Report Industry Investment Rating No relevant content provided. Core Viewpoints - The main contract of white sugar 01 is expected to oscillate and decline. The import of sugar has increased significantly in recent months, and the current price of contract 01 is close to the cost price of out-of-quota imported sugar. It is expected to oscillate weakly, and short-term attention should be paid to whether there is support at the 5600 mark [5][9]. Summary by Directory 1. Previous Day Review No relevant content provided. 2. Daily Tips - **Fundamentals**: Conab estimates that the sugar production in the central-southern region of Brazil in the 25/26 sugar season will be 40.6 million tons, a 3.1% decrease from the previous forecast. As of the end of July 2025, the cumulative sugar production in the 24/25 season in China was 11.1621 million tons; the cumulative sugar sales were 9.5498 million tons; the sales rate was 85.6%. In July 2025, China imported 740,000 tons of sugar, a year-on-year increase of 320,000 tons; the total import of syrup and premixed powder was 159,800 tons, a year-on-year decrease of 68,500 tons. The situation is neutral [4]. - **Basis**: The spot price in Liuzhou is 6020, and the basis for contract 01 is 400, indicating a premium over the futures price, which is a bullish signal [6]. - **Inventory**: As of the end of July, the industrial inventory in the 24/25 sugar season was 1.61 million tons, which is a bullish factor [6]. - **Market**: The 20-day moving average is downward, and the K-line is below the 20-day moving average, indicating a bearish trend [6]. - **Main Position**: The position is bearish, the net short position is decreasing, and the main trend is unclear, leaning towards bearish [5]. - **Leverage Factors**: Bullish factors include good domestic consumption, reduced inventory, increased syrup tariffs, and the change in the US cola formula to use sucrose. Bearish factors include the increase in global sugar production and the supply surplus in the new season. The price of foreign sugar is below 17 cents per pound, and the import profit window is open, increasing import pressure [7]. - **Medium-term View**: The domestic sugar spot sales average price is close to 6000. The domestic sugar supply and demand balance sheet shows a gap, but the medium- and long-term gap is decreasing. Since January 2025, the tariff on imported syrup has increased, approaching the out-of-quota import tariff on raw sugar. In the short term, there are many imports of foreign sugar [9]. 3. Today's Focus No relevant content provided. 4. Fundamental Data - **Global Supply and Demand Forecast**: Multiple institutions predict a supply surplus in the 25/26 global sugar market. Green Pool forecasts a surplus of 2.7 million tons, USDA forecasts 11.397 million tons, Czarnikow forecasts 7.8 million tons, and Datagro forecasts 2.58 million tons [9][35]. - **China's Sugar Supply and Demand Balance Sheet**: The sugarcane planting area, yield per unit area, and sugar production in China are expected to remain stable in the 2025/26 season. The import volume is expected to be 5 million tons, and the consumption volume is expected to be 15.9 million tons. The balance change is expected to be 120,000 tons. The international sugar price is expected to be in the range of 16.5 - 21.5 cents per pound, and the domestic sugar price is expected to be in the range of 5800 - 6500 yuan per ton [37]. 5. Position Data - The main position is bearish, with the net short position decreasing, and the main trend is unclear, leaning towards bearish [5].

