交易咨询业务资格：证监许可【2012】1091号 白糖早报——2025年6月10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：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。 Green Pool：25/26榨季全球食糖产量增长5.3%，达1.991亿吨。25年1月1日起，进口糖浆及预混 粉关税从12%调整到20%，调整后的关税接近原糖配额外进口关税。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4月中国进口食糖13万吨，同比增加8万吨，进口糖浆及预混粉等三项合 ...

Report Industry Investment Rating No information provided in the report. Core Viewpoints - The global sugar supply is expected to be in surplus in the next year, with USDA predicting a 4.7% year-on-year increase in global sugar production, a 1.4% increase in consumption, and a surplus of 11.397 million tons in the 25/26 season. Green Pool forecasts a 5.3% increase in global sugar production to 199.1 million tons in the 25/26 season. As the price of foreign sugar weakens, the import profit window opens, and subsequent imports are likely to increase, which will have a negative impact on domestic prices. Zhengzhou sugar generally maintains a weak pattern, and the strategy of shorting on rallies during intraday trading is recommended [4][5]. - There are both positive and negative factors in the domestic sugar market. Positive factors include good domestic consumption, reduced inventory, and increased syrup tariffs. Negative factors include the increase in global sugar production, the expected global supply surplus in the new year, the drop in foreign sugar prices below 17 cents per pound, and the increased import impact [7]. Summary by Directory 1. Previous Day Review No information provided in the report. 2. Daily Tips - **Fundamentals**: USDA predicts a 4.7% year-on-year increase in global sugar production, a 1.4% increase in consumption, and a surplus of 11.397 million tons in the 25/26 season. Green Pool forecasts a 5.3% increase in global sugar production to 199.1 million tons in the 25/26 season. Since January 1, 2025, the tariff on imported syrup and premixed powder has been adjusted from 12% to 20%, approaching the tariff for out-of-quota imported raw sugar. As of the end of April 2025, the cumulative sugar production in the 24/25 season in China was 11.1072 million tons, the cumulative sugar sales were 7.2446 million tons, and the sales rate was 65.22% (compared to 57.73% in the same period last year). In April 2025, China imported 130,000 tons of sugar, an increase of 80,000 tons year-on-year, and the total import of syrup and premixed powder was 85,400 tons, a decrease of 105,500 tons year-on-year [4]. - **Basis**: The spot price in Liuzhou is 6,190 yuan, and the basis for the 09 contract is 460 yuan, with the spot price at a premium to the futures price, which is a positive factor [6]. - **Inventory**: As of the end of April, the industrial inventory in the 24/25 season was 3.8626 million tons, which is a positive factor [6]. - **Market**: The 20-day moving average is downward, and the K-line is below the 20-day moving average, indicating a negative factor [6]. - **Main Position**: The position is bullish, with the net long position increasing, but the main trend is unclear, which is a positive factor [6]. 3. Today's Focus No information provided in the report. 4. Fundamental Data - **Global Sugar Supply and Demand Balance Sheet (USDA)**: From 2017 - 2024, data on initial inventory, total sugar production, total supply, domestic consumption, total consumption, ending inventory, and inventory-consumption ratio are presented, showing the changing trends of global sugar supply and demand over the years [38]. - **China's Sugar Supply and Demand Balance Sheet**: Data from 2022/23 - 2024/25 (April estimates) are provided, including sugarcane and beet planting and harvesting areas, sugar production, imports, consumption, balance changes, international and domestic sugar prices, etc., reflecting the supply and demand situation of China's sugar market [42]. - **China's Sugar Supply and Demand Balance Sheet (Brick)**: From 2017 - 2024, data on initial inventory, production, imports, total domestic supply, domestic consumption, total domestic consumption, ending inventory, and inventory-consumption ratio are presented, showing the changing trends of China's sugar supply and demand over the years [45]. 5. Position Data No information 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6月5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：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。 Green Pool：25/26榨季全球食糖产量增长5.3%，达1.991亿吨。25年1月1日起，进口糖浆及预混 粉关税从12%调整到20%，调整后的关税接近原糖配额外进口关税。2025年4月底，24/25年度本期 制糖全国累计产糖1110.72万吨；全国累计销糖724.46万吨；销糖率65.22%（去年同期57.73%）。 2025年4月中国进口食糖13万吨，同比增加8万吨，进口糖浆及预混粉等三项合计 ...

