白糖期货日报-20251128

Report Industry Investment Rating - Not provided Core View of the Report - Currently, the domestic white sugar spot price is stable with a slight decline, while the price of the ICE white sugar futures main contract continues to rebound. On the futures market, the price of the white sugar futures main contract (SR601) showed a strong and volatile trend throughout the day. In the short term, the price of the white sugar futures main contract (SR601) may still mainly show a wide - range volatile trend at a low level [13][14] Summary by Relevant Catalogs 1. Futures Market 1.1 Contract Market - On November 27, 2025, the price of the Zhengzhou Commodity Exchange white sugar futures main contract (SR601) showed a strong and volatile trend throughout the day, closing at 5403 yuan/ton, up 13 yuan/ton or 0.24% from the previous day. The trading volume was 169,362 lots, the open interest was 377,132 lots, and the daily increase in open interest was - 16,948 lots. The total long - position of the Top20 members in the white sugar futures main contract (SR601) was 264,682 lots, with a long - position difference of - 11,261 lots, and the total short - position of the Top20 members was 293,605 lots, with a short - position difference of - 11,422 lots [2] 1.2 Variety Price - SR601 closed at 5403 yuan/ton, up 13 yuan/ton with a gain of 0.24%, trading volume of 169,362 lots, open interest of 377,132 lots, and daily increase in open interest of - 16,948 lots, with an amplitude of 0.71%. SR603 closed at 5359 yuan/ton, up 0.11%, trading volume of 49,805 lots, open interest of 72,869 lots, and daily increase in open interest of 1,215 lots, with an amplitude of 0.62%. SR605 closed at 5325 yuan/ton, up 2 yuan/ton with a gain of 0.04%, trading volume of 51,529 lots, open interest of 203,314 lots, and daily increase in open interest of 12,561 lots, with an amplitude of 0.55%. SR607 closed at 2336 yuan/ton, up 7 yuan/ton with a gain of 0.13%, trading volume of 1,128 lots, open interest of 7,378 lots, and daily increase in open interest of - 82 lots, with an amplitude of 0.51% [3] 1.3 Option Market - Today, the total trading volume of white sugar options was 64,236 lots, with 40,557 lots of call options and 23,679 lots of put options. The open interest of the variety was 343,211 lots, with 221,343 lots of call options and 121,868 lots of put options. The open - interest PCR was 0.5506 [3] 2. Spot Market 2.1 Spot Quotation - According to Wind data, today's domestic white sugar spot quotation was 5,675 yuan/ton, up 19 yuan/ton from the previous observation day [4] 2.2 Registered Warehouse Receipts - Today, the total number of registered white sugar futures warehouse receipts was 75, a decrease of 7,618 from the previous trading day. Mainly, COFCO Sugar and Yunnan Yingmao cancelled a total of 6,824 warehouse receipts [8] 3. Influencing Factors 3.1 External Market Quotes - On November 26, according to the data of Guojin Futures' market software, the opening price of the ICE raw sugar main contract was 14.9 cents/pound, the highest price was 15.19 cents/pound, the lowest price was 14.86 cents/pound, and the closing price was 15.12 cents/pound, up 0.21 cents/pound or 1.41% from the previous day. The open interest was 475,844 lots, and the daily increase in open interest was 940 lots [9] 3.2 Basis Data - Today's white sugar basis was 267 yuan/ton, and the basis weakened [12] 4. Market Outlook - The domestic white sugar spot price is stable with a slight decline, and the price of the ICE white sugar futures main contract continues to rebound. The price of the white sugar futures main contract (SR601) may still show a wide - range volatile trend at a low level in the short term [13][14]