Group 1: Report Information - Report title: Sugar Daily Report [1] - Date: July 29, 2025 [2] - Researcher: Wang Haifeng, Lin Zhenlei, Yu Lanlan, Hong Chenliang, Liu Youran [3] Group 2: Market Review and Operation Suggestions Futures Market Conditions - New York raw sugar futures weakened on Friday. The main October contract closed down 1.75% at 16.28 cents per pound. The London ICE white sugar futures main October contract closed down 1.9% at $471.00 per ton. The market predicts that Brazil's latest sugar production will increase due to dry weather, but overall, there is a high possibility of a production cut in Brazil [6][7]. - Zhengzhou sugar's main contract was weak yesterday. The 09 contract closed at 5,845 yuan per ton, down 31 yuan or 0.53%, with a position reduction of 18,873 lots. The spot price in domestic producing areas declined slightly. Nanning sugar was quoted at 6,060 yuan, and Kunming sugar was quoted at 5,850 yuan. Today, Zhengzhou sugar's trend was influenced by the external market and weakened. The far - month 01 contract was significantly stronger, and speculative funds showed a clear intention to go long. The 9 - 1 spread may further shrink [7][8]. Contract Details | Contract | Closing Price (Yuan/Ton or Cents/Pound) | Change | Change Rate | Position (Lots) | Increase/Decrease | | --- | --- | --- | --- | --- | --- | | SR509 | 5845 | -31 | -0.53% | 324831 | -18873 | | SR601 | 5702 | | | | | | 10 | 16.28 | | | | | 398579 | -2410 | | US Sugar | 16.90 | | | | | 223083 | 2296 | [7] Group 3: Industry News - As of July 25, Tiandong Ertang Factory's "Dongxing" brand cleared its inventory, becoming the 7th sugar factory of Guangxi Nanhua to clear its inventory in the 24/25 sugar - making season, 2 more than the same period last year. Currently, only Longtian and Mianhuahua brands are still quoting [9]. - The "Mutual Recognition Arrangement between the General Administration of Customs of the People's Republic of China and the Customs Department of the Kingdom of Thailand on the Mutual Recognition of China's Customs Enterprise Credit Management System and Thailand's Customs 'Authorized Economic Operator' System" will be officially implemented on August 1, 2025 [9]. - Coca - Cola will launch a signature cola product using sucrose in the US market this fall [9]. - The European crop monitoring agency MARS lowered its forecast for the average sugar beet yield in the EU in 2025 to 74.8 tons per hectare, down from 76.3 tons per hectare last month, but still 2% higher than the average of the past five years [9]. - In June 2025, China imported 11.55 tons of syrup and premixed powder (including tax codes 1702.90, 2106.906), a year - on - year decrease of 10.35 tons. From January to June 2025, China imported 45.91 tons of syrup and premixed powder, a year - on - year decrease of 49.24 tons. As of June in the 24/25 sugar - making season, China imported 109.83 tons of syrup and premixed powder, a year - on - year decrease of 26.95 tons [9]. - In June 2025, China imported 42 tons of sugar, a year - on - year increase of 39.23 tons. From January to June 2025, China imported 105.08 tons of sugar, a year - on - year decrease of 25.12 tons, a decline of 19.29%. As of June in the 24/25 sugar - making season, China imported 251.26 tons of sugar, a year - on - year decrease of 64.93 tons, a decline of 20.54% [9][10]. Group 4: Data Overview - The report presents data on spot trends, 2509 contract basis, SR9 - 1 spread, Brazilian raw sugar import profit, Zhengzhou Commodity Exchange warehouse receipts, Brazilian real exchange rate, and the trading and position of the top 20 seats of the main Zhengzhou sugar contract [11][13][15] - The trading volume of the top 20 seats of the main Zhengzhou sugar contract was 298,040 lots, an increase of 53,256 lots. The long - position volume was 242,931 lots, a decrease of 10,763 lots. The short - position volume was 231,782 lots, a decrease of 10,343 lots [21]

