白糖数据日报-20250812

Report Summary 1) Report Industry Investment Rating - No information provided 2) Core View of the Report - The current sugar market shows a pattern of "strong international and weak domestic". International sugar prices are dominated by Brazil's production increase and crude oil fluctuations, while the domestic market faces dual pressures of processed sugar impact and weak demand. In the long - term, with a global surplus, the upside space for sugar prices is limited, and an interval - oscillation approach is recommended. In August, key factors to watch include Brazil's crushing progress, import arrival rhythm, and policy regulation intensity [4]. 3) Summary According to Relevant Catalogs Domestic Sugar Price Data - On August 11, 2025, the spot prices of sugar in different regions were as follows: 6010 yuan/ton in Nanning Warehouse, Guangxi; 5825 yuan/ton in Kunming; 5700 yuan/ton in Dali, Yunnan; and 6090 yuan/ton in Rizhao, Shandong. The prices in all these regions had no change compared to the previous day [4]. - The futures prices were: SR09 at 5678 yuan/ton (down 2 yuan), SR01 at 5573 yuan/ton (unchanged), and the spread SR09 - 01 was 105 yuan (down 2 yuan) [4]. Exchange Rate and International Commodity Data - The exchange rates on August 11, 2025, were: RMB/USD at 7.2015 (up 0.0010), Brazilian Real/RMB at 1.2818 (up 0.0212), and Indian Rupee/RMB at 0.084 (down 0.0004) [4]. - The prices of international commodities were: ICE raw sugar main contract at 16.27 (unchanged), London white sugar main contract at 573 (up 3), and Brent crude oil main contract at 66.32 (unchanged) [4].