Report Summary 1. Report Industry Investment Rating - No information provided on the industry investment rating [1][2][3][4] 2. Core View of the Report - The report focuses on the sugar market, presenting current price data, macro and industry news, and supply - demand forecasts. It indicates that the sugar market is waiting for super - expected information guidance [1][2][3][4] 3. Summary by Relevant Catalogs 3.1 Fundamental Data - **Price Data**: The raw sugar price is 16.56 cents/pound with a 0% year - on - year change; the mainstream spot price is 6050 yuan/ton, down 10 yuan year - on - year; the futures main contract price is 5808 yuan/ton, up 6 yuan year - on - year. The 91 spread is 172 yuan/ton, up 5 yuan year - on - year; the 15 spread is 55 yuan/ton, up 5 yuan year - on - year; the mainstream spot basis is 242 yuan/ton, down 16 yuan year - on - year [1] 3.2 Macro and Industry News - High - frequency information shows that Pakistan has approved the import of 500,000 tons of sugar; the sugarcane crushing progress in central - southern Brazil is still slow, but the MIX is significantly higher year - on - year; India's monsoon precipitation is higher than the long - period average (LPA); Brazil exported 3.36 million tons of sugar in June, a 5% year - on - year increase; China imported 350,000 tons of sugar in May [1] 3.3 Supply - Demand Forecast - **Domestic Market**: CAOC predicts that in the 24/25 sugar - crushing season, China's sugar production will be 11.16 million tons, consumption will be 15.8 million tons, and imports will be 5 million tons. In the 25/26 sugar - crushing season, production is expected to be 11.2 million tons, consumption 15.9 million tons, and imports 5 million tons. As of the end of May in the 24/25 sugar - crushing season, China produced 11.16 million tons of sugar (+1.2 million tons), sold 8.11 million tons (+1.52 million tons), with a cumulative sales rate of 72.7%. China imported 2.1 million tons of sugar (-1.04 million tons) [2] - **International Market**: ISO predicts a global sugar supply shortage of 5.47 million tons in the 24/25 sugar - crushing season (previously 4.88 million tons). As of July 1 in the 25/26 sugar - crushing season, the cumulative sugarcane crushing volume in central - southern Brazil decreased by 14 percentage points year - on - year, with cumulative sugar production of 12.25 million tons (-2.04 million tons), and the cumulative MIX increased by 2.33 percentage points year - on - year. As of May 15 in the 24/25 sugar - crushing season, India produced 25.74 million tons of sugar (-5.8 million tons), and Thailand produced 10.08 million tons of sugar (+1.27 million tons) [2] 3.4 Trend Intensity - The trend intensity of sugar is 0, indicating a neutral view, with the value ranging from - 2 (most bearish) to 2 (most bullish) [3]

Group 1: Report Industry Investment Rating - Not provided in the given content Group 2: Core Views of the Report - International sugar prices are expected to be under pressure due to the global sugar market's expectation of a bumper harvest in the new season. The ISO has raised its estimate of the global sugar shortage in the 2024/25 season to 5.47 million tons, while Datagro predicts a global sugar surplus of 1.53 million tons in the 2025/26 season [7][9] - The price of raw sugar has recently declined due to the expectation of increased global supply, and the price center has shifted downward. Domestically, the summer stocking demand is lagging, and the short - term weakness of raw sugar has led to a rise in the profit of out - of - quota imports. The supply pressure of processed sugar is about to materialize, and Zhengzhou sugar is expected to passively follow the price fluctuations of raw sugar in the short term [4] - Considering that Brazil is about to enter the peak supply period, the global sugar inventory is expected to start accumulating. Raw sugar is expected to maintain a volatile trend overall, and the short - term price will be affected by phased production data. In the domestic market, the fast sales - to - production ratio is expected to support sugar prices, but the large - scale entry of imported sugar into the domestic market may drag down sugar prices. Coupled with the recent weak trend of raw sugar, domestic sugar prices are expected to remain weak in the short term [3] Group 3: Summary by Directory 1. Comprehensive Analysis and Trading Strategies Comprehensive Analysis - Internationally, with Brazil approaching the supply peak, global sugar inventory is expected to accumulate, and raw sugar will likely oscillate. Short - term price movements will be influenced by production data, and attention should be paid to Brazil's production progress and actual production increase [3] - Domestically, the fast sales - to - production ratio supports sugar prices, but the influx of imported sugar may pull prices down. Combined with the weak raw sugar trend, short - term domestic sugar prices will be weak [3] Trading Strategies - Unilateral trading: Be bearish on the market [5] - Arbitrage: Adopt a wait - and - see approach [5] - Options: Use out - of - the - money ratio spread options [5] 2. Core Logic Analysis - The expectation of increased global sugar supply has dragged down raw sugar prices, and the domestic summer stocking demand lag, along with the weak raw sugar, has led to higher out - of - quota import profits and impending processed sugar supply pressure, causing Zhengzhou sugar to follow raw sugar prices [4] 3. Weekly Data Tracking International Data - Brazil: In the second half of May, sugar production in the central - southern region increased by 8.86% year - on - year. In June, the first two weeks' sugar and molasses exports were 1.53 million tons, a 12.8% decrease from the same period last year. As of June 18, the number of ships waiting to load sugar decreased, and the quantity of sugar waiting to be shipped decreased by 1.94% week - on - week [10][20] - India: The NFCSF estimates the 2024/25 season's ending sugar inventory to be about 4.865 million metric tons, which can meet domestic consumption in key months in 2025. The sugar ex - factory price is stable. The 2025/26 season is expected to see a strong recovery in sugar production, reaching about 35 million metric tons [21] - Thailand: The 2024/25 season ended in April with a total sugar production of 10.03 million metric tons. The OSCB expects the 2025/26 season's production to increase to 10.05 million tons, with an estimated increase in sugarcane planting area [24] Domestic Data - In the 2024/25 season, China's sugar production ended with a total of 11.16 million tons, a year - on - year increase of 1.2 million tons. The cumulative sugar sales were 8.11 million tons, a year - on - year increase of 1.52 million tons, and the sales progress was 72.7%, 6.5 percentage points faster than the same period last year [27] - In May 2025, China imported 350,000 tons of sugar, a year - on - year increase of 333,100 tons. From January to May 2025, the total sugar imports were 633,200 tons, a 50.31% year - on - year decrease. As of May in the 2024/25 season, China imported 2.095 million tons of sugar, a 33.16% year - on - year decrease [29] - In May 2025, China imported 64,300 tons of syrup and premixed powder, with 47,700 tons under the 2106.90 item [30]

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].

1. Report Industry Investment Rating - Not provided in the content 2. Core Views of the Report - International sugar prices are expected to be under pressure due to the expected global sugar surplus in the new season. The ISO has raised its forecast for the global sugar shortage in the 2024/25 season, but Datagro expects a surplus in the 2025/26 season [7][9]. - Brazilian sugar production is expected to increase, but exports in May decreased compared to the same period last year. The number of ships waiting to load sugar at Brazilian ports and the quantity of sugar waiting for shipment have also decreased [10][18][20]. - In India, the 2024/25 season's ending sugar inventory is sufficient to meet domestic demand, and the sugar price is stable. The 2025/26 season is expected to see a strong recovery in sugar production [21]. - In China, the 2024/25 sugar production has ended, with an increase in both production and sales. The 2025/26 season's supply and demand forecast remains unchanged, and the current growing conditions for sugarcane and beets are favorable [24]. - The short - term sugar price is expected to be weak. Domestically, the fast sales pace may support the price, but the upcoming large - scale import of sugar may drag it down. Internationally, the approaching supply peak in Brazil and the weak recent performance of raw sugar also contribute to the weak outlook [3][4]. 3. Summary by Relevant Catalogs 3.1 Comprehensive Analysis and Trading Strategies - **Comprehensive Analysis** - Internationally, with Brazil approaching the supply peak, the global sugar inventory is expected to start accumulating. Raw sugar is expected to fluctuate, and its short - term trend will be affected by production data. Attention should be paid to Brazil's production progress and actual increase [3]. - Domestically, the fast sales pace may support the sugar price, but the large - scale import of sugar and the weak recent performance of raw sugar may lead to a short - term weakening of the sugar price [3]. - **Logic Analysis** - Raw sugar prices have declined due to the expected high yield in Brazil. Future weather changes may affect the sugarcane crushing progress and raw sugar supply. In China, the delayed summer stocking demand and the weak short - term performance of raw sugar are expected to keep Zhengzhou sugar prices weak [4]. - **Trading Strategies** - Unilateral: Bearish view. - Arbitrage: Wait and see. - Options: Out - of - the - money ratio spread options [5]. 3.2 Core Logic Analysis - The expected high yield in the global sugar market's new season is putting pressure on sugar prices. The ISO has adjusted its forecast for the 2024/25 season's sugar shortage, and Datagro expects a surplus in the 2025/26 season [7][9]. 