白糖数据日报-20251111

Report Summary 1. Report Industry Investment Rating No investment rating information is provided in the report. 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 in a weak - oscillating pattern. The large current import volume of raw sugar and the gradually released pressure of imported sugar arriving at ports, along with an import cost of 5300 - 5400, are suppressing the futures market. The start of sugar mills in Yunnan and the upcoming concentrated start of sugar mills in Guangxi in mid - to - late November may create new selling pressure. However, as the current futures price is close to the domestic sugar - making cost, the futures market is expected to show a resistive decline before the new domestic sugar is listed [4]. 3. Summary by Related Catalogs Domestic Spot Price - In the domestic spot market, on November 10, 2025, the price per ton of sugar in Nanning Warehouse, Guangxi was 5730 yuan, down 30 yuan; in Kunming, it was 5650 yuan, unchanged; in Dali, Yunnan, it was 5500 yuan, unchanged; in Rizhao, Shandong, it was 5820 yuan, unchanged [4]. Futures Market Data - SR01 was at 5475, up 18; SRO5 was at 5405, up 8; the spread between SR01 - 05 was 70, up 10 [4]. Exchange Rates and International Futures - The exchange rate of RMB against the US dollar was 7.1378, 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 ice raw sugar main contract was at 14.13, unchanged; the London white sugar main contract was at 573, up 3; the Brent crude oil main contract was at 63.7, unchanged [4].