1. Report Industry Investment Rating - Not provided in the given content 2. Core Viewpoints of the Report - Domestically, in the 2025/26 sugar - crushing season's mid - late stage, the domestic spot market supply is relatively sufficient, but the strengthening of the outer market raises the cost of imported sugar, and the domestic market follows the outer market to fluctuate and strengthen. In the short term, Zhengzhou sugar's trend depends on the outer - market raw sugar. Potential risks include a possible decline in international crude oil prices and a correction in Brazil's production expectations, along with the domestic off - season for sugar consumption [56]. - Internationally, ICE raw sugar futures have strengthened significantly, breaking through the recent trading range. This is due to the tightening of fundamental supply - demand and multiple macro - factors. The global sugar supply - demand pattern is turning tighter, with many institutions reducing the expected surplus for the 2025/26 season. The production in India and Thailand in the Northern Hemisphere is lower than expected, and Brazil's new season is about to start with an expected lower sugar - making ratio [56]. 3. Summary by Directory 3.1 Sugar Market Analysis 3.1.1 Futures Price Trends - Zhengzhou sugar futures fluctuated, with a weekly decline of 0.29%. ICE sugar futures strengthened, with a weekly increase of 7.1% [10]. 3.1.2 Spot Price and Basis Trends - Not elaborated in the given text, only data sources are mentioned [11][13] 3.1.3 Sales in Guangxi and Yunnan - Not elaborated in the given text, only data sources are mentioned [17][15] 3.1.4 Sugar Import Situation - From January to February, imports were 520,000 tons, a year - on - year increase of 440,000 tons. Based on the ICE sugar May contract price of 15 cents per pound, the in - quota import cost from Brazil is 4,213 yuan per ton, and the out - of - quota cost is 5,343 yuan per ton; for Thailand, the in - quota cost is 4,149 yuan per ton, and the out - of - quota cost is 5,260 yuan per ton [21]. 3.1.5 Domestic Industrial Inventory - In the 2025/26 season, the industrial inventory in January was about 4.19 million tons, an increase of 432,200 tons compared to the same period last year [24]. 3.1.6 Zhengzhou Commodity Exchange Warehouse Receipts and Valid Forecasts - This week, the total of Zhengzhou sugar warehouse receipts and forecasts was 16,342, a decrease of 684 from the previous week. The number of warehouse receipts was 16,342, and the valid forecast was 0 [32]. 3.1.7 Brazil's Production Progress - In the second half of January, the cumulative crushing volume was 602 million tons, a year - on - year decrease of 2.16%, and the sugar production was 40.24 million tons, a year - on - year increase of 0.86% [36]. 3.1.8 Brazil's Bi - weekly Sugar - Making Ratio - The cumulative sugar - making ratio of sugarcane in the central - southern part of Brazil was 50.74%, compared to 48.14% in the same period last year [41]. 3.1.9 Brazil's Monthly Sugar Exports - In February, Brazil's sugar export volume was 2.2297 million tons, a 22% increase compared to the same period last year [46]. 3.1.10 International Main - Producing Area Weather Conditions - Brazil's main producing areas have abundant rainfall, which is beneficial to sugarcane growth. India has slightly more precipitation, which may affect sugarcane crushing [52][53] 3.2 Market Outlook - Domestically, the market follows the outer - market trend, and there are potential risks such as a decline in international crude oil prices and a correction in Brazil's production expectations. It is recommended not to chase high prices. - Internationally, the ICE raw sugar futures have strengthened due to tightening supply - demand and multiple factors, with the global sugar supply - demand pattern turning tighter [56]

1. Report Industry Investment Rating - Not provided in the report 2. Core Viewpoints - In the domestic market, Zhengzhou sugar showed a slightly stronger and upward - trending oscillation this week. Supported by external cost and undervaluation repair, along with a slowdown in supply at the end of the domestic sugar - making season and post - holiday replenishment demand, the sugar price maintained a strong oscillation. However, factors such as slow sugar sales in Yunnan, high industrial and commercial inventories, and industrial hedging funds limited the upward space. Policy expectations of stricter import control supported the sugar price. In the international market, the international sugar market was affected by macro - economic fluctuations, with geopolitical conflicts in the Middle East increasing risk - aversion sentiment. The US dollar's high - level operation pressured commodities. The global sugar supply was abundant, and the sugar price had weak rebound momentum. In the short term, the international raw sugar continued the weak oscillation, and in the long - term, attention should be paid to Brazil's production policies and weather changes in major producing areas [56]. - The operation suggestion is to focus on short - term trading [57]. 