白糖数据日报-20251106

Report Summary 1. Report Industry Investment Rating No information provided. 2. Core View of the Report - Near the new crops in the Northern Hemisphere and the domestic cane sugar listing, Zhengzhou sugar is expected to be mainly volatile and weak. The large current import volume of raw sugar and the gradually released pressure of imported sugar arriving at ports, with an import cost of 5300 - 5400, suppress the futures market. The initial crushing of sugar mills in Yunnan occurred two days ago, and Guangxi sugar mills are expected to start centralized crushing in mid - to late November, which may create new selling pressure. However, as the current futures market is close to the domestic sugar - making cost, the futures market is expected to show a resistant decline before the domestic new sugar is launched [4]. 3. Summary by Relevant Data Domestic Spot Market - In the domestic spot market, on November 5, 2025, the price in Nanning, Guangxi was 5720 yuan/ton, down 10 yuan; in Kunming, Yunnan it was 5660 yuan/ton, down 20 yuan; in Dali, Yunnan it was 5520 yuan/ton, down 20 yuan; and in Rizhao, Shandong it was 5820 yuan/ton, unchanged [4]. Futures Market - The price of SR01 was 5441 yuan/ton, down 40 yuan; SR05 was 5393 yuan/ton, down 38 yuan; and the spread between SR01 and SR05 was 48, down 2 [4]. Exchange Rate and International Market - The exchange rate of RMB against the US dollar was 7.1503, up 0.0071; the exchange rate of the Brazilian real against the RMB was 1.2818, up 0.0212; the exchange rate of the Indian rupee against the RMB was 0.084, down 0.0004. The price of the ICE raw sugar main contract was 14.21, unchanged; the price of the London white sugar main contract was 573, up 3; the price of the Brent crude oil main contract was 64.35, unchanged [4].