白糖日报-20250805

Report Information - Report Name: Sugar Daily Report - Date: August 5, 2025 - Researcher: Wang Haifeng, Lin Zhenlei, Yu Lanlan, Hong Chenliang, Liu Youran [3] 1. Report Industry Investment Rating - Not provided in the given content 2. Core Viewpoints - The downward drive in the sugar market is not strong currently, despite the bearish production data from the first half of July in the central - southern region of Brazil, as concerns about the decline in Brazilian sugar production still remain [7] - The recent decline of Zhengzhou sugar is mainly due to the pressure of concentrated supply of processed sugar. However, considering the rapid decline in futures prices and the large basis, this round of decline may be nearing its end [8] 3. Summary by Directory 3.1 Market Review and Operation Suggestions - Futures Market: On Friday, New York raw sugar futures weakened. The main October contract closed 0.92% lower at 16.20 cents per pound. London ICE white sugar futures' main October contract closed 0.6% lower at $465.00 per ton. In the domestic market, the main contract of Zhengzhou sugar fell slightly. The SR509 contract closed at 5,718 yuan per ton, down 44 yuan or 0.76%, with a reduction of 25,642 positions. The SR601 contract closed at 5,636 yuan per ton, down 3 yuan or 0.05%, with an increase of 12,592 positions. The No. 10 contract of US sugar closed at 16.20 cents per pound, down 0.15 cents or 0.92%, with a reduction of 3,169 positions. The No. 03 contract of US sugar closed at 16.80 cents per pound, down 0.17 cents or 1.00%, with an increase of 1,384 positions [7] - Spot Market: Domestic spot sugar prices in production areas declined. The price of Nanning sugar was reported at 6,010 yuan, and that of Kunming sugar was 5,820 yuan [8] 3.2 Industry News - Brazil: In the first half of July 2025, the sugar - cane crushing volume in the central - southern region of Brazil was 49.823 million tons, a year - on - year increase of 14.77%. The sugar production ratio was 53.68%, an increase of 3.79 percentage points compared to the same period last year. The sugar production was 3.406 million tons, a year - on - year increase of 15.07%. From the start of the 2025/26 sugar - crushing season until the first half of July, the cumulative sugar - cane crushing volume was 256.14 million tons, a year - on - year decrease of 9.61%. The cumulative sugar production was 15.655 million tons, a year - on - year decrease of 9.22% [9] - India: The Indian Sugar Mills Association (ISMA) predicted that the total sugar production in the 2025/26 sugar - crushing season will increase by 18% to about 34.9 million metric tons, compared with 29.5 million metric tons in the 2024/25 season. The estimated total sugar - cane planting area in the 2025/26 season is about 5.724 million hectares, slightly higher than the 5.711 million hectares in the 2024/25 season [9] 3.3 Data Overview - Various data charts are presented, including the SR9 - 1 spread, Brazilian raw sugar import profit, spot price trends, 2509 contract basis, Zhengzhou Commodity Exchange warehouse receipts, Brazilian real exchange rate, and the trading and position data of the top 20 seats of the main contract of Zhengzhou sugar [13][15][20][23] - The total trading volume of the top 20 members in the main contract of Zhengzhou sugar was 216,510 lots, a decrease of 33,087 lots. The total long - position volume was 153,878 lots, a decrease of 13,283 lots, and the total short - position volume was 144,032 lots, a decrease of 15,158 lots [23]