1. Report Industry Investment Rating No information regarding the report industry investment rating is provided. 2. Core Viewpoints - The sugar market presents a complex situation with both bullish and bearish factors. The short - term outlook for the sugar main contract 01 is a downward trend under pressure at 5700, with support around 5600. Although there has been a significant increase in imported sugar in recent months, the spot price remains relatively firm [5]. - Bullish factors include good domestic consumption, reduced inventory, increased syrup tariffs, and the change in the US cola formula to use sucrose. Bearish factors include an increase in global sugar production and a supply surplus in the new year [7]. 3. Summary by Directory 3.1 Previous Day Review No information about the previous day's review is provided. 3.2 Daily Tips - **Fundamentals**: SCA Brasil estimates that the sugar production in the central - southern region of Brazil in the 25/26 season will be 39.1 million tons, a 3% decrease year - on - year. As of the end of July 2025, the cumulative sugar production in the 24/25 season in China was 11.1621 million tons, and the cumulative sugar sales were 9.5498 million tons, with a sales rate of 85.6%. In July 2025, China imported 740,000 tons of sugar, an increase of 320,000 tons year - on - year, and the total import of syrup and premixed powder was 159,800 tons, a decrease of 68,500 tons year - on - year [4]. - **Basis**: The Liuzhou spot price is 6030, and the basis for the 01 contract is 398, indicating a premium over the futures, which is bullish [6]. - **Inventory**: As of the end of July, the industrial inventory in the 24/25 season was 1.61 million tons, which is bullish [6]. - **Market**: The 20 - day moving average is flat, and the K - line is near the 20 - day moving average, showing a neutral situation [6]. - **Main Position**: The position is bearish, with an increase in net short positions. The main trend is unclear, leaning towards bearish [5]. - **Expectation**: The sugar main contract 01 is under short - term pressure at 5700 and is expected to decline in a volatile manner. Although the import of sugar has increased significantly in recent months, the current spot price is relatively firm and less affected by the impact of imported sugar. The support level for sugar 01 is around 5600 [5]. 3.3 Today's Focus No information about today's focus is provided. 3.4 Fundamental Data - **Supply and Demand Forecast**: Different institutions predict a supply surplus in the 25/26 season. Green Pool forecasts a surplus of 2.7 million tons, USDA forecasts a surplus of 1.1397 million tons, Czarnikow forecasts a surplus of 780,000 tons, and Datagro forecasts a surplus of 258,000 tons [35]. - **China's Sugar Supply and Demand Balance Sheet**: The sugar production in the 2025/26 season is expected to be 11.2 million tons, imports are expected to be 5 million tons, and consumption is expected to be 15.9 million tons, with a balance change of 120,000 tons [37]. 3.5 Position Data The main position is bearish, with an increase in net short positions, and the main trend is unclear, leaning towards bearish [5].

Report Industry Investment Rating No information provided. Core View of the Report - This week, the main contract of white sugar 01 fluctuated slightly within the range of 5,650 - 5,700. Although imports have increased significantly recently, the impact on the spot market is not significant, and the spot price remains firm. The futures price has been at a discount to the spot price for a long time, already reflecting the bearish expectations in advance. Without major negative factors, there is limited room for further price decline. Instead, the bearish expectations are gradually being repaired, and the probability of the price rising to 5,800 has increased [5]. - Due to strong domestic sales and a firm spot price, the domestic market of white sugar has outperformed the international market. The main contract of Zhengzhou white sugar 01 has been oscillating upwards, with its center of gravity slowly rising. A short - term cautious and bullish approach is recommended [6][9]. Summary According to the Table of Contents 1. Previous Day's Review - This week, the main contract of white sugar 01 fluctuated slightly within the range of 5,650 - 5,700. Imports have increased significantly recently, but the impact on the spot market is not significant, and the spot price remains firm. The futures price has been at a discount to the spot price for a long time, already reflecting the bearish expectations in advance. Without major negative factors, there is limited room for further price decline. Instead, the bearish expectations are gradually being repaired, and the probability of the price rising to 5,800 has increased [5]. - SCA Brasil estimates that the sugar production in the central - southern region of Brazil in the 25/26 sugar - making season will be 39.1 million tons, a 3% decrease year - on - year. As of the end of July 2025, the cumulative sugar production in the 24/25 season in China was 11.1621 million tons; the cumulative sugar sales were 9.5498 million tons; and the sales rate was 85.6%. In July 2025, China imported 740,000 tons of sugar, an increase of 320,000 tons year - on - year; the total import of syrup and premixed powder was 159,800 tons, a decrease of 68,500 tons year - on - year [5]. 2. Daily Prompt - Bullish factors: Strong domestic consumption, reduced inventory, increased syrup tariffs, and the change in the formula of American cola to use sucrose [7]. - Bearish factors: An increase in global sugar production, a surplus in global supply in the new season, the international sugar price falling below 17 cents per pound, the opening of the import profit window, and increased import pressure [7]. 3. Today's Focus No information provided. 4. Fundamental Data - **Global Supply and Demand Forecasts**: Different institutions have predicted a surplus in the global sugar market in the 25/26 season. Green Pool forecasts a surplus of 2.7 million tons, USDA forecasts a surplus of 1.1397 million tons, Czarnikow forecasts a surplus of 780,000 tons, and Datagro forecasts a surplus of 258,000 tons [35]. - **China's Sugar Supply and Demand Balance Sheet**: The sugar - cane planting area in China is expected to be 1.44 million hectares in the 2025/26 season. The sugar production is expected to be 11.2 million tons, imports are expected to be 5 million tons, and consumption is expected to be 15.9 million tons. The international sugar price is expected to be in the range of 16.5 - 21.5 cents per pound, and the domestic sugar price is expected to be in the range of 5,800 - 6,500 yuan per ton [37]. - **Import Costs**: The refined and duty - paid cost of imported raw sugar has been decreasing. In July 2025, with an ICE raw - sugar average price of 16.35 cents per pound, the cost was in the range of 5,600 - 5,650 yuan per ton [44]. 5. Position Data No information provided.

