Ruida Futures(SZ:002961) Rui Da Qi Huo·2025-12-04 08:53Report Industry Investment Rating - Not provided Core View of the Report - The domestic sugar market has digested previous negative factors, and the pessimistic sentiment has eased. It is expected that the sugar price will fluctuate in the future. The delayed start of sugar cane pressing in Guangxi and the faster pressing progress in Yunnan compared to the same period last year, along with the entry of low - priced new sugar from Guangxi into the market, have affected the price of Yunnan sugar. However, the relatively stable prices of processed sugar and beet sugar provide some support for the sugar price in Guangxi [2] Summary by Relevant Catalogs Futures Market - The closing price of the main futures contract for sugar decreased by 38 yuan/ton, and the main contract position decreased by 941 hands to 329,240 hands. The net long position of the top 20 futures holders increased by 6,915 hands to - 45,977 hands. The number of warehouse receipts was 0, and the effective warehouse receipt forecast was 183 [2] Spot Market - The estimated import - processing price of Brazilian sugar within the quota decreased by 15 yuan/ton to 4,106 yuan/ton, and that of Thai sugar decreased by 15 yuan/ton to 4,152 yuan/ton. The estimated import price of Brazilian sugar outside the quota (50% tariff) decreased by 20 yuan/ton to 5,203 yuan/ton, and that of Thai sugar decreased by 19 yuan/ton to 5,264 yuan/ton. The spot prices of sugar in Yunnan Kunming, Guangxi Nanning, and Guangxi Liuzhou all decreased, with decreases of 30 yuan/ton, 30 yuan/ton, and 20 yuan/ton respectively [2] Upstream Situation - The national sugar - crop planting area increased by 60 thousand hectares, and the sugar - cane planting area in Guangxi increased by 5.24 thousand hectares to 840.33 thousand hectares [2] Industry Situation - The cumulative national sugar production reached 1,116.21 million tons, with a monthly increase of 5.49 million tons. The cumulative sales of cane sugar in Guangxi reached 602.29 million tons, with a monthly increase of 26.66 million tons. The cumulative production of cane sugar in Yunnan was 241.88 million tons. The total sugar exports from Brazil reached 420.5 million tons, with a monthly increase of 95.92 million tons. The monthly sugar import volume was 75 million tons, and the cumulative import volume was 390 million tons [2] Downstream Situation - The monthly production of refined sugar was 34.39 million tons, and the monthly production of soft drinks was 1,096.2 million tons, a decrease of 495.5 million tons [2] Option Market - The implied volatility of at - the - money call and put options for sugar decreased by 0.9%. The 20 - day historical volatility decreased by 0.38%, and the 60 - day historical volatility increased by 0.01% [2] Industry News - As of October 21, 2025, the non - commercial net short position in raw sugar futures was 140,401 hands, an increase of 350 hands from the previous week. The long position was 165,348 hands, a decrease of 8,626 hands from the previous week, and the short position was 305,749 hands, a decrease of 8,976 hands from the previous week. The most actively traded March raw sugar futures on the ICE fell 0.05 cents or 0.30% to settle at 14.93 cents per pound [2]