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]

1. Report Industry Investment Rating - No relevant content provided 2. Core Viewpoints of the Report - Internationally, the sugar production in major global producing areas is increasing. The fundamentals of raw sugar are weak, and the long - term trend is downward. Domestically, in the short term, the sugar price of Zhengzhou Commodity Exchange is expected to fluctuate within a range, and in the long term, it is expected to be weak, but the downward space is relatively limited due to policy support [11][12] - For trading strategies, it is recommended to conduct range - bound operations for the domestic market, short foreign sugar and long Zhengzhou sugar for arbitrage, and adopt a wait - and - see approach for options [13][14] 3. Summary by Relevant Catalogs 3.1 Data Analysis - **Futures Disk**: SR09 closed at 5,403 with an increase of 5 (0.09%), trading volume of 1,703 (an increase of 116), and an open interest of 10,961 (a decrease of 108); SR01 closed at 5,475 with an increase of 18 (0.33%), trading volume of 139,545 (a decrease of 1,192), and an open interest of 373,243 (an increase of 1,282); SR05 closed at 5,405 with an increase of 8 (0.15%), trading volume of 21,900 (an increase of 6,805), and an open interest of 115,922 (an increase of 2,673) [6] - **Spot Price**: The spot prices of sugar in Liuzhou, Kunming, Wuhan, Nanning, Bayuquan, Rizhao, and Xi'an were 5,730, 5,905, 6,000, 5,760, 6,015, 5,820, and 6,130 respectively. The price in Liuzhou decreased by 30, while others remained unchanged [6] - **Basis**: The basis in Liuzhou, Kunming, Wuhan, Nanning, Bayuquan, Rizhao, and Xi'an were 255, 430, 525, 285, 540, 345, and 655 respectively [6] - **Inter - monthly Spread**: SR5 - SR01 spread was - 70 (a decrease of 10), SR09 - SR5 spread was - 2 (a decrease of 3), and SR09 - SR01 spread was - 72 (a decrease of 13) [6] - **Import Profit**: The quota - within price and quota - outside price for Brazilian imports were 3,952 and 5,002 respectively, with a spread of 728 compared to Liuzhou, 818 compared to Rizhao, and 473 compared to the futures price; for Thai imports, the quota - within price and quota - outside price were 4,007 and 5,075 respectively, with a spread of 655 compared to Liuzhou, 745 compared to Rizhao, and 400 compared to the futures price [6] 3.2 Market Judgment - **Important Information**: India allows 1.5 million tons of sugar exports in the 2025/26 season, lower than the industry's request of 2 million tons, and cancels the 50% export tariff on molasses; the 2025/26 sugar - making season in Guangxi starts no earlier than November 30, and enterprises need to abide by relevant regulations; the FAO sugar price index in October was 94.1, down 5.3 points (5.3%) from September and 35.4 points (27.4%) year - on - year, reaching the lowest level since December 2020 [8][9][10] - **Logical Analysis**: Internationally, the sugar production in Brazil is at a historically high level, the support of ethanol for sugar weakens, and India's sugar exports may be higher than expected, so the raw sugar fundamentals are weak. Domestically, in the short term, the sugar supply is expected to increase, but the import of syrup and premixed powder is tightened, and the previous pricing cost is relatively high, so the Zhengzhou sugar price is expected to fluctuate within a range in the short term, and be weak in the long term [11][12] - **Trading Strategies**: For the single - side strategy, the international sugar price resumes the downward trend, and the domestic sugar price is expected to be volatile, so it is recommended to conduct range - bound operations; for the arbitrage strategy, short foreign sugar and long Zhengzhou sugar; for the options strategy, adopt a wait - and - see approach [13][14] 3.3 Relevant Attachments - The report provides multiple charts, including monthly inventory in Guangxi and Yunnan, sales - to - production ratio trends in Guangxi and Yunnan, Liuzhou white sugar spot price, Liuzhou - Kunming sugar spot price spread, basis and inter - monthly spreads of different contract months [16][17][21]

