Group 1: Report Industry Investment Rating - No relevant content provided Group 2: Core Viewpoints of the Report - International sugar prices are expected to oscillate at the bottom in the short term, and considering the significant decline in commodities today, sugar prices are expected to oscillate [8][9] - Domestic sugar prices are expected to oscillate, with support from high processing costs and potential upward drive from rising foreign sugar prices, but facing sales pressure during the peak domestic sugar - pressing season and global sugar production increase expectations [8] Group 3: Summary by Related Catalogs 1. Data Analysis - **Futures Market**: SR09 closed at 5,290, down 3 (-0.06%), with a trading volume of 15,167 (down 3,837) and an open interest of 76,794 (up 909); SR01 closed at 5,300, down 7 (-0.13%), with a trading volume of 657 (down 439) and an open interest of 8,782 (down 649); SR05 closed at 5,279, down 2 (-0.04%), with a trading volume of 218,370 (down 13,539) and an open interest of 429,678 (down 10,268) [3] - **Spot Market**: The spot prices of sugar in different regions vary, with prices in Liuzhou, Kunming, Wuhan, Nanning, Bayuquan, Rizhao, and Xi'an being 5,390, 5,230, 5,660, 5,370, 5,530, 5,545, and 5,810 respectively. The price changes in Kunming, Wuhan, and Nanning are 10, and the price change in Bayuquan is 5,530. The basis in Liuzhou, Kunming, Wuhan, Nanning, Rizhao, and Xi'an are 111, - 49, 381, 91, 266, and 531 respectively [3] - **Month - to - Month Spread**: SR05 - SR01 spread is - 21 (up 5), SR09 - SR05 spread is 11 (down 1), and SR09 - SR01 spread is - 10 (up 4) [3] - **Import Profit**: For Brazilian imports, with an ICE main contract price of 14.77, a premium of 0.04, and a freight of 32.75, the in - quota price is 4,032, the out - of - quota price is 5,123, the spread with Liuzhou is 267, the spread with Rizhao is 422, and the spread with the futures market is 177. For Thai imports, with an ICE main contract price of 14.77, a premium of 0.89, and a freight of 18.00, the in - quota price is 4,078, the out - of - quota price is 5,182, the spread with Liuzhou is 208, the spread with Rizhao is 363, and the spread with the futures market is 118 [3] 2. Market Judgment - **Important Information** - In the 2025/26 sugar - crushing season as of January 7, Thailand's cumulative cane crushing volume was 16.9782 million tons, a decrease of 5.765 million tons (25.35%) compared to the same period last year. The sugar content in cane was 11.54%, a decrease of 0.08% compared to the same period last year. The sugar - producing rate was 9.017%, a decrease of 0.209% compared to the same period last year. The sugar production was 1.5309 million tons, a decrease of 0.5673 million tons (27.03%) compared to the same period last year [5] - As of the week of January 7, the number of ships waiting to load sugar at Brazilian ports was 44 (previously 42), and the quantity of sugar waiting to be loaded was 1.5823 million tons (previously 1.417 million tons), a week - on - week increase of 0.1653 million tons (11.66%) [5] - The Indian government announced a 1.5 - million - ton sugar export quota for the 2025 - 26 sugar - crushing season. If a sugar factory does not want to export according to the quota, it can abandon the quota before March 31, 2026. The government will review the export performance of sugar factories after March 31, 2026, and may re - allocate unused quotas [7] - **Logical Analysis** - Internationally, Brazilian cane is gradually entering the harvest stage, and the cumulative sugar production in central and southern Brazil is 39.904 million tons, an increase of 0.543 million tons compared to the same period last year. The supply pressure of Brazilian sugar will gradually ease, and the market focus has shifted to the Northern Hemisphere. Most sugar production in the Northern Hemisphere is in an increasing cycle. India's double - week production is high, and the over - expected increase may have a negative impact on international sugar prices. However, due to the low sugar prices and the strong performance of commodities, the US sugar price is expected to oscillate at the bottom in the short term [8] - Domestically, the current sugar price is low, in the low - price range over