Report Industry Investment Rating - Not provided in the given content Core Viewpoints - The downward trend of the external sugar market has slowed down, lingering at a low level, weakening the downward pressure on domestic prices. The domestic demand is in the peak season, boosting the center of the white sugar futures price to rise slightly during stable operation. However, the increase in imports and the expectation of loose global supply will limit the upside potential of prices. It is recommended to wait and see for now [2][3] Summary by Relevant Catalogs Futures Market - The closing price of the main white sugar futures contract was 5,845 yuan/ton, a decrease of 31 yuan; the position of the main contract was 324,831 lots, a decrease of 18,873 lots; the number of warehouse receipts was 20,150, a decrease of 492; the net long position of the top 20 futures positions was 800 lots; the effective warehouse receipt forecast was 0 [2] Spot Market - The estimated import processing price of Brazilian sugar within the quota was 4,458 yuan/ton, a decrease of 54 yuan; the estimated import price of Brazilian sugar outside the quota (50% tariff) was 5,662 yuan/ton, a decrease of 72 yuan; the estimated import processing price of Thai sugar within the quota was 4,509 yuan/ton, a decrease of 55 yuan; the estimated import price of Thai sugar outside the quota (50% tariff) was 5,729 yuan/ton; the spot price of white sugar in Kunming was 5,920 yuan/ton, up 10 yuan; the spot price in Nanning was 6,050 yuan/ton, unchanged; the spot price in Liuzhou was 6,120 yuan/ton, unchanged [2] Upstream Situation - The national sugar crop planting area was 1,480 thousand hectares, an increase of 60 thousand hectares; the planting area of sugar cane in Guangxi was 835.09 thousand hectares, a decrease of 12.86 thousand hectares; the national cumulative sugar production was 1,116.21 million tons, an increase of 5.49 million tons; the national cumulative sugar sales volume was 811.38 million tons, an increase of 86.92 million tons; the national industrial sugar inventory was 304.83 million tons, a decrease of 81.43 million tons; the national sugar sales rate was 72.69%, an increase of 7.47 percentage points; the monthly sugar import volume was 420,000 tons, an increase of 70,000 tons; the monthly total sugar exports from Brazil were 3.359 billion tons, an increase of 1.1024 billion tons [2] Industry Situation - The price difference between imported Brazilian sugar and the current price of Liuzhou sugar within the quota was 1,502 yuan/ton, an increase of 53 yuan; the price difference between imported Thai sugar and Liuzhou sugar within the quota was 1,451 yuan/ton, an increase of 54 yuan; the price difference between imported Brazilian sugar and Liuzhou sugar outside the quota (50% tariff) was 298 yuan/ton, an increase of 71 yuan; the price difference between imported Thai sugar and Liuzhou sugar outside the quota (50% tariff) was 231 yuan/ton, an increase of 70 yuan [2] Downstream Situation - The cumulative year-on-year growth rate of refined sugar production was 16.7%, an increase of 2.6 percentage points; the cumulative year-on-year growth rate of soft drink production was 2.9%, a decrease of 0.1 percentage point [2] Option Market - The implied volatility of at-the-money call options for white sugar was 10.22%, a decrease of 0.26 percentage points; the implied volatility of at-the-money put options was 10.23%, a decrease of 0.16 percentage points; the 20-day historical volatility was 4.6%, an increase of 0.01 percentage points; the 60-day historical volatility was 6.95%, an increase of 0.01 percentage points [2] Industry News - According to the report of the Brazilian Sugarcane Technology Center, the average yield and quality of sugarcane in the central-southern region declined in June. As of June in the 2025/26 crushing season, the sugar content index (ATR) of sugarcane decreased by 3.1% year-on-year, from 125.2 kg/ton to 121.4 kg/ton [2] Suggested Attention - There is no news today [2]

Report Industry Investment Rating - Not provided in the report Core Viewpoints - This week, the main sugar contract 09 continued to fluctuate above 5800. As the futures price slightly increased, the basis between futures and spot prices narrowed [4]. - The modification of the cola formula is a long - term positive for sugar. Multiple institutions predict a surplus in the global sugar market in the 25/26 period. For example, Czarnikow predicts a surplus of 750 million tons, and USDA predicts a surplus of 1.1397 billion tons [4][7]. - By the end of May 2025, the cumulative sugar production in China in the 24/25 season was 11.1621 million tons, and the cumulative sugar sales were 8.1138 million tons, with a sales rate of 72.69% (compared to 66.17% in the same period last year). In June 2025, China imported 420,000 tons of sugar, a year - on - year increase of 390,000 tons; the total import of syrup and premixed powder was 115,700 tons, a year - on - year decrease of 103,200 tons [4]. - Domestic sugar is