白糖数据日报-20250929

Report Summary 1. Report Industry Investment Rating No information provided on the report industry investment rating. 2. Core View of the Report The含税 ethanol price is close to the raw sugar spot price, significantly weakening the advantage of sugar production. The high sugar - production ratio may be adjusted downward, and the raw sugar price has started to rebound from the bottom. However, due to oversupply, in the domestic market, the increase in imports has led to the full operation of sugar refineries, and there is still pressure on the spot market. It is expected to stabilize in the short - term, but the overall rebound space is limited. The later strategy is to maintain a short - selling approach on rallies [4]. 3. Summary by Relevant Catalog Domestic Spot Market - The spot price of sugar in different regions on September 26, 2025: 5890 yuan/ton in Nanning Warehouse, Guangxi; 5810 yuan/ton in Kunming; 5675 yuan/ton in Dali, Yunnan; 5900 yuan/ton in Rizhao, Shandong. The price changes are all 0, and the changes in the basis with SR01 are all 18 [4]. Futures Market - On the futures side, SR09 is 5452 yuan/ton, down 18; SR01 is 5478 yuan/ton, down 7; SR09 - 01 is - 26, down 11 [4]. Exchange Rates and International Futures - Exchange rates: The RMB to US dollar exchange rate is 7.1529, up 0.0052; the Brazilian real to RMB exchange rate is 1.2818, up 0.0212; the Indian rupee to RMB exchange rate is 0.084, down 0.0004 [4]. - International futures: The ice raw sugar主力 is 16.35, up 0.06; the London white sugar主力 is 573, up 3; the Brent crude oil主力 is 68.82, up 0.02 [4].