3.3 Weekly Data Tracking - **Brazil** - S&P Global expects an increase in sugar production in the second half of May in Brazil's central - southern region [10]. - In May, Brazil's sugar and molasses exports were 225.66 million tons, a decrease of 55.45 million tons (19.72%) compared to the same period last year. From April to May in the 2025/26 season, the cumulative sugar exports were 380.92 million tons, a year - on - year decrease of 18.84% [20]. - As of the week of June 11, the number of ships waiting to load sugar at Brazilian ports decreased from 90 to 80, and the quantity of sugar waiting for shipment decreased by 33.66 million tons (10.36%) to 291.04 million tons compared to the previous week [20]. - **India** - The NFCSF estimates that the ending sugar inventory in the 2024/25 season will be about 4.865 million metric tons, which can meet domestic demand from October to November 2025 and stabilize the sugar price. The 2025/26 season is expected to see a strong recovery in sugar production [21]. - **China** - In June, the 2024/25 sugar production was adjusted to 11.16 million tons, an increase of 10,000 tons. As of the end of May, the cumulative production was 11.16 million tons (a year - on - year increase of 1.2 million tons), and the cumulative sales were 8.11 million tons (a year - on - year increase of 1.52 million tons). The sales progress was 72.7%, 6.5 percentage points faster than the same period last year [24]. - In April, China imported 130,000 tons of sugar, an increase of 75,700 tons compared to the same period last year. From January to April 2025, the total sugar imports were 278,400 tons, a decrease of 979,100 tons (77.86%) compared to the same period last year. From the start of the 2024/25 season to April, the cumulative sugar imports were 1.7401 million tons, a year - on - year decrease of 1.3773 million tons (44.18%) [26]. - From the start of the 2024/25 season to April, the cumulative imports of three types of goods under item 170290 were 806,700 tons, a decrease of 125,300 tons (13.44%) compared to the same period last year [27].

Report Industry Investment Rating - The report does not provide an industry investment rating. Core Viewpoints of the Report - The global sugar market's expected high yield in the new season is pressuring sugar prices. With Brazil approaching its supply peak, the global sugar inventory is expected to enter an accumulation phase, and raw sugar will generally fluctuate. In the short term, the market will be influenced by phased production data. Attention should be paid to Brazil's production progress and actual increase in production [3]. - In the domestic market, the sales and production speed is relatively fast, and inventory reduction is advanced. Considering the expected arrival of a large amount of imported sugar, sugar prices are expected to be suppressed. Coupled with the weakening of raw sugar prices and the decline in imported sugar prices, domestic sugar prices are expected to remain weak in the short term [3]. - Recently, raw sugar has broken through the downward trend due to the expected high yield in Brazil. In the future, attention should be paid to the impact of weather changes on the sugarcane crushing progress and the marginal change of raw sugar. In China, the summer stocking demand is delayed, and the short - term trend of raw sugar is weak. The profit of out - of - quota imports has increased again, and the supply pressure of processed sugar is about to materialize. Zhengzhou sugar is expected to remain weak [4]. Summary by Relevant Catalogs Comprehensive Analysis and Trading Strategies Comprehensive Analysis - Internationally, with Brazil's approaching supply peak, the global sugar inventory is expected to enter an accumulation phase, and raw sugar will generally fluctuate. In the short term, the market will be influenced by phased production data, and attention should be paid to Brazil's production progress and actual increase in production. Domestically, the sales and production speed is relatively fast, and inventory reduction is advanced. Considering the expected arrival of a large amount of imported sugar, sugar prices are expected to be suppressed. Coupled with the weakening of raw sugar prices and the decline in imported sugar prices, domestic sugar prices are expected to remain weak in the short term [3]. Logical Analysis - Raw sugar has recently broken through the downward trend due to the expected high yield in Brazil. In the future, attention should be paid to the impact of weather changes on the sugarcane crushing progress and the marginal change of raw sugar. In China, the summer stocking demand is delayed, and the short - term trend of raw sugar is weak. The profit of out - of - quota imports has increased again, and the supply pressure of processed sugar is about to materialize, so Zhengzhou sugar is expected to remain weak [4]. Trading Strategies - Unilateral: Be bearish. - Arbitrage: Wait and see. - Options: Out - of - the - money ratio spread options [5]. Core Logic Analysis - The global sugar market's expected