白糖数据日报-20251031

Report Summary 1. Industry Investment Rating No investment rating is provided in the report. 2. Core View - The report anticipates that Zhengzhou sugar futures will mainly fluctuate weakly. The large current import volume of raw sugar, increasing pressure of imported sugar arrivals, and an import cost of 5300 - 5400 are expected to suppress the futures market. With the recent start of sugar - cane crushing in Yunnan and the upcoming concentrated start in Guangxi, new selling pressure may emerge. However, as the current futures price is close to the domestic sugar - making cost, the market may show a resistive decline before the new domestic sugar is launched [3]. 3. Key Data Summaries Domestic Spot Prices - In Nanning, Guangxi, the warehouse price per ton of sugar is 5780 yuan, with no change; in Kunming, Yunnan, it's 5720 yuan, unchanged; in Dali, Yunnan, it's 5565 yuan, also unchanged; and in Rizhao, Shandong, it's 5850 yuan, with no change [3]. Futures Prices - SR01 is at 5472 yuan, down 22 yuan; SR05 is at 5407 yuan, down 23 yuan; SR01 - 05 data is not provided; the difference between SR01 and SR05 is not given [3]. Exchange Rates and International Futures - The RMB to USD exchange rate is 7.1183, up 0.0019; the Brazilian real to RMB is 1.2818, up 0.0212; the Indian rupee to RMB is 0.084, down 0.0004. The ICE raw sugar main contract is at 14.43, unchanged; the London white sugar main contract is at 573, up 3; the Brent crude oil main contract is at 64.3, unchanged [3].