Industry Report Overview 1. Report Information - Report Name: Sugar Daily Report - Date: June 27, 2025 - Analysts: Wang Haifeng, Lin Zhenlei, Yu Lanlan, Hong Chenliang, Liu Youran [3] 2. Core Views - New York raw sugar futures rebounded slightly, with the main October contract up 1.59% to 16.62 cents per pound. London ICE white sugar futures' main August contract rose 2.4% to $479 per ton. Frost in Brazilian sugar - cane regions and an increase in the ethanol blending ratio in gasoline are expected to reduce sugar - making raw material supply [7]. - Zhengzhou sugar's main contract rose slightly. The 09 contract closed at 5,790 yuan per ton, up 63 yuan or 1.1%, with a reduction of 15,891 positions. Domestic spot prices rose. Zhengzhou sugar was strong, with limited fundamental changes. After being pressured by funds, it faced strong resistance below 5,600 yuan, and large speculative short - positions leaving supported the price [8]. 3. Summary by Section 3.1 Market Review and Operation Suggestion - **Futures Market:** SR509 closed at 5,790 yuan per ton, up 63 yuan or 1.1%, with a position reduction of 15,891 contracts; SR601 closed at 5,601 yuan per ton, up 40 yuan or 0.72%, with a position increase of 956 contracts; US Sugar 10 closed at 16.62 cents per pound, up 0.26 cents or 1.59%, with a position increase of 8,324 contracts; US Sugar 03 closed at 17.26 cents per pound, up 0.22 cents or 1.29%, with a position increase of 2,553 contracts [7]. 3.2 Industry News - Brazil will increase the mandatory anhydrous ethanol blending ratio in gasoline from 27% to 30% and the biodiesel blending ratio in ordinary diesel from 14% to 15% starting August 1 [9]. - Itaú BBA predicts that the sugar - cane crushing volume in Brazil's central - southern region in the 2025/26 season will be 590 million tons, a 5% year - on - year decrease. However, sugar production is expected to reach 41.2 million tons, a 2.7% year - on - year increase, with a sugar - making ratio of 52% and an average ATR of 141 kg per ton [9]. - Indonesia's 2025 white sugar production is expected to be 2.75 million tons, higher than last year's 2.45 million tons. It plans to import about 200,000 tons of raw sugar, and the demand in 2025 is expected to reach 2.84 million tons [9]. - As of the week ending June 18, the number of ships waiting to load sugar at Brazilian ports was 76, down from 80 the previous week. The sugar volume waiting to be shipped was 2.8539 million tons, a 1.94% week - on - week decrease [9]. 3.3 Data Overview - The report provides multiple data charts, including spot price trends, contract basis, spread, import profit, warehouse receipts, exchange rates, and the trading and position data of the top 20 seats of Zhengzhou sugar's main contract [11][13][20][23]

交易咨询业务资格：证监许可【2012】1091号 白糖早报——2025年6月27日 大越期货投资咨询部 王明伟 从业资格证号：F0283029 投资咨询证号： Z0010442 联系方式：0575-85226759 重要提示：本报告非期货交易咨询业务项下服务，其中的观点和信息仅作参考之用，不构成对任何人的投资建议。 我司不会因为关注、收到或阅读本报告内容而视相关人员为客户；市场有风险，投资需谨慎。 CONTENTS 目 录 1 前日回顾 2 每日提示 3 4 5 今日关注 基本面数据 持仓数据 白糖： 1、基本面：USDA：预计25/26年度全球食糖产量同比增长4.7%，消费增长1.4%，过剩1139.7万吨。 Green Pool：25/26榨季全球食糖产量增长5.3%，达1.991亿吨。25年1月1日起，进口糖浆及预混 粉关税从12%调整到20%。2025年5月底，24/25年度本期制糖全国累计产糖1116.21万吨；全国累计 销糖811.38万吨；销糖率72.69%（去年同期66.17%）。2025年5月中国进口食糖35万吨，同比增加 33万吨；进口糖浆及预混粉等三项合计6.42万吨，同比减少15.07 ...