the years. After the previous over - expected decline, the short - covering market has been repaired. The high processing cost of domestic sugar (most sugar factories in Guangxi have a cost of over 5,400 yuan/ton) supports the futures market. The upward trend of the US sugar price on the external market has an upward driving force for Zhengzhou sugar. However, considering the peak domestic sugar - pressing season and the expected global sugar production increase in the 2025/26 season, there is significant pressure near the upper oscillation platform [8] - **Trading Strategy** - **Unilateral**: The international sugar price is expected to oscillate at the bottom in the short term, and considering the significant decline in commodities today, the sugar price is expected to oscillate [9] - **Arbitrage**: Maintain a wait - and - see attitude [10] - **Options**: Sell put options [10] 3. Relevant Attachments - The report provides multiple charts, including Guangxi and Yunnan's monthly sugar inventory, monthly sugar production, Liuzhou's white sugar spot price, Liuzhou - Kunming sugar spot price spread, white sugar basis for different contract months, and price spreads between different contracts [11][15][17]

Report Industry Investment Rating There is no information provided in the report regarding the industry investment rating. Core Viewpoints of the Report - International sugar prices are expected to oscillate at the bottom in the short term, while domestic sugar prices are predicted to show an oscillating trend in the near future [9][10]. - For trading strategies, it is recommended to remain on the sidelines for arbitrage and sell put options [11]. Summary by Relevant Catalogs Part 1: Data Analysis - **Futures Market**: On January 6, 2026, SR09 closed at 5,275 with a gain of 6 (0.11%), SR01 at 5,285 with a gain of 7 (0.13%), and SR05 at 5,259 with a gain of 2 (0.04%). The trading volumes of SR09, SR01, and SR05 were 12,920, 681, and 187,904 respectively, with changes of 3766, -742, and 51798. The open interests were 72,898, 10,501, and 427,408 respectively, with changes of 1342, -681, and 4843 [3]. - **Spot Market**: The spot prices of sugar in different locations on January 6, 2026, were as follows: 5380 in Liuzhou, 5200 in Kunming, 5650 in Wuhan, 5350 in Nanning, 0 in Bayuquan, 5545 in Rizhao, and 5790 in Xi'an. The price changes were 10 in Liuzhou, 0 in Kunming, 0 in Wuhan, 20 in Nanning, 0 in Bayuquan, 0 in Rizhao, and 0 in Xi'an. The corresponding basis values were 121, -59, 391, 91, and 286, 531 [3]. - **Inter - month Spread**: The spreads of SR05 - SR01, SR09 - SR05, and SR09 - SR01 were -26, 16, and -10 respectively, with changes of -5, 4, and -1 [3]. - **Import Profit**: For Brazilian imports, with an ICE主力 of 14.77, a premium of 0.04, and a freight of 32.75, the in - quota price was 3974, the out - of - quota price was 5046, the spread with Liuzhou was 334, the spread with Rizhao was 499, and the spread with the futures market was 239. For Thai imports, with an ICE主力 of 14.77, a premium of 0.89, and a freight of 18.00, the in - quota price was 4019, the out - of - quota price was 5105, the spread with Liuzhou was 275, the spread with Rizhao was 440, and the spread with the futures market was 180 [3]. Part 2: Market Outlook - **Important Information**: As of December 31, 2025, in the 2025/26 sugar - crushing season in Guangxi, 73 sugar mills had all started crushing, one less than the previous year. The cumulative sugar - cane crushing was 1623.03 million tons, a decrease of 525.15 million tons year - on - year; the output of blended sugar was 194.19 million tons, a decrease of 80.95 million tons; the sugar - production rate was 11.96%, a decrease of 0.85 percentage points; the cumulative sugar sales were 88.48 million tons, a decrease of 74.74 million tons; the sales - to - production ratio was 45.56%, a decrease of 13.76 percentage points. In December, the monthly sugar production in Guangxi was 180.8 million tons, a decrease of 43.1 million tons, and the monthly sugar sales were 79.54 million tons, a decrease of 55.18 million tons. The industrial inventory was 105.71 million tons, a decrease of 6.21 million tons [5]. - As of January 1, 2026, in the 2025/26 sugar - crushing season, 26 sugar mills