白糖日报-20251015

Report Information - Report Name: Sugar Daily Report - Date: October 15, 2025 - Researcher: Wang Haifeng, Lin Zhenlei, Yu Lanlan, Hong Chenliang, Liu Youran [3] 1. Report Industry Investment Rating - Not provided in the given content 2. Core Viewpoints - The supply pressure from major sugar - producing countries in both the Northern and Southern Hemispheres, along with the recent sharp decline in crude oil prices and the rapid depreciation of the Brazilian real, have exerted significant pressure on sugar prices [7]. - The Zhengzhou sugar futures were dragged down by the raw sugar, resulting in a significant decline, and the spot price also dropped significantly, indicating weak market demand and sugar mills' eagerness to clear inventory [8]. 3. Summary by Directory 3.1行情回顾与操作建议 (Market Review and Operation Suggestions) - Futures Market Conditions: On Monday, the New York raw sugar futures tumbled. The主力 March contract closed 3.29% lower at 15.57 cents per pound. The London ICE white sugar futures' December contract closed 1.4% lower at $444.00 per ton. SR601 closed at 5397 yuan per ton, down 77 yuan or 1.41%, with an increase of 32133 contracts in open interest. SR605 closed at 5370 yuan per ton, down 74 yuan or 1.36%, with an increase of 8310 contracts in open interest. The US sugar 03 contract closed at 15.57 cents per pound, down 0.53 cents or 3.29%, with a decrease of 26 contracts in open interest. The US sugar 05 contract closed at 15.13 cents per pound, down 0.49 cents or 3.14%, with an increase of 722 contracts in open interest [7]. - Spot Market Conditions: The spot prices in domestic production areas were lowered. The price of Nanning sugar was 5820 yuan, and that of Kunming sugar was 5710 yuan [8]. 3.2行业要闻 (Industry News) - Sugar Mill Start - up: As of now, 11 sugar mills in Inner Mongolia have started operation in the 2025/2026 sugar - making season, and the last one is expected to start tomorrow. The price of white sugar of Inner Mongolia Lingyunhai in the 2025/2026 sugar - making season is 5850 yuan per ton, and the price of granulated sugar is 5950 yuan per ton [9]. - Indian Sugar Exports: India exported 775,000 tons of sugar in the 2024 - 25 market year (October 2024 to September 2025). The largest destination for Indian sugar exports was Djibouti with 146,000 tons, followed by Somalia with 135,000 tons, and Sri Lanka with 134,000 tons. The Indian government allowed a total export of 1 million tons of sugar in the 2024 - 25 market year on January 20, 2025 [9]. - Brazilian Sugar Production: A survey of 10 analysts showed that the sugar - cane crushing volume in the central - southern region of Brazil in the second half of September was expected to increase by 3.3% year - on - year to 40.12 million tons, and the sugar production was estimated to increase by 7.7% year - on - year to 3.05 million tons [9]. - Weather Phenomenon: The Australian Bureau of Meteorology and the Climate Prediction Center under the US National Oceanic and Atmospheric Administration indicated that La Niña might occur briefly before early December this year and last until February 2026, which often causes rainfall and floods in Asia, especially in India [10]. 3.3数据概览 (Data Overview) - The report presents multiple data charts, including spot price trends, 2601 contract basis, SR1 - 5 spread, Brazilian raw sugar import profit, Zhengzhou Commodity Exchange warehouse receipts, Brazilian real exchange rate, and the trading and position data of the top 20 seats of the Zhengzhou sugar futures' main contract [12][14][19][22].