白糖日报-20250918

Report Information - Report Name: Sugar Daily Report [1] - Date: September 18, 2025 [2] - Researcher: Wang Haifeng, Lin Zhenlei, Yu Lanlan, Hong Chenliang, Liu Youran [3] Industry Investment Rating - Not provided in the report Core View - The raw sugar price continues to fluctuate, and the sugar price movement is mainly due to low - level technical fluctuations with the market lacking a clear direction. Attention should be paid to the upcoming production report of Brazil's central - southern region. The Zhengzhou sugar market is in an overall oscillating situation, with weak spot market, ample supply, and increasing supply pressure due to the listing of beet sugar. There are signs that industrial funds may shift from short to long [7][8] Summary by Directory 1. Market Review and Operation Suggestions - Futures Market: On Monday, the New York raw sugar futures fluctuated weakly. The main October contract closed down 0.75% at 15.88 cents per pound. The main December contract of London ICE white sugar futures closed up 0.06% at $466.00 per ton. The SR601 contract of Zhengzhou sugar closed at 5,529 yuan per ton, down 26 yuan or 0.47%, with an increase of 2,571 positions; the SR605 contract closed at 5,510 yuan per ton, down 22 yuan or 0.40%, with an increase of 4,002 positions. The No.10 contract of US sugar closed at 15.88 cents per pound, down 0.12 cents or 0.75%, with a decrease of 18,381 positions; the No.03 contract closed at 16.55 cents per pound, down 0.18 cents or 1.08%, with an increase of 8,041 positions [7] - Spot Market: The spot price in domestic production areas remained unchanged. The price of sugar in Nanning was reported at 5,940 yuan per ton, and that in Kunming was 5,770 yuan per ton [8] 2. Industry News - Brazil's Sugar Production: According to the Brazilian Sugarcane Technology Center (CTC), in August, the sugarcane yield in Brazil's central - southern region was 77.5 tons per hectare, slightly lower than 78.8 tons per hectare in the same period of 2024. The sugar content index (ATR) decreased by 2.9% from 148.4 kg per ton of sugarcane to 144.2 kg. From the start of the 2025/26 season until August, the average sugarcane yield in the central - southern region decreased by 8.2% year - on - year to 79.2 tons per hectare, compared with 86.3 tons per hectare in the previous season. The cumulative ATR was 129.7 kg per ton of sugarcane, compared with 133.2 kg in the same period last year. A survey by S&P Global Commodity Insights showed that the sugar production in the important central - southern region of Brazil in the second half of August was expected to increase by 17.3% to 3.84 million tons, the sugarcane crushing volume was expected to increase by 9.5% to 49.5 million tons, the sugar content per kilogram of sugarcane was expected to decrease by 4.1% to 149.48 kg per ton of sugarcane, and the ethanol production, including corn ethanol, was expected to decrease by 2.5% to 2.4 billion liters [9] - India's Sugar Situation: An Indian government official said that India, the world's second - largest sugar producer, will have sufficient surplus sugar stocks to allow sugar exports in the new sugar - crushing season starting on October 1. India's exports may suppress global sugar prices but support local sugar prices. The Indian Sugar and Bioenergy Manufacturers Association (ISMA) reaffirmed its earlier forecast of 34.9 million tons of total sugar production in the 2025 - 26 season [9] 3. Data Overview - The report presents multiple data charts, including the spot price trend, 2509 contract basis, SR9 - 1 spread, Brazilian raw sugar import profit, Zhengzhou Commodity Exchange warehouse receipts, Brazilian real exchange rate, and the trading and holding positions of the top 20 seats of the Zhengzhou sugar main contract [12][14][16]