白糖数据日报-20251127

Group 1: Report General Information - The report is titled "Sugar Data Daily" by ITG Guomao Futures [3] - The report date is November 27, 2025 [4] - The analyst is Xie Wei with futures qualification number F03087820 and investment consulting number Z0019508 [4] Group 2: Market Data Domestic Sugar Market - In Nanning Warehouse, Guangxi, the price on November 26, 2025, was 5615 yuan, with no change, and the basis to 2601 was 236, up 8 [4] - In Rizhao, Shandong, the price was 5800 yuan, with no change, and the basis to 2601 was 321, up 8 [4] - SR01 price was 5379 yuan, down 8; SR05 price was 5309 yuan, down 16; SR01 - 05 spread was 70, up 8 [4] International Market - The exchange rate of RMB to USD was 7.1018, down 0.0166; the exchange rate of Brazilian Real to RMB was 1.2818, up 0.0212; the exchange rate of Indian Rupee to RMB was 0.084, down 0.0004 [4] - ICE raw sugar主力 price was 14.9, unchanged; London white sugar主力 price was 573, up 3; Brent crude oil主力 price was 61.9, unchanged [4] Group 3: Core Viewpoint - The global sugar supply has shifted from shortage to surplus, putting pressure on raw sugar prices to decline. 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] Group 4: Other Data - The domestic sugar industrial inventory and Brazilian sugar out - of - quota import profit data are presented, with the import profit at 2000 [4] - Graphs show historical data of Liuzhou - 01 basis and Zhengzhou sugar 1 - 5 month spread [5]