Report Summary 1. Report Industry Investment Rating No information provided. 2. Core Viewpoints of the Report - The international raw sugar market has a weak fundamental outlook with a downward trend due to high sugar production in Brazil, a lower support level for sugar from ethanol as Brazil cuts oil prices, and potentially higher - than - expected sugar exports from India [10]. - The domestic white sugar market has a weak fundamental situation as well, but considering factors such as sugar mills starting to crush and tightened imports of syrup and premixed powder, the Zhengzhou sugar price is expected to fluctuate within a range in the short term [11]. - Suggested trading strategies include range - bound operations for the domestic market, an arbitrage strategy of shorting foreign sugar and going long on Zhengzhou sugar, and taking a wait - and - see approach for options [12][13]. 3. Summary by Directory First Part: Data Analysis - **Futures Market**: SR09 closed at 5,393 with a decline of 42 points (-0.77%), SR01 at 5,441 with a decline of 40 points (-0.73%), and SR05 at 5,393 with a decline of 38 points (-0.70%). The trading volume and open interest of each contract also changed [6]. - **Spot Market**: The spot prices of white sugar in different regions such as Liuzhou, Kunming, and Wuhan decreased to varying degrees. The basis between spot and futures prices was positive in all regions [6]. - **Monthly Spread**: The SR5 - SR01 spread was - 48 with a change of 2, the SR09 - SR5 spread was 0 with a change of - 4, and the SR09 - SR01 spread was - 48 with a change of - 2 [6]. - **Import Profit**: For Brazilian imports, the quota - in price was 3914, the quota - out price was 4968, and the spreads with Liuzhou, Rizhao, and the futures market were 752, 852, and 473 respectively. For Thai imports, the quota - in price was 3979, the quota - out price was 5053, and the corresponding spreads were 667, 767, and 388 [6]. Second Part: Market Judgment - **Important Information**: India's 2025/26 sugar production is estimated to be 3435 million tons (excluding ethanol use) and 3095 million tons (net production after ethanol use), with potential exports of nearly 2 million tons. Brazil's 2025/26 sugar production is slightly higher than the previous estimate, while the ethanol production shows mixed changes [8]. - **Logical Analysis**: Internationally, the sugar market is bearish due to high production in Brazil and potential high exports from India. Domestically, although the fundamentals are weak, short - term price fluctuations are expected [10][11]. - **Trading Strategies**: - Unilateral: Trade within a range for the domestic market [12]. - Arbitrage: Short foreign sugar and go long on Zhengzhou sugar [13]. - Options: Wait and see [13]. Third Part: Related Attachments - The part includes multiple charts showing data such as monthly inventories in Guangxi and Yunnan, sales - to - production ratios in Guangxi and Yunnan, spot prices in Liuzhou, and various basis and spreads [14][15][16]

1. Report Industry Investment Rating - No information provided in the report 2. Core View of the Report - Globally, the increase in production in major sugar-producing regions is being realized. Brazil's cumulative sugar production is expected to reach a historically high level, and the fundamental outlook for raw sugar is weak, with a potential short - term rebound after over - decline. In the domestic market, the price of Zhengzhou sugar is expected to be slightly stronger in the short term due to factors such as lower - than - expected domestic sugar production increase and the suspension of imports of some enterprises' syrups and premixes [9] 3. Summary by Directory 3.1 Data Analysis - **Futures Market**: For futures contracts SR09, SR01, and SR05, the closing prices are 5,434, 5,499, and 5,433 respectively, with price increases of 12, 16, and 20, and price increase percentages of 0.22%, 0.29%, and 0.37% respectively. The trading volumes are 1,509, 173,994, and 20,199, and the changes in trading volumes are 817, 6,995, and 6,306. The open interests are 9,065, 372,791, and 97,748, with changes of - 2, 21, and 2,235 [3] - **Spot Prices**: The spot prices of sugar in different regions such as Liuzhou, Dali, Wuhan, Nanning, etc. are reported. For example, the price in Liuzhou is 5,760 with no change, while the price in Dali is 5,905 with a decrease of 15 [3] - **Spread Analysis**: The SR5 - SR01 spread is - 66, the SR09 - SR5 spread is 1, and the SR09 - SR01 spread is - 65, with changes of 0, - 8, and - 4 respectively. The import profit analysis shows that for Brazilian imports, the in - quota price is 3,961 and the out - of - quota price is 5,030, with spreads of 730, 820, and 469 compared to Liuzhou, Rizhao, and the futures market respectively. For Thai imports, the in - quota price is 4,020 and the out - of - quota price is 5,107, with corresponding spreads [3] 3.2 Market Outlook and Strategy - **Important Information**: In the first half of October 2025, in the central - southern region of Brazil, the sugarcane crushing volume was 34.037 million tons, a year - on - year increase of 0.30%. The sugar production was 2.484 million tons, a year - on - year increase of 1.25%. India's Uttar Pradesh government raised the sugarcane purchase price, which is expected to bring an additional income of about 300 billion rupees (about 24.1 billion yuan) to local sugarcane farmers. The sugar production situation in the main domestic producing areas in the 2025/26 season is relatively clear, with an expected national sugar production of 11.56 million tons, an increase of 394,000 tons compared to the previous season [5][7][8] - **Logical Analysis**: Internationally, the increase in Brazilian sugar production is approaching reality, and the support of ethanol for sugar has weakened, so the raw sugar price is expected to be weak in the long - term with a short - term rebound. Domestically, considering the start of sugar mills and the lower - than - expected increase in sugar production, as well as the suspension of some imports, the price of Zhengzhou sugar is expected to be slightly stronger in the short term [9] - **Trading Strategy**: For unilateral trading, it is recommended to wait and see as the international sugar price is expected to be weak in the long - term and may rebound in the short - term, and the domestic sugar price may be slightly stronger in the short - term. For arbitrage and option trading, it is also recommended to wait and see [10] 3.3 Related Attachments - The report provides multiple charts, including those showing the monthly inventory in Guangxi and Yunnan, the sales - to - production ratio in Guangxi and Yunnan, the spot price of Liuzhou sugar, the spot price spread between Liuzhou and Kunming, the basis of different futures contracts, and the spread between different futures contracts, with data sources from Galaxy Futures and WIND [12][13][17]

