银河期货白糖日报-20251201

Group 1: Report Overview - The report is a sugar daily report dated December 1, 2025, focusing on sugar market analysis and trading strategies [2] Group 2: Data Analysis Futures Disk - SR09 closed at 5,345, up 2 with a 0.04% increase, trading volume was 1,726 (up 211), and open interest was 19,977 (up 146) [3] - SR01 closed at 5,405, up 5 with a 0.09% increase, trading volume was 133,737 (down 13,168), and open interest was 350,573 (down 10,944) [3] - SR05 closed at 5,333, up 6 with a 0.11% increase, trading volume was 32,979 (down 5,739), and open interest was 215,384 (up 3,246) [3] Spot Prices - Sugar prices in different regions: Hezhou was 5,585 (down 30), Dianming was 5,425 (down 30), Wuhan was 5,850 (down 10), Nanning was 5,530 (unchanged), Yingyuquan was 0, Rizhao was 5,750 (down 50), and Liang'an was 6,080 (down 20) [3] Monthly Spreads - SR05 - SR01 spread was -72 (up 1), SR09 - SR05 spread was 12 (down 4), and SR09 - SR01 spread was -60 (down 3) [3] Import Profits - For Brazilian imports, the in - quota price was 4,122, out - of - quota price was 5,239, and the spread with Liuzhou was 346, with Rizhao was 511, and with the futures market was 166 [3] - For Thai imports, the in - quota price was 4,170, out - of - quota price was 5,302, and the spread with Liuzhou was 283, with Rizhao was 448, and with the futures market was 103 [3] Group 3: Market Research Important Information - Thailand's 2025/26 sugarcane season unified base price is set at 890 Thai baht/ton (equivalent to 196.78 yuan/ton), and the price fluctuation standard is 53.40 Thai baht/ton per CCS percentage point (equivalent to 11.81 yuan/ton) [5] - As of November 27, 2025/26 in India's Maharashtra state, 165 sugar mills were in operation (15 more than the same period last season), with 19.409 million tons of sugarcane crushed and 1.5148 million tons of sugar produced, with an average sugar yield of 7.8% [6] - In Yunnan, as of the end of November, 10 sugar mills were in operation (5 more than the same period last year). New sugar sales in November are expected to be about 30,000 tons (compared to 32,600 tons last year), and production is expected to be about 40,000 tons (compared to 38,600 tons last year) [8] Logic Analysis - Internationally, Brazilian sugar production may be lower than expected, and international sugar prices are showing signs of bottoming out, with a short - term slightly bullish and volatile trend [9] - Domestically, new sugar production is increasing, but restricted imports and high production costs support the futures price, with a short - term low - level volatile trend [9] Trading Strategies - Unilateral: Consider short - term long positions at low prices due to the potential bottoming of international sugar prices and high domestic production costs [10] - Arbitrage: Go long on January contracts and short on May contracts [11] - Options: Sell put options at low prices [11] Group 4: Related Attachments - The report includes various graphs such as Guangxi and Yunnan monthly inventory, sugar basis, and futures spreads, providing visual data for market analysis [13][14][18]