Report Summary 1. Report Information - Research Variety: Sugar [1] - Report Cycle: Daily Report - Written Date: September 10, 2025 - Researcher: Chen Falin (Qualification Number: F0262120; Investment Consulting Certificate Number: Z0015995) [1] 2. Investment Rating - No investment rating provided in the report. 3. Core View - In the short - term, given the stable domestic sugar spot price and the rebound of the outer - market ICE raw sugar, the price of the main sugar futures contract (SR601) is expected to show a volatile and slightly strong trend [17]. 4. Section Summaries 4.1 Futures Market - Contract Market: On September 10, 2025, the main sugar futures contract (SR601) on the Zhengzhou Commodity Exchange showed a volatile and slightly strong trend, closing at 5,535 yuan/ton, up 14 yuan/ton or 0.25% from the previous day, with a trading volume of 196,283 lots, an open interest of 389,187 lots, and a daily increase of 581 lots. The total long - position of the Top20 members in the main contract (SR601) was 242,548 lots with a long - position difference of 4,210 lots, and the total short - position was 297,629 lots with a short - position difference of 1,534 lots [2]. - Option Market: The total trading volume of sugar options was 64,307 lots, with a call trading volume of 42,322 lots and a put trading volume of 21,985 lots. The open interest of the variety was 246,901 lots, with a call open interest of 161,139 lots and a put open interest of 85,762 lots. The open - interest PCR was 0.5322 [5]. 4.2 Spot Market - Spot Quotation: The spot price of sugar in Nanning warehouses was 5,880 yuan/ton, unchanged from the previous observation day [7]. - Registered Warehouse Receipts: The total number of registered sugar futures warehouse receipts was 11,772, a decrease of 205 from the previous trading day [11]. 4.3 Influencing Factors - Industry News: According to Wind data, on September 9, the opening price of the ICE raw sugar main contract was 15.65 cents/pound, the highest price was 15.92 cents/pound, the lowest price was 15.62 cents/pound, and the closing price was 15.84 cents/pound, up 0.21 cents/pound or 1.34% from the previous day, with an open interest of 286,293 lots and a daily decrease of 22,382 lots [12]. - Basis Data: The sugar basis was 255 yuan/ton, showing a significant decline [15]. 4.4 Market Outlook - The decline of the main sugar futures contract (SR601) price has slowed down. Today's closing price stood above the 5 - day moving average, and the price trend was strong throughout the day. In the short - term, the price of the main sugar futures contract (SR601) is expected to show a volatile and slightly strong trend [17].
白糖期货日报-20250912
Guo Jin Qi Huo·2025-09-12 08:58