白糖日报-20251219

Group 1: Report Information - Report title: Sugar Daily Report [1] - Date: December 19, 2025 [2] - Researcher: Wang Haifeng, Lin Zhenlei, Yu Lanlan, Hong Chenliang, Liu Youran [3] Group 2: Market Review and Operation Suggestions Futures Market - SR601 closed at 5192 yuan/ton, down 28 yuan or 0.54%, with a position of 63392 contracts, a decrease of 9827 contracts [7] - SR605 closed at 5102 yuan/ton, down 35 yuan or 0.68%, with a position of 518010 contracts, an increase of 30075 contracts [7] - US sugar 03 closed at 14.76 cents/pound, down 0.06 cents or 0.40%, with a position of 445628 contracts, a decrease of 1670 contracts [7] - US sugar 05 closed at 14.35 cents/pound, down 0.09 cents or 0.62%, with a position of 198069 contracts, an increase of 272 contracts [7] Market Analysis - New York raw sugar futures fluctuated downward, and the main March contract closed down 0.40% to 14.76 cents/pound. The weakening of the Brazilian real exchange rate has a certain inhibitory effect on sugar prices, and the sugar price has a slight decline but still remains above the 40 - day moving average, and the oscillation pattern will continue [7] - Zhengzhou sugar's main contract continued to weaken. The 05 contract closed at 5192 yuan/ton, down 28 yuan or 0.54%, with a reduction of 9827 contracts. The domestic new sugar price was lowered. The price in Nanning was 5335 yuan/ton, and in Kunming was 5230 yuan/ton. In terms of fundamentals, the number of sugar mills starting production in the south is increasing, the market lacks confidence, and the downstream purchasing willingness is low. Short - selling funds in Zhengzhou sugar continue to suppress the 05 contract, which may break through 5100 and hit the 5000 mark [8] Group 3: Industry News - From January to November 2025, China imported a cumulative 4340000 tons of sugar, a year - on - year increase of 380000 tons. In November 2025, China imported 440000 tons of sugar, a year - on - year decrease of 90000 tons. As of the end of November in the 25/26 sugar - making season, China imported 1190000 tons of sugar, a year - on - year increase of 120000 tons [11] - The sugarcane crushing volume in the central and southern regions of Brazil in the second half of December was 15993000 tons, a year - on - year decrease of 21.08%; sugar production was 724000 tons, a year - on - year decrease of 32.94%; ethanol production was 1.185 billion liters, a year - on - year decrease of 1.32%. The sugar content of sugarcane was 133.78 kg/ton, a year - on - year increase of 6.8%. 35.52% of the cane juice was used for sugar production, compared with 44.64% in the same period of the previous year [11] - Brazil exported 1600790.93 tons of sugar in the first two weeks of December, with an average daily export volume of 160079.09 tons, a 19% increase compared with the average daily export volume of 134937.22 tons in December of the previous year. The total export volume in December of the previous year was 2833681.54 tons [11] - The National Federation of Cane and Sugar Industries of India (NFCSF) has called on the Indian government to immediately raise the minimum support price (MSP) of sugar. The NFCSF welcomes the government's decision to allow the export of 1.5 million tons of sugar in the 2025 - 2026 sugar - making season but warns that promoting exports alone is not enough to solve the increasingly serious liquidity crisis faced by cooperative sugar mills [11] Group 4: Data Overview Futures Trading Data - The trading volume of the top 20 members in the Zhengzhou sugar main contract was 375635 lots, an increase of 31491 lots; the long - position volume was 327774 lots, an increase of 15981 lots; the short - position volume was 395899 lots, an increase of 16249 lots [23] Graphical Data - The report includes graphs such as the spot price trend, 2605 contract basis, SR1 - 5 spread, Brazilian raw sugar import profit, Zhengzhou Commodity Exchange warehouse receipts, Brazilian real exchange rate, and the trading and position of the top 20 seats in the Zhengzhou sugar main contract [12][14][16]