3. Summary by Directory 3.1 Sugar Market Analysis 3.1.1 Futures Price Trends - Zhengzhou sugar futures showed a strong oscillation with a weekly increase of 0.79%. ICE sugar futures oscillated at a low level with a weekly decline of 1.51% [11]. 3.1.2 Spot Price and Basis Trends - Not provided with specific analysis content, only data sources are given [14] 3.1.3 Sales in Guangxi and Yunnan - Not provided with specific analysis content, only data sources are given [16] 3.1.4 Sugar Import Situation - In December, sugar imports were 580,000 tons, an increase of 190,000 tons year - on - year. Based on the ICE sugar March contract price of 14.5 cents per pound, the in - quota import cost from Brazil was 4,019 yuan per ton, and the out - of - quota import cost was 5,090 yuan per ton; the in - quota import cost from Thailand was 4,078 yuan per ton, and the out - of - quota import cost was 5,166 yuan per ton [22]. 3.1.5 Domestic Industrial Inventory - In the 2025/26 sugar - making season, the industrial inventory in January was about 4.19 million tons, an increase of 432,200 tons compared with the same period last year [25]. 3.1.6 Zhengzhou Commodity Exchange Warehouse Receipts and Valid Forecasts - This week, the total number of Zhengzhou sugar warehouse receipts and forecasts was 17,170, an increase of 1,221 compared with last week. The number of warehouse receipts was 14,585, and the number of valid forecasts was 2,585 [33]. 3.1.7 Brazil's Production Progress - In the second half of January, the cumulative crushing volume was 602 million tons, a year - on - year decrease of 2.16%, and the sugar production was 40.24 million tons, a year - on - year increase of 0.86% [37]. 3.1.8 Brazil's Bi - weekly Sugar - Making Ratio - The cumulative sugar - making ratio of sugarcane in the central - southern part of Brazil was 50.74%, compared with 48.14% in the same period last year [42]. 3.1.9 Brazil's Monthly Sugar Exports - In January, Brazil's sugar export volume was 2.0175 million tons, a year - on - year decrease of 2.09% [47]. 3.1.10 International Main Producing Area Weather Conditions - There was abundant rainfall in Brazil's main producing areas, which was beneficial to sugarcane growth. There was almost no precipitation in India, which was beneficial to sugarcane pressing [53]. 3.2后市展望 (Market Outlook) - In the domestic market, Zhengzhou sugar maintained a strong oscillation. In the international market, the international raw sugar continued the weak oscillation in the short term, and in the long - term, attention should be paid to Brazil's production policies and weather changes in major producing areas. The operation suggestion is short - term trading [56][57]

1. Report Industry Investment Rating - No relevant information provided 2. Core Viewpoints - Domestically, Zhengzhou sugar futures prices declined and then rebounded this week, with a narrow - range fluctuation. The production side has high pressure due to the increasing production pattern. Although the sales data in January was good due to Spring Festival stocking, the spot market became quiet after stocking ended, and sugar price support is limited. With the increasing risk - aversion sentiment of funds before the Spring Festival, Zhengzhou sugar is expected to remain volatile in the short term [57]. - Internationally, the international sugar market is testing the low - level support and is still suppressed by supply. India's production is strong but exports may be limited. Thailand's production may fall short of expectations due to disasters. In the EU, the beet planting area may decline by 5% due to low sugar prices. The Dubai Sugar Conference has a somewhat positive impact. Crude oil's long - term upward trend may support raw sugar. The international sugar market is in a low - level oscillation with limited downside space [57]. 3. Summary by Directory 3.1 Sugar Market Analysis 3.1.1 Futures Price Trends - Zhengzhou sugar futures prices declined and then rebounded, with a weekly decline of 0.38%. ICE sugar futures prices fluctuated at a low level, with a weekly decline of 0.14% [9]. 3.1.2 Spot Price and Basis Trends - No specific text description provided, only data sources are mentioned [12]. 3.1.3 Sales in Guangxi and Yunnan - No specific text description provided, only data sources are mentioned [17]. 