白糖产业日报 2025-12-22 | 项目类别 | 数据指标 | 最新 | 环比 数据指标 | 最新 | 环比 | | --- | --- | --- | --- | --- | --- | | 期货市场 | 期货主力合约收盘价:白糖(日,元/吨) | 5126 | 38 主力合约持仓量:白糖(日,手) | 513067 | -10155 | | | 仓单数量:白糖(日,张) | 4479 | 868 期货前20名持仓:净买单量:白糖(日,手) | -85526 | 1130 | | | 有效仓单预报:白糖:小计(日,张) 进口加工估算价(配额内):巴西糖(日,元/ | 622 | -868 | | | | 现货市场 | | 3995 | -87 进口加工估算价(配额内):泰国糖(日,元/ | 4042 | -61 | | | 吨) 进口巴糖估算价(配额外,50%关税)(日,元 | | 吨) -114 进口泰糖估算价(配额外,50%关税)(日,元 | | | | | | 5058 | | 5121 | -79 | | | /吨) 云南昆明白糖现货价格(日,元/吨) | 5195 | /吨) -15 广西南宁 ...

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 ...

交易咨询业务资格：证监许可【2012】1091号 白糖周报（12.8-12.12） 大越期货投资咨询部 王明伟 从业资格证号：F0283029 投资咨询证号： Z0010442 联系方式：0575-85226759 重要提示：本报告非期货交易咨询业务项下服务，其中的观点和信息仅作参考之用，不构成对任何人的投资建议。 我司不会因为关注、收到或阅读本报告内容而视相关人员为客户；市场有风险，投资需谨慎。 CONTENTS 目 录 1 前日回顾 2 每日提示 3 4 5 今日关注 基本面数据 持仓数据 本周回顾： 本周白糖继续底部震荡，05主力下方5200附近有较大支撑，不排除下周快速打穿5200后逼多平仓， 然后返回见底。总的来看目前位置进一步下跌空间不大。 ISO:预计25/26年度全球食糖供应过剩163万吨。DATAGRO:25/26年度全球食糖过剩预计从之前的 280万吨下调至100万吨。Czarnikow:上调25/26年度全球食糖过剩预期至740万吨，比8月份预估高 出120万吨。StoneX:预计25/26年度全球糖市供应过剩370万吨。2025年10月底，25/26年度本期制 糖全国累计产糖88.3万 ...

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。 交易咨询业务资格：证监许可【2012】1091号 白糖早报——2025年12月12日 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：ISO:预计25/26年度全球食糖供应过剩163万吨。DATAGRO:25/26年度全球食糖过剩预 计从之前的280万吨下调至100万吨。Czarnikow:上调25/26年度全球食糖过剩预期至740万吨，比8 月份预估高出120万吨。StoneX:预计25/26年度全球糖市供应过剩370万吨。2025年10月底，25/26 年度本期制糖全国累计产糖88.3万吨；全国累计销糖9.16万吨；销糖率10.37%。2025年10月中国 进口食糖75万吨，同比增加21万吨；进口糖浆及预混粉等三项合计11. ...

不完全统计，截至目前不完全统计，25/26榨季广西已开榨糖厂56家，同比减少11家；日榨甘蔗产能42.5万 数据来源第三方(同花顺、wind)，观点仅供参考，市场有风险，投资需谨慎！ 吨，同比减少11.25万吨，本周预计将有10家糖厂开榨。云南开榨糖厂已达12家，同比增加6家。总体上， 研究员: 王翠冰 期货从业资格号F03139616 期货投资咨询从业证书号Z0021556 市场糖源多样，现货价格走弱，后市维持弱势，关注需求变化。 免责声明 白糖产业日报 2025-12-11 | 项目类别 | 数据指标 | 最新 | 环比 数据指标 | 最新 | 环比 | | --- | --- | --- | --- | --- | --- | | 期货市场 | 期货主力合约收盘价:白糖(日,元/吨) | 5245 | -83 主力合约持仓量:白糖(日,手) | 391467 | 149966 | | | 仓单数量:白糖(日,张) | 611 | 215 期货前20名持仓:净买单量:白糖(日,手) | -65573 | -8850 | | | 有效仓单预报:白糖:小计(日,张) 进口加工估算价(配额内):巴西糖(日,元/ ...