货需求，冷饮等季节性消费可能回暖，为价格带来一定支撑，短期呈现反弹走势。后期关注到港和夏季消 研究员: 张昕 期货从业资格号F03109641 期货投资咨询从业证书号Z0018457 费情况。 免责声明 本报告中的信息均来源于公开可获得资料，瑞达期货股份有限公司力求准确可靠，但对这些信息的准确性及完整性不做任 何保证，据此投资，责任自负。本报告不构成个人投资建议，客户应考虑本报告中的任何意见或建议是否符合其特定状况。本 报告版权仅为我公司所有，未经书面许可，任何机构和个人不得以任何形式翻版、复制和发布。如引用、刊发，需注明出处为 瑞达期货股份有限公司研究院，且不得对本报告进行有悖原意的引用、删节和修改。 白糖产业日报 2025-06-26 | 项目类别 | 数据指标 | 最新 | 环比 数据指标 | 最新 | 环比 | | --- | --- | --- | --- | --- | --- | | 期货市场 | 期货主力合约收盘价:白糖(日,元/吨) | 5790 | 33 主力合约持仓量:白糖(日,手) | 326870 | -15891 | | | 仓单数量:白糖(日,张) | 24302 | -310 ...

交易咨询业务资格：证监许可【2012】1091号 白糖早报——2025年6月26日 大越期货投资咨询部 王明伟 从业资格证号：F0283029 投资咨询证号： Z0010442 联系方式：0575-85226759 重要提示：本报告非期货交易咨询业务项下服务，其中的观点和信息仅作参考之用，不构成对任何人的投资建议。 我司不会因为关注、收到或阅读本报告内容而视相关人员为客户；市场有风险，投资需谨慎。 CONTENTS 目 录 1 前日回顾 2 每日提示 3 4 5 今日关注 基本面数据 持仓数据 白糖： 1、基本面：USDA：预计25/26年度全球食糖产量同比增长4.7%，消费增长1.4%，过剩1139.7万吨。 Green Pool：25/26榨季全球食糖产量增长5.3%，达1.991亿吨。25年1月1日起，进口糖浆及预混 粉关税从12%调整到20%。2025年5月底，24/25年度本期制糖全国累计产糖1116.21万吨；全国累计 销糖811.38万吨；销糖率72.69%（去年同期66.17%）。2025年5月中国进口食糖35万吨，同比增加 33万吨；进口糖浆及预混粉等三项合计6.42万吨，同比减少15.07 ...

大越期货投资咨询部 王明伟 从业资格证号：F0283029 投资咨询证号： Z0010442 联系方式：0575-85226759 重要提示：本报告非期货交易咨询业务项下服务，其中的观点和信息仅作参考之用，不构成对任何人的投资建议。 我司不会因为关注、收到或阅读本报告内容而视相关人员为客户；市场有风险，投资需谨慎。 CONTENTS 目 录 1 前日回顾 2 每日提示 3 4 5 今日关注 基本面数据 持仓数据 白糖： 交易咨询业务资格：证监许可【2012】1091号 白糖早报——2025年6月25日 1、基本面：USDA：预计25/26年度全球食糖产量同比增长4.7%，消费增长1.4%，过剩1139.7万吨。 Green Pool：25/26榨季全球食糖产量增长5.3%，达1.991亿吨。25年1月1日起，进口糖浆及预混 粉关税从12%调整到20%。2025年5月底，24/25年度本期制糖全国累计产糖1116.21万吨；全国累计 销糖811.38万吨；销糖率72.69%（去年同期66.17%）。2025年5月中国进口食糖35万吨，同比增加 33万吨；进口糖浆及预混粉等三项合计6.42万吨，同比减少15.07 ...

