Report Summary 1. Report Industry Investment Rating - Not provided in the report 2. Core View of the Report - Internationally, with Brazil approaching its supply peak, global sugar inventories are expected to enter an accumulation phase. The selling pressure after the new Brazilian sugar - cane crushing season has started will drag down the raw sugar price center. The expected increase in Brazilian production and the expected increase in sugar production in the Northern Hemisphere's new season will suppress the raw sugar price. Domestically, the fast sales - to - production ratio may support the sugar price, but the large - scale entry of imported sugar into the domestic market may drag down the sugar price. Considering the recent weak trend of raw sugar, the sugar price will maintain a weak operation in the short term [4]. - Raw sugar is expected to maintain a weak and oscillating trend in the short term due to the expected global supply - demand surplus, but there may be buying support at lower levels. In China, the faster - than - expected sales - to - production ratio supports the spot price, but due to the short - term weakness of raw sugar, the rising profit of out - of - quota imports, and the upcoming pressure of processed sugar supply, Zhengzhou sugar futures are expected to follow the raw sugar price passively [5]. 3. Summary by Relevant Sections 3.1 Data Analysis - **Futures Market**: For SR2509, the closing price was 5,805, up 26 (0.46%), with a trading volume of 163,903 (up 15.64%) and an open interest of 298,087 (up 3.77%); for SR2601, the closing price was 5,632, up 26 (0.46%), with a trading volume of 21,265 (up 20.44%) and an open interest of 107,409 (up 2.23%); for SR2511, the closing price was 5,690, up 21 (0.37%), with a trading volume of 23,328 (down 0.21%) and an open interest of 55,383 (up 2.26%) [3]. - **Spot Market**: The spot prices in different regions were as follows: 6120 in Liuzhou, 5895 in Kunming, 6040 in Nanning, 6150 in Bayuquan, 6135 in Rizhao, and 6410 in Xi'an. The price in Kunming increased by 30, and the price in Xi'an increased by 20. The basis in Liuzhou was 430, in Kunming was 205, in Nanning was 350, in Bayuquan was 460, in Rizhao was 445, and in Xi'an was 720 [3]. - **Monthly Spread**: The SR11 - SR01 spread was 58, down 5; the SR09 - SR11 spread was 115, up 225; the SR09 - SR01 spread was 173, unchanged [3]. - **Import Profit**: For Brazilian imports, the in - quota price was 4445, the out - of - quota price was 5682, with a spread of 438 compared to Liuzhou, 453 compared to Rizhao, and - 50 compared to the futures market. For Thai imports, the in - quota price was 4494, the out - of - quota price was 5694, with a spread of 426 compared to Liuzhou, 441 compared to Rizhao, and - 62 compared to the futures market [3]. 3.2 Market Outlook - **International**: Brazil's approaching supply peak will lead to global inventory accumulation. The new Brazilian crushing season's selling pressure and production increase expectations, along with the expected increase in the Northern Hemisphere's new - season production, will suppress the raw sugar price. Attention should be paid to Brazil's production progress and actual production increase [4]. - **Domestic**: The fast sales - to - production ratio supports the sugar price, but the large - scale entry of imported sugar and the weak raw sugar trend will drag down the domestic sugar price in the short term [4]. 3.3 Trading Strategies - **Single - side Trading**: Zhengzhou sugar futures will mainly follow the raw sugar price and maintain an oscillating trend in the short term [6]. - **Arbitrage**: Adopt a wait - and - see approach [7]. - **Options**: Use out - of - the - money ratio spread options [10].

