白糖日报-20250828

Report Information - Report Title: Sugar Daily Report - Date: August 28, 2025 - Researcher: Wang Haifeng, Lin Zhenlei, Yu Lanlan, Hong Chenliang, Liu Youran [3] 1. Report Industry Investment Rating - No relevant content provided. 2. Report's Core View - New York raw sugar futures remained volatile, with the main October contract up 0.12% to 16.42 cents per pound, and the London ICE white sugar futures' main October contract up 0.3% to $488.10 per ton. The relatively calm fundamentals of raw sugar and improved weather in Brazil leading to increased sugar production pressured sugar prices [7]. - Zhengzhou sugar's main contract weakened. The 01 contract closed at 5,620 yuan per ton, down 38 yuan or 0.67%, with a reduction of 2,979 positions. Domestic spot prices in production areas declined. The pressure from imported sugar is increasing, suppressing domestic sugar prices. After - market, a large number of speculative long - positions were cut, which may lead to further decline [8]. 3. Summary by Relevant Catalogs 3.1行情回顾与操作建议 (Market Review and Operation Suggestions) - Futures Market Conditions: SR509 closed at 5,631 yuan per ton, down 65 yuan or 1.14%, with a position of 9,042 contracts, a decrease of 2,316 contracts; SR601 closed at 5,620 yuan per ton, down 38 yuan or 0.67%, with a position of 363,151 contracts, a decrease of 2,979 contracts; US sugar 10 closed at 16.42 cents per pound, up 0.02 cents or 0.12%, with a position of 360,587 contracts, a decrease of 5,802 contracts; US sugar 03 closed at 17.14 cents per pound, up 0.05 cents or 0.29%, with a position of 261,997 contracts, an increase of 1,326 contracts [7]. - Domestic Market: Zhengzhou sugar's main contract weakened. Domestic spot prices in production areas declined, with Nanning sugar quoted at 5,980 yuan and Kunming sugar at 5,800 yuan. The pressure from imported sugar is increasing, and the large - scale cutting of speculative long - positions may lead to further decline [8]. 3.2行业要闻 (Industry News) - Brazilian Sugar Production Forecast: Conab lowered Brazil's 2025/26 sugar production forecast to 44.5 million tons, a 3.1% reduction from the April forecast. The central - southern region's sugar production is now estimated at 40.6 million tons, a 2.8% decrease from the April forecast. However, Brazil's sugar production is still expected to increase by 0.8% compared to the previous season [9]. - ICE Futures + Options Positions: As of the week ending August 19, the total position of ICE raw sugar futures + options was 1,038,222 contracts, a decrease of 2,291 contracts from the previous week. Speculative long - positions were 179,365 contracts, a decrease of 11,403 contracts; speculative short - positions were 310,352 contracts, an increase of 4,227 contracts; speculative net short - positions were 130,987 contracts, an increase of 15,630 contracts [9]. - Guangxi Sugar Inventory: As of August 20, the inventory of Guangxi's third - party sugar warehouses was about 770,000 tons, an increase of about 310,000 tons compared to the same period last year, slightly lower than the five - year average. In August, the inventory decreased by about 140,000 tons compared to July, and the destocking speed slowed down significantly [9]. - Brazilian Port Shipping: As of the week ending August 20, the number of ships waiting to load sugar at Brazilian ports was 70, down from 76 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. Among them, the quantity of high - grade raw sugar (VHP) was 2.7282 million tons [9]. - Chinese Syrup and Premixed Powder Imports: In July, China imported 45,400 tons of syrup and white sugar premixed powder under tariff number 1702.90, a decrease of 182,800 tons or 80.12% year - on - year. The average landed price was 3,373.30 yuan per ton, a decrease of 292.96 yuan per ton month - on - month and 294.70 yuan per ton year - on - year, at a relatively low level in the past six years [9]. 3.3数据概览 (Data Overview) - Data Charts: The report provides multiple data charts, including spot price trends, contract basis, spreads, import profits, warehouse receipts, exchange rates, and the trading and position data of the top 20 seats of Zhengzhou sugar's main contract, with data sources from Wind and Zhengshang, and analyzed by the research and development department of Jianxin Futures [12][14][19][25]