白糖日报-20251203

Report Information - Report Title: Sugar Daily Report [1] - Date: December 3, 2025 [2] - Research Team: Agricultural Products Research Team [4] - Researchers: Wang Haifeng, Lin Zhenlei, Yu Lanlan, Hong Chenliang, Liu Youran [3] Industry Investment Rating - Not provided Core Viewpoints - On Monday, New York raw sugar futures fell sharply. The main March contract closed down 3.09% to 14.74 cents per pound, and the London ICE white sugar futures main March contract closed down 3.3% to $421.10 per ton. The decline was due to the fulfillment of positive factors and the suppression of prices by Thailand's low purchase price and India's high - yield data [7]. - The main contract of Zhengzhou sugar oscillated downward yesterday. The 01 contract closed at 5,382 yuan per ton, down 14 yuan or 0.26%, with a reduction of 12,087 contracts. The new domestic sugar quotes were lowered. The fundamental situation is that the number of sugar mills in the south starting production is increasing, and the new sugar quotes are falling. The speculative short - sellers of Zhengzhou sugar 01 are gradually withdrawing, and funds are not eager to shift to far - month contracts, so it is likely to be in a weak oscillation in the near future [8]. Summary by Directory 1. Market Review and Operation Suggestions - Futures Market Quotes - SR601 closed at 5,382 yuan per ton, down 14 yuan or 0.26%, with a position of 338,486 contracts, a decrease of 12,087 contracts [7]. - SR605 closed at 5,316 yuan per ton, down 10 yuan or 0.19%, with a position of 221,789 contracts, an increase of 6,405 contracts [7]. - US sugar 03 closed at 14.74 cents per pound, down 0.47 cents or 3.09%, with a position of 469,342 contracts, a decrease of 4,366 contracts [7]. - US sugar 05 closed at 14.29 cents per pound, down 0.44 cents or 2.99%, with a position of 194,636 contracts, an increase of 2,707 contracts [7]. - Domestic Sugar Market - The main contract of Zhengzhou sugar oscillated downward. The new domestic sugar quotes were lowered, with Nanning at 5,510 yuan per ton and Kunming at 5,460 yuan per ton. The number of sugar mills in the south starting production increased, and the new sugar quotes declined. The speculative short - sellers of Zhengzhou sugar 01 were withdrawing, and it was likely to be in a weak oscillation in the near future [8]. 2. Industry News - Brazil - In the first half of November in the central - southern region of Brazil, 18.7614 million tons of sugarcane were crushed, a year - on - year increase of 14.34%; 983,000 tons of sugar were produced, a year - on - year increase of 78,600 tons; the sugar - cane ratio was 38.61%, compared with 43% in the same period last year and a 7.41 - percentage - point decrease from 46.02% in the second half of October; the sugar yield was 142.42 kg/ton, compared with 133.09 kg/ton last year [9]. - As of the first half of November in the 2024/25 sugar - making season, the central - southern region of Brazil had cumulatively crushed 576 million tons of sugarcane, a year - on - year decrease of 1.26%; the cumulative sugar production was 39.1789 million tons, a year - on - year increase of 800,400 tons; the cumulative sugar - cane ratio was 51.54%, compared with 48.45% in the same period of the previous year; the cumulative sugar yield was 138.46 kg/ton (compared with 142.31 kg/ton last year) [9]. - In the first half of November, 42 more factories in southern Brazil stopped production, and the cumulative number in the season reached 120, significantly more than 70 in the same period last year [9]. - India - As of November 30, 2025, India had crushed 48.6 million tons of sugarcane (33.4 million tons in the same period last year) and produced 4.135 million tons of sugar (2.76 million tons in the same period last year). The average sugar yield at the end of November was 8.51%, an increase from 8.27% in the same period last year. Except for some areas in Maharashtra and Karnataka, sugarcane harvesting and pressing work were progressing in full swing [9]. - Thailand - The Thai Sugarcane and Sugar Board announced that at the meeting on November 28, 2025, the base price of sugarcane for the 2025/26 sugar - making season (Buddhist Era 68/69) was set at 890 Thai baht per ton (corresponding to a sugar content of 10%). The floating standard for the sugarcane price was 53.40 Thai baht per 1% sugar content, and the subsidy for sugar production and sales was 381.43 Thai baht per ton [9]. 3. Data Overview - Figures - The report includes figures such as the spot price trend (yuan/ton), the basis of the 2601 contract (yuan/ton), the SR1 - 5 spread (yuan/ton), the import profit of Brazilian raw sugar (yuan/ton), the number of Zhengzhou Commodity Exchange warehouse receipts (sheets), the exchange rate of the Brazilian real, and the trading volume and position of the top 20 seats of the main contract of Zhengzhou sugar [11][15][21][18] - Top 20 Seats' Trading and Position Data - The total trading volume was 234,468 lots, an increase of 35,928 lots; the total long - position volume was 243,001 lots, a decrease of 5,085 lots; the total short - position volume was 253,697 lots, a decrease of 14,347 lots [22]