白糖数据日报-20251110

1. Report Industry Investment Rating - No relevant content found 2. Core View of the Report - Near the new crops in the Northern Hemisphere and the listing of domestic cane sugar, 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. In the domestic supply side, Yunnan sugar mills started the first pressing two days ago, and Guangxi sugar mills are expected to start mass - production 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, it is expected to show a resistant decline before the listing of domestic new sugar [4] 3. Summary According to Relevant Catalogs 3.1 Domestic Spot Price and Futures Price - In the domestic spot market, on November 7, 2025, the price per ton of sugar in Nanning Warehouse, Guangxi was 5760 yuan, up 40 yuan; in Kunming, Yunnan, it was 5650 yuan, down 10 yuan; in Dali, Yunnan, it was 5500 yuan, down 10 yuan; in Rizhao, Shandong, it was 5820 yuan, unchanged. The price of SR01 was 5457 yuan, up 9 yuan; the price of SR05 was 5397 yuan, up 9 yuan; the spread between SR01 and SR05 was 60 yuan, unchanged [4] 3.2 International Exchange Rate and Commodity Price - The exchange rate of RMB against the US dollar was 7.1393, down 0.0015; 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 14.13, down 0.09; the price of the London white sugar main contract was 573, up 3; the price of the Brent crude oil main contract was 63.7, up 0.13 [4]