白糖期货日报-20250925

Report Summary 1. Report Information - Research Variety: Self-powdered sugar - Report Type: Daily Report - Date: September 23, 2025 - Researcher: Chen Falin [1] 2. Core View - The domestic spot price of white sugar in Nanning warehouse continues to be weak, and the main contract of the foreign ICE raw sugar futures shows a weak trend, providing limited support for the white sugar futures price. In the short term, the price of the main white sugar futures contract (SR601) may continue to fluctuate weakly [16]. 3. Section Summaries 3.1 Futures Market - Contract Market: On September 23, 2025, the main contract of Zhengzhou Commodity Exchange's white sugar futures (SR601) fluctuated weakly throughout the day, closing at 5,444 yuan/ton, down 17 yuan/ton or 0.31% from the previous day. The trading volume was 222,211 lots, and the open interest was 474,011 lots, with an increase of 17,181 lots. The total long positions of the Top20 members in the main contract (SR601) were 290,664 lots, with a long position difference of 9,326 lots, while the total short positions were 367,312 lots, with a short position difference of 17,733 lots [2]. - Variety Prices: Different contracts showed different price changes. SR511 rose 0.18%, SR601 fell 0.31%, SR603 fell 0.48%, and SR605 fell 0.57% [3]. - Options Market: The total trading volume of white sugar options was 94,954 lots, with 53,697 lots for call options and 41,257 lots for put options. The open interest was 294,905 lots, with 189,011 lots for call options and 105,894 lots for put options. The open interest PCR was 0.5603 [3]. 3.2 Spot Market - Spot Quotes: The spot price of white sugar in Nanning warehouse was 5,780 yuan/ton, down 20 yuan/ton from the previous observation day [7]. - Registered Warehouse Receipts: The total number of registered warehouse receipts for white sugar futures was 10,022, a decrease of 293 from the previous trading day [11]. 3.3 Influencing Factors - External Market Quotes: On September 22, the main contract of ICE raw sugar opened at 16.15 cents/pound, reached a high of 16.29 cents/pound, a low of 15.84 cents/pound, and closed at 15.85 cents/pound, down 0.29 cents/pound or 1.80% from the previous day. The open interest was 454,796 lots, with an increase of 2,782 lots [12]. - Basis Data: The basis of white sugar was 456 yuan/ton, showing a slight strengthening [13].