白糖日报-20250911

Group 1: Report Overview - Report Name: Sugar Daily Report [1] - Date: September 11, 2025 [2] - Research Team: Agricultural Products Research Team [4] - Researchers: Wang Haifeng, Lin Zhenlei, Yu Lanlan, Hong Chenliang, Liu Youran [3] Group 2: Market Review and Operation Suggestions Futures Market Quotes - New York raw sugar futures continued to rebound on Monday. The main October contract closed up 1.34% at 15.84 cents per pound. The London ICE white sugar futures' main December contract closed up 1.24% at $463.60 per ton. The rebound of sugar prices is more of a technical retracement [7]. - Zhengzhou sugar's main contract oscillated at a low level. The 01 contract closed at 5,535 yuan per ton, up 14 yuan or 0.25%, with an increase of 581 contracts. Domestic spot prices in production areas remained flat, with Nanning sugar quoted at 5,940 yuan and Kunming sugar at 5,770 yuan [8]. Futures Contracts Details | Contract | Closing Price | Change | Change Rate | Open Interest | Increase/Decrease | | --- | --- | --- | --- | --- | --- | | SR601 | 5,535 yuan/ton | 14 yuan | 0.25% | 389,187 contracts | 581 contracts | | SR605 | 5,507 yuan/ton | 4 yuan | 0.07% | 36,793 contracts | 307 contracts | | US Sugar 10 | 15.84 cents/pound | 0.21 cents | 1.34% | 286,293 contracts | -22,382 contracts | | US Sugar 03 | 16.49 cents/pound | 0.23 cents | 1.41% | 351,758 contracts | 15,812 contracts | [7] Group 3: Industry News - The German Sugar Industry Association (WVZ) estimated that Germany's beet refined sugar production in the 2025/26 season will drop 4.9% to 4.4 million tons from 4.63 million tons in the previous season due to a 9.3% reduction in beet planting area to about 350,100 hectares. The average sugar content of beets may rise from 16.3% to 17.2% [9]. - Brazil exported 769,037.60 tons of sugar in the first week of September, with a daily average export volume of 153,807.52 tons, a 17% decrease from the daily average in September last year [9]. - The first sugar factory in Inner Mongolia is expected to start production around September 12. The sugar production in Inner Mongolia in the 2025/26 season may be adjusted downwards but is estimated to be over 700,000 tons. The first sugar factory in Xinjiang may postpone its start - up to around National Day. The sugar production in Xinjiang in the 2025/26 season is still expected to be around the record - high level of 800,000 tons [9][10] Group 4: Data Overview - The report provides multiple data charts, including spot price trends, contract basis, price spreads, import profits, warehouse receipts, exchange rates, and trading positions of the top 20 seats of the main Zhengzhou sugar contract, with data sources from Wind and the Research and Development Department of Jianxin Futures [12][14][16][19]