among the members of the Ukrainian Sugar Producers Association had started production, processing 1043 million tons of sugar beets and producing 157.4 million tons of sugar. The sugar - production rate of sugar beets in this season reached 15.19%, an increase of 1.13 percentage points compared to the previous season, and the sugar content of sugar beets was 17.63%, an increase of 0.88 percentage points year - on - year. Six sugar mills were still processing sugar beets in January, and the production of this season was expected to end before January 20, 2026 [6]. - On January 6, the spot prices of sugar in the main production areas were basically stable, and the overall trading volume was average [6]. - **Logical Analysis**: Internationally, Brazilian sugar cane is expected to gradually enter the end of the crushing season. The cumulative sugar production in the central - southern region of Brazil is 3990.4 million tons, an increase of 54.3 million tons compared to the same period last year. As Brazilian sugar enters the end of the crushing season, the supply pressure will gradually ease, and the market's focus has shifted to the Northern Hemisphere, where most sugar production is in an increasing cycle. Although the expected increase in production in the Northern Hemisphere is high, the actual realization may affect the futures price. In the short term, the US sugar price has technically bottomed out but lacks upward momentum, so it is expected to oscillate at the bottom [9]. - Domestically, the current sugar price is low, in the low - price range of previous years. After the previous unexpected decline, the short - covering market has been somewhat repaired. Secondly, the domestic sugar processing cost is relatively high, with most sugar mills in Guangxi having a cost of over 5400 yuan/ton, which provides some support for the futures price. Finally, the recent trend of the US sugar price on the external market shows signs of bottoming out, and the out - of - quota cost of importing Brazilian sugar is between 5000 - 5200 yuan/ton, which has an upward driving force for Zhengzhou sugar. However, considering that China is currently in the peak sugar - crushing season and there is still some sales pressure, and the global sugar production in the 2025/26 season is expected to increase, it is expected that there will be significant pressure on the sugar price near the upper oscillation platform. In the short term, the price is expected to oscillate [9]. Part 3: Relevant Attachments The report includes multiple charts such as Guangxi's monthly inventory, Yunnan's monthly inventory, Guangxi's monthly production, Yunnan's monthly production, Liuzhou's spot sugar price, Liuzhou - Kunming spot sugar price spread, sugar's September basis, Zhengzhou sugar's 5 - 9 spread, etc., with data sources from Galaxy Futures and WIND [13][14][19].

Group 1: Investment Rating - No investment rating for the industry is provided in the report. Group 2: Core Views - International sugar prices are expected to oscillate at the bottom in the short - term. Domestic sugar is expected to show an oscillatory trend in the near future [8][9]. Group 3: Summary by Directory 3.1 Data Analysis - **Futures Market**: SR09 closed at 5,269 with a rise of 3 (0.06%), trading volume of 9,154 (a decrease of 7505), and an increase in open interest of 1,495. SR01 closed at 5,278 with a rise of 14 (0.27%), trading volume of 1,423 (a decrease of 1,667), and a decrease in open interest of 1,391. SR05 closed at 5,257 with a rise of 6 (0.11%), trading volume of 136,106 (a decrease of 64,247), and an increase in open interest of 6,906 [3]. - **Spot Market**: The spot price of sugar in Liuzhou was 5,370 yuan/ton (a decrease of 20), in Kunming 5,200 yuan/ton (a decrease of 10), in Wuhan 5,650 yuan/ton (unchanged), in Nanning 5,330 yuan/ton (a decrease of 10), in Rizhao 5,545 yuan/ton (unchanged), and in Xi'an 5,790 yuan/ton (a decrease of 20). The basis in Liuzhou was 113, in Kunming - 57, in Wuhan 393, in Nanning 73, and in Rizhao 288 [3]. - **Monthly Spread**: The spread of SR05 - SR01 was - 21 (a decrease of 8), SR09 - SR05 was 12 (a decrease of 3), and SR09 - SR01 was - 9 (a decrease of 11) [3]. - **Import Profit**: For Brazilian imports, the quota - within price was 3,946 yuan/ton, the out - of - quota price was 5,010 yuan/ton, the spread with Liuzhou was 360, and the spread with Rizhao was 535. For Thai imports, the quota - within price was 3,994 yuan/ton, the out - of - quota price was 5,072 yuan/ton, the spread with Liuzhou was 298, and the spread with Rizhao was 473 [3]. 