格林大华期货早盘提示：白糖-20251208

Group 1: Overall Information - Report date: December 8, 2025 [1] - Researcher: Li Fanglei, with qualification F03104461 and trading consultation qualification Z0021311 [1] - Contact: 19339940612 [1] Group 2: Sugar (Agricultural, Forestry, and Livestock Sector) Investment Rating - Sugar is rated as "Oscillating and Slightly Weak" [1] Core View - The external raw sugar futures price is mainly consolidating, with short - term oscillations and a long - term bearish outlook. The domestic Zhengzhou sugar market is facing downward pressure due to the increasing new sugar supply and weak overseas market fundamentals [1] Summary by Directory - Market Review: On Friday, SR601 closed at 5303 yuan/ton with a daily decline of 0.47%, and SR605 closed at 5233 yuan/ton with a daily decline of 0.57% [1] - Important Information: ICE raw sugar closed at 14.82 cents/pound on Friday with a daily decline of 0.60%. Sugar prices in various regions in China decreased. As of now, 50 sugar mills in Guangxi have started the 2025/26 season, 17 less than the same period last year, with a daily sugar - cane crushing capacity of 38.55 million tons, 14.2 million tons less than last year [1] - Market Logic: The external market is worried about Brazil's future supply and India's export expectations. The domestic market has limited fundamental news, and the new sugar listing speed is accelerating [1] - Trading Strategy: Hold or partially close short positions in SR601 contracts, and close profitable long - call options at 5600 [1] Group 3: Red Dates (Agricultural, Forestry, and Livestock Sector) Investment Rating - Red dates are rated as "Oscillating and Slightly Weak" [3] Core View - Although the purchase price of Xinjiang grey dates has increased slightly due to reduced supply, considering the significant overall supply pressure, a short - selling strategy on rallies is recommended [3] Summary by Directory - Market Review: On Friday, CJ601 closed at 9175 yuan/ton with a daily increase of 0.61%, and CJ605 closed at 9320 yuan/ton with a daily increase of 1.75% [3] - Important Information: The physical inventory of 36 sample points last week was 13910 tons, a week - on - week increase of 28.23% and a year - on - year increase of 135.16%. On Friday, 5 trucks of red dates arrived at Guangzhou Ruyifang, 1 more than the previous day [3] - Market Logic: The purchase price of Xinjiang grey dates has increased due to reduced supply, and the futures price has risen slightly. However, the overall supply pressure is significant [3] - Trading Strategy: Hold or partially close short positions in CJ601 contracts, and short - sell CJ605 contracts on rallies [3] Group 4: Rubber (Energy and Chemical Sector) Investment Rating - Natural rubber, 20 - numbered rubber, and synthetic rubber are all rated as "Oscillating" [4] Core View - Natural rubber is under pressure from Thailand's supply during the peak season, with weak cost support and a bearish short - term outlook. Synthetic rubber's BR futures price may be in a low - range operation [4] Summary by Directory - Market Review: As of December 5, RU2605 closed at 15065 yuan/ton with a daily increase of 0.17%, NR2601 closed at 12045 yuan/ton with a daily increase of 0.63%, and BR2601 closed at 10410 yuan/ton with a daily decline of 0.43% [4] - Important Information: Rubber prices in Yunnan and Hainan decreased. As of November 30, 2025, the total inventory of natural rubber in Qingdao increased by 2.71% month - on - month. The capacity utilization rate of semi - steel tire and full - steel tire sample enterprises changed [4] - Market Logic: Natural rubber has weak cost support and seasonal inventory accumulation. Synthetic rubber's downstream has a strong wait - and - see attitude due to sufficient raw material supply expectations [4] - Trading Strategy: The active RU contract is expected to move in the range of 14900 - 15270 yuan/ton, NR in the range of 11800 - 12200 yuan/ton, and BR in the range of 10200 - 10700 yuan/ton [4]