3.1.4 Sugar Import Situation - In December, sugar imports were 580,000 tons, an increase of 190,000 tons year - on - year. Based on the ICE sugar March contract price of 14.5 cents per pound, the in - quota import cost from Brazil is 4,019 yuan per ton, and the out - of - quota import cost is 5,090 yuan per ton; the in - quota import cost from Thailand is 4,078 yuan per ton, and the out - of - quota import cost is 5,166 yuan per ton [21]. 3.1.5 Domestic Industrial Inventory - In the 2025/26 sugar - making season, the industrial inventory in December was about 2.11 million tons, an increase of 206,000 tons compared with the same period last year [25]. 3.1.6 Zhengzhou Commodity Exchange Warehouse Receipts and Valid Forecasts - This week, the total number of Zhengzhou sugar warehouse receipts and forecasts was 14,719, an increase of 402 compared with last week. The number of warehouse receipts was 14,374, and the number of valid forecasts was 345 [33]. 3.1.7 Brazil's Production Progress - In the second half of December, the cumulative sugarcane crushing volume was 600 million tons, a year - on - year decrease of 2.28%, and the sugar production was 40.222 million tons, a year - on - year increase of 0.86% [37]. 3.1.8 Brazil's Bi - weekly Sugar - making Ratio - The cumulative sugar - making ratio of sugarcane in the central - southern region of Brazil was 50.82%, compared with 48.16% in the same period last year [42]. 3.1.9 Brazil's Monthly Sugar Exports - In January, Brazil's sugar export volume was 2.0175 million tons, a year - on - year decrease of 2.09% [47]. 3.1.10 International Main - producing Region Weather Conditions - Brazil's main producing areas have abundant rainfall, which is beneficial to sugarcane growth. India has little precipitation, which is beneficial to sugarcane crushing [53][54]. 3.2后市展望 (Market Outlook) - Domestically, Zhengzhou sugar is expected to remain volatile in the short term. Internationally, the international sugar market is in a low - level oscillation with limited downside space [57].

1. Report Industry Investment Rating - Not provided in the report 2. Core Viewpoints of the Report - The domestic Zhengzhou sugar market showed a relatively strong upward trend this week, with a weekly increase of 1.31%. It is expected to maintain a volatile trend in the short term. The international sugar market is in a weak and volatile state, with the lower support level at around 14 cents per pound. The recommended trading strategy is short - term trading [9][56][57] 3. Summary by Directory 3.1 Sugar Market Analysis 3.1.1 Futures Price Trends - Zhengzhou sugar futures showed a relatively strong and volatile trend, with a weekly increase of 1.31%. ICE sugar futures were in a low - level volatile state, with a weekly decrease of 0.14% [9] 3.1.2 Spot Price and Basis Trends - Not elaborated in the provided text 3.1.3 Sales in Guangxi and Yunnan - In January, although the spot sugar trading in Guangxi was mostly moderate and there were few trading volume spikes, the estimated sales volume for the month was 70 - 80 tons, close to the level of the same period last year. Yunnan's sales volume was better than that of Guangxi and is expected to increase year - on - year [56] 3.1.4 Sugar Import Situation - In December, the sugar import volume was 580,000 tons, an increase of 190,000 tons year - on - year. Based on the ICE sugar futures March contract price of 14.5 cents per pound, the in - quota and out - of - quota import costs from Brazil were 4,019 yuan/ton and 5,090 yuan/ton respectively; those from Thailand were 4,078 yuan/ton and 5,166 yuan/ton respectively [21] 3.1.5 Domestic Industrial Inventory - In the 2025/26 sugar - making season, the industrial inventory in December was approximately 2.11 million tons, an increase of 206,000 tons compared to the same period last year [25] 3.1.6 Zhengzhou Commodity Exchange Warehouse Receipts and Effective Forecasts - This week, the total number of Zhengzhou sugar warehouse receipts and forecasts was 14,208, an increase of 402 compared to the previous week. The number of warehouse receipts was 14,119, and the number of effective forecasts was 89 [33] 3.1.7 Brazil's Production Progress - In the second half of December, the cumulative sugarcane crushing volume was 600 million tons, a year - on - year decrease of 2.28%, and the sugar production was 40.222 million tons, a year - on - year increase of 0.86% [37] 3.1.8 Brazil's Bi - weekly Sugar - Making Ratio - The cumulative sugar - making ratio of sugarcane in the central and southern regions of Brazil was 50.82%, compared to 48.16% in the same period last year [42] 3.1.9 Brazil's Monthly Sugar Exports - In December, Brazil's sugar export volume was 2.913 million tons, a year - on - year increase of 2.9% [44] 3.1.10 International Main Production Area Weather Conditions - There was abundant rainfall in