1. Report Industry Investment Rating There is no information provided regarding the report industry investment rating in the given content. 2. Core Viewpoints of the Report - The SR2601 contract for sugar is expected to be prone to short - term decline but with limited downside space, finding support at the 5500 price level. Globally, the sugar supply - demand remains in a competitive situation. In the 2025/26 season, major producing countries are expected to increase production. In Brazil, the 2025/26 crushing season is in its peak, and with an abundant harvest expected, the market is mainly in a stable operation, though ethanol mixing has raised the price floor, providing short - term support for raw sugar. In China, the production and sales scale is relatively fast, but the third - party inventory situation is complex. With the increase in the arrival of raw sugar in recent months, the supply side remains loose. Terminal consumption has improved to some extent with the Mid - Autumn Festival stockpiling [3]. - It is recommended to conduct interval trading with a high - selling strategy for the SR2601 contract. Attention should be paid to the support level of 5500 yuan per ton, and near this cost, it is advisable to sell the SR2601P5400 put option [3]. 3. Summary According to Relevant Catalogs 3.1 Sugar Price and Market Conditions - **Futures and Spot Prices**: This week, the ICE raw sugar futures price first rose and then fell, with a slight upward shift in the center of gravity. The Zhengzhou sugar futures fluctuated upwards, and the spot price of white sugar first stabilized and then rose. The basis between futures and spot slightly recovered, but the basis value slightly declined. As of August 15, the basis of Zhengzhou sugar 09 was 240 yuan/ton, and that of Zhengzhou sugar 01 was 316 yuan/ton [8][13][14]. - **Price Spread**: The price spreads among different futures contracts, such as the 1 - 5, 5 - 9, and 9 - 1 spreads, showed certain changes this week. The price spreads between different regions' spot white sugar also had corresponding fluctuations. The spread between starch sugar and white sugar was also presented in the report [8]. 3.2 International Supply - **Brazil**: The 2024/26 sugar - crushing season in Brazil has a fixed output of 40.17 million tons, a decrease of 2.25 million tons compared to the previous period, but still within a historically high - output range. As of the first half of July in the 2025/26 season, the cumulative sugar production was 15.655 million tons, a year - on - year decrease of 9.22%. The production in July showed an increase, and based on the weather in the second half of July and the first half of August, the short - term production is expected to remain at a relatively high level. The 2025/26 season is expected to see an increase in production, with an estimated output of about 41 million tons. As of August 8, the ethanol - to - gasoline ratio in Brazil's São Paulo region was 65.57%, and the ethanol - converted sugar price was about 14.51 cents per pound. As of August 13, the quantity of sugar waiting to be shipped at Brazilian ports was 3.3179 million tons, a decrease of 259,800 tons from the previous week [33][34][61]. - **India and Thailand**: India's sugar production in the 2024/25 season is expected to be around 26.1 - 26.2 million tons. The 2025/26 season is expected to see a strong recovery in production, reaching about 34.9 million tons. Thailand's 2024/25 season production reached 10.0418 million tons, and the 2025/26 season is expected to see a slight increase in production [81][86]. - **Global**: The global sugar supply in the 2024/25 season has a marginally tightened loose pattern compared to the previous period. The 2025/26 season is expected to turn to a loose pattern. Different institutions have different forecasts for the global sugar supply and demand in the 2025/26 season, with some predicting a supply surplus [96]. 3.3 Domestic Supply - **Production**: The 2024/25 sugar - crushing season in China has ended, with a total output of 11.1621 million tons. Guangxi's output was 6.46 million tons, and Yunnan's was 2.4188 million tons. Other regions also increased production due to the expansion of planting areas [105]. - **Import**: The quota - free import tariff is 50%. In June 2025, China imported 420,000 tons of sugar, and the arrival of sugar continued to increase. It is expected that the import volume will continue to increase significantly in the third quarter. The import of syrup and premixed powder is also under control, with the import of items under tariff code 170290 remaining at a low level, while the import of items under 2106.90.6 increased significantly [116][117][138]. 