白糖数据日报-20260210

Report Summary 1. Report Industry Investment Rating - Not provided in the content 2. Core Viewpoints - 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]. - There is a contradiction between the firm domestic spot price and the weak futures price. The pre - Spring Festival stocking demand provides short - term support to the price. With production cost support, there may be some short - term upward space, but the upside is limited [5]. 3. Summary by Relevant Catalog Domestic Spot Price and Futures Price - On February 9, 2026, the spot prices in different regions varied. For example, the price in Nanning Warehouse, Guangxi was 5360 yuan, in Rizhao, Shandong was 5415 yuan, in Langfang, Hebei was 5470 yuan, etc. Some prices remained unchanged, while the price in Langfang decreased by 40 yuan [4]. - The futures prices of SR05 and SR09 on February 9, 2026 were 5261 yuan and 5274 yuan respectively, with increases of 33 and 35 yuan [4]. International Data - The exchange rate of the RMB against the US dollar was 6.952, a decrease of 0.0069. The Brazilian real against the RMB was 1.2818, an increase of 0.0212. The Indian rupee against the RMB was 0.084, a decrease of 0.0004 [4]. - The ice raw sugar main contract price was 14.14, unchanged; the London white sugar main contract price was 573, an increase of 3; the Brent crude oil main contract price was 68.1, unchanged [4].