3.2 Market Judgment - **Important Information**: As of January 5, all 19 sugar mills in Guangdong for the 25/26 crushing season have started production. By the end of December 2025, the cumulative sugar production in Guangdong was 86,600 tons (compared to 116,300 tons in the same period last year), with a sugar yield of 8.72% (compared to 9.397% last year). The price of sulfured sugar of Guangdong Jinling in the 25/26 crushing season was 5,310 yuan/ton, and carbonated sugar was 5,550 yuan/ton (an increase of 10 yuan/ton in the afternoon). On January 5, the sugar futures market fluctuated and closed higher. The spot price of sugar in the main producing areas was basically stable in the afternoon, but the secondary quotes of Nanhua and Yingmao were raised by 10 yuan/ton, and the overall trading volume was average. As of December 31, 2025, India's sugar production in the 2025/26 crushing season reached 1.1897 million tons, a nearly 25% increase compared to the same period last year; 504 sugar mills had started production, 12 more than the same period last year [4][5][7]. - **Logical Analysis**: Internationally, Brazilian sugarcane is expected to gradually enter the end of the crushing season. The cumulative sugar production in the central - southern region of Brazil was 39.904 million tons, an increase of 543,000 tons compared to the same period last year. The supply pressure of Brazilian sugar will gradually ease, and the market focus has shifted to the Northern Hemisphere. Most sugar production in the Northern Hemisphere is in an increasing cycle, but the final realization of the production increase may affect the market trend. In the short - term, the US sugar price is technically building a bottom, but there is a lack of upward driving force. Domestically, the current sugar price is low, in the low - price range over the years. After the previous unexpected decline, the short - covering market has been repaired. The high processing cost of domestic sugar (most sugar mills in Guangxi have a cost of over 5,400 yuan/ton) provides some support for the market. The upward trend of the US sugar price on the external market has an upward driving effect on Zhengzhou sugar. However, considering that China is in the peak sugar - crushing season and there is still some sales pressure, and the global sugar production is expected to increase in the 25/26 season, the sugar price is expected to face significant pressure near the upper oscillation platform. In the short - term, the price is expected to oscillate [8]. 3.3 Trading Strategies - **Unilateral**: International sugar prices are expected to oscillate at the bottom in the short - term, and domestic sugar is expected to show an oscillatory trend [9]. - **Arbitrage**: Adopt a wait - and - see approach [10]. - **Options**: Sell put options [10]. 3.4 Related Attachments - The report provides multiple charts showing data on monthly inventory, monthly output, spot prices, basis, and price spreads of sugar in Guangxi and Yunnan, with data sources from Galaxy Futures and WIND [12][13][16][18][20][23].

Group 1: Report Overview - Report Title: Sugar Daily Report, December 30, 2025 [2] - Researcher: Liu Qiannan [4] Group 2: Data Analysis Futures Market - SR09: Closing price 5,275, up 10 (0.19%), volume 12,287 (down 4068), open interest 66,801 (up 2788) [3] - SR01: Closing price 5,271, up 6 (0.11%), volume 3,435 (down 548), open interest 15,210 (down 1900) [3] - SR05: Closing price 5,258, up 5 (0.10%), volume 202,265 (down 58809), open interest 425,612 (down 6682) [3] Spot Market - Spot prices in different regions: Liuzhou 5420, Kunming 5220, Wuhan 5650, Nanning 5360, Rizhao 5545, Xi'an 5820, with no price changes [3] - Basis: Liuzhou 149, Kunming -51, Wuhan 379, Nanning 89, Rizhao 274, Xi'an 549 [3] Monthly Spread - SR05 - SR01: Spread -13, down 1; SR09 - SR05: Spread 17, up 5; SR09 - SR01: Spread 4, up 4 [3] Import Profit - Brazil import: Quota - in price 