3.4 Sales and Inventory - **Sales**: As of the end of June 2025, the cumulative sugar sales in China reached 8.9998 million tons, a year - on - year increase of 1.5961 million tons, with a sales rate of 79.73%, 5.42 percentage points faster than the previous year. As of the end of July, the cumulative sugar sales in Guangxi reached 3.4961 million tons, a year - on - year increase of 396,600 tons, with a sales rate of 85.01%, 2.51 percentage points higher than the previous year [150]. - **Inventory**: As of the end of June 2025, the industrial inventory in China was 2.1623 million tons, a year - on - year decrease of 417,500 tons. As of the end of July, the industrial inventory in Guangxi was 968,900 tons, a year - on - year decrease of 113,000 tons, and in Yunnan, it was 467,300 tons, a year - on - year increase of 60,600 tons [154][161]. 4. Industrial Chain Operation Suggestions - Sugar mills with inventory worried about price drops can hedge their unsold sugar inventory proportionally by short - selling the SR601 contract at an entry price of 5800 yuan/ton and also sell the SR601P5400 put option [5]. - Traders looking to build inventory and buy sugar at low prices can, according to their future procurement plans, proportionally conduct futures or option hedging on the market. They can buy the SR601C5800 call option and the SR601P5400 put option [5]. - Traders with inventory aiming to sell at high prices can hedge their unsold sugar inventory proportionally by short - selling the SR601 contract at an entry price of 5800 yuan/ton and sell the SR601P5400 put option [5]. - Sugar - using enterprises in need of raw materials worried about price increases can, according to their future procurement plans, proportionally conduct futures or option hedging on the market. They can buy the SR601C5800 call option and the SR601P5400 put option [5]. - Sugar - using enterprises with high raw material inventory worried about price drops can hedge their unsold sugar inventory proportionally by short - selling the SR601 contract at an entry price of 5800 yuan/ton and sell the SR601P5400 put option [5].

1. Report Industry Investment Rating No relevant information provided. 2. Core View of the Report - The Brazilian central - south region produced 19.27 million tons of sugar cumulatively by the end of July this crushing season, a year - on - year decrease of 7.8%. In China, the cumulative sugar production in the 24/25 season as of the end of July 2025 was 11.1621 million tons, with cumulative sales of 9.5498 million tons and a sales rate of 85.6%. China imported 420,000 tons of sugar in June 2025, a year - on - year increase of 390,000 tons, while the total import of syrup and premixed powder was 115,700 tons, a year - on - year decrease of 103,200 tons [4][5]. - The basis is 376 (for the 01 contract) with spot price in Liuzhou at 6040, indicating a premium over the futures, which is bullish. The industrial inventory as of the end of July in the 24/25 crushing season was 1.61 million tons, also bullish. The 20 - day moving average on the disk is flat, and the k - line is near it, a neutral signal. The main positions are bearish, with net short positions increasing and an unclear main trend, which is bearish. After a short - term rebound, the international sugar price has fallen back below 17 cents per pound. The SR01 contract of Zhengzhou sugar may fluctuate in the range of 5600 - 5700 in the short term [6]. - Bullish factors include good domestic consumption, reduced inventory, increased syrup tariffs, and the change of the US Coke formula to use sucrose. Bearish factors are the increase in global sugar production, a surplus in global supply in the new season, the international sugar price below 17 cents per pound opening the import profit window, and increased import impact [7]. 3. Summary by Directory 1. Previous Day's Review No relevant information provided. 2. Daily Tips - **Fundamentals**: Brazilian central - south sugar production decreased by 7.8% year - on - year by the end of July this season. China's 24/25 season sugar production, sales, and import data are as mentioned above [4][5]. - **Basis**: The basis in Liuzhou is 376 (01 contract), bullish [6]. - **Inventory**: Industrial inventory as of the end of July was 1.61 million tons, bullish [6]. - **Disk**: The 20 - day moving average is flat, and the k - line is near it, neutral [6]. - **Main Positions**: Positions are bearish, with net short positions increasing, and the main trend is unclear [6]. - **Expectation**: International sugar price rebounds briefly and then falls below 17 cents per pound. SR01 of Zhengzhou sugar may fluctuate between 5600 - 5700 in the short term [6]. 3. Today's Focus No relevant information provided. 4. Fundamental Data - **Global Supply and Demand Forecast**: Different institutions predict a surplus in the 25/26 global sugar market, with Green Pool forecasting a surplus of 2.7 million tons, USDA 1.1397 million tons, Czarnikow 780,000 tons, and Datagro 258,000 tons [36]. - **China's Sugar Supply and Demand Balance Sheet**: Sugar production in 2025/26 is expected to be 11.2 million tons, with imports of 5 million tons, consumption of 15.9 million tons, and a balance change of 120,000 tons. The international sugar price is expected to be in the range of 16.5 - 21.5 cents per pound, and the domestic sugar price in the range of 5800 - 6500 yuan per ton [38]. 5. Position Data No relevant information provided.