交易咨询业务资格：证监许可【2012】1091号 白糖早报——2025年6月4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：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。 Green Pool：25/26榨季全球食糖产量增长5.3%，达1.991亿吨。25年1月1日起，进口糖浆及预混 粉关税从12%调整到20%，调整后的关税接近原糖配额外进口关税。2025年4月底，24/25年度本期 制糖全国累计产糖1110.72万吨；全国累计销糖724.46万吨；销糖率65.22%（去年同期57.73%）。 2025年4月中国进口食糖13万吨，同比增加8万吨，进口糖浆及预混粉等三项合计 ...

Report Industry Investment Rating - All strategies for cotton, sugar, and pulp are rated as neutral [3][7][10] Core Views - The cotton market is affected by multiple factors including US policies, global supply - demand balance, and domestic production and demand. The price is expected to be volatile with a potential for a second dip [2][3] - The sugar market is facing a shift from global supply shortage to surplus. Zhengzhou sugar mainly follows the trend of raw sugar, and its price is influenced by Brazilian production and domestic import [6][7] - The pulp market is affected by macro - factors, supply - demand relationship, and tariff uncertainties. The price is expected to oscillate in the short term [9][10] Summary by Related Catalogs Cotton Market News and Important Data - Yesterday, the closing price of cotton 2509 contract was 13,260 yuan/ton, down 15 yuan/ton (-0.11%) from the previous day. The Xinjiang arrival price of 3128B cotton was 14,445 yuan/ton, down 4 yuan/ton, and the national average price was 14,553 yuan/ton, down 16 yuan/ton [1] - As of June 1st, the cotton planting rate in 15 major US cotton - growing states was 66%, 2 percentage points slower than last year and 3 points slower than the five - year average. The budding rate was 8%, the same as last year and 1 point higher than the five - year average. The good - to - excellent rate was 49%, 11 points lower than last year and 1 point higher than the five - year average [1] Market Analysis - Yesterday, the Zhengzhou cotton futures price fluctuated and closed lower. The US tariff policy is uncertain, and the domestic economic stimulus effect needs to be observed [2] - The USDA has adjusted the global cotton supply - demand balance for the 25/26 season, but there are still many uncertainties. The new - season US cotton planting area has decreased, and the sowing progress is slow, but the drought in the main producing areas has improved [2] - In China, the commercial cotton inventory is decreasing rapidly, but the new - season planting area is expected to increase, and the downstream demand is in the off - season with insufficient new orders [2] Strategy - A neutral strategy is recommended. The key lies in the time when downstream demand decline is transmitted to the upstream [3] Sugar Market News and Important Data - Yesterday, the closing price of sugar 2509 contract was 5,732 yuan/ton, down 31 yuan/ton (-0.54%) from the previous day. The spot price in Nanning, Guangxi was 6,090 yuan/ton, down 25 yuan/ton [4] - India's sugar inventory at the end of the 2024 - 25 season is estimated to be about 4865,000 tons, and the 2025 - 26 season is expected to see a strong production recovery with an estimated output of about 35 million tons [4] Market Analysis - Yesterday, the Zhengzhou sugar futures price continued to be weak. The raw sugar price has stopped falling, but the new - season Brazilian production is expected to increase, and the global supply in the 25/26 season is expected to shift from shortage to surplus [6] - In China, the drought in Guangxi has been basically relieved, and the short - term fundamentals are favorable. However, the weak external market and expected increase in long - term import pressure limit the upward space of Zhengzhou sugar [6] Strategy - A neutral strategy is recommended, with a focus on Brazilian production and domestic import rhythm [7] Pulp Market News and Important Data - Yesterday, the closing price of pulp 2507 contract was 5,304 yuan/ton, down 110 yuan/ton (-2.03%) from the previous day. The spot price of Chilean silver star softwood pulp in Shandong was 6,200 yuan/ton, down 15 yuan/ton, and the spot price of Russian softwood pulp was 5,375 yuan/ton, down 30 yuan/ton [8] - Yesterday, the spot price of imported wood pulp was mainly stable, with some price adjustments in individual varieties [8] Market Analysis - Yesterday, the pulp futures price fluctuated and declined. The macro - environment has a significant impact on the pulp market, and the tariff risk has been temporarily alleviated [9] - The cost support of pulp has weakened, the supply is expected to increase, and the port inventory is at a high level. The downstream demand is weak, and the off - season is coming [9] Strategy - A neutral strategy is recommended. The pulp price is expected to oscillate in the short term due to macro - uncertainties and weak demand [10]