4091, out - of - quota price 5199, spread with Liuzhou 221, with Rizhao 346, with futures 72 [3] - Thailand import: Quota - in price 4139, out - of - quota price 5262, spread with Liuzhou 158, with Rizhao 283, with futures 9 [3] Group 3: Market Research Important Information - Thailand (2025/26 season as of Dec 27): Cumulative cane crush 1407.33 million tons (down 16.71% YoY), sugar production 127.93 million tons (down 15.83% YoY) [5] - India: 2026 January domestic sugar sales quota 2.2 million tons (down 50,000 tons from 2025) [5] - Guangxi: December sugar production estimated 170 - 180 million tons (down from 223.9 million tons last year), sales 70 - 80 million tons conservatively, may exceed 1 million tons with pre - sales and point - price sugar [6][8] - Maharashtra, India: As of Dec 28, 2025, cane crush 51.53 million tons, sugar production 4.4782 million tons [8] Logic Analysis - International: Brazil's sugar supply pressure eases as it enters the end of the harvest season. Northern hemisphere is in the production cycle, and the final output may affect the market. Short - term, ICE sugar is expected to bottom - oscillate slightly stronger [9] - Domestic: Sugar prices are at a low level. High production costs, a bottom - building trend in ICE sugar, and rising import costs support the market. However, the peak production season and global sugar production increase expectations limit the upside [9] Trading Strategies - Single - side: Brazil's harvest is ending, international sugar prices are bottom - building. Domestic market may oscillate near the current platform, and higher international prices may drive the domestic market [10] - Arbitrage: Wait and see [11] - Options: Sell put options [11] Group 4: Relevant Attachments - Figures include Guangxi and Yunnan monthly inventory, production, Liuzhou sugar spot price, basis, and futures spreads [13][14][17]

研究所 农产品研发报告 白糖日报 2025 年 12 月 17 日 白糖日报 第一部分 数据分析 | 白糖数据日报 | | | | | | | | 2025/12/17 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 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 | | 5,154 | 1 | 0.02% | 12,165 | -1878 | 48,318 | 2317 | | SR01 | | 5,215 | 3 | 0.06% | 28,311 | -30920 | 73,219 | -15335 | | SR05 | | 5,139 | 6 | 0.12% | 253,403 | -59730 | 487,935 | 6509 | | 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 | | 5410 | 5245 | 5 ...

| 9 银河期货 白糖数据日报 | | | | | | | | 2025/12/15 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 期货盘面 | | | | | | | | | | 期高 | | 收盘价 | 涨跌 | 涨跌幅 | 成交量 | 增减量 | 持仓库 | 增减量 | | SR09 | | 5, 226 | -10 | -0. 19% | 8.612 | -1260 | 39,878 | 2611 | | SR01 | | 5, 291 | -29 | -0. 55% | 43.609 | -50066 | 122, 984 | -20351 | | SR05 | | 5, 207 | -7 | -0. 13% | 188, 224 | -32516 | 429. 498 | 66521 | | 现货价格 | | | | | | | | | | 白糖 | | 相如州 | 昆明 | 武汉 | 南宁 | 鲅鱼圈 | 日辰 | 西安 | | 今日报价 | | 5450 | 5905 | 5730 | 5360 | #N/A | 565 ...

Group 1: Report Information - Report Name: Sugar Daily Report [2] - Date: December 8, 2025 [2] - Researcher: Liu Qiannan [7] Group 2: Data Analysis Futures Data - SRO9: Closing price 5,262, increase of 0.17%, volume 6,374, increase of 1,257, open interest 28,876, increase of 1,892 [3] - SR01: Closing price 5,337, increase of 34, increase rate of 0.64%, volume 173,785, increase of 20,741, open interest 289,716, decrease of 27,587 [3] - SROE: Closing price 5,244, increase of 11, increase rate of 0.21%, volume 118,780, increase of 25,273, open interest 309,725, increase of 14,181 [3] Spot Price Data - Sugar spot prices in different regions: Liuzhou 5,505 (no change), Kunming 5,345 (decrease of 25), Wuhan 5,810 (no change), Nanning 5,430 (no change), Yingkou 0 (no data), Rizhao 5,700 (no change), Xi'an 5,960 (decrease of 20) [3] - Basis: Liuzhou 168, Kunming (data missing), Wuhan 473, Nanning 93, Rizhao 363, Xi'an 623 [3] Inter - month Spread Data - SR05 - SR01: Spread - 23, change - 33; SR09 - SR05: Spread 18, change - 2; SR09 - SR01: Spread - 75, change - 25 [3] Import Profit Data - Brazilian imports: ICE主力 14.82, premium (0.19), freight 37.75, in - quota price 4,049, out - of - quota price 5,144, spread with Liuzhou 361, spread with Rizhao 556.00, spread with the market 193 [3] - Thai imports: ICE主力 14.82, premium 0.89, freight 18.00, in - quota price 4,082, out - of - quota price 5,192, spread