high yield in the new season is pressuring sugar prices. The ISO has raised its forecast of the global sugar shortage in the 2024/25 season to 5.47 million tons, the highest level of supply - demand shortage in 9 years. However, it is expected that the global sugar supply will have a surplus of 1.53 million tons in the 2025/26 season [7][9]. - In Brazil, as of the second half of April in the 2025/26 season, sugar production decreased slightly year - on - year. In May, sugar exports decreased by 19.72% year - on - year. As of the week of June 4, the number of ships waiting to load sugar at Brazilian ports was 90, the same as the previous week. The quantity of sugar waiting to be loaded was 3.247 million tons, a decrease of 4.12% from the previous week [10][19][21]. - The NFCSF in India expects the ending inventory of sugar in the 2024/25 season to be about 4.865 million metric tons, which can meet domestic consumption demand from October to November 2025. It is also expected that the sugar production will strongly recover in the 2025/26 season, reaching about 35 million metric tons [22]. - As of the end of May 2025, the 2024/25 sugar - making season has ended. The national sugar production was 11.1621 million tons, an increase of 12.03% year - on - year. The cumulative sugar sales were 8.1138 million tons, an increase of 23.07% year - on - year, and the cumulative sugar sales rate was 72.69%, 6.52 percentage points faster than the same period last year. The average sales price of refined white sugar in May 2025 was 6,026 yuan/ton, a decrease of 392 yuan/ton year - on - year [25]. Weekly Data Tracking - In April 2025, China imported 130,000 tons of sugar, an increase of 75,700 tons year - on - year. From January to April 2025, China imported 278,400 tons of sugar, a decrease of 77.86% year - on - year. As of April in the 2024/25 season, China's cumulative sugar imports were 1.7401 million tons, a decrease of 44.18% year - on - year [27]. - As of April in the 2024/25 season, the cumulative imports of three types of goods under item 170290 were 806,700 tons, a decrease of 13.44% year - on - year [28].

Report Industry Investment Ratings - Sugar: Oscillation [1] - Cotton: Oscillation [1] Core Views - Sugar: Sugarcane planting area has increased due to economic benefits, national policies, and support from sugar - making enterprises. However, early drought in Guangxi limited sugar production growth. Sugar consumption is expected to remain stable or increase slightly, the supply - demand gap is basically stable, and imports are expected to stay at 5 million tons. Short - term strategy is to wait and see [1]. - Cotton: The cotton target price subsidy policy in Xinjiang is stable, leading to a slight increase in planting area, while the planting area in inland areas continues to decline. The climate during sowing and emergence was good, with expected stable yield per unit area. Total cotton output is expected to be 6.25 million tons, a 1.4% increase from last year. Cotton consumption is expected to be weak due to US tariffs, with consumption expected to be 7.4 million tons, a decrease of 200,000 tons from last year, and imports to be 1.4 million tons, a decrease of 100,000 tons. Short - term strategy is to wait and see [1]. Data Summary Price Changes - **Outer - market Quotes**: On May 28 - 29, 2025, the price of US sugar increased by 0.77% from $16.91 to $17.04, and the price of US cotton decreased by 0.46% from $65.33 to $65.03 [3]. - **Spot Prices**: Sugar prices in Nanning and Kunming remained unchanged on May 28 - 29, 2025. The cotton index 328 decreased by 0.04%, and the price of cotton in Xinjiang decreased by 0.34% [3]. - **Spreads**: Different sugar and cotton spreads showed various changes on May 28 - 29, 2025, with the SR01 - 05 spread decreasing by 5.56%, the SR09 - 01 increasing by 1.65%, etc. [3]. - **Import Prices**: The cotton cotlookA price remained unchanged on May 28 - 29, 2025 [3]. - **Profit Margins**: The sugar import profit remained unchanged on May 28 - 29, 2025 [3]. Options and Warehouse Receipts - **Options**: The implied volatilities of SR509C5800, SR509P5800, CF509C13400, and CF509P13400 are 0.0801, 0.0811, 0.0978, and 0.0967 respectively [3]. - **Warehouse Receipts**: On May 28 - 29, 2025, the number of sugar warehouse receipts decreased by 0.32% to 31,481, and the number of cotton warehouse receipts decreased by 0.46% to 11,157 [3]. Company Information - **Company Overview**: CINDA Futures Co., Ltd. is a limited - liability company specializing in domestic futures business. It is wholly - owned by CINDA Securities Co., Ltd., with a registered capital of 600 million RMB. It is a well - regulated and high - reputation large - scale futures company in China [9]. - **Exchange Membership**: It is a full - settlement member of the China Financial Futures Exchange, a full - fledged member of the Shanghai Futures Exchange, Zhengzhou Commodity Exchange, and Dalian Commodity Exchange, and a member of the Shanghai International Energy Exchange and Guangzhou Futures Exchange [9].