Ruida Futures(SZ:002961) Rui Da Qi Huo·2025-12-03 10:40Group 1: Report Industry Investment Rating - No information provided on the report industry investment rating Group 2: Core View of the Report - The domestic sugar market is expected to see sugar prices fluctuate mainly. The early bearish factors in the market have been basically digested, and the pessimistic sentiment has eased. The late - opening of sugar cane in Guangxi has brought low - priced sugar sources to the market, driving down the price of Yunnan sugar. Although processed sugar and beet sugar have some impact, their prices are relatively firm, providing some support for Guangxi sugar prices [2] Group 3: Summary According to Relevant Catalogs Futures Market - The closing price of the main futures contract for sugar was 5366 yuan/ton, down 16 yuan; the main contract position volume was 330,181 lots, down 8,305 lots; the number of sugar warehouse receipts was 0, unchanged; the net long position of the top 20 futures holders was - 52,892 lots, up 2,501 lots; the total effective warehouse receipt forecast was 183, unchanged [2] Spot Market - The estimated import - processing price of Brazilian sugar within the quota was 4,121 yuan/ton, up 48 yuan; that of Thai sugar within the quota was 4,167 yuan/ton, up 47 yuan. The estimated price of imported Brazilian sugar outside the quota (50% tariff) was 5,223 yuan/ton, up 62 yuan; that of imported Thai sugar outside the quota (50% tariff) was 5,283 yuan/ton. The spot price of sugar in Kunming, Yunnan was 5,410 yuan/ton, down 5 yuan; in Nanning, Guangxi was 5,460 yuan/ton, down 10 yuan; in Liuzhou, Guangxi was 5,525 yuan/ton, down 20 yuan [2] Upstream Situation - The national sugar - crop planting area was 1,480 thousand hectares, up 60 thousand hectares; the planting area of sugar cane in Guangxi was 840.33 thousand hectares, up 5.24 thousand hectares [2] Industry Situation - The cumulative national sugar production was 1,116.21 million tons, up 5.49 million tons; the cumulative sales volume of cane sugar in Guangxi was 602.29 million tons, up 26.66 million tons; the cumulative production of cane sugar in Yunnan was 241.88 million tons, unchanged. Brazil's total sugar export volume was 420.5 million tons, up 95.92 million tons. The import volume of sugar in the current month was 75 million tons, up 20 million tons; the cumulative import volume was 390 million tons, up 74 million tons [2] Downstream Situation - The monthly production of refined sugar was 88.3 million tons, up 34.39 million tons; the monthly production of soft drinks was 1,096.2 million tons, down 495.5 million tons [2] Option Market - The implied volatility of at - the - money call options for sugar was 8.76%, up 1.69%; the implied volatility of at - the - money put options for sugar was 8.76%, up 1.69%. The 20 - day historical volatility of sugar was 6.73%, up 0.06%; the 60 - day historical volatility was 6.85%, up 0.03% [2] Industry News - As of November 30, 2025, India had crushed 48.6 million tons of sugar cane (33.4 million tons in the same period last year), producing 4.135 million tons of sugar (2.76 million tons in the same period last year), and the average sugar yield was 8.51%, up from 8.27% in the same period last year. ICE's most actively traded March raw sugar futures rose 0.22 cents or 1.50%, settling at 14.98 cents per pound [2]