Group 1: Report Information - Report title: Sugar Data Daily [3] - Date: October 23, 2025 [4] - Analyst: Xie Wei, with futures qualification number F03087820 and investment consulting number Z0019508 [4] Group 2: Sugar Price Data Domestic Spot Prices - In Nanning warehouse, Guangxi, the price is 5800 yuan/ton, down 10 yuan, with a basis of 374 yuan to SR01, up 2 yuan [4] - In Kunming, the price is 5730 yuan/ton, down 10 yuan, with a basis of 404 yuan to SR01, up 2 yuan [4] - In Dali, Yunnan, the price is 5575 yuan/ton, down 25 yuan, with a basis of 289 yuan to SR01, down 13 yuan [4] - In Rizhao, Shandong, the price is 5870 yuan/ton, unchanged, with a basis of 344 yuan to SR01, up 12 yuan [4] Domestic Futures Prices - SR01 is 5426 yuan/ton, down 12 yuan; SR01 - 05 is 43 [4] - SR05 is 5383 yuan/ton, down 13 yuan [4] International Data - The exchange rate of RMB to USD is 7.1416, up 0.0036; ICE raw sugar主力 is 15.24, unchanged [4] - The exchange rate of Brazilian real to RMB is 1.2818, up 0.0212; London white sugar主力 is 573, up 3 [4] - The exchange rate of Indian rupee to RMB is 0.084, down 0.0004; Brent crude oil主力 is 61.66, unchanged [4] Group 3: Core View - Typhoons around the National Day have adversely affected sugarcane harvesting and production in South China, with sugarcane lodging and flooding in the producing areas. Also, there is a seasonal upward momentum for sugar prices during the short - term gap between old and new crops after the festival. In the medium term, the rain - heat conditions in the southern main producing areas are suitable this year, and the sugarcane growth is very good. After the new sugar is launched, the expected rebound space is relatively limited [4] Group 4: Related Charts - Charts show domestic white sugar industrial inventory, Brazilian sugar out - of - quota import profit, Liuzhou - 01 basis, and Zhengzhou sugar 1 - 5 month spread [5][6]

Report Summary 1. Investment Rating No investment rating for the industry is provided in the report. 2. Core View - Globally, the sugar production increase in major producing areas is being realized. Brazil is in the peak supply period, with a significant increase in sugar production. The cumulative sugar production is almost the same as last year, and it is expected to remain high in the near - term. With the recent decline in crude oil prices, the support from ethanol for sugar has weakened, and the fundamental situation of raw sugar is weak. The main contract has fallen below the previous low, and the downward space has been opened, indicating a generally weak trend. - In the domestic market, the supply is mainly from imported sugar recently. Given the weak price trend of foreign sugar, it is expected that Zhengzhou sugar will follow the trend of the foreign market in the short - term. The trading strategy suggests short - selling on rallies, and recommends a wait - and - see approach for arbitrage and options [11][12]. 3. Summary by Section 3.1 Data Analysis - **Futures Market**: SR09 closed at 5,391 with a 0.04% increase; SR01 closed at 5,408 with a 0.09% increase; SR05 closed at 5,374 with a 0.06% increase. The trading volume of SR01 was 144,443, with a decrease of 19,746, and the open interest increased by 4,928 [5]. - **Spot Market**: The spot prices in different regions had minor changes. For example, the price in Liuzhou was 5,810 yuan/ton, down 30 yuan/ton. The basis in Liuzhou was 402 yuan/ton [5]. - **Inter - month Spreads**: SR5 - SR01 spread was - 34, down 2; SR09 - SR5 spread was 17, down 1; SR09 - SR01 spread was - 17, down 3 [5]. - **Import Profits**: The in - quota price for Brazilian imports was 4,278 yuan/ton, and the out - of - quota price was 5,444 yuan/ton. The in - quota price for Thai imports was 4,299 yuan/ton, and the out - of - quota price was 5,470 yuan/ton [5]. 3.2 Market Judgment - **Important Information**: Brazil's estimated sugarcane planting area in 2025 is 9.355219 million hectares, up 1.5% from last month's estimate and the same as in 2024. The sugarcane production is estimated to be 695.532937 million tons, the same as last month's estimate but down 1.6% from 2024. As of October 15, the number of ships waiting to load sugar in Brazilian ports was 90, and the quantity of sugar waiting to be shipped was 3.7272 million tons, up 3.3% from the previous week [7]. - **Logic Analysis**: The global sugar production increase is being realized, and the raw sugar market is weak. The domestic market is expected to follow the foreign market in the short - term [11]. - **Trading Strategy**: - **Single - side Trading**: Short - sell on rallies. - **Arbitrage**: Wait and see. - **Options**: Wait and see [12]. 3.3 Related Attachments The report provides multiple charts, including those showing monthly inventories in Guangxi and Yunnan, sales - to - production ratios in Guangxi and Yunnan, spot prices in Liuzhou, price spreads between Liuzhou and Kunming, and various basis and price spreads of sugar futures contracts [14][18][21][28][31][36].

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]