Report Summary 1. Investment Rating The document does not provide an investment rating for the sugar industry. 2. Core View - The global sugar market in the 25/26 season is expected to have a supply surplus, with different institutions having varying predictions, such as StoneX forecasting a surplus of 304 tons after a 70 - ton downward adjustment [4][8]. - In the domestic market, consumption is good, inventory is decreasing, and the tariff on syrup has increased. The change in the US cola formula to use sucrose is also a positive factor. However, the global increase in sugar production, the expected supply surplus in the new season, and the opening of the import profit window due to low international sugar prices are negative factors [6]. - Concerns about a decline in Brazilian production led to a short - term rebound in international sugar prices at night, and the main contract of Zhengzhou sugar (01) followed the rebound. The August China sugar supply - demand balance sheet from the Ministry of Agriculture is the same as last month's forecast, and the 01 contract of Zhengzhou sugar is expected to trade in the range of 5600 - 5700 in the short term [5][8]. 3. Summary by Directory 3.1 Previous Day Review The document does not contain content related to the previous day's review. 3.2 Daily Tips - **Fundamentals**: StoneX predicts a 70 - ton downward adjustment in the global sugar supply surplus to 304 tons in the 25/26 season. As of the end of May 2025, the cumulative sugar production in the 24/25 season in China was 1116.21 tons, cumulative sugar sales were 811.38 tons, and the sales rate was 72.69% (compared to 66.17% in the same period last year). In June 2025, China imported 42 tons of sugar, a year - on - year increase of 39 tons; the total import of syrup and premixed powder was 11.57 tons, a year - on - year decrease of 10.32 tons [4]. - **Basis**: The spot price in Liuzhou is 6010, and the basis for the 01 contract is 402, indicating a premium over futures [5]. - **Inventory**: As of the end of May in the 24/25 sugar - crushing season, the industrial inventory was 304.83 tons [5]. - **Disk**: The 20 - day moving average is downward, and the K - line is below the 20 - day moving average [5]. - **Main Position**: The position is bearish, the net short position is increasing, and the main trend is unclear [5]. - **Expectation**: Concerns about a decline in Brazilian production led to a short - term rebound in international sugar prices at night, and the main contract of Zhengzhou sugar (01) followed the rebound. The August China sugar supply - demand balance sheet from the Ministry of Agriculture is the same as last month's forecast, and the 01 contract of Zhengzhou sugar is expected to trade in the range of 5600 - 5700 in the short term [5][8]. 3.3 Today's Focus The document does not contain content related to today's focus. 3.4 Fundamental Data - **Global Supply - Demand Forecast**: Different institutions have different forecasts for the 25/26 season. Green Pool predicts a surplus of 270 tons, USDA predicts a surplus of 1139.7 tons, Czarnikow predicts a surplus of 780 tons, and Datagro predicts a surplus of 258 tons [35]. - **China Sugar Supply - Demand Balance Sheet**: The sugar - producing area, yield, import, consumption, and other indicators in the 2024/25, 2023/24, and 2025/26 seasons are provided. For example, in the 2025/26 season (August forecast), the sugar production is expected to be 1120 tons, import is 500 tons, and consumption is 1590 tons [37]. - **Import Cost**: The refined duty - paid cost of imported raw sugar processed with a 50% tariff from July 2024 to July 2025 is presented, showing the impact of different market events on costs [42]. 3.5 Position Data The document does not contain content related to position data.