交易咨询业务资格：证监许可【2012】1091号 白糖早报——2025年12月11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：ISO:预计25/26年度全球食糖供应过剩163万吨。DATAGRO:25/26年度全球食糖过剩预 计从之前的280万吨下调至100万吨。Czarnikow:上调25/26年度全球食糖过剩预期至740万吨，比8 月份预估高出120万吨。StoneX:预计25/26年度全球糖市供应过剩370万吨。2025年10月底，25/26 年度本期制糖全国累计产糖88.3万吨；全国累计销糖9.16万吨；销糖率10.37%。2025年10月中国 进口食糖75万吨，同比增加21万吨；进口糖浆及预混粉等三项合计11. ...

Report Information - Report Title: Sugar Daily Report [1] - Date: December 9, 2025 [2] - Researcher: Wang Haifeng, Lin Zhenlei, Yu Lanlan, Hong Chenliang, Liu Youran [3] Industry Investment Rating - Not provided Core Viewpoints - The New York raw sugar futures fluctuated downward on Friday, with the main March contract closing down 0.40% to 14.82 cents per pound. The London ICE white sugar futures' main March contract closed down 0.05% to $425.60 per ton. The market is stimulated by the decline in Brazil's sugar - making ratio and early harvest, and the dry weather in central - southern Brazil supports sugar prices, while the increasing supply in the Northern Hemisphere suppresses sugar prices [7]. - The main contract of Zhengzhou sugar rebounded yesterday. The 01 contract closed at 5,337 yuan per ton, up 18 yuan or 0.34%, with a reduction of 27,587 positions. The domestic new sugar price has been lowered. In the fundamental aspect, the number of sugar mills in the south starting production is increasing, the market lacks confidence, and the new sugar price is falling. The short - sellers of the main SR601 contract have completed position transfer or hedging. The large discount of the 01 contract and only 1,671 warehouse receipts are unfavorable to short - sellers, and there may be a market to repair the basis with a space of about 100 yuan [8]. Summary by Directory 1. Market Review and Operation Suggestions - **Futures Market**: SR601 closed at 5,337 yuan per ton, up 18 yuan or 0.34%, with a position reduction of 27,587. SR605 closed at 5,244 yuan per ton, down 2 yuan or 0.04%, with a position increase of 14,181. The US sugar 03 contract closed at 14.82 cents per pound, down 0.06 cents or 0.40%, with a position reduction of 2,516. The US sugar 05 contract closed at 14.41 cents per pound, down 0.01 cents or 0.07%, with a position reduction of 342 [7]. 2. Industry News - **Brazil**: In November, Brazil exported about 3.3023 million tons of sugar, a year - on - year decrease of 2.48%. From April 2025 to November 2025 in the 2025/26 sugar - crushing season, Brazil had cumulatively exported 25.2591 million tons of sugar, a year - on - year decrease of 4.91% [9]. - **India**: The average production cost of sugar in India has risen to 41.72 rupees per kilogram. The industry calls for an increase in the minimum selling price of sugar. From the start of the 2025 - 26 sugar - crushing season to November 30, 2025, the sugar production reached 4.108 million tons, compared with 2.876 million tons in the same period last year. The number of sugar mills in operation increased to 428, compared with 376 in the same period last year [9]. - **Yunnan**: As of December 8, 2025, 16 sugar mills in Yunnan had started production in the 2025/26 sugar - crushing season, 6 more than the same period last year. The planned design capacity of the operating sugar mills was 59,900 tons per day, an increase of 23,500 tons per day compared with the same period last year [9]. - **Guangxi**: As of December 6 - 7, 2025, 56 sugar mills in Guangxi had started production in the 2025/26 sugar - crushing season, 11 fewer than the same period last year. The daily sugar - cane crushing capacity was 425,000 tons, a decrease of 112,500 tons compared with the same period last year [9]. 3. Data Overview - **Futures Trading Data**: The table shows the trading volume, position changes of the top 20 members in the main contract of Zhengzhou sugar futures, including details such as the trading volume, long - position volume, and short - position volume of each member and their changes [22].

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]