白糖日报-20250827

Group 1: Report Information - Report Name: Sugar Daily Report [1] - Date: August 27, 2025 [2] - Researcher: Wang Haifeng, Lin Zhenlei, Yu Lanlan, Hong Chenliang, Liu Youran [3] Group 2: Investment Rating - No investment rating information provided. Group 3: Core Viewpoints - New York raw sugar futures weakened on Monday, with the main October contract down 0.55% to 16.39 cents per pound. The London ICE white sugar futures were closed. The relatively calm fundamentals of raw sugar, the increase in sugar production due to better weather in Brazil, and the strong production increase expectations in the Northern Hemisphere are suppressing sugar prices [7]. - Zhengzhou sugar's main contract tumbled yesterday. The 01 contract closed at 5,632 yuan per ton, down 53 yuan or 0.93%, with a reduction of 1,534 lots. The spot prices in domestic producing areas declined. The sharp drop in Zhengzhou sugar 01 in the afternoon was due to capital pressure, with no obvious changes in fundamentals. The pressure of imported sugar will gradually increase, suppressing domestic sugar prices [8]. Group 4: Summary by Section 1. Market Review and Operation Suggestions - Futures Market Conditions: SR509 closed at 5,678 yuan per ton, down 0.89% with a decrease of 3,568 lots; SR601 closed at 5,632 yuan per ton, down 0.93% with a decrease of 1,534 lots. The main October contract of New York raw sugar futures was down 0.55% to 16.39 cents per pound [7]. - Analysis of Market Trends: The relatively calm fundamentals of raw sugar, the increase in sugar production due to better weather in Brazil, and the strong production increase expectations in the Northern Hemisphere are suppressing sugar prices. The sharp drop in Zhengzhou sugar 01 in the afternoon was due to capital pressure, with no obvious changes in fundamentals [7][8]. 2. Industry News - ICE Position Data: As of the week ending August 19, the total open interest of ICE raw sugar futures + options was 1,038,222 contracts, a decrease of 2,291 contracts from the previous week. Speculative long positions decreased by 11,403 contracts to 179,365 contracts, and speculative short positions increased by 4,227 contracts to 310,352 contracts. The net speculative short position increased by 15,630 contracts to 130,987 contracts [9]. - Inventory in Guangxi: As of August 20, the inventory of sugar in third - party warehouses in Guangxi was about 770,000 tons, an increase of about 310,000 tons compared with the same period last year, slightly lower than the average level of the past five years. The inventory in August decreased by about 140,000 tons compared with July, and the destocking speed slowed down significantly [9]. - Brazilian Port Shipping Data: As of the week ending August 20, the number of ships waiting to load sugar at Brazilian ports was 70, down from 76 in the previous week. The quantity of sugar waiting to be shipped was 2.9169 million tons, a decrease of 401,000 tons or 12.08% from the previous week [9]. - Syrup and Premixed Powder Imports in July: In July, China imported 45,400 tons of syrup and white sugar premixed powder under tariff number 1702.90, a year - on - year decrease of 182,800 tons or 80.12%. The average CIF price was 3,373.30 yuan per ton, a decrease of 292.96 yuan per ton from the previous month and a year - on - year decrease of 294.70 yuan per ton, at a relatively low level in the same period of the past six years [9]. - Weather Impact on Sugarcane: Since mid - July, the light, temperature, and water conditions in most sugarcane areas in China have been well - matched, which is beneficial to the elongation of sugarcane stems. Affected by typhoons and monsoon troughs, some sugarcane areas have suffered from strong winds, heavy rains, waterlogging, and lodging disasters, affecting the normal growth of sugarcane. It is expected that the overall meteorological conditions in Guangxi in the next 30 days will be favorable for sugarcane stem elongation, but field management and pest control need to be strengthened [9]. 3. Data Overview - The report provides multiple charts including 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 holding positions of the top 20 seats of Zhengzhou sugar's main contract, with data sources from Wind and the Research and Development Department of Jianxin Futures [11][15][18].