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银河期货白糖日报-20250918
Yin He Qi Huo· 2025-09-18 11:21
Group 1: Report Overview - Report Title: Sugar Daily Report, September 18, 2025 [2] - Report Type: Commodity Research Institute's Agricultural Product R & D Report [1] Group 2: Data Analysis Futures Market - SR09: Closing price 5,474, down 45 (-0.82%), volume 724 (increase of 499), open interest 1,376 (increase of 546) [5] - SR01: Closing price 5,474, down 55 (-0.99%), volume 315,458 (increase of 155,951), open interest 432,454 (increase of 44,260) [5] - SR05: Closing price 5,456, down 54 (-0.98%), volume 34,171 (increase of 22,477), open interest 52,980 (increase of 9,066) [5] Spot Market - Prices in different regions: Liuzhou 5,960 (down 10), Kunming 5,905 (down 10), Wuhan 6,150 (unchanged), Nanning 5,840 (down 30), Bayuquan 6,100 (up 85), Rizhao 6,000 (unchanged), Xi'an 6,330 (down 10) [5] - Basis: Liuzhou 486, Kunming 431, Wuhan 676, Nanning 366, Bayuquan 626, Rizhao 526, Xi'an 856 [5] Spread - SR5 - SR01: Spread -18 (up 1); SR09 - SR5: Spread 18 (up 9); SR09 - SR01: Spread 0 (up 10) [5] Import Profit - Brazil: ICE主力 15.51, quota - within price 4,452, quota - outside price 5,670, spread with Liuzhou 290, spread with Rizhao 330, spread with futures -196 [5] - Thailand: ICE主力 15.51, quota - within price 4,410, quota - outside price 5,616, spread with Liuzhou 344, spread with Rizhao 384, spread with futures -142 [5] Group 3: Market Analysis Important Information - In August 2025, China imported 830,000 tons of sugar, a year - on - year increase of 62,700 tons. From January to August 2025, imports were 2.6121 million tons, a year - on - year increase of 121,000 tons (4.86%). From the 2024/25 sugar - crushing season to August, imports were 4.0739 million tons, a year - on - year decrease of 277,200 tons (6.37%) [7] - In the second half of August, the sugar - cane crushing volume in the central - southern region of Brazil was 50.061 million tons, a year - on - year increase of 4.832 million tons (10.68%); sugar production was 3.872 million tons, a year - on - year increase of 596,000 tons (18.21%) [8] - As of the week of September 17, the number of ships waiting to load sugar at Brazilian ports was 85, and the quantity of sugar waiting to be shipped was 3.2827 million tons, a week - on - week increase of 98,700 tons (3.1%) [10] - In August 2025, China's refined sugar production was 454,000 tons, a year - on - year increase of 49.3%; from January to August, it was 10.284 million tons, a year - on - year increase of 8.1% [10] Logic Analysis - International market: Brazil is in the supply peak, global inventory is accumulating. Although the latest data shows an increase in sugar production, the international sugar price is at a low level, so it is expected to oscillate at a low level in the short term [11] - Domestic market: In August, China's sugar imports remained high. Domestic sugar inventory is low, and the sales - to - production ratio is high. Affected by the international sugar price, Zhengzhou sugar is expected to oscillate in a range and rebound in the short term [11] Trading Strategies - Single - side: International sugar prices are expected to oscillate at a low level, and Zhengzhou sugar has limited downward space [12] - Arbitrage: Wait and see [13] - Options: Wait and see [14] Group 4: Related Attachments - Figures include Guangxi and Yunnan monthly inventory, Guangxi and Yunnan sales - to - production ratio trends, Liuzhou sugar spot price, Liuzhou - Kunming sugar spot spread, sugar basis and futures spreads [17][18][22]
新糖逐渐供应市场 预计白糖低位震荡运行为主
Jin Tou Wang· 2025-09-18 08:53