Report Overview - The report is a daily data report on sugar, providing price data and market analysis [2][3] Industry Investment Rating - No industry investment rating is provided in the report Core Viewpoints - The rebound of the international raw sugar market has driven the domestic market up, but the upside space remains limited [3] - Internationally, the supply side continues to recover this season, with the new Brazilian season progressing smoothly, but the increase in Brazilian production may be less than expected [3] - India and Thailand's production is expected to recover due to favorable monsoon weather [3] - Domestically, the new season is expected to see a significant increase in production, which may put continuous pressure on the domestic market, but the downside space is also limited [3] Data Summary Domestic Sugar Price - On July 9, 2025, the price per ton of sugar in Nanning Warehouse, Guangxi was 6,120 yuan, unchanged from the previous day, with a basis of 341 yuan against SR09, a decrease of 32 yuan [3] - The price in Kunming, Yunnan was 6,365 yuan, an increase of 500 yuan, with a basis of 468 yuan against SR09 [3] - The price in Dali, Yunnan was 5,770 yuan, unchanged, with a basis of 131 yuan against SR09, a decrease of 32 yuan [3] - The price in Rizhao, Shandong was 6,135 yuan, unchanged, with a basis of 256 yuan against SR09, a decrease of 32 yuan [3] Futures Market - SR09 closed at 5,779 yuan, an increase of 32 yuan; SR01 closed at 5,606 yuan, an increase of 17 yuan [3] - The spread between SR09 and SR01 was 173 yuan, an increase of 15 yuan [3] Exchange Rates and International Commodity Prices - The RMB to USD exchange rate was 7.1995, an increase of 0.0075; the Brazilian Real to RMB exchange rate was 1.2818, an increase of 0.0212; the Indian Rupee to RMB exchange rate was 0.084, a decrease of 0.0004 [3] - The ICE raw sugar main contract was at 16.15, unchanged; the London white sugar main contract was at 573, an increase of 3; the Brent crude oil main contract was at 70.03, unchanged [3]

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7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。 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：目前国内产白糖即将清库，进口糖利润窗口打开，未来销售进 ...

交易咨询业务资格：证监许可【2012】1091号 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。 2、基差：柳州现货6120，基差373（09合约），升水期货；偏多。 3、库存：截至5月底24/25榨季工业库存304.83万吨；偏多。 4、盘面：20日均线走平，k线在20日均线上方，偏多。 5、主力持仓：持仓偏多，净持仓多增，主力趋势不明朗，偏多。 6、预期：郑糖主力09受压5800关口，短期震荡回落。目前国内产白糖即将清库，进口糖利润窗口 打开，未来销售进口糖为主。09合约短期5700-5800区间震荡。 ...

交易咨询业务资格：证监许可【2012】1091号 白糖早报——2025年7月7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：国内郑糖目前表现为近强远弱，主要是09合约临近交割期，本 ...

研究所 郑糖预计转为震荡 关注加工糖 郑商所白糖期货价格走势 郑糖本周下挫后回升，周度跌幅0.4%。 ICE期糖大幅波动，周度跌幅1.92%。 数据来源：博易云 国信期货 ——国信期货白糖周报 2025年7月6日 研究所 目 录 CONTENTS 1 白糖市场分析 2 后市展望 一、白糖市场分析 研究所 免责声明：本报告以投资者教育为目的，不构成任何投资建议。 3 ICE期糖价格走势 免责声明：本报告以投资者教育为目的，不构成任何投资建议。 4 1、现货价格及基差走势 研究所 数据来源：WIND 国信期货 2、全国产销情况 研究所 0 20 40 60 80 100 120 10月 11月 12月 1月 2月 3月 4 月 5月 6月 7月 8月 9月 2022/2023 2023/2024 2024/2025 2024/25榨季，5月累计销糖率72.69%，同比加快6.52个百分点。 数据来源：WIND 国信期货 免责声明：本报告以投资者教育为目的，不构成任何投资建议。 5 3、食糖进口情况 研究所 0 10 20 30 40 50 60 70 80 90 100 1月 2月 3月 4 月 5月 6月 7月 ...