with Liuzhou 313, spread with Rizhao 508.00, spread with the market 145 [3] Group 3: Market Research Important Information - As of December 8, 2025, in the 2025/26 sugar - crushing season, 56 sugar mills in Guangxi have started crushing, 11 less than the same period last year, with a daily sugar - cane crushing capacity of 425,000 tons, 112,500 tons less than the same period last year. 16 sugar mills in Yunnan have started crushing, 6 more than the same period last year, with a planned daily crushing capacity of 59,900 tons, 23,500 tons more than the same period last year [5] - In November 2025, the actual arrival of out - of - quota raw sugar was 114,500 tons, and the forecasted arrival was 363,500 tons [6] Logical Analysis - Internationally, Brazilian sugar is entering the harvest stage, the sugar - making ratio has decreased, and the cumulative sugar production in central and southern Brazil is 39.179 million tons, 800,000 tons more than the same period last year. International sugar prices show signs of bottom - building and are expected to be slightly stronger in the short term [8] - Domestically, sugar mills are starting to crush, and the supply and sales pressure will gradually increase. However, due to tightened imports of syrups and premixes and high previous pricing costs, domestic sugar production costs are relatively high, supporting the futures price. The short - term price is expected to fluctuate at a low level [8] Trading Strategies - Unilateral: Brazilian sugar supply pressure is easing, international sugar prices are showing signs of bottom - building, and are expected to be slightly stronger in the short term. Domestically, although there are sales pressure, considering the high production cost and low futures price, it is recommended to build long positions at low prices [9] - Arbitrage: Wait and see [10] - Options: Sell put options at low prices [10] Group 4: Related Diagrams - Diagrams include Guangxi and Yunnan monthly inventory, monthly production, Liuzhou sugar spot price, Liuzhou - Kunming sugar spot price spread, sugar basis for different months, and inter - month spreads for different contracts [11][14][17]

Group 1: Report General Information - Report Title: Sugar Daily Report [2][3] - Report Date: December 3, 2025 [2] - Researcher: Liu Qiannan [5] Group 2: Data Analysis Futures Disk - SR09: Closing price 5,317, down 11 (-0.21%), volume 4,413 (down 1,659), open interest 22,981 (up 1,618) [6] - SR01: Closing price 5,366, down 16 (-0.30%), volume 133,086 (down 30,887), open interest 330,181 (down 8,305) [6] - SR05: Closing price 5,297, down 19 (-0.36%), volume 60,725 (up 2,637), open interest 237,171 (up 15,382) [6] Spot Price - Sugar in Liuzhou: Today's quote 5,545, down 20, basis 179 [6] - Sugar in Kunming: Today's quote 5,410, down 5, basis 44 [6] - Sugar in Wuhan: Today's quote 5,840, down 10, basis 474 [6] - Sugar in Nanning: Today's quote 5,480, down 30 [6] - Sugar in Rizhao: Today's quote 5,750, basis 384 [6] - Sugar in Xi'an: Today's quote 6,040, down 20, basis 674 [6] Monthly Spread - SR05 - SR01: Spread -69, down 3 [6] - SR09 - SR05: Spread 20, up 8 [6] - SR09 - SR01: Spread -49, up 5 [6] Import Profit - Brazil Import: ICE main 14.77, premium (0.19), freight 38.00, in - quota price 4,071, out - of - quota price 5,173, spread with Liuzhou 372, spread with Rizhao 577, spread with the disk 193 [6] - Thailand Import: ICE main 14.77, premium 0.89, freight 18.00, in - quota price 4,117, out - of - quota price 5,223, spread with Liuzhou 322, spread with Rizhao 527, spread with the disk 143 [6] Group 3: Market Judgment Important Information - Guangxi: As of November 30, 2025, 35 sugar mills have started crushing, 26 less than the same period last year; cumulative cane crushed 1.4411 million tons, 3.2521 million tons less than last year; mixed sugar production 133,900 tons, 378,500 tons less than last year; mixed sugar yield 9.29%, 1.63 percentage points lower than last year; cumulative sugar sales 89,400 tons, 195,600 tons less than last year; sales ratio 66.77%, 11.15 percentage points higher than last year; new sugar industrial inventory 44,500 tons, 182,900 tons less than last year [8] - Yunnan: As of November 30, 2025, 10 sugar mills have started crushing (5 last