuan; in Yunnan (Dali), 5800 yuan/ton, down 5 yuan; in Shandong (Rizhao), 6135 yuan/ton, with no change [4]. - Futures prices: SR09 is 5845 yuan/ton, down 31 yuan; SR01 is 5702 yuan/ton, down 4 yuan; SR09 - 01 is 143, down 27 [4]. Exchange Rate and International Commodity Data - Exchange rates: RMB to USD is 7.1855, up 0.0060; Brazilian Real to RMB is 1.2818, up 0.0212; Indian Rupee to RMB is 0.084, down 0.0004 [4]. - International commodity prices: ICE raw sugar主力 is 16.28, with no change; London white sugar主力 is 573, up 3; Brent crude oil主力 is 67.6, with no change [4].