白糖数据日报-20251203

Report Summary 1. Report Industry Investment Rating - No information provided on the industry investment rating. 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 new domestic sugar crops has increased year - on - year. It is expected that Zhengzhou sugar will face pressure on the upside and mainly follow the trend of raw sugar [4]. 3. Summary According to Relevant Catalogs Domestic Sugar Market Data - On December 2, 2025, the price in Nanning Warehouse, Guangxi was 5565, down 20; the price in Rizhao, Shandong was 5750, unchanged. The SR01 price was 5382, down 23; the SRO5 price was 5316, down 17. The SR01 - 05 spread was down 6. The basis of Nanning Warehouse, Guangxi to SR01 was 183, up 3; the basis of Rizhao, Shandong to SR01 was 268, up 23 [4]. International Market Data - The exchange rate of RMB against the US dollar was 7.0953, up 0.0043; the exchange rate of the Brazilian real against the RMB was 1.2818, up 0.0212; the exchange rate of the Indian rupee against the RMB was 0.084, down 0.0004. The price of ICE raw sugar main contract was 14.74, unchanged; the price of London white sugar main contract was 573, up 3; the price of Brent crude oil main contract was 63.33, unchanged [4].