about to be cleared from inventory. During the current peak consumption season, the market sales are good, showing a pattern of strong domestic and weak overseas, and near - term contracts are stronger than far - term contracts. The 09 contract is approaching the delivery month, currently at a discount of about 250. In the next month or so, the spot price may slightly decline, and the futures 09 may rise slightly to complete the basis regression. The 09 contract is expected to trade in the range of 5800 - 6000 [4][7]. Summary by Directory 1. Previous Day Review - Not provided in the report 2. Daily Prompt - **Likely positive factors**: Good domestic consumption, reduced inventory, increased syrup tariffs, and relatively low short - term out - of - quota imports. The US cola changing its formula to use sucrose is also positive [4][5]. - **Likely negative factors**: Global sugar production is increasing, and there will be a surplus in the new season. The overseas sugar price is around 17 cents per pound, and the import profit window is open, increasing import pressure [5]. 3. Today's Focus - Not provided in the report 4. Fundamental Data - **Global supply - demand situation**: In the 25/26 period, the global sugar production is expected to reach 202 million tons (a record - high second), mainly driven by Brazil, India, and Thailand. The global consumption is expected to be 198 million tons, with Asian demand growing by 1.3% and African demand growing at the fastest rate of 2.2%. There will be a surplus of 2.7 million tons, and the inventory - to - consumption ratio is 52% - 54%. The global trade volume is expected to be 62 million tons, with Brazil's exports accounting for over 50% and Thailand's exports returning to a high level [34]. - **Domestic supply - demand situation**: By the end of May 2025, the cumulative sugar production in the 24/25 season was 11.1621 million tons, and the cumulative sales were 8.1138 million tons, with a sales rate of 72.69% (compared to 66.17% in the same period last year). In June 2025, China imported 420,000 tons of sugar, a year - on - year increase of 390,000 tons; the total import of syrup and premixed powder was 115,700 tons, a year - on - year decrease of 103,200 tons [4]. 5. Position Data - Not provided in the report

1. Report Industry Investment Rating No information provided. 2. Core View of the Report - The domestic sugar market shows a pattern of strong domestic and weak foreign markets, and near - term contracts are stronger than long - term ones. The 09 contract is approaching the delivery month, currently at a discount of about 300. In the next month or so, the spot price may decline slightly, while the 09 futures price may rise slightly to complete the convergence of the futures - spot price difference. The 09 contract is expected to trade in the range of 5800 - 6000 [5]. - The global sugar market is expected to be in surplus in the 25/26 season, but there are differences in the forecasts of various institutions [4][9]. - The domestic sugar market has both positive and negative factors. Positive factors include good domestic consumption, reduced inventory, increased syrup tariffs, and short - term low out - of - quota imports. Negative factors include increased global sugar production and a surplus in the new season, as well as the opening of the import profit window [7]. 3. Summary According to the Table of Contents 3.1 Previous Day's Review No information provided. 3.2 Daily Tips - **Fundamentals**: The modification of the cola formula is a long - term positive for sugar. Czarnikow predicts a 750 - million - ton surplus in the global sugar market in the 25/26 season, and the USDA expects a 4.7% year - on - year increase in global sugar production, a 1.4% increase in consumption, and a surplus of 1139.7 million tons in the 25/26 season. As of the end of May 2025, the cumulative sugar production in the 24/25 season in China was 1116.21 million tons, the cumulative sugar sales were 811.38 million tons, and the sales rate was 72.69% (66.17% in the same period last year). In June 2025, China imported 42 million tons of sugar, a year - on - year increase of 39 million tons; the total import of syrup and premixed powder was 11.57 million tons, a year - on - year decrease of 10.32 million tons. The overall situation is neutral [4]. - **Basis**: The Liuzhou spot price is 6120, and the basis for the 09 contract is 297, indicating a premium over the futures, which is positive [6]. - **Inventory**: As of the end of May, the industrial inventory in the 24/25 sugar - making season was 304.83 million tons, which is positive [6]. - **Market**: The 20 - day moving average is upward, and the K - line is above the 20 - day moving average, which is positive [6]. - **Main Position**: The net short position is increasing, and the main trend is bearish [6]. 