白糖数据日报-20251125

1. Report Industry Investment Rating - No relevant content provided 2. Core View of the Report - The global sugar supply has shifted from shortage to surplus, putting downward pressure on raw sugar prices. The supply pressure of domestic new crops has increased year-on-year. It is expected that Zhengzhou sugar will face upward pressure and mainly follow the trend of raw sugar [4] 3. Summary According to Relevant Catalogs 3.1 Domestic Sugar Spot Market - In Nanning Warehouse, Guangxi, the closing price on November 24, 2025, was 5615, with a decline of 60, a basis of 245 against SR01, and a decline of 77 in the basis [4] - In Rizhao, Shandong, the closing price was 5800, with no change, an ascension and discount of 100, a basis of 330 against SR01, and a decline of 17 in the basis [4] 3.2 Domestic Sugar Futures Market - The closing price of SR01 was 5370, with an increase of 17; the closing price of SR05 was 5319, with an increase of 17; the spread between SR01 - 05 was 51, with no change [4] 3.3 Exchange Rate and International Commodity Market - The exchange rate of RMB against the US dollar was 7.1236, with a decline of 0.0081; the exchange rate of the Brazilian real against the RMB was 1.2818, with an increase of 0.0212; the exchange rate of the Indian rupee against the RMB was 0.084, with a decline of 0.0004 [4] - The price of ICE raw sugar main contract was 14.77, with no change; the price of London white sugar main contract was 573, with an increase of 3; the price of Brent crude oil main contract was 62.51, with no change [4] 3.4 Other Data - The domestic white sugar industrial inventory was 2000 (no unit specified) [4] - The profit of Brazilian sugar imported without tariff quota was shown in the range of - 2500 to 1500 (no unit specified) [4]