Group 1 - The current spot price of white sugar in Guangxi is 5764 CNY/ton, down by 13 CNY/ton, with processing sugar factory prices stable between 5950 to 6090 CNY/ton [1] - The futures market shows the main white sugar contract closing at 5474.00 CNY/ton, with a decline of 1.16%, and a trading volume of 315,458 lots on September 18 [1] - The price range for industrial-grade sugar varies, with domestic prices reported as low as 1780 CNY/ton in Henan province [1] Group 2 - In August, China's sugar imports reached 830,000 tons, a year-on-year increase of 7.5%, with total imports from January to August at 2.61 million tons, up by 5.1% [2] - Brazil's sugar production in the second half of August was 3.872 million tons, an increase of 18.21% compared to the same period last year, with cane crushing volume at 50.061 million tons, up by 10.68% [2] Group 3 - The analysis indicates that Brazil's sugar production is accelerating, with expectations of high yields from Thailand and India in the upcoming season [3] - Domestic sugar inventory is currently low, but significant imports are expected before October, while new sugar supply will gradually enter the market as northern regions begin harvesting [3]
白糖2601合约:期现价格上涨,郑糖短期震荡磨底
Sou Hu Cai Jing· 2025-09-15 03:41
Group 1 - The core viewpoint of the article indicates that both sugar futures and spot prices have risen, driven by increased sugarcane crushing and sugar production in Brazil [1] - As of Friday's close, the white sugar futures contract 2601 settled at 5540 yuan/ton, up 17 yuan/ton, a 0.31% increase [1] - In the Guangxi Nanning region, the spot price of white sugar was 5890 yuan/ton, up 10 yuan/ton, while in Yunnan Kunming, it was 5855 yuan/ton, up 20 yuan/ton [1] Group 2 - An industry survey of 11 analysts predicts that Brazil's central-south region will crush 49.5 million tons of sugarcane in the second half of August, a year-on-year increase of 9.5% [1] - Sugar production is expected to reach 3.84 million tons, a year-on-year increase of 17.3%, while ethanol production is forecasted at 2.4 billion liters, a decrease of 2.5% [1] - Domestic forecasts indicate that 48.94 million tons of raw sugar will arrive at ports outside the quota by August 2025, with 30.43 million tons expected in September [1] Group 3 - Market analysis suggests that the acceleration of sugarcane crushing in Brazil since August has led to a significant year-on-year increase in sugar production, with a record high sugar-to-ethanol ratio [1] - Despite the pressure on raw sugar futures prices due to increased production expectations in the northern hemisphere, the ethanol market provides some support, limiting the short-term downside for raw sugar [1] - The domestic sugar market has faced poor production and sales in August, raising concerns about potential policy relaxations on syrup, leading to a weaker market trend [1]
白糖日报-20250915
Jian Xin Qi Huo· 2025-09-15 01:29
行业 白糖日报 日期 2025 年 9 月 15 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 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 #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 ...
白糖日报-20250902
Jian Xin Qi Huo· 2025-09-02 01:50
Report Information - Report Title: Sugar Daily Report - Date: September 2, 2025 - Researcher: Wang Haifeng, Lin Zhenlei, Yu Lanlan, Hong Chenliang, Liu Youran [2][3] 1. Report Industry Investment Rating - No information provided 2. Core Viewpoints - The recovery of sugar production in Brazil suppresses sugar prices, while Zhengzhou sugar shows relatively strong performance compared to the external market, with the 5600 mark having strong support [7][8] 3. Summary by Directory 3.1 Market Review and Operation Suggestions - **Futures Market Conditions**: On Friday, the New York raw sugar futures weakened slightly, with the main October contract closing down 0.85% at 16.34 cents per pound. The London ICE white sugar futures' main October contract closed down 0.1% at $492.70 per ton. The main contract of Zhengzhou sugar continued to weaken yesterday, with the 01 contract closing at 5623 yuan per ton, down 25 yuan or 0.45%, and reducing positions by 264 lots. Today, Zhengzhou sugar 01 fluctuated narrowly, performing slightly stronger than the external market, with three consecutive lower shadow lines on the technical