3.3 Today's Focus No information provided. 3.4 Fundamental Data - **Global Supply - Demand Forecast**: Different institutions have different forecasts for the 25/26 global sugar supply - demand situation. Czarnikow predicts a 750 - million - ton surplus, Datagro predicts a 153 - million - ton surplus, Green Pool expects a 5.3% increase in global sugar production to 1.9917 billion tons, and the USDA expects a 4.7% year - on - year increase in production, a 1.4% increase in consumption, and a surplus of 1139.7 million tons [4][9]. - **Domestic Supply - Demand Data**: As of the end of May 2025, the cumulative sugar production in the 24/25 season in China was 1116.21 million tons, the cumulative sugar sales were 811.38 million tons, and the sales rate was 72.69% (66.17% in the same period last year). In June 2025, China imported 42 million tons of sugar, a year - on - year increase of 39 million tons; the total import of syrup and premixed powder was 11.57 million tons, a year - on - year decrease of 10.32 million tons [4]. - **Price and Spread**: The Liuzhou spot price is 6120, and the basis for the 09 contract is 297. The import price after processing imported raw sugar (50% tariff) is 5693, and the import spread is - 130. The domestic sugar spot sales average price is around 6000 [6][9]. 3.5 Position Data No information provided.

Report Summary 1. Report Industry Investment Rating No investment rating is provided in the report. 2. Core View of the Report The domestic demand for sugar is recovering, and the price of sugar futures in China is stronger than that in the international market. With multiple factors at play, the overall sugar price is expected to move in a volatile manner. It is recommended to wait and see for now, and pay attention to the arrival of imported sugar and summer consumption [2]. 3. Summary by Relevant Catalogs Futures Market - The closing price of the main sugar futures contract is 5,823 yuan/ton, down 16 yuan; the main contract's open interest is 334,160 lots, down 2,993 lots [2]. - The number of sugar warehouse receipts is 21,359, down 78; the net long position of the top 20 futures holders is -2,538 lots [2]. - The estimated import - processing price of Brazilian sugar within the quota is 4,583 yuan/ton, up 15 yuan; that of Thai sugar is 4,644 yuan/ton, up 16 yuan [2]. 现货市场 - The spot price of white sugar in Kunming is 5,920 yuan/ton, unchanged; in Nanning it is 6,050 yuan/ton, down 10 yuan; in Liuzhou it is 6,120 yuan/ton, unchanged [2]. Upstream Situation - The national sugar - crop planting area is 1,480 thousand hectares, an increase of 60 thousand hectares; the sugar - cane planting area in Guangxi is 835.09 thousand hectares, a decrease of 12.86 thousand hectares [2]. Industry Situation - The national cumulative sugar production is 11.1621 million tons, an increase of 54,900 tons; the cumulative sugar sales volume is 8.1138 million tons, an increase of 869,200 tons [2]. - The national industrial sugar inventory is 3.0483 million tons, a decrease of 814,300 tons; the national sugar sales rate is 72.69%, an increase of 7.47 percentage points [2]. - The monthly sugar import volume is 420,000 tons, an increase of 70,000 tons; the monthly sugar export volume from Brazil is 3.359 million tons, an increase of 1.1024 million tons [2]. Downstream Situation - The cumulative year - on - year growth rate of refined sugar production is 16.7%, an increase of 2.6 percentage points; the cumulative year - on - year growth rate of soft drink production is 2.9%, a decrease of 0.1 percentage points [2]. Option Market - The implied volatility of at - the - money call and put options for sugar is 8.38%, an increase of 2.22 percentage points [2]. - The 20 - day historical volatility of sugar is 5.26%, an increase of 0.01 percentage points; the 60 - day historical volatility is 7.02%, a decrease of 0.03 percentage points [2]. Industry News - Brazil exported 2.34472471 million tons of sugar in the first half of July, with an average daily export volume of 167,480.34 tons, a 2% increase compared to the average daily export volume in July last year [2].