Report Summary 1. Report Industry Investment Rating No information provided. 2. Core Viewpoints - Internationally, with Brazil approaching its supply peak, global sugar inventories are expected to enter an accumulation phase. The short - term sugar price is affected by Brazilian production data, and the long - term trend depends on Brazil's production progress and actual output increase [4]. - Domestically, the fast production and sales speed supports sugar prices, but the upcoming large - scale import of sugar and the recent weakness of raw sugar may drag down domestic sugar prices. The short - term sugar price is expected to be weak [4]. - Raw sugar prices are falling due to expected global supply increases, and Brazilian sugar production changes are crucial. Domestic sugar prices are expected to follow raw sugar prices in the short term [5]. 3. Summary by Directory First Part: Data Analysis - **Futures Data**: SR2511 closed at 5,710, down 11 (0.20%), with a trading volume of 171,885 (down 10.50%) and an open interest of 349,073 (down 1.34%); SR2507 closed at 5,744, down 6 (0.10%), with a trading volume of 1,817 (down 21.38%) and an open interest of 11,080 (down 5.23%); SR2509 closed at 5,597, down 22 (0.39%), with a trading volume of 22,478 (down 26.02%) and an open interest of 51,737 (up 0.95%) [3]. - **Spot Prices**: In different regions, the spot prices in Liuzhou were 6090, in Kunming were 5860 - 6040, in Zhanjiang were 6175, in Nanning were 6160, in Bayuquan were 6420, in Rizhao were 6420, and in Xi'an were 6420 [3]. - **Import Data**: For Brazilian imports, the ICE主力 was 16.52, with a quota - free price of 4395, a tariff - included price of 5617, a spread of 473 compared to Liuzhou, 543 compared to Rizhao, and 127 compared to the futures market. For Thai imports, the ICE主力 was 16.52, with a quota - free price of 4431, a tariff - included price of 5664, a spread of 426 compared to Liuzhou, 496 compared to Rizhao, and 80 compared to the futures market [3]. Second Part: Market Judgment - **International Market**: Brazil's approaching supply peak will lead to global inventory accumulation. Short - term price is affected by production data, and long - term needs to focus on production progress and actual output increase [4]. - **Domestic Market**: Fast production and sales support prices, but incoming sugar imports and weak raw sugar may drag down prices. The short - term sugar price will be weak [4]. - **Logic Analysis**: Raw sugar is falling due to supply expectations, and Brazilian production is key. Domestic sugar prices will follow raw sugar in the short term [5]. - **Trading Strategies**: - Unilateral: The short - term trend is expected to be weak [6]. - Arbitrage: Hold a wait - and - see attitude [7]. - Options: Consider out - of - the - money ratio spread options or selling wide - straddle options [10]. Third Part: Related Attachments The report includes figures such as Guangxi monthly inventory, Yunnan monthly inventory, new industrial inventory, domestic sugar cumulative production - sales rate, Liuzhou white sugar spot price, Liuzhou - Kunming sugar spot spread, sugar September basis, and Zhengzhou sugar 5 - 9 spread, with data from Galaxy Futures and WIND [11][13][16].

行业 白糖日报 日期 021-60635732 yulanlan@ccb.ccbfutures.com 期货从业资格号：F0301101 021-60635732 hongchenliang@ccb.ccbfutures .com 期货从业资格号：F3076808 研究员：刘悠然 021-60635570 liuyouran@ccb.ccbfutures.com 期货从业资格号：F03094925 农产品研究团队 研究员：林贞磊 研究员：余兰兰 研究员：洪辰亮 请阅读正文后的声明 2025 年 6 月 24 日 研究员：王海峰 021-60635728 wanghaifeng@ccb.ccbfutures.com 期货从业资格号：F0230741 021-60635740 linzhenlei@ccb.ccbfutures.com 期货从业资格号：F3055047 ＃summary＃ 每日报告 一、行情回顾与操作建议 | 表1：期货行情 | | | | | | | | --- | --- | --- | --- | --- | --- | --- | | 合约 | 收盘价（元/吨 | 美分/磅） | 涨跌 | ...