chart and strong support at the 5600 mark. After the market, the previous speculative long positions started to turn short [7][8] - **Brazil's Sugar Production**: According to the Unica report, in the first half of August, the total sugarcane crushing volume in the central - southern main producing areas of Brazil was 47.63 million tons, a year - on - year increase of 8.17%, and the sugar production increased by 15.96% year - on - year to 3.62 million tons [7] - **Domestic Spot Prices**: Domestic spot prices in the producing areas decreased slightly, with the price of Nanning sugar at 5960 yuan and that of Kunming sugar at 5790 yuan [8] 3.2 Industry News - **Brazil's Port Shipping**: As of the week ending August 27, the number of ships waiting to load sugar at Brazilian ports was 72, up from 70 in the previous week. The quantity of sugar waiting to be loaded was 2.7221 million tons, down from 2.9169 million tons in the previous week. Among the total sugar waiting for export in the week, the quantity of high - grade raw sugar (VHP) was 2.4764 million tons. The quantity of sugar waiting for export at Santos Port was 1.7817 million tons, and that at Paranagua Port was 0.6127 million tons [9] - **Brazil's Sugar Production Forecast**: Brazil's National Supply Company (Conab) on Tuesday lowered its forecast for the country's sugar production in the 2025/26 season to 44.5 million tons, a 3.1% reduction from the April forecast due to adverse weather affecting sugarcane cultivation. The sugar production in the central - southern region is currently estimated at 40.6 million tons, a 2.8% decrease from the April forecast of 41.8 million tons. Despite the downward adjustment, Brazil's sugar production is still expected to increase by 0.8% compared to the previous season [9] - **ICE Position Data**: As of the week ending August 19, the total open interest of ICE raw sugar futures + options was 1,038,222 lots, a decrease of 2,291 lots from the previous week. Speculative long positions were 179,365 lots, a decrease of 11,403 lots from the previous week; speculative short positions were 310,352 lots, an increase of 4,227 lots from the previous week; speculative net short positions were 130,987 lots, an increase of 15,630 lots from the previous week [9] - **Guangxi Sugar Inventory**: According to data from the Pan - Sugar Technology Smart Storage and Transportation Platform, as of August 20, the inventory of sugar in third - party warehouses in Guangxi was about 770,000 tons, an increase of about 310,000 tons compared to the same period last year, slightly lower than the average level of the past five years. In August, the inventory of sugar in third - party warehouses in Guangxi decreased by about 140,000 tons compared to July, and the de - stocking speed slowed down significantly [9][10] 3.3 Data Overview - The report provides multiple charts, including the spot price trend, the basis of the 2509 contract, the SR9 - 1 spread, the import profit of Brazilian raw sugar, the number of warehouse receipts on the Zhengzhou Commodity Exchange, the exchange rate of the Brazilian real, and the trading and position data of the top 20 seats of the main contract of Zhengzhou sugar [11][14][16] - **Top 20 Seats' Trading and Position Data**: The total trading volume of the top 20 seats was 187,750 lots, a decrease of 12,543 lots; the total long position was 252,364 lots, a decrease of 178 lots; the total short position was 269,805 lots, an increase of 1,800 lots [22]
白糖早报-20250901
Da Yue Qi Huo· 2025-09-01 02:14
交易咨询业务资格:证监许可【2012】1091号 白糖早报——2025年9月1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。 1、基本面:Conab:巴西中南部25/26榨季糖产量预计4060万吨,比之前预估下调3.1%。2025年7 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954.98万吨;销糖率85.6%。 2025年7月中国进口食糖74万吨,同比增加32万吨;进口糖浆及预混粉等三项合计15.98万吨,同 比减少6.85万吨。中性。 5、主力持仓:持仓偏空,净持仓空减,主力趋势不明朗,偏空。 6、预期:进口糖近几个月大量增加,目前01价格接近配额外进口糖成本价。短期郑糖01可能围绕 5600上下震荡,除非外糖跌破16美分,否则郑糖进一步下跌空间有限。 白糖: 2、基差:柳州现货6000,基差396(01合 ...
