白糖市场周报-20260327

Report Industry Investment Rating - Not provided in the report Core Viewpoints - The price of Zhengzhou Sugar 2605 contract rose this week with a weekly increase of about 0.46%. The Brazilian sugar has not been crushed, and the international market news is in a vacuum period. The raw sugar price lacks more upward drivers and is expected to remain volatile. The number of vessels waiting to load sugar at Brazilian ports and the quantity of sugar waiting to be shipped are decreasing. In the domestic market, the beet sugar production in the north has ended, and the cane sugar production has exceeded expectations. The domestic sugar production is expected to be around 12 million tons. The current sugar market is in a situation of strong supply and weak demand, and there is some pressure on the price. However, the high energy prices drive the strong sentiment of commodities, which provides support for sugar. It is expected that the domestic sugar price will fluctuate and strengthen [5]. Summary by Directory 1. Week - by - Week Summary - Market Review: The price of Zhengzhou Sugar 2605 contract rose this week, with a weekly increase of about 0.46% [5]. - Market Outlook: The Brazilian sugar has not been crushed, and the international raw sugar price is expected to remain volatile. The number of vessels waiting to load sugar at Brazilian ports decreased from 40 to 34, and the quantity of sugar waiting to be shipped decreased from 1282700 tons to 1063700 tons. In the domestic market, the beet sugar production in the north has ended, and the cane sugar production has exceeded expectations. The domestic sugar production is expected to be around 12 million tons. The current sugar market is in a situation of strong supply and weak demand, but high energy prices provide support. The domestic sugar price is expected to fluctuate and strengthen [5]. - Future Focus: Domestic imports and demand [6] 2. Futures and Spot Market - US Sugar Market: The price of the US Sugar May contract rose this week, with a weekly increase of about 1.41%. As of March 17, 2026, the non - commercial net short position of raw sugar futures was 207755 lots, a decrease of 1000 lots from the previous week. The long position was 192309 lots, a decrease of 6055 lots from the previous week, and the short position was 400064 lots, a decrease of 7055 lots from the previous week [10]. - International Raw Sugar Spot Price: This week, the international raw sugar spot price was 15 cents per pound, an increase of 0.39 cents per pound from last week [16]. - Zhengzhou Sugar Futures: The price of Zhengzhou Sugar 2605 contract rose this week, with a weekly increase of about 0.46%. The net position of the top 20 in Zhengzhou sugar futures was - 113790 lots, and the number of Zhengzhou sugar warehouse receipts was 16342 [20][28]. - Zhengzhou Sugar Contract Spread: The spread between the 5 - 9 contracts of Zhengzhou sugar futures was - 23 yuan per ton, and the basis of spot - Zhengzhou sugar was - 4 yuan per ton [32]. - Spot Market Price: As of March 27, the sugar price in Liuzhou, Guangxi was 5460 yuan per ton, and the sugar price in Nanning was 5460 yuan per ton [39]. - Imported Sugar Cost and Profit: This week, the estimated profit of Brazilian sugar within the quota was 1149 yuan per ton, a decrease of 29 yuan per ton from last week; the estimated profit of Brazilian sugar outside the quota was - 92 yuan per ton, a decrease of 142 yuan per ton from last week; the estimated profit of Thai sugar within the quota was 1138 yuan per ton, a decrease of 103 yuan per ton from last week; the estimated profit of Thai sugar outside the quota was - 9 yuan per ton, a decrease of 153 yuan per ton from last week [45]. 3. Industry Chain Situation - Supply - side - Production Increase: The domestic sugar production in the main producing areas is increasing [46]. - Supply - side - Industrial Inventory: Information about industrial inventory is presented in the report, but no specific data summary is provided [49]. - Supply - side - Imported Sugar Quantity: In February 2026, China's sugar imports were 240000 tons, a year - on - year increase of 314.29% and a month - on - month decrease of 40000 tons. From January to February 2026, the cumulative sugar imports were 520000 tons, a year - on - year increase of 293.33% [53]. - Demand - side - Sugar Sales Rate: The sugar sales rate is average [54]. - Demand - side - Output of Refined Sugar and Soft Drinks: Information about the monthly output of refined sugar and soft drinks is presented, but no specific data summary is provided [60]. 4. Options and Stock - Futures Related Market - Options Market: Information about the implied volatility of at - the - money options of sugar this week is presented, but no specific data summary is provided [63]. - Stock Market - Nanning Sugar Industry: Information about the price - earnings ratio of Nanning Sugar Industry is presented, but no specific data summary is provided [68].