Report Summary 1. Report Industry Investment Rating No information provided. 2. Core View of the Report The report indicates that sugar has started a rebound [1]. 3. Summary by Relevant Catalogs 3.1 Fundamental Tracking - **Price Data**: The raw sugar price is 17.02 cents per pound with a year - on - year increase of 0.48; the mainstream spot price is 6060 yuan per ton with no year - on - year change; the futures main contract price is 5667 yuan per ton with a year - on - year increase of 3 [1]. - **Spread Data**: The 91 spread is 128 yuan per ton with a year - on - year decrease of 3; the 15 spread is 40 yuan per ton with a year - on - year increase of 2; the mainstream spot basis is 393 yuan per ton with a year - on - year decrease of 3 [1]. 3.2 Macro and Industry News - **High - frequency Information**: Crude oil prices have risen significantly; the MIX in the central - southern region of Brazil has increased significantly year - on - year; the USDA expects a 4.73% increase in global sugar production in the 25/26 sugar season; Brazil exported 2.25 million tons in May, a 20% year - on - year decrease; as of May 15, India produced 25.74 million tons of sugar in the 24/25 sugar season; China's imports of regular sugar, syrup, and premixed powder from January to April have decreased significantly [1]. 3.3 Domestic Market - **Production, Consumption, and Import Forecast**: CAOC expects domestic sugar production to be 11.15 million tons, consumption to be 15.8 million tons, and imports to be 5 million tons in the 24/25 sugar season; in the 25/26 sugar season, production is expected to be 11.2 million tons, consumption 15.9 million tons, and imports 5 million tons [2]. - **Actual Production and Sales Data**: As of the end of May in the 24/25 sugar season, China produced 11.16 million tons of sugar (+1.2 million tons), sold 8.11 million tons of sugar (+1.52 million tons), and the cumulative sugar sales rate was 72.7%; as of the end of April, China imported 1.74 million tons of sugar (-1.38 million tons) [2]. 3.4 International Market - **Supply Shortage Forecast**: ISO expects a global sugar supply shortage of 5.47 million tons in the 24/25 sugar season (previously 4.88 million tons) [3]. - **Production Data**: As of June 1 in the 25/26 sugar season, the cumulative sugarcane crushing volume in the central - southern region of Brazil decreased by 12 percentage points year - on - year, with cumulative sugar production of 6.95 million tons (-0.92 million tons), and the cumulative MIX increased by 2.18 percentage points year - on - year; as of May 15 in the 24/25 sugar season, India produced 25.74 million tons of sugar (-5.8 million tons); as of April 9 in the 24/25 sugar season, Thailand produced 10.05 million tons of sugar (+1.31 million tons) [3]. 3.5 Trend Intensity The trend intensity of sugar is 1, with a range of [-2, 2], indicating a relatively neutral to slightly positive outlook [4].

期 货 研 究 2025 年 06 月 13 日 白糖：低位整理为主 周小球 投资咨询从业资格号：Z0001891 zhouxiaoqiu@gtjas.com | | 价格 | 同比 | | 价差 | 同比 | | --- | --- | --- | --- | --- | --- | | 原糖价格（美分/磅） | 16.26 | -0.16 | 91 价差（元/吨） | 125 | -3 | | 主流现货价格（元/吨） | 6060 | -20 | 15 价差（元/吨） | 36 | 2 | | 期货主力价格（元/吨） | 5647 | -21 | 主流现货基差（元/吨） | 413 | 1 | 资料来源：同花顺，国泰君安期货研究 【宏观及行业新闻】 高频信息：巴西中南部 MIX 同比大幅提高；USDA 预计 25/26 榨季全球产量增长 4.73%；巴西 5 月出 口 225 万吨，同比减少 20%；截至 5 月 15 日，印度 24/25 榨季产糖 2574 万吨。中国 1-4 月常规进口，糖浆 和预拌粉进口大幅下降。 国内市场：CAOC 预计 24/25 榨季国内食糖产量为 1115 万吨，消费量为 ...

大宗商品研究所 农产品研发报告 白糖日报 2025 年 6 月 10 日 白糖日报 第一部分 数据分析 收盘价 涨跌 涨跌幅 成交量 增减幅 持仓量 增减幅 5,841 6 0.10% 162,011 26.86% 304,757 0.89% 5,926 5 0.08% 18,405 25.23% 27,126 -4.47% 5,762 7 0.12% 484 90.55% 2,407 -1.71% 柳州 昆明 湛江 南宁 鲅鱼圈 日照 西安 6200 5960 - 6155 6255 6270 6510 0 -10 - 0 0 1 0 -10 438 198 - 393 493 508 748 SR07-SR11 价差 涨跌 SR09-SR11 价差 涨跌 SR07-SR09 价差 涨跌 164 -2 7 9 159 8 5 -1 国别 ICE主力 升贴水 运费 配额内价格 配额外价格 与柳州价差 与日照价差 与盘面价差 巴西进口 17.31 0.04 3 3 4583 5862 338 408.00 6 4 泰国进口 17.31 0.8 1 8 4596 5880 320 390.00 4 6 现货价格 ...