银河期货白糖日报-20250827
Yin He Qi Huo· 2025-08-27 15:07
Group 1: Report General Information - Report Name: Sugar Daily Report [2] - Date: August 27, 2025 [2] - Researcher: Liu Qiannan [4] Group 2: Data Analysis Futures Market - SR09: Closing price 5,631, down 47 (-0.83%), volume 4,579 (down 2,199), open interest 9,042 (down 2,316) [5] - SR01: Closing price 5,620, down 12 (-0.21%), volume 147,466 (down 63,662), open interest 363,151 (down 2,979) [5] - SR05: Closing price 5,586, down 13 (-0.23%), volume 5,530 (down 3,583), open interest 30,114 (up 318) [5] Spot Market - Sugar Spot Prices: Ranging from 5,905 (Kunming) to 6,370 (Xi'an), with price changes from -40 (Wuhan) to 0 (Bayuquan, Rizhao, Xi'an) [5] - Basis: Ranging from 274 (Kunming) to 739 (Xi'an) [5] Monthly Spread - SR5 - SR01: Spread -34, down 1; SR09 - SR5: Spread 45, down 34; SR09 - SR01: Spread 11, down 35 [5] Import Profit - Brazil Import: Quota - in price 4,489, out - of - quota price 5,719, difference with Liuzhou 301, with Rizhao 331, with futures -88 [5] - Thailand Import: Quota - in price 4,479, out - of - quota price 5,705, difference with Liuzhou 315, with Rizhao 345, with futures -74 [5] Group 3: Market Analysis Important Information - Brazil: As of August 20, 70 ships waiting to load sugar (down from 76), 2.9169 million tons of sugar waiting (down from 3.3179 million tons) [7] - Domestic Processed Sugar: Some processed sugar quotes were lowered on the 27th, overall trading was average [8][9] - Brazil's Production Forecast: Conab lowered the 2025/26 sugar production forecast to 44.5 million tons (down 3.1% from April), ethanol production to be affected [10] Logic Analysis - International: Brazil at supply peak, global inventory may enter accumulation phase. Sugar production is low due to low cane crush and sugar content. Final output is uncertain, and external sugar is expected to be range - bound [11] - Domestic: Fast domestic sugar sales, low inventory, but large imports. Domestic sugar prices are affected by international prices, and Zhengzhou sugar is expected to follow external trends [11] Trading Strategies - Unilateral: In the short term, Zhengzhou sugar prices are expected to follow external sugar trends and fluctuate in a narrow range [12] - Arbitrage: Wait and see [13] - Options: Consider selling relatively out - of - the - money wide - straddle options [14] Group 4: Related Attachments - The report includes multiple charts related to sugar market data such as monthly inventory, industrial inventory, sales rate, spot prices, spreads, and basis [17][23][27][31][34]
银河期货白糖日报-20250826
Yin He Qi Huo· 2025-08-26 12:36
Report Industry Investment Rating - Not provided in the given content Core Viewpoints - Internationally, as Brazil reaches its supply peak, the global sugar inventory is expected to enter a stockpiling phase. The actual sugar production in Brazil is currently lower than expected, and the final output remains uncertain. The external sugar price is expected to move sideways. Domestically, the production and sales of domestic sugar are progressing rapidly, and the inventory is low. However, a large amount of imported sugar is entering the domestic market. The domestic sugar price is greatly affected by the international sugar price, and the Zhengzhou sugar price is expected to follow the trend of external sugar [11]. - In the short - term, the Zhengzhou sugar price is greatly affected by the international market and is expected to follow the trend of external sugar, with prices fluctuating slightly within a range. For arbitrage, it is recommended to wait and see. For options, a strategy of selling relatively out - of - the - money wide straddles can be considered [12][13][14]. Summary by Directory Part 1: Data Analysis - **Futures Market**: SR09 closed at 5,678, down 42 (-0.73%); SR01 closed at 5,632, down 56 (-0.98%); SR05 closed at 5,599, down 47 (-0.83%). The trading volume of SR01 increased by 78,039, and its open interest decreased by 1,534 [5]. - **Spot Market**: The spot prices in different regions such as Liuzhou, Kunming, and Wuhan were