白糖日报-20251223

1. Report Industry Investment Rating - No relevant content provided 2. Core Viewpoints - The international sugar price is difficult for India to export, and the raw sugar is in a sideways shock. The domestic sugar price may bottom out in the short - term due to the support at the 5000 mark and downstream procurement for the Spring Festival [7][8] 3. Summary by Directory 3.1 Market Review and Operation Suggestions - International Market: On Friday, the New York raw sugar futures rebounded. The main March contract rose 2.56% to 14.85 cents per pound, and the London ICE white sugar futures' main March contract rose 2.3% to $425.50 per ton. India plans to boost sugar exports, but the current international sugar price makes it difficult to achieve [7] - Domestic Market: The main contract of Zhengzhou sugar rebounded. The 05 contract closed at 5,225 yuan per ton, up 49 yuan or 0.95%, with a reduction of 9,688 positions. The new domestic sugar price was lowered. The fundamentals remained unchanged, with ample spot supply suppressing the sugar price. After the futures fell below 5,100, short - selling funds stopped suppressing the 05 contract, and downstream manufacturers began to stock up at low prices, so the sugar price may bottom out in the short - term [7][8] 3.2 Industry News - Philippines: The Philippines will extend the sugar import ban until December 2026 to protect the local sugar industry and stabilize market supply and demand. The domestic raw sugar output in the 2024/2025 season exceeded 2 million tons, higher than the expected 1.7 million tons, and the output in the 2025/2026 season is expected to be the same as the previous season [9] - India: The 2025 - 26 sugar season has strong production. As of December 15, 2025, the national sugar output reached 7.825 million tons, a year - on - year increase of about 28%. The number of operating sugar mills increased slightly, and the sugar yield improved in major sugar - producing states [9] 3.3 Data Overview - Futures Market Data: The closing prices, price changes, price change rates, open interest, and their changes of SR601, SR605, US sugar 03, and US sugar 05 are presented [7] - Position Data of the Top 20 Seats of the Main Contract of Zhengzhou Sugar: The trading volume, long - position volume, and short - position volume and their changes of the top 20 seats are provided [21]