白糖日报-20251105

Report Information - Report Title: Sugar Daily Report - Date: November 5, 2025 - Researcher: Wang Haifeng, Lin Zhenlei, Yu Lanlan, Hong Chenliang, Liu Youran [2][3] Market Review and Operation Suggestions Futures Market - SR601 closed at 5,481 yuan/ton, up 2 yuan or 0.04%, with a position reduction of 3,969 contracts - SR605 closed at 5,431 yuan/ton, up 14 yuan or 0.26%, with a position increase of 5,201 contracts - US Sugar 03 closed at 14.68 cents/pound, up 0.25 cents or 1.73%, with a position increase of 6,787 contracts - US Sugar 05 closed at 14.24 cents/pound, up 0.19 cents or 1.35%, with a position increase of 1,513 contracts [7] Market Performance - On Monday, New York raw sugar futures rebounded slightly, with the March contract up 1.72% to 14.68 cents/pound - London ICE white sugar futures' December contract rose 1.8% to $423.30/ton - The sugar price rebounded technically after hitting a new low - The main contract of Zhengzhou sugar futures declined. The 01 contract closed at 5,481 yuan/ton, up 2 yuan or 0.04%, with a position reduction of 3,969 contracts - Domestic spot prices in production areas declined slightly. Nanning sugar was quoted at 5,710 yuan/ton, and Kunming sugar at 5,600 yuan/ton - The domestic market was relatively calm. Market research institutions believe that Guangxi is likely to increase production this year - Zhengzhou sugar's rebound was weak, mainly because large speculative short - sellers stopped reducing positions [7][8] Industry News India - India Ratings and Research said that the increase in sugarcane prices in Uttar Pradesh will increase sugar mills' costs by 8%. Therefore, price increases for sugar and ethanol are crucial for maintaining profits - The Uttar Pradesh government decided to raise the sugarcane guidance price (SAP) for the 2025 - 26 crushing season by 30 rupees per quintal, which may increase the production cost of sugar mills in the state by about 8%. Unless sugar and ethanol prices rise, it will pressure the profitability of sugar mills - This move raises the standard guidance price to 400 rupees per quintal, which was frozen for two years. It is expected to increase the production cost of sugar mills in Uttar Pradesh, which accounts for 35 - 40% of India's total sugar production, by 2.5 to 3 rupees per kilogram. The impact will appear from the fourth quarter of fiscal year 2026 as old inventories are consumed [9] Brazil - According to Unica data, in the first half of October 2025, there were 255 production units operating in the central - southern region of Brazil (3 fewer than the same period in the previous crushing season), including 234 engaged in sugarcane processing, 10 using corn to produce ethanol, and 11 flexible factories. During this period, 12 factories ended sugarcane processing - Sugarcane crushing volume was 34.037 million tons, a slight increase of 0.30% year - on - year, but with regional differences. The crushing volume in São Paulo state decreased by 5.04% year - on - year to 18.904 million tons, while that in other states increased by 7.88% to 15.133 million tons - Sugarcane's sugar yield (ATR) was 158.78 kg/ton, a decrease of 0.96% year - on - year - Sugar production was 2.484 million tons, an increase of 1.25% year - on - year. However, the proportion of sugarcane used for sugar production decreased by 3 percentage points to 48.2% (47.33% in the same period last year). The declines in São Paulo and Paraná states were more significant, reaching 3.4 and 9.1 percentage points respectively - Total ethanol production was 2.013 billion liters, a decrease of 1.17% year - on - year. Among them, anhydrous ethanol production increased by 6.93% to 772 million liters, hydrous ethanol production decreased by 5.61% to 1.241 billion liters, and corn - based ethanol production reached 370.56 million liters, an increase of 4.94% year - on - year [9][10] Data Overview Futures Trading Data - The table shows the trading volume, position changes of the top 20 members in the main contract of Zhengzhou sugar futures. The total trading volume was 206,336 lots, a decrease of 31,355 lots; the total long position was 247,781 lots, a decrease of 1,228 lots; the total short position was 291,926 lots, a decrease of 2,142 lots [22]