year); cumulative cane crushed 439,400 tons (349,700 tons last season); sugar production 44,800 tons (38,600 tons last season); sugar yield 10.22% (11.05% last season); cumulative new sugar sales 32,200 tons (32,600 tons last year); sales ratio 71.89% (84.50% last year); industrial inventory 12,600 tons (5,900 tons last year) [9] - Brazil: The growth of ethanol demand in Brazil should ensure that the expansion of corn as a bio - fuel raw material will not endanger sugarcane ethanol producers. Since the early 2000s, Brazil's corn ethanol production has more than tripled, while sugarcane ethanol production has remained roughly flat [11] Logical Analysis - International: Brazilian sugarcane is expected to gradually enter the harvest stage, and producing ethanol is more advantageous, so the sugar - making ratio has decreased significantly recently. The cumulative sugar production in the central - southern region of Brazil is 39.179 million tons, an increase of 800,000 tons compared to the same period last year. The supply pressure of Brazilian sugar will gradually ease, and the international sugar price shows signs of bottoming out, with a short - term price trend slightly stronger in a volatile manner [12] - Domestic: In the short term, domestic sugar mills are starting to crush one after another, and the output in the new season will increase, so the supply and sales pressure will gradually increase. However, considering the tightened import of syrup and premixed powder in China and the relatively high previous point - pricing cost, the domestic sugar production cost is also high, which provides some support for the futures price. The short - term price is expected to fluctuate at a low level [12] Trading Strategies - Unilateral: As the Brazilian sugar season is approaching the end, the supply - side pressure is easing, and the international sugar price shows signs of bottoming out, with a short - term expected to be slightly stronger in a volatile manner. Although the domestic market has an unexpectedly large amount of imported sugar and the start of sugar mills, increasing the sales pressure, considering the high domestic white sugar production cost and the relatively low current futures price, the downward space is expected to be limited. Short - term long positions can be considered to be built at low prices [13] - Arbitrage: Wait and see [14] - Options: Sell put options at low levels [14] Group 4: Related Attachments - Figures include Guangxi monthly inventory, Yunnan monthly inventory, Guangxi monthly production, Yunnan monthly production, Liuzhou white sugar spot price, Liuzhou - Kunming sugar spot price difference, sugar September basis, Zhengzhou sugar 5 - 9 spread, sugar January basis, Zhengzhou sugar 9 - 1 spread, sugar May basis, Zhengzhou sugar 1 - 5 spread, etc. [15][20][23][24][29][31]

Group 1: Report Overview - The report is a sugar daily report dated December 1, 2025, focusing on sugar market analysis and trading strategies [2] Group 2: Data Analysis Futures Disk - SR09 closed at 5,345, up 2 with a 0.04% increase, trading volume was 1,726 (up 211), and open interest was 19,977 (up 146) [3] - SR01 closed at 5,405, up 5 with a 0.09% increase, trading volume was 133,737 (down 13,168), and open interest was 350,573 (down 10,944) [3] - SR05 closed at 5,333, up 6 with a 0.11% increase, trading volume was 32,979 (down 5,739), and open interest was 215,384 (up 3,246) [3] Spot Prices - Sugar prices in different regions: Hezhou was 5,585 (down 30), Dianming was 5,425 (down 30), Wuhan was 5,850 (down 10), Nanning was 5,530 (unchanged), Yingyuquan was 0, Rizhao was 5,750 (down 50), and Liang'an was 6,080 (down 20) [3] Monthly Spreads - SR05 - SR01 spread was -72 (up 1), SR09 - SR05 spread was 12 (down 4), and SR09 - SR01 spread was -60 (down 3) [3] Import Profits - For Brazilian imports, the in - quota price was 4,122, out - of - quota price was 5,239, and the spread with Liuzhou was 346, with Rizhao was 511, and with the futures market was 166 [3] - For Thai imports, the in - quota price was 4,170, out - of - quota price was 5,302, and the spread with Liuzhou was 283, with Rizhao was 448, and with the futures market was 103 [3] Group 3: Market Research Important Information - Thailand's 2025/26 sugarcane