reported. The price in Nanning decreased by 20 yuan/ton, while others remained unchanged. The basis in different regions ranged from 227 to 692 yuan/ton [5]. - **Inter - monthly Spread**: The SR5 - SR01 spread was - 33, up 9; the SR09 - SR5 spread was 79, up 5; the SR09 - SR01 spread was 46, up 14 [5]. - **Import Profit**: The quota - free and in - quota import prices from Brazil and Thailand were calculated, along with their spreads to the Liuzhou and Rizhao spot prices and the futures price [5]. Part 2: Market Judgment - **Important Information**: - Brazil exported 281.39 million tons of sugar and molasses in the first four weeks of August 2025, a 0.27% increase from the same period last year. The daily average export volume was 17.58 million tons [7]. - The quotes of processing sugar in various regions such as Liaoning, Hebei, and Shandong remained unchanged, with general trading volume [8]. - As of the week ending August 19, the total open interest of ICE raw sugar futures + options was 1,038,222 contracts, a decrease of 2,291 from the previous week. Speculative long positions decreased by 11,403, short positions increased by 4,227, and the net short position increased by 15,630 [10]. - **Logical Analysis**: - Internationally, Brazil is in the supply peak, but the actual sugar production is lower than expected due to low cane crushing volume and sugar content. The external sugar price is expected to move sideways [11]. - Domestically, the production and sales of domestic sugar are fast, and the inventory is low. However, a large amount of imported sugar is arriving, and the Zhengzhou sugar price is expected to follow the external sugar price [11]. - **Trading Strategy**: - Unilateral: The Zhengzhou sugar price is expected to follow the external sugar price and fluctuate slightly in the short - term [12]. - Arbitrage: Wait and see [13]. - Options: Consider selling relatively out - of - the - money wide straddles [14]. Part 3: Relevant Attachments - Multiple figures are provided, including those related to Guangxi monthly inventory, Yunnan monthly inventory, new industrial inventory, domestic sugar cumulative sales rate, sugar basis, and futures spreads, with data sources from Galaxy Futures and WIND [15][19][24][25][28][30].
银河期货白糖日报-20250825
Yin He Qi Huo· 2025-08-25 14:43
大宗商品研究所 农产品研发报告 白糖日报 2025 年 8 月 25 日 联系方式: 白糖日报 liuqiannan_qh@china stock.com.cn | 期货盘面 | | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 期货 | | 收盘价 | 涨跌 | 涨跌幅 | 成交量 | 增减量 | 持仓量 | 增减量 | | SR09 | | 5,720 | -6 | -0.10% | 6,005 | -145 | 14,926 | -3217 | | SR01 | | 5,688 | 18 | 0.32% | 133,089 | -2405 | 367,664 | 5745 | | SR05 | | 5,646 | 15 | 0.27% | 3,371 | 24 | 28,556 | 250 | | 现货价格 | | | | | | | | | | 白糖 | | 柳州 | 昆明 | 武汉 | 南宁 | 鲅鱼圈 | 日照 | 西安 | | 今日报价 | | 6030 | 5905 | 6230 | 5970 | ...
银河期货白糖日报-20250821
Yin He Qi Huo· 2025-08-21 13:56
1. Report Industry Investment Rating - No relevant content provided 2. Core Viewpoints of the Report - International sugar market: With Brazil reaching its supply peak, global sugar inventories are expected to start accumulating. Brazil's recent bi - weekly sugar production was over 3.6 million tons, and the bi - weekly sugar - making ratio reached a record high of 54.1%. Although the Brazilian sugar price is at a relatively low level with limited downward space, the external sugar price is expected to move sideways. Attention should be paid to Brazil's sugar production progress [11]. - Domestic sugar market: The production and sales of domestic sugar are progressing rapidly, and the sugar inventory is low. However, a large amount of imported sugar is entering the domestic market. Since the domestic sugar price is greatly affected by the international sugar price, the Zhengzhou sugar price is expected to follow the trend of external sugar [11]. - Trading strategies: In the short term, the Zhengzhou sugar price is expected to follow the external sugar trend for single - side trading; for arbitrage and option trading, it is recommended to wait and see [12][13][14]. 