格林大华期货早盘提示：白糖-20251231

Report Summary 1. Report Industry Investment Ratings - No specific industry investment ratings were provided in the report. 2. Core Views - The sugar market is expected to be bearish in the medium to long - term due to increasing domestic sugar production and overseas supply pressure [1] - The jujube market has limited upside potential in the medium to long - term, despite short - term signs of stabilization [4] - The rubber market may face a correction in the short - term, and the upward momentum of synthetic rubber prices may be hindered [5] 3. Summary by Variety Sugar - Market Performance: SR605 contract closed at 5258 yuan/ton yesterday with a daily decline of 0.10%, and 5244 yuan/ton at night [1] - Important Information: Guangxi spot price rose 10 yuan/ton; India's 2026 January sugar quota decreased by 50,000 tons; Thailand's sugar production decreased by 15.83% year - on - year; Zhengzhou Commodity Exchange's sugar warehouse receipts increased by 144 [1] - Market Logic: ICE raw sugar faced upward pressure after previous positive news was digested; the domestic sugar market is dull with bearish medium - to - long - term expectations due to increasing new sugar supply [1] - Trading Strategy: Wait and see during the holiday, reduce previous long positions or buy out - of - the - money put options [1] Jujube - Market Performance: CJ605 contract closed at 9020 yuan/ton yesterday with a daily increase of 0.56% [4] - Important Information: Sample jujube inventory decreased by 1.30% week - on - week, Hebei's wholesale price decreased, Guangdong's market arrivals increased, and warehouse receipts increased [4] - Market Logic: Inventory is in the seasonal destocking period but remains high; there are few medium - to - long - term positive factors, and short - term trading is expected to be range - bound [4] - Trading Strategy: Hold short positions in CJ605 contract and wait for short - selling opportunities for non - participants [4] Rubber - Market Performance: RU2605 contract closed at 15670 yuan/ton with a 0.03% increase; NR2602 contract closed at 12690 yuan/ton with a 0.20% increase; BR2602 contract closed at 11565 yuan/ton with a 0.30% decrease [5] - Important Information: Thai raw material prices were stable, Qingdao rubber inventory increased, tire production capacity utilization rates changed, and rubber prices were mostly stable [5] - Market Logic: Natural rubber may face a correction due to eased overseas tensions, port inventory accumulation, and potential decline in tire production; synthetic rubber price upward momentum may be hindered by a stalemate in the spot market and the drag of natural rubber [5] - Trading Strategy: Wait and see for the rubber sector and consider taking profits on previous long positions [5]