白糖日报-20250902

Report Information - Report Title: Sugar Daily Report - Date: September 2, 2025 - Researcher: Wang Haifeng, Lin Zhenlei, Yu Lanlan, Hong Chenliang, Liu Youran [2][3] 1. Report Industry Investment Rating - No information provided 2. Core Viewpoints - The recovery of sugar production in Brazil suppresses sugar prices, while Zhengzhou sugar shows relatively strong performance compared to the external market, with the 5600 mark having strong support [7][8] 3. Summary by Directory 3.1 Market Review and Operation Suggestions - Futures Market Conditions: On Friday, the New York raw sugar futures weakened slightly, with the main October contract closing down 0.85% at 16.34 cents per pound. The London ICE white sugar futures' main October contract closed down 0.1% at $492.70 per ton. The main contract of Zhengzhou sugar continued to weaken yesterday, with the 01 contract closing at 5623 yuan per ton, down 25 yuan or 0.45%, and reducing positions by 264 lots. Today, Zhengzhou sugar 01 fluctuated narrowly, performing slightly stronger than the external market, with three consecutive lower shadow lines on the technical chart and strong support at the 5600 mark. After the market, the previous speculative long positions started to turn short [7][8] - Brazil's Sugar Production: According to the Unica report, in the first half of August, the total sugarcane crushing volume in the central - southern main producing areas of Brazil was 47.63 million tons, a year - on - year increase of 8.17%, and the sugar production increased by 15.96% year - on - year to 3.62 million tons [7] - Domestic Spot Prices: Domestic spot prices in the producing areas decreased slightly, with the price of Nanning sugar at 5960 yuan and that of Kunming sugar at 5790 yuan [8] 3.2 Industry News - Brazil's Port Shipping: As of the week ending August 27, the number of ships waiting to load sugar at Brazilian ports was 72, up from 70 in the previous week. The quantity of sugar waiting to be loaded was 2.7221 million tons, down from 2.9169 million tons in the previous week. Among the total sugar waiting for export in the week, the quantity of high - grade raw sugar (VHP) was 2.4764 million tons. The quantity of sugar waiting for export at Santos Port was 1.7817 million tons, and that at Paranagua Port was 0.6127 million tons [9] - Brazil's Sugar Production Forecast: Brazil's National Supply Company (Conab) on Tuesday lowered its forecast for the country's sugar production in the 2025/26 season to 44.5 million tons, a 3.1% reduction from the April forecast due to adverse weather affecting sugarcane cultivation. The sugar production in the central - southern region is currently estimated at 40.6 million tons, a 2.8% decrease from the April forecast of 41.8 million tons. Despite the downward adjustment, Brazil's sugar production is still expected to increase by 0.8% compared to the previous season [9] - ICE Position Data: As of the week ending August 19, the total open interest of ICE raw sugar futures + options was 1,038,222 lots, a decrease of 2,291 lots from the previous week. Speculative long positions were 179,365 lots, a decrease of 11,403 lots from the previous week; speculative short positions were 310,352 lots, an increase of 4,227 lots from the previous week; speculative net short positions were 130,987 lots, an increase of 15,630 lots from the previous week [9] - Guangxi Sugar Inventory: According to data from the Pan - Sugar Technology Smart Storage and Transportation Platform, 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 to the same period last year, slightly lower than the average level of the past five years. In August, the inventory of sugar in third - party warehouses in Guangxi decreased by about 140,000 tons compared to July, and the de - stocking speed slowed down significantly [9][10] 3.3 Data Overview - The report provides multiple charts, including the spot price trend, the basis of the 2509 contract, the SR9 - 1 spread, the import profit of Brazilian raw sugar, the number of warehouse receipts on the Zhengzhou Commodity Exchange, the exchange rate of the Brazilian real, and the trading and position data of the top 20 seats of the main contract of Zhengzhou sugar [11][14][16] - Top 20 Seats' Trading and Position Data: The total trading volume of the top 20 seats was 187,750 lots, a decrease of 12,543 lots; the total long position was 252,364 lots, a decrease of 178 lots; the total short position was 269,805 lots, an increase of 1,800 lots [22]