Report Summary 1. Industry Investment Rating No industry investment rating is provided in the report. 2. Core Views - The long - term outlook for sugar is positive due to the formula change of Coca - Cola, but the 25/26 global sugar market is expected to be in surplus. For example, Czarnikow predicts a 750 - million - ton surplus, and USDA forecasts a 1139.7 - million - ton surplus with a 4.7% increase in production and a 1.4% increase in consumption [4][9]. - The domestic sugar market has good consumption and decreasing inventory. The import tariff of syrup has increased since January 2025. The 09 contract is approaching the delivery month, with a current discount of about 300, and it is expected to oscillate between 5800 - 6000 to complete the convergence of the spot - futures price difference [5][7][9]. 3. Summary by Directory 3.1 Previous Day's Review No content related to the previous day's review is provided. 3.2 Daily Tips - **Fundamentals**: The formula change of Coca - Cola is a long - term positive factor. However, the global sugar supply is expected to be in surplus in the 25/26 period. As of the end of May 2025, the cumulative sugar production in the 24/25 season was 1116.21 million tons, and the cumulative sales were 811.38 million tons, with a sales rate of 72.69% (66.17% in the same period last year). In June 2025, China imported 42 million tons of sugar, an increase of 39 million tons year - on - year, and the total import of syrup and premixed powder was 11.57 million tons, a decrease of 10.32 million tons year - on - year [4]. - **Basis**: The Liuzhou spot price is 6120, with a basis of 281 for the 09 contract, indicating a premium over the futures price, which is a positive signal [6]. - **Inventory**: As of the end of May 2025, the industrial inventory in the 24/25 season was 304.83 million tons, which is a positive factor [6]. - **Market**: The 20 - day moving average is upward, and the K - line is above the 20 - day moving average, showing a positive trend [6]. - **Main Position**: The net short position is decreasing, but the main trend is not clear, showing a negative signal [6]. - **Expectation**: Domestic sugar is about to be cleared from inventory. It is currently the consumption peak season, and the market sales are good. The 09 contract is approaching the delivery month, and it is expected to oscillate between 5800 - 6000 [5]. 3.3 Today's Focus No content related to today's focus is provided. 3.4 Fundamental Data - **Global Supply - Demand Balance**: In the 25/26 period, the global sugar production is expected to be 2.02 billion tons (a record - high second), the consumption is 1.98 billion tons, with a surplus of 270 million tons. The inventory - to - consumption ratio is between 52% - 54%, and the global trade volume is 6200 million tons [36]. - **Institutional Forecasts**: Different institutions have different forecasts for the 25/26 global sugar market surplus, such as USDA forecasting a 1139.7 - million - ton surplus, Datagro forecasting a 258 - million - ton surplus, etc. [39]. - **Domestic Data**: The sugar - crop planting area, yield, import, consumption, and price data from 2024/25 to 2025/26 are provided, showing the development trend of the domestic sugar market [41]. 3.5 Position Data No content related to position data is provided.