Brazil's main production areas, which was beneficial for sugarcane growth. There was little precipitation in India, which was beneficial for sugarcane pressing [52] 3.2 Market Outlook - **Domestic Market**: Zhengzhou sugar showed a relatively strong performance this week. Despite two cold snaps in Guangxi in January, the sugarcane crushing progress was smooth. The extended Chinese New Year stocking period is expected to result in a sales volume of 70 - 80 tons in January, close to last year's level. Yunnan's sales are better than Guangxi's. The market has confirmed the lower support level, and short - term volatility is expected to continue [56] - **International Market**: The international sugar market is in a weak and volatile state. India's sugar production in the 2025/26 season has accelerated, but the largest sugar - producing state may end the season early due to insufficient sugarcane, and the actual export may only be 800,000 tons. Thailand's sugar production has decreased significantly year - on - year due to white leaf disease and delayed crushing, and the disease may further reduce production. The lower support level of the international sugar market is around 14 cents per pound [56]

Report Summary 1. Report Industry Investment Rating No investment rating information is provided in the report. 2. Core Viewpoints - Domestically, Zhengzhou sugar (Zheng sugar) attempted to break through the 5300 yuan/ton mark this week but failed to hold. The spot price was firm due to pre - Spring Festival stocking, but overall supply was abundant with new sugar on the market, a rapid increase in warehouse receipts, and an expected year - on - year rise in December imports. The decline in external market prices also had a negative impact. Short - term, Zheng sugar is expected to remain volatile. Weather in Guangxi should be monitored due to a cold wave warning [55]. - Internationally, the global sugar market has weakened with significant supply pressure. As of January 15, 2026, India's sugar production reached 15.885 million tons, higher than the previous year, and the average sugar yield increased. In Brazil, due to dry weather, the crushing progress was fast and may finish ahead of schedule. The international sugar market remains weak, with support at around 14 cents per pound [55]. - The operation suggestion is to focus on short - term trading [56]. 3. Summary by Directory 3.1 Sugar Market Analysis - **Futures Price Trends**: Zheng sugar fluctuated slightly with a weekly decline of 0.38%, and ICE sugar dropped with a weekly decline of 2.01% [8]. - **Spot Price and Basis Trends**: No specific data analysis content is provided in the given text. - **Sales in Guangxi and Yunnan**: No specific analysis content is provided in the given text. - **Sugar Imports**: In November, imports were 430,000 tons, a year - on - year decrease of 90,000 tons. Based on the ICE sugar March contract price of 14.5 cents per pound, the in - quota import cost from Brazil was 4019 yuan/ton, and the out - of - quota cost was 5090 yuan/ton; from Thailand, the in - quota cost was 4078 yuan/ton, and the out - of - quota cost was 5166 yuan/ton [20]. - **Domestic Industrial Inventory**: In the 2025/2026 sugar - making season, the industrial inventory in November was about 700,000 tons, a year - on - year decrease of 58,900 tons [23]. - **Zhengzhou Commodity Exchange Warehouse Receipts and Valid Forecasts**: This week, the total of Zheng sugar warehouse receipts and forecasts was 14,881, an increase of 4313 from the previous week. There were 14,126 warehouse receipts and 755 valid forecasts [31]. - **Brazilian Production Progress**: In the first half of December, the cumulative crushing volume was 598 million tons, a year - on - year decrease of 2.36%, and sugar production was 40.158 million tons, a year - on - year increase of 0.86% [35]. - **Brazilian Bi - weekly Sugar - making Ratio**: The cumulative sugar - making ratio of sugarcane in the central - southern region of Brazil was 50.91%, compared with 48.19% in the same period last year [40]. - **Brazilian Monthly Sugar Exports**: In December, Brazil's sugar exports were 2.913 million tons, a year - on - year increase of 2.9% [42]. - **International Main - producing Area Weather**: In Brazil, there was abundant rainfall, which was beneficial for sugarcane growth. In India, there was little precipitation, which was conducive to sugarcane crushing [51]. 3.2 Market Outlook - **Domestic Market**: Zheng sugar is expected to remain volatile in the short term, affected by factors such as supply, external market prices, and weather [55]. - **International Market**: The international sugar market remains weak with strong supply pressure, and the support level is around 14 cents per pound [55].