交易咨询业务资格：证监许可【2012】1091号 白糖周报（7.28-8.1） 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 本周回顾： 本周随着中美贸易谈判延期，不及市场预期，总体商品持续走弱，白糖短期见顶回落。 StoneX：25/26年度全球糖市供应过剩下调70万吨，至304万吨。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6月中国进口食糖42万吨，同比增加39万吨；进口糖浆及预混粉等三项合计11.57万吨，同 比减少10.32万吨。 09合约临近交割，主力即将换月01合约。消费旺季即将过去，随着外糖持续走低，郑糖也出现震 荡 ...

交易咨询业务资格：证监许可【2012】1091号 白糖早报——2025年7月31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 | | | | 日捷古报 | | | | --- | --- | --- | --- | --- | --- | | 品种 | 期价 现价 现价变动 地区 进口原糖加工后价(50%关税) | | 墓姜 | 进口价差 | 库存情况 | | SR2509 | 5804 | | 316 | | -43 国储库存约700万吨 | | SR2601 | 5666 | | 454 | | 95 讲口智额194.5万吨 | | SR2605 | 0 5761 柳州 5620 | 6120 | 500 | | 2025年6月中国进口食 ...

Report Industry Investment Rating - Not provided in the report Core Viewpoints - This week, the main sugar contract 09 continued to fluctuate above 5800. As the futures price slightly increased, the basis between futures and spot prices narrowed [4]. - The modification of the cola formula is a long - term positive for sugar. Multiple institutions predict a surplus in the global sugar market in the 25/26 period. For example, Czarnikow predicts a surplus of 750 million tons, and USDA predicts a surplus of 1.1397 billion tons [4][7]. - By the end of May 2025, the cumulative sugar production in China in the 24/25 season was 11.1621 million tons, and the cumulative sugar sales were 8.1138 million tons, with a sales rate of 72.69% (compared to 66.17% in the same period last year). In June 2025, China imported 420,000 tons of sugar, a year - on - year increase of 390,000 tons; the total import of syrup and premixed powder was 115,700 tons, a year - on - year decrease of 103,200 tons [4]. - Domestic sugar is about to be cleared from inventory. During the current peak consumption season, the market sales are good, showing a pattern of strong domestic and weak overseas, and near - term contracts are stronger than far - term contracts. The 09 contract is approaching the delivery month, currently at a discount of about 250. In the next month or so, the spot price may slightly decline, and the futures 09 may rise slightly to complete the basis regression. The 09 contract is expected to trade in the range of 5800 - 6000 [4][7]. Summary by Directory 1. Previous Day Review - Not provided in the report 2. Daily Prompt - **Likely positive factors**: Good domestic consumption, reduced inventory, increased syrup tariffs, and relatively low short - term out - of - quota imports. The US cola changing its formula to use sucrose is also positive [4][5]. - **Likely negative factors**: Global sugar production is increasing, and there will be a surplus in the new season. The overseas sugar price is around 17 cents per pound, and the import profit window is open, increasing import pressure [5]. 3. Today's Focus - Not provided in the report 4. Fundamental Data - **Global supply - demand situation**: In the 25/26 period, the global sugar production is expected to reach 202 million tons (a record - high second), mainly driven by Brazil, India, and Thailand. The global consumption is expected to be 198 million tons, with Asian demand growing by 1.3% and African demand growing at the fastest rate of 2.2%. There will be a surplus of 2.7 million tons, and the inventory - to - consumption ratio is 52% - 54%. The global trade volume is expected to be 62 million tons, with Brazil's exports accounting for over 50% and Thailand's exports returning to a high level [34]. - **Domestic supply - demand situation**: By the end of May 2025, the cumulative sugar production in the 24/25 season was 11.1621 million tons, and the cumulative sales were 8.1138 million tons, with a sales rate of 72.69% (compared to 66.17% in the same period last year). In June 2025, China imported 420,000 tons of sugar, a year - on - year increase of 390,000 tons; the total import of syrup and premixed powder was 115,700 tons, a year - on - year decrease of 103,200 tons [4]. 5. Position Data - Not provided in the report

交易咨询业务资格：证监许可【2012】1091号 白糖早报——2025年7月18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：川普同意可乐配方修改，长期利多白糖。Czarnikow：25/26年度全球糖市供应过剩 750万吨。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。 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15.07万吨。中性。 6、预期：国产糖即将清库，7 ...