Group 1: Report Information - Report Name: Sugar Daily Report [1] - Date: July 22, 2025 [2] - Researcher: Wang Haifeng, Lin Zhenlei, Yu Lanlan, Hong Chenliang, Liu Youran [3] Group 2: Market Review and Operation Suggestions - **Futures Market**: On Friday, the New York raw sugar futures rebounded slightly. The main October contract closed up 0.3% to 16.79 cents per pound. The London ICE white sugar futures' main October contract closed up 0.8% to $487.70 per ton. The news that Coca - Cola was called on by the US President to resume using sucrose as a raw material stimulated the sugar price to some extent, but Coca - Cola's response was not positive. The main logic supporting the strength of raw sugar was the poor production data in Brazil. The Zhengzhou sugar main contract fluctuated within a narrow range. The 09 contract closed at 5,839 yuan per ton, up 11 yuan or 0.19%, with an increase of 7,069 contracts in positions. The domestic spot prices in the producing areas rose slightly, with the price in Nanning at 6,100 yuan and in Kunming at 5,860 yuan. Zhengzhou sugar followed the rhythm of raw sugar. Fundamentally, the import volume increased in June, and the pressure of processed sugar would increase later. Although the domestic commodity market generally rose recently due to the anti - involution theme, Zhengzhou sugar was basically unaffected [7][8] Group 3: Industry News - **Import Data**: In June 2025, China imported 11.55 tons of syrup and premixed powder (tax - included tariff numbers 1702.90, 2106.906), a year - on - year decrease of 10.35 tons. From January to June 2025, the total import was 45.91 tons, a year - on - year decrease of 49.24 tons. As of June in the 2024/25 sugar - crushing season, the total import was 109.83 tons, a year - on - year decrease of 26.95 tons. In June 2025, China imported 42 tons of sugar, a year - on - year increase of 39.23 tons. From January to June 2025, China imported 105.08 tons of sugar, a year - on - year decrease of 25.12 tons, a decline of 19.29%. As of June in the 2024/25 sugar - crushing season, China imported 251.26 tons of sugar, a year - on - year decrease of 64.93 tons, a decline of 20.54% [9] - **Production Data**: In June 2025, China's dairy product output was 254.6 tons, a year - on - year increase of 4.1%; from January to June, it was 1,433 tons, a year - on - year decrease of 0.3%. In June 2025, China's beverage output was 1,842.8 tons, a year - on - year increase of 3.2%; from January to June, it was 9,308.9 tons, a year - on - year increase of 2.9% [9] - **Shipping Data**: As of the week ending July 15, the number of ships waiting to load sugar at Brazilian ports was 77, compared with 90 in the previous week. The quantity of sugar waiting to be loaded at ports was 309.43 tons (the quantity of high - grade raw sugar was 304.18 tons), compared with 368.55 tons in the previous week, a month - on - month decrease of 59.12 tons, a decline of 16.04%. The quantity of sugar waiting for export at Santos Port was 239.61 tons, and at Paranagua Port was 45.12 tons [9] Group 4: Data Overview - **Figures**: The report includes figures such as the spot price trend, the basis of the 2509 contract, the SR9 - 1 spread, the import profit of Brazilian raw sugar, the number of Zhengzhou Commodity Exchange warehouse receipts, the Brazilian real exchange rate, and the trading volume and positions of the top 20 seats of the Zhengzhou sugar main contract [15][18][20] - **Table**: The table shows the trading volume, position changes, and other data of the top 20 members in the Zhengzhou sugar futures market [22]

Report Summary 1. Investment Rating The report does not provide an overall industry investment rating. 2. Core View The international sugar market has entered the accelerated production period of the new crushing season in the central - southern region of Brazil. The UNICA bi - weekly production data will be the key variable guiding market sentiment. The domestic sugar market is affected by multiple factors. Although there is short - term upward momentum due to the positive macro - atmosphere, the 09 contract is expected to decline from a high level later due to factors such as a significant drop in demand, potential continuous import volume increase, and strong industrial hedging forces [9]. 