Report Summary 1. Report Industry Investment Rating No relevant information provided. 2. Core Viewpoints of the Report - Domestically, Zhengzhou sugar showed a relatively strong sideways movement this week. Supported by pre - Spring Festival stocking, spot prices were firm. It is expected that Yunnan's sugar sales in December will exceed last year's. However, the overall supply is relatively abundant, and the market is waiting for verification of Guangxi's production. Zhengzhou sugar is under obvious pressure at the 5300 yuan/ton level and may maintain a wide - range sideways movement in the short term, with an operating range of 5000 - 5350 yuan/ton [55]. - Internationally, the international sugar market has both bullish and bearish factors. Brazil's sugar exports in December were about 2.913 million tons, a 2.9% year - on - year increase. South Brazil's cumulative sugar exports from the 2025/26 crushing season to December decreased by 4.16% year - on - year. As of December 31, 2025, India's total sugar production was about 12 million tons, a nearly 25% increase compared to the same period last year. The Indian government will review sugar mills' export performance after March 31, 2026. Overall, the international sugar market is in a low - level sideways pattern [55]. - The operation suggestion is to focus on short - term trading [56]. 3. Summary by Directory 3.1 Sugar Market Analysis - **Futures Price Trends**: Zhengzhou sugar futures had a slight sideways movement with a weekly increase of 0.7%. ICE sugar futures had a low - level sideways movement with a weekly increase of 2.47% [8]. - **Spot Price and Basis Trends**: No specific text description of trends is provided, only data sources are given [11][12]. - **Sales in Guangxi and Yunnan**: No specific sales data or trend analysis is provided, only data sources are given [16][14]. - **Sugar Import Situation**: In November, imports were 430,000 tons, a year - on - year decrease of 90,000 tons. Based on the ICE sugar March 03 contract price of 14.5 cents/pound, Brazil's in - quota import cost was 4019 yuan/ton, and out - of - quota import cost was 5090 yuan/ton; Thailand's in - quota import cost was 4078 yuan/ton, and out - of - quota import cost was 5166 yuan/ton [20]. - **Domestic Industrial Inventory**: In the 2025/26 crushing season, the industrial inventory in November was about 700,000 tons, a year - on - year decrease of 58,900 tons [23]. - **Zhengzhou Commodity Exchange Warehouse Receipts and Valid Forecasts**: This week, the total of Zhengzhou sugar warehouse receipts and forecasts was 10,568, an increase of 1696 compared to last week. The number of warehouse receipts was 6005, and valid forecasts were 4563 [31]. - **Brazil's Production Progress**: In the second half of November, the cumulative crushing volume was 592 million tons, a year - on - year decrease of 1.92%, and sugar production was 39.904 million tons, a year - on - year increase of 1.13% [35]. - **Brazil's Bi - weekly Sugar - making Ratio**: The cumulative sugar - making ratio of sugarcane in central and southern Brazil was 51.12%, compared to 48.34% in the same period last year [40]. - **Brazil's Monthly Sugar Exports**: In December, Brazil's sugar exports were 2.913 million tons, a 2.9% year - on - year increase [42]. - **International Main Production Area Weather Conditions**: Brazil's main production areas had abundant rainfall, which was beneficial to sugarcane growth. India had little precipitation, which was beneficial to sugarcane crushing [51][52]. 3.2 Market Outlook - **Domestic Market**: Zhengzhou sugar is expected to maintain a wide - range sideways movement in the short term, with an operating range of 5000 - 5350 yuan/ton. Attention should be paid to the production and sales data in December [55]. - **International Market**: The international sugar market will remain in a low - level sideways pattern [55].