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 交易咨询业务资格：证监许可【2012】1091号 白糖早报——2025年5月27日 白糖： 1、基本面：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。 Green Pool：25/26榨季全球食糖产量增长5.3%，达1.991亿吨。25年1月1日起，进口糖浆及预混 粉关税从12%调整到20%，调整后的关税接近原糖配额外进口关税。2025年4月底，24/25年度本期 制糖全国累计产糖1110.72万吨；全国累计销糖724.46万吨；销糖率65.22%（去年同期57.73%）。 2025年4月中国进口食糖13万吨，同比增加8万吨，进口糖浆及预混粉等三项合 ...

交易咨询业务资格：证监许可【2012】1091号 白糖早报——2025年5月22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：Dataro：预计25/26年度全球供应过剩153万吨。Green Pool：25/26榨季全球食糖产 量增长5.3%，达1.991亿吨。StoneX：25/26年度巴西中南部糖产量预计为4180万吨，24/25年度为 4020万吨。25年1月1日起，进口糖浆及预混粉关税从12%调整到20%，调整后的关税接近原糖配额 外进口关税。2025年4月底，24/25年度本期制糖全国累计产糖1110.72万吨；全国累计销糖724.46 万吨；销糖率65.22%（去年同期57.73%）。2025年4月中国进口食 ...

交易咨询业务资格：证监许可【2012】1091号 白糖早报——2025年5月21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：Dataro：预计25/26年度全球供应过剩153万吨。Green Pool：25/26榨季全球食糖产 量增长5.3%，达1.991亿吨。StoneX：25/26年度巴西中南部糖产量预计为4180万吨，24/25年度为 4020万吨。25年1月1日起，进口糖浆及预混粉关税从12%调整到20%，调整后的关税接近原糖配额 外进口关税。2025年4月底，24/25年度本期制糖全国累计产糖1110.72万吨；全国累计销糖724.46 万吨；销糖率65.22%（去年同期57.73%）。2025年4月中国进口食 ...

交易咨询业务资格：证监许可【2012】1091号 白糖早报——2025年5月20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：Dataro：预计25/26年度全球供应过剩153万吨。Green Pool：25/26榨季全球食糖产 量增长5.3%，达1.991亿吨。StoneX：25/26年度巴西中南部糖产量预计为4180万吨，24/25年度为 4020万吨。25年1月1日起，进口糖浆及预混粉关税从12%调整到20%，调整后的关税接近原糖配额 外进口关税。2025年4月底，24/25年度本期制糖全国累计产糖1110.72万吨；全国累计销糖724.46 万吨；销糖率65.22%（去年同期57.73%）。2025年4月中国进口食 ...

交易咨询业务资格：证监许可【2012】1091号 白糖早报——2025年5月15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： 2、基差：柳州现货6230，基差324（09合约），升水期货；偏多。 3、库存：截至4月底24/25榨季工业库存386.26万吨；偏多。 4、盘面：20日均线向下，k线在20日均线下方，偏空。 5、主力持仓：持仓偏多，净持仓多减，主力趋势不明朗，偏多。 利多：国内现货销售较好，端午旺季到来，进口糖价格 倒挂，进口量减少，库存降低，糖浆关税增加。 利空：白糖全球产量增加，新一年度全球供应过剩。 • 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 ...