Industry Report Overview 1. Report Information - Report Name: Sugar Daily Report - Date: June 27, 2025 - Analysts: Wang Haifeng, Lin Zhenlei, Yu Lanlan, Hong Chenliang, Liu Youran [3] 2. Core Views - New York raw sugar futures rebounded slightly, with the main October contract up 1.59% to 16.62 cents per pound. London ICE white sugar futures' main August contract rose 2.4% to $479 per ton. Frost in Brazilian sugar - cane regions and an increase in the ethanol blending ratio in gasoline are expected to reduce sugar - making raw material supply [7]. - Zhengzhou sugar's main contract rose slightly. The 09 contract closed at 5,790 yuan per ton, up 63 yuan or 1.1%, with a reduction of 15,891 positions. Domestic spot prices rose. Zhengzhou sugar was strong, with limited fundamental changes. After being pressured by funds, it faced strong resistance below 5,600 yuan, and large speculative short - positions leaving supported the price [8]. 3. Summary by Section 3.1 Market Review and Operation Suggestion - **Futures Market:** SR509 closed at 5,790 yuan per ton, up 63 yuan or 1.1%, with a position reduction of 15,891 contracts; SR601 closed at 5,601 yuan per ton, up 40 yuan or 0.72%, with a position increase of 956 contracts; US Sugar 10 closed at 16.62 cents per pound, up 0.26 cents or 1.59%, with a position increase of 8,324 contracts; US Sugar 03 closed at 17.26 cents per pound, up 0.22 cents or 1.29%, with a position increase of 2,553 contracts [7]. 3.2 Industry News - Brazil will increase the mandatory anhydrous ethanol blending ratio in gasoline from 27% to 30% and the biodiesel blending ratio in ordinary diesel from 14% to 15% starting August 1 [9]. - Itaú BBA predicts that the sugar - cane crushing volume in Brazil's central - southern region in the 2025/26 season will be 590 million tons, a 5% year - on - year decrease. However, sugar production is expected to reach 41.2 million tons, a 2.7% year - on - year increase, with a sugar - making ratio of 52% and an average ATR of 141 kg per ton [9]. - Indonesia's 2025 white sugar production is expected to be 2.75 million tons, higher than last year's 2.45 million tons. It plans to import about 200,000 tons of raw sugar, and the demand in 2025 is expected to reach 2.84 million tons [9]. - As of the week ending June 18, the number of ships waiting to load sugar at Brazilian ports was 76, down from 80 the previous week. The sugar volume waiting to be shipped was 2.8539 million tons, a 1.94% week - on - week decrease [9]. 3.3 Data Overview - The report provides multiple data charts, including spot price trends, contract basis, spread, import profit, warehouse receipts, exchange rates, and the trading and position data of the top 20 seats of Zhengzhou sugar's main contract [11][13][20][23]

交易咨询业务资格：证监许可【2012】1091号 白糖早报——2025年6月27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%。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 ...

货需求，冷饮等季节性消费可能回暖，为价格带来一定支撑，短期呈现反弹走势。后期关注到港和夏季消 研究员: 张昕 期货从业资格号F03109641 期货投资咨询从业证书号Z0018457 费情况。 免责声明 本报告中的信息均来源于公开可获得资料，瑞达期货股份有限公司力求准确可靠，但对这些信息的准确性及完整性不做任 何保证，据此投资，责任自负。本报告不构成个人投资建议，客户应考虑本报告中的任何意见或建议是否符合其特定状况。本 报告版权仅为我公司所有，未经书面许可，任何机构和个人不得以任何形式翻版、复制和发布。如引用、刊发，需注明出处为 瑞达期货股份有限公司研究院，且不得对本报告进行有悖原意的引用、删节和修改。 白糖产业日报 2025-06-26 | 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) | 5790 | 33 主力合约持仓量:白糖(日,手) | 326870 | -15891 | | | 仓单数量:白糖(日,张) | 24302 | -310 ...

交易咨询业务资格：证监许可【2012】1091号 白糖早报——2025年6月26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%。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 ...