1. Report Industry Investment Rating - Short - term weakness in the sugar market is expected, and it is recommended to wait and see [1] 2. Core Viewpoints of the Report - It is currently estimated that the sugar production of major sugar - producing countries will increase in the new crushing season, and the global supply - demand relationship will change from shortage to surplus. International sugar prices may not improve significantly until the first quarter of next year. With the continuous opening of the profit window for out - of - quota imports in China, the overall view is bearish. However, domestic sugar prices are at a relatively low level, making it more difficult for the long - and short - side to compete, and the probability of a trending market is also lower. Therefore, short - term waiting and seeing is recommended [9] 3. Summary According to Relevant Catalogs 3.1. Weekly Assessment and Strategy Recommendation - **Market Review**: In the external market, the raw sugar price rebounded this week. As of Friday, the closing price of the ICE raw sugar March contract was reported at 15.1 cents per pound, up 0.28 cents per pound from the previous week, a rise of 1.89%. In terms of spreads, the raw sugar 3 - 5 spread was reported at 0.41 cents per pound, unchanged from the previous week; the London white sugar 3 - 5 spread was reported at $3.2 per ton, up $0.5 per ton from the previous week; the raw - white spread of the March contract was reported at $96 per ton, down $3 per ton from the previous week. In the domestic market, the Zhengzhou sugar price fluctuated this week. As of Friday, the closing price of the Zhengzhou sugar May contract was reported at 5,214 yuan per ton, down 19 yuan per ton from the previous week, a decline of 0.36%. The spot price in Guangxi was reported at 5,340 yuan per ton, down 20 yuan per ton from the previous week; the basis was reported at 51 yuan per ton, up 1 yuan per ton from the previous week; the 1 - 5 spread was reported at 106 yuan per ton, up 36 yuan per ton from the previous week; the out - of - quota spot import profit was reported at 518 yuan per ton, down 69 yuan per ton from the previous week [9] - **Industry News**: Analysis agency Green Pool expects Thailand's sugar production in the 2025/26 crushing season to increase by 6% year - on - year to 10.7 million tons. But in the 2026/27 crushing season, sugar production may decrease to 9.9 million tons due to the conversion of sugarcane to cassava. According to data from the National Federation of Cooperative Sugar Factories of India (NFCSF), as of November 30, 2025, India had crushed 48.6 million tons of sugarcane, a year - on - year increase of 15.2 million tons; sugar production was 4.135 million tons, a year - on - year increase of 1.375 million tons; as of the end of November, the average sugar yield was 8.51%, a year - on - year increase of 0.24 percentage points. Data released by Brazilian shipping agency Williams showed that in the week ending December 10, the number of ships waiting to load sugar at Brazilian ports was 44, compared with 53 in the previous week. The quantity of sugar waiting to be loaded at ports was 1.5131 million tons, a 17.14% decrease from 1.826 million tons in the previous week [9] - **Viewpoints and Strategies**: As mentioned above, short - term waiting and seeing is recommended [9] 3.2. Spread Trend Review - The report presents multiple spread - related charts, including those for spot prices and basis (such as Guangxi Nanning first - grade white sugar price trend and basis between Guangxi Nanning spot and Zhengzhou sugar main - contract), spot - to - spot spreads (e.g., refined sugar basis and production - sales area spread), domestic futures spreads (e.g., Zhengzhou sugar 1 - 5 spread and 5 - 9 spread), internal - external spreads (e.g., out - of - quota spot and futures import profits), raw - white spreads, raw sugar spot premiums and discounts, and sugar - alcohol price ratios. These charts show the spread trends from 2021 to 2025 [17][20][25] 3.3. Domestic Market Situation - **National Production**: The report shows the monthly and cumulative sugar production in China from 20/21 to 24/25 through charts [40] - **Sugar Imports**: It presents the monthly and annual cumulative sugar imports, as well as the monthly and annual cumulative imports of syrup and premixed powder in China from 20/21 to 24/25 through charts [43] - **National Sales**: The monthly sugar sales volume and cumulative production - sales progress in China from 20/21 to 24/25 are shown through charts [48] - **National Industrial Inventory**: The monthly industrial inventory in China from 2021 to 2025 and the Guangxi three - party warehouse inventory from 20/21 