season unified base price is set at 890 Thai baht/ton (equivalent to 196.78 yuan/ton), and the price fluctuation standard is 53.40 Thai baht/ton per CCS percentage point (equivalent to 11.81 yuan/ton) [5] - As of November 27, 2025/26 in India's Maharashtra state, 165 sugar mills were in operation (15 more than the same period last season), with 19.409 million tons of sugarcane crushed and 1.5148 million tons of sugar produced, with an average sugar yield of 7.8% [6] - In Yunnan, as of the end of November, 10 sugar mills were in operation (5 more than the same period last year). New sugar sales in November are expected to be about 30,000 tons (compared to 32,600 tons last year), and production is expected to be about 40,000 tons (compared to 38,600 tons last year) [8] Logic Analysis - Internationally, Brazilian sugar production may be lower than expected, and international sugar prices are showing signs of bottoming out, with a short - term slightly bullish and volatile trend [9] - Domestically, new sugar production is increasing, but restricted imports and high production costs support the futures price, with a short - term low - level volatile trend [9] Trading Strategies - Unilateral: Consider short - term long positions at low prices due to the potential bottoming of international sugar prices and high domestic production costs [10] - Arbitrage: Go long on January contracts and short on May contracts [11] - Options: Sell put options at low prices [11] Group 4: Related Attachments - The report includes various graphs such as Guangxi and Yunnan monthly inventory, sugar basis, and futures spreads, providing visual data for market analysis [13][14][18]

Group 1: Report Overview - Report Title: Sugar Daily Report [2][3] - Report Date: November 26, 2025 [2] - Researcher: Liu Qiannan [5] Group 2: Data Analysis Futures Market - SR09: Closing price at 5,324, down 12 (-0.22%), volume 2,135 (down 1,537), open interest 19,534 (up 659) [6] - SR01: Closing price at 5,379, down 8 (-0.15%), volume 153,464 (up 18,087), open interest 394,080 (down 12,249) [6] - SR05: Closing price at 5,309, down 16 (-0.30%), volume 41,612 (up 12,801), open interest 190,753 (up 11,365) [6] Spot Market - Sugar prices in different regions: Liuzhou at 5,615, Kunming at 5,480 (down 20), Wuhan at 5,960, Nanning at 0, Bayuquan at 6,015, Rizhao at 5,800, Xi'an at 6,100 [6] - Basis: Liuzhou at 236, Kunming at 101, Wuhan at 581, Bayuquan at 636, Rizhao at 421, Xi'an at 721 [6] Spread Analysis - SR05 - SR01: Spread at -70, down 8; SR09 - SR05: Spread at 15, up 4; SR09 - SR01: Spread at -55, down 4 [6] Import Profit Analysis - Brazil import: ICE主力 at 14.77, premium at (0.19), freight at 37.75, in - quota price at 4,059, out - of - quota price at 5,158, spread with Liuzhou at 457, with Rizhao at 642, with futures at 221 [6] - Thailand import: ICE主力 at 14.77, premium at 0.89, freight at 18.00, in - quota price at 4,108, out - of - quota price at 5,221, spread with Liuzhou at 394, with Rizhao at 579, with futures at 158 [6] Group 3: Market Research Important Information - Brazil: Expected 11 - month first - half sugarcane crushing at 18.85 million tons (down 14.9% yoy), sugar production at 1.075 million tons (up 18.9% yoy), and sugar - making ratio at 41.94% [8] - Yunnan: 7 sugar mills have started crushing in 2025/26 season (3 more than last year), planned capacity at 24,100 tons/day (up 13,100 tons/day), 4 more mills to start soon [9] - New season starts: Menglian Changyu Sugar Industry's new season begins on November 23 [10] Logical Analysis - International: Brazil's sugar production may be lower than expected, supply pressure eases, international sugar prices show signs of bottoming, short - term slightly bullish [11] - Domestic: New season production increases, but import restrictions and high production costs support prices, current price may not fall much further [11] Trading Strategies - Single - side: Consider short - term long positions at low prices [12] - Arbitrage: Long January, short May [13] - Options: Sell put options at low levels [13] Group 4: Related Charts - Charts include Guangxi and Yunnan inventory, sales - to - production ratio, Liuzhou sugar price, price spreads, and basis for different contract months [14][18][21][27][28][31]