3. Summary by Directory 3.1 Week - to - Week Core Points and Strategies - **Supply**: As of the end of May 2025, the total sugar production in the 2024/25 sugar - making season in China was 11.1621 million tons, a year - on - year increase of 1.1989 million tons or 12.03%. In the central - southern region of Brazil, the cumulative crushing volume decreased by 14.06% year - on - year, and the cumulative sugar production decreased by 14.25% year - on - year. The impact on price is considered neutral [9]. - **Demand**: Currently, the price of processed sugar is stable. Yunnan sugar has a cost - performance advantage over processed sugar and has better transactions than Guangxi sugar, but the overall market transaction is average, with a downward impact on price [9]. - **Inventory**: As of the end of May 2025, the industrial inventory was 3.0483 million tons. As of late May, the inventory in third - party warehouses in Guangxi was about 1.38 million tons, slightly higher than the average of the past five years. As of July 18, the total number of registered sugar warrants decreased compared to last week, with a downward impact on price [9]. - **Warehouse Receipts**: The impact on price is considered neutral [9]. - **Basis**: The quotes of sugar - making groups in Guangxi and Yunnan have changed slightly, and the quotes of processed sugar factories are stable. The market maintains a demand - based procurement rhythm, with a neutral impact on price [9]. - **Profit**: The out - of - quota import cost from Brazil has increased slightly, and the out - of - quota import profit remains flat, with a downward impact on price [9]. - **Macro**: There are expectations of China's CPI and PPI bottoming out. The market anticipates an increase in incremental policies, especially as the end - of - year policy - making meetings approach, which may drive the market up, with an upward impact on price [9]. - **Strategy**: Gradually arrange 09 short positions at high prices. Although the domestic market may still have upward momentum in the short - term, the 09 contract is expected to decline from a high level later [9]. 3.2 This Week's Sugar Market News - **Brazil's Production Data**: In the second half of June, in the central - southern region of Brazil, the sugarcane crushing volume decreased by 12.86% year - on - year, and the sugar production decreased by 12.98% year - on - year. From the start of the 2025/26 crushing season to the second half of June, the cumulative crushing volume decreased by 14.06% year - on - year, and the cumulative sugar production decreased by 14.25% year - on - year [14]. - **Sugar Use in Beverages**: Trump claimed that Coca - Cola would use sucrose in its US - market beverages, and Coca - Cola thanked him and promised to share more details. PepsiCo said it would use sucrose if consumers demand it [15]. 3.3 Weekly Sugar Data - **Domestic Production**: In the 2024 - 2025 period, the domestic sugar production was 11.16 million tons, a year - on - year increase of 12.03%, slightly lower than expected [20]. - **Domestic Sales**: As of the end of June, the cumulative sugar sales were 7.3834 million tons, a year - on - year increase of 7.34%, and the cumulative sales rate was 74.11%. As of the end of May, the cumulative sugar sales were 8.1138 million tons, a year - on - year increase of 23.07%, and the cumulative sales rate was 72.69% [24][27]. - **Brazilian Exports and Domestic Imports**: The report mentions relevant data sources but does not elaborate on specific data [30]. - **Imports of Domestic Substitute Syrups and Premixed Powders**: In May, the total import of syrups and premixed powders was 64,200 tons, a year - on - year decrease of 150,700 tons. From January to May, the total import was 346,800 tons, a year - on - year decrease of 385,800 tons [34]. - **Out - of - Quota Import Cost**: The out - of - quota import cost increased slightly this week [38]. - **Warehouse Receipt Quantity**: As of July 18, the total number of registered sugar warrants was 21,477, a decrease from last week's 22,850 [43].

Report Title - Sugar Data Daily Report [2] Core View - The rebound of the international raw sugar from the bottom has driven the rebound of the domestic market, but the upside space remains limited. Internationally, the supply side continues to recover this season. Brazil's new season is progressing smoothly, but the increase in Brazil's production may be lower than expected. Benefiting from favorable monsoon weather, the production in India and Thailand is expected to rebound. Domestically, the new season is expected to see a significant increase in production to a historical high, and the domestic market may continue to be under pressure, but the downside space is also limited [3] Industry Investment Rating - Not provided Market Data Summary Spot Prices - Guangxi Nanning Warehouse: 6140 yuan/ton, no change [3] - Yunnan Kunming: 5905 yuan/ton, no change [3] - Yunnan Dali: 5800 yuan/ton, no change [3] - Shandong Rizhao: 6135 yuan/ton, no change [3] Futures Prices - SR09: 5817, up 7 [3] - SR01: 5639, up 10 [3] Exchange Rates - RMB to USD: 7.1865, down 0.0080 [3] - Brazilian Real to RMB: 1.2818, up 0.0212 [3] - Indian Rupee to RMB: 0.084, down 0.0004 [3] International Futures Prices - ICE Raw Sugar Main Contract: 16.56, no change [3] - London White Sugar Main Contract: 573, up 3 [3] - Brent Crude Oil Main Contract: 70.63, no change [3] Spreads - SR09 - SR01: 178, down 3 [3]

交易咨询业务资格：证监许可【2012】1091号 白糖早报——2025年7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： 1、基本面：Czarnikow：25/26年度全球糖市供应过剩750万吨。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。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5月中 国进口食糖35万吨，同比增加33万吨；进口糖浆及预混粉等三项合计6.42万吨，同比减少15.07万 吨。偏空。 6、预期：由于国内产白糖即将清库，进口未大量到港，短期青黄不接， ...