to 24/25 are presented through charts [51] 3.4. International Market Situation - **Brazilian Central - South Production**: The report shows the bi - weekly and cumulative sugar production, cumulative sugar - making ratio from sugarcane, and cumulative sugarcane crushing volume in Brazil's Central - South region from 21/22 to 25/26 through charts [56] - **Indian Production**: The bi - weekly and cumulative sugar production in India from 20/21 to 24/25 are presented through charts [61] - **Thai Production**: The bi - weekly and cumulative sugar production in Thailand from 20/21 to 24/25 are shown through charts [64] - **Brazilian Shipment Volume**: The sugar inventory in Brazil's Central - South region from 2022 to 2025 and the quantity of sugar waiting to be shipped at Brazilian ports from 21/22 to 25/26 are presented through charts [67]

Report Title - The report is titled "Sugar Data Daily" [3] Report Information - The report is from ITG Guomao Futures, with investment consulting business qualification approved by the China Securities Regulatory Commission (License No. [2012] 31) [2] - The analyst is Xie Wei, with a futures practice qualification certificate number of F03087820 and an investment consulting certificate number of Z0019508 [4] Core View - Currently, there is a global surplus of sugar and an increase in domestic new - crop supply, with a strong consensus among short - sellers. If the futures price continues to fall, there is strong cost support below, but the short - term fundamentals lack continuous driving force. Attention should be paid to changes in the capital side. If the near - month contracts show a rebound with reduced positions, it may indicate the establishment of a stage bottom [4] Data Summary Domestic Spot Data - In Nanning Warehouse, Guangxi, the price on December 8, 2025, was 5505, with a change of 0, a basis of 168 against SR2601, and a change of - 34 in the basis [4] - In Rizhao, Shandong, the price was 5700, with a change of 0, a premium of 100, a basis of 263 against SR2601, and a change of - 34 in the basis [4] Domestic Futures Data - SR01 was at 5337, up 34; the spread between SR01 and SR05 was 93, up 23 [4] - SR05 was at 5244, up 11 [4] International Exchange Rate and Futures Data - The RMB - US dollar exchange rate was 7.0866, down 0.0033 [4] - The Brazilian real - RMB exchange rate was 1.2818, up 0.0212 [4] - The Indian rupee - RMB exchange rate was 0.084, down 0.0004 [4] - The ICE raw sugar main contract was at 14.82, unchanged [4] - The London white sugar main contract was at 573, up 3 [4] - The Brent crude oil main contract was at 63.86, unchanged [4]

Group 1: Report Industry Investment Rating - No information provided Group 2: Core Viewpoints of the Report - Domestically, Zhengzhou sugar hit a new low this week, testing the support around 5,300 yuan/ton. Spot prices are dropping rapidly, and the overall supply pressure is high. With the increase in new sugar on the market, spot pressure rises. The market supply is abundant, and sugar prices are unlikely to rise. Internationally, ICE sugar futures are digesting supply pressure, with prices fluctuating around 15 cents/pound and finding support around 14 cents/pound. Although current supply pressure is hard to resolve, there are some hidden long - term positives, and international sugar prices may maintain low - level oscillations. The operation suggestion is to focus on short - term trading [57][58] Group 3: Summary by Directory 1. Sugar Market Analysis 1.1 Futures Price Trends - Zhengzhou sugar futures showed weak performance, with a weekly decline of 1.8%. ICE sugar futures oscillated at a low level, with a weekly decline of 1.97% [11] 1.2 Spot Price and Basis Trends - No summary information provided 1.3 Sales in Guangxi and Yunnan - No summary information provided 1.4 Sugar Import Situation - In October, imports were 750,000 tons, a year - on - year increase of 210,000 tons. Based on the ICE sugar futures March contract price of 14.5 cents/pound, the in - quota import cost from Brazil is 4,019 yuan/ton, and the out - of - quota import cost is 5,090 yuan/ton; the in - quota import cost from Thailand is 4,078 yuan/ton, and the out - of - quota import cost is 5,166 yuan/ton [23] 1.5 Domestic Industrial Inventory - In the 2025/26 sugar - making season, the industrial inventory in October was about 321,800 tons, an increase of 45,900 tons compared to the same period last year [29] 1.6 Zhengzhou Commodity Exchange Warehouse Receipts and Valid Forecasts - This week, the total of Zhengzhou sugar warehouse receipts and forecasts was 183, a decrease of 75 compared to the previous week. The number of warehouse receipts was 0, and the valid forecasts were 183 [34] 1.7 Brazil's