白糖数据日报-20260122

Report Summary 1. Report Industry Investment Rating No information provided. 2. Core View - The global sugar market in the 25/26 sugar season has shifted from a shortage to a surplus. India's significant increase in production contrasts with the decline in Thailand and Brazil, but overall supply - side pressure remains [4]. - In the domestic market, there is a contradiction between the firm spot price and the weak futures price. The pre - Spring Festival stocking demand provides short - term support to the price. With cost - of - production support, there may be some short - term upward space, but the upside is limited [4]. 3. Summary by Relevant Catalog Domestic Spot Price | Region | Location | Price on 2026/1/21 | Change | Premium/Discount | Basis with 2601 | Basis Change | | ---- | ---- | ---- | ---- | ---- | ---- | ---- | | Guangxi | Nanning Warehouse | 5350 | - 20 | 0 | 206 | 19 | | Shandong | Rizhao | 5470 | 0 | 100 | 226 | 39 | | Hebei | Langfang | 5515 | - 85 | 100 | 271 | - 46 | | Fujian | Fuzhou | 5530 | - 70 | 240 | 146 | - 31 | | Beijing | Beijing | 5525 | 0 | 80 | 301 | 39 | | Liaoning | COFCO Liaoning | 5525 | 0 | 50 | 331 | 39 | | Shanghai | Shanghai | 5790 | - 10 | 140 | 306 | 29 | | Hubei | Wuhan | 5660 | 0 | 100 | 416 | 39 | [4] Futures Price - SR05 price is 5144, down 39; SR09 price is 5161, down 39; SR05 - 09 spread is - 17, with no change [4]. International Data | Currency Exchange | Exchange Rate | Change | Futures Contract | Price | Change | | ---- | ---- | ---- | ---- | ---- | ---- | | RMB/USD | 6.9814 | 0.0046 | ICE Raw Sugar Main Contract | 14.73 | 0 | | Brazilian Real/RMB | 1.2818 | 0.0212 | London White Sugar Main Contract | 573 | 3 | | Indian Rupee/RMB | 0.084 | - 0.0004 | Brent Crude Oil Main Contract | 64 | 0 | [4]