Report Information - Report Title: Sugar Daily Report [1] - Date: November 12, 2025 [2] - Researcher: Wang Haifeng, Lin Zhenlei, Yu Lanlan, Hong Chenliang, Liu Youran [3] - Research Team: Agricultural Products Research Team [4] 1. Report Industry Investment Rating No relevant information provided. 2. Core Viewpoints - On Monday, New York raw sugar futures fluctuated strongly, with the main March contract rising 1.13% to 14.26 cents per pound. London ICE white sugar futures' main March contract rose 0.5% to $408.10 per ton. The Indian government plans to allow 1.5 million tons of sugar exports, but the market believes current sugar prices are below India's export parity, making exports difficult. Overnight, overseas stocks and commodities generally rose, and raw sugar followed the trend [7]. - Yesterday, the main Zhengzhou sugar contract rose first and then fell. The 01 contract closed at 5,480 yuan per ton, up 13 yuan or 0.24%, with an increase of 3,084 contracts in positions. The domestic spot sugar price remained flat, with 5,580 yuan per ton in Kunming and 5,840 yuan per ton in East China. The Guangxi Sugar Association issued a self - discipline convention for the 2025/26 sugar - crushing season, stipulating that the crushing should not start earlier than November 30, but some sugar mills have announced their crushing start in mid - November. Zhengzhou sugar failed to rise strongly today, with obvious pressure at the 5,500 mark. In terms of funds, speculative short positions slightly decreased [8]. 3. Summary by Directory 3.1 Market Review and Operation Suggestions - Futures Market Quotes: SR601 closed at 5,480 yuan per ton, up 13 yuan or 0.24%, with a position of 376,327 contracts and an increase of 3,084 contracts; SR605 closed at 5,411 yuan per ton, up 11 yuan or 0.20%, with a position of 115,315 contracts and a decrease of 607 contracts; US sugar 03 closed at 14.26 cents per pound, up 0.16 cents or 1.13%, with a position of 483,461 contracts and an increase of 400 contracts; US sugar 05 closed at 13.86 cents per pound, up 0.13 cents or 0.95%, with a position of 170,718 contracts and an increase of 2,605 contracts [7]. - Domestic Market: The main Zhengzhou sugar contract rose first and then fell. The domestic spot sugar price remained flat. The Guangxi Sugar Association's self - discipline convention was not fully followed, and some sugar mills planned to start crushing earlier. Zhengzhou sugar faced pressure at 5,500, and speculative short positions decreased [8]. 3.2 Industry News - Brazilian Sugar Exports: In the first week of November, Brazil exported 685,701.91 tons of sugar, with a daily average export of 137,140.38 tons, a 23% decrease compared to the daily average export in November last year. In October, Brazil exported about 4.205 million tons of sugar, a 12.8% year - on - year increase. From April to October in the 2025/26 crushing season, Brazil cumulatively exported 21.9568 million tons of sugar, a 5.27% year - on - year decrease [9][10]. - Chinese Sugar Supply and Demand: The China Sugar Association adjusted the sugar import volume for the 2024/25 season down by 380,000 tons to 4.62 million tons. It is predicted that the sugar production in the 2025/26 season will be 11.7 million tons, an increase of 500,000 tons from the previous month's prediction, and the sugar consumption will be 15.7 million tons, a decrease of 200,000 tons from the previous month's prediction. Southern sugar mills have started production, and 29 northern beet sugar mills have all started production, with a generally stable production situation [9]. - Guangxi Sugar Production: On November 15, some sugar mills in Guangxi are expected to start crushing, kicking off the 2025/26 production season, 7 days later than the same period last year. As of now, the number of sugar mills starting production before the end of November is expected to be significantly less than 61 last year, but some sugar mills in northern Guangxi will start earlier. In the past ten crushing seasons, the sugar production in Guangxi in November was between 40,000 and 510,000 tons, and the temperature difference was not obvious, which was not conducive to sugar accumulation [9]. - Indian Sugar Exports: The Indian central government has decided to allow the export of 1.5 million tons of sugar in the 2025 - 26 crushing season starting from October [9]. 3.3 Data Overview - The report provides multiple data charts, including spot price trends, 2601 contract basis, SR1 - 5 spread, Brazilian raw sugar import profit, Zhengzhou Commodity Exchange warehouse receipts, Brazilian real exchange rate, and the trading and position data of the top 20 seats of the main Zhengzhou sugar contract [12][14][16]. - The trading and position data of the top 20 seats of the main Zhengzhou sugar contract show that the total trading volume was 171,320 contracts, a decrease of 16,172 contracts; the total long position was 257,739 contracts, an increase of 1,121 contracts; the total short position was 297,052 contracts, a decrease of 1,208 contracts [22].
白糖日报-20251112
Jian Xin Qi Huo·2025-11-12 07:07