Production Progress - In the first half of November, the cumulative crushing volume was 576 million tons, a year - on - year decrease of 1.26%, and the sugar production was 39.179 million tons, a year - on - year increase of 2.09% [38] 1.8 Brazil's Bi - weekly Sugar - Making Ratio - The cumulative sugar - making ratio of sugarcane in the central - southern region of Brazil was 51.54%, compared to 48.45% in the same period last year [43] 1.9 Brazil's Monthly Sugar Exports - In October, Brazil's sugar exports were 4.205 million tons, a year - on - year increase of 12.8% [47] 1.10 International Main - producing Region Weather Conditions - Brazil's main producing areas have abundant rainfall, which is beneficial to sugarcane growth. India has little precipitation, which is beneficial to sugarcane crushing [53] 2. Market Outlook - Domestically, Zhengzhou sugar hit a new low, spot prices are falling, and supply pressure is high. With new sugar on the market, pressure increases, and sugar prices are unlikely to rise. Internationally, ICE sugar futures are digesting supply pressure, and although current pressure is high, there are long - term positives, and prices may maintain low - level oscillations. The operation suggestion is short - term trading [57][58]

Group 1: Report Investment Rating - No information provided Group 2: Core Viewpoints - The international market is moving towards a situation of loose supply, the raw sugar market lacks positive driving factors, and prices remain low. In the domestic market, the new sugar season has fully started. Some sugar mills' crushing progress has been delayed due to rainfall. With the low international raw sugar prices and high sales profits of processing enterprises, the imported sugar volume increased significantly in October, resulting in obvious import supply pressure. Short - term sugar prices show no sign of stopping the decline and are expected to continue to be weak [2] Group 3: Summary by Category 1. Futures Market - The closing price of the futures main contract for sugar is 5379 yuan/ton, a decrease of 8 yuan; the main contract position is 394,080 lots, a decrease of 12,249 lots. The number of sugar warehouse receipts is 7,693, unchanged; the net long position of the top 20 futures holders for sugar is - 62,644 lots. The estimated import processing price of Brazilian sugar within the quota is 4,114 yuan/ton, and that of Thai sugar is 4,163 yuan/ton [2] 2. Spot Market - The estimated price of imported Brazilian sugar outside the quota (50% tariff) is 5,214 yuan/ton; the estimated price of imported Thai sugar outside the quota (50% tariff) is 5,277 yuan/ton. The spot price of sugar in Kunming, Yunnan is 5,480 yuan/ton, a decrease of 20 yuan; the spot price of sugar in Nanning, Guangxi is 5,470 yuan/ton, a decrease of 10 yuan; the spot price of sugar in Liuzhou, Guangxi is 5,595 yuan/ton, unchanged [2] 3. Upstream Situation - The national sugar - crop planting area is 1,480 thousand hectares, an increase of 60 thousand hectares; the sugar - cane planting area in Guangxi is 840.33 thousand hectares, an increase of 5.24 thousand hectares [2] 4. Industry Situation - The cumulative national sugar production is 1,116.21 million tons, an increase of 5.49 million tons. The cumulative sales volume of cane sugar in Guangxi is 602.29 million tons, a decrease of 12 million tons. The cumulative production of cane sugar in Yunnan is 241.88 million tons, unchanged. The total export volume of Brazilian sugar is 420.5 million tons, an increase of 95.92 million tons. The monthly import volume of sugar is 75 million tons, an increase of 20 million tons; the cumulative import volume is 390 million tons, an increase of 74 million tons [2] 5. Downstream Situation - The monthly output of refined sugar is 88.3 million tons, an increase of 34.39 million tons; the monthly output of soft drinks is 1,096.2 million tons, a decrease of 495.5 million tons [2] 6. Options Market - The implied volatility of at - the - money call options for sugar is 9.05%, an increase of 0.25%; the implied volatility of at - the - money put options for sugar is 9.05%, an increase of 0.25%. The 20 - day historical volatility of sugar is 6.76%, a decrease of 0.42%; the 60 - day historical volatility is 7.01%, unchanged [2] 7. Industry News - Brazil's export data shows that in the first three weeks of November, Brazil exported 2.564 million tons of sugar, with a daily average export volume of 183,000 tons, a 3% increase compared to the daily average export volume of the whole month of November last year. The ICE raw sugar futures rose on Tuesday, with the most actively traded March raw sugar futures rising 0.09 cents or 0.6% to settle at 14.82 cents per pound [2]