3. Summary by Relevant Catalogs 3.1 Data Analysis - **Futures market**: SR09 closed at 5,729 with a rise of 2 (0.03%), trading volume of 6,910 (a decrease of 115), and an open interest of 22,426 (a decrease of 3,502); SR01 closed at 5,688 with a rise of 12 (0.21%), trading volume of 154,901 (an increase of 1,519), and an open interest of 358,685 (an increase of 14,946); SR05 closed at 5,646 with a rise of 13 (0.23%), trading volume of 5,618 (an increase of 146), and an open interest of 27,768 (an increase of 1,151) [5]. - **Spot market**: The spot prices in different regions remained unchanged today, with the price in Liuzhou at 6,030 yuan/ton, Kunming at 5,905 yuan/ton, Wuhan at 6,230 yuan/ton, Nanning at 5,970 yuan/ton, Bayuquan at 6,175 yuan/ton, Rizhao at 6,050 yuan/ton, and Xi'an at 6,370 yuan/ton. The corresponding basis was 301, 176, 501, 241, 446, 321, and 641 respectively [5]. - **Monthly spreads**: The SR5 - SR01 spread was - 42 with a rise of 1; the SR09 - SR5 spread was 83 with a decrease of 11; the SR09 - SR01 spread was 41 with a decrease of 10 [5]. - **Import profit**: For Brazilian imports, with an ICE main contract price of 16.58, a premium of (0.10), and a freight of 39.00, the in - quota price was 4,510 yuan/ton, the out - of - quota price was 5,745 yuan/ton, the spread with Liuzhou was 285 yuan/ton, the spread with Rizhao was 305 yuan/ton, and the spread with the futures market was - 16 yuan/ton. For Thai imports, with an ICE main contract price of 16.58, a premium of 0.89, and a freight of 18.00, the in - quota price was 4,627 yuan/ton, the out - of - quota price was 5,768 yuan/ton, the spread with Liuzhou was 262 yuan/ton, the spread with Rizhao was 282 yuan/ton, and the spread with the futures market was - 39 yuan/ton [5]. 3.2 Market Analysis and Judgment - **Important news**: - According to SCA Brasil, about 60% of the sugar - crushing season in the central - southern region has been completed. The expected sugar - cane crushing volume for this season is 590.4 million tons, a decrease of about 5% compared to the 621.9 million tons in the 2024 - 2025 season. The decline in agricultural sugar - extraction rate and significant loss of raw - material quality are the main reasons. The expected sugar - cane yield per unit area is 74.7 tons, a decrease of 4.8% compared to the previous season, and the sugar - cane sugar content (ATR) will drop by 5% to 136.1 kg per ton, the worst performance in recent seasons [7]. - From January to July 2025, China imported 164,200 tons of syrup under item 17029011, with 68,500 tons from Malaysia, 39,900 tons from Thailand, and 26,000 tons from Vietnam. Under item 21069061, 93,900 tons of syrup were imported, of which 91,100 tons were from Thailand. Under item 17029012, 88,600 tons of premixed powder were imported, with 74,500 tons from Vietnam, 9,400 tons from Thailand, and 1,300 tons from Malaysia. Under item 21069062, 265,100 tons of premixed powder were imported, of which 261,400 tons were from Thailand [8][10]. - On the 21st, in Guangxi, the intermediate - trader platform quotation in Nanning was 6,010 yuan/ton (an increase of 10 yuan), and the warehouse quotation was 5,970 yuan/ton (unchanged); in Liuzhou, the intermediate - trader platform quotation was 6,030 yuan/ton, and the warehouse quotation was 5,980 - 6,000 yuan/ton (unchanged). In Guangdong, the intermediate - trader quotation for Zhanjiang sugar in Guangzhou was 6,080 yuan/ton (unchanged) [10]. - **Logical analysis**: As mentioned above, the international sugar market is affected by Brazil's supply, and the domestic sugar market is influenced by both domestic inventory and international prices [11]. - **Trading strategies**: As mentioned above, including single - side trading, arbitrage, and option trading strategies [12][13][14]. 3.3 Relevant Attachments - The report includes 10 figures, showing data such as monthly inventories in Guangxi and Yunnan, new industrial inventories, cumulative sales - to - production ratios of domestic sugar, spot prices in Liuzhou, spot price spreads between Liuzhou and Kunming, and various basis and spreads of sugar futures [15][21][25][26][29][31].