白糖日报-20250908

Report Information - Report Title: Sugar Daily Report [1] - Date: September 8, 2025 [2] - Researcher: Wang Haifeng, Lin Zhenlei, Yu Lanlan, Hong Chenliang, Liu Youran [3] Industry Investment Rating - Not provided Core Viewpoints - On Thursday, New York raw sugar futures weakened significantly, with the主力 October contract down 2.06% to 15.70 cents per pound. The ICE white sugar futures主力 December contract in London fell 1.2% to $462.30 per ton. Favorable weather in Brazil for sugarcane harvesting and increased sugar production in Brazil, along with the weakening of oil prices, have negatively impacted sugar prices [7]. - The主力 contract of Zhengzhou sugar oscillated at a low level yesterday. The 01 contract closed at 5,523 yuan per ton, down 17 yuan or 0.31%, with an increase of 5,022 contracts in positions. Domestic spot sugar prices in production areas declined. Today, Zhengzhou sugar 01 continued to decline but showed low - level oscillation. The price is close to the cost lower limit of sugar mills in Guangxi and the previous low in June, providing some support. After the market, speculative funds continued to increase short positions, contributing to the decline [8]. Summary by Directory 1. Market Review and Operation Suggestions - Futures Market Conditions: SR601 closed at 5,523 yuan per ton, down 17 yuan or 0.31%, with an increase of 5,022 contracts in positions; SR605 closed at 5,509 yuan per ton, down 9 yuan or 0.16%, with an increase of 1,351 contracts in positions. For US sugar, the 10 - month contract closed at 15.70 cents per pound, down 0.33 cents or 2.06%, with a decrease of 8,899 contracts in positions, and the 03 - month contract closed at 16.34 cents per pound, down 0.31 cents or 1.86%, with an increase of 10,478 contracts in positions [7]. 2. Industry News - In the 25/26 sugar - making season, the estimated sugar production in Inner Mongolia may be adjusted downward due to continuous heavy rainfall in August but is still expected to be over 700,000 tons, higher than the 663,500 tons in the 24/25 season. The start - up time of the first sugar mill in Inner Mongolia is expected to be around September 12. The start - up time of the first sugar mill in Xinjiang in the 25/26 season may be postponed to around National Day, and the estimated sugar production in Xinjiang remains around the record - high level of 800,000 tons [11]. - Brazil exported 3.744 million tons of sugar in August, a year - on - year decrease of 4.47%. From April to August in the 2025/26 crushing season, Brazil's cumulative sugar exports were 14.506 million tons, a year - on - year decrease of 6.84% [11]. - The chairman of the National Federation of Cooperative Sugar Factories in India (NFCSF) stated that the export parity price of white sugar should be $500 per ton, and that of raw sugar should be over $19 per ton [11]. - According to data from Brazilian shipping agency Williams, as of the week ending September 3, the number of ships waiting to load sugar at Brazilian ports was 87, up from 72 the previous week. The quantity of sugar waiting to be loaded at ports was 3.207 million tons, up from 2.7221 million tons the previous week [11]. 3. Data Overview - Multiple data charts are provided, including spot price 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 position of the top 20 seats of the主力 contract of Zhengzhou sugar, with data sources from Wind and the research and development department of Jianxin Futures [12][14][16][19]