白糖数据日报-20251112

Report Summary 1. Report Industry Investment Rating No information provided. 2. Core Viewpoint - As the new crops in the Northern Hemisphere and domestic cane sugar are about to be launched, Zhengzhou sugar futures are expected to show a weak and volatile trend. The large volume of raw sugar imports and the upcoming concentrated sugar - cane crushing in Guangxi may bring selling pressure, but the current futures price is close to the domestic sugar - making cost, so it is expected to decline resistantly before the new domestic sugar is launched [4]. 3. Summary by Relevant Catalog Market Data - Domestic Spot and Futures Data: On November 11, 2025, the price in Nanning warehouse, Guangxi was 5760 with a rise of 30; in Rizhao, Shandong, it was 5820 with no change. SR01 was 5480, SR05 was 5411 with a rise of 6, and SR01 - 05 was 69 with a decline of 1. The exchange rate of RMB against the US dollar was 7.1382 with a rise of 0.0004 [4]. - International Data: The ice raw sugar主力 was 14.26 with no change, the London white sugar主力 was 573 with a rise of 3, and the Brent crude oil主力 was 63.94 with no change. The exchange rate of the real against the RMB was 1.2818 with a rise of 0.0212, and the rupee against the RMB was 0.084 with a decline of 0.0004 [4]. Supply Analysis - Import Supply: The current large volume of raw sugar imports and the gradually released pressure of imported sugar arriving at ports, with an import cost of 5300 - 5400, are suppressing the futures market [4]. - Domestic Supply: Yunnan sugar mills started the first pressing two days ago, and Guangxi sugar mills are expected to start concentrated crushing in mid - to - late November, which may create new selling pressure [4].