Report Summary 1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints - The 01 contract of white sugar is approaching delivery, and trading is advised to shift to the 05 contract. There may be a short - term technical rebound, but the rebound strength may be limited, with the price mainly showing a low - level sideways consolidation [5][9]. - The overall situation of the white sugar market has both positive and negative factors. Positive factors include good domestic consumption, increased syrup tariffs, and the use of sucrose in the new formula of American cola. Negative factors include increased global white sugar production, expected supply surplus in the new year, low international sugar prices leading to increased import pressure [4][7][9]. 3. Summary by Directory 3.1 Previous Day's Review No relevant content provided. 3.2 Daily Tips - **Fundamentals**: Multiple institutions predict a supply surplus in the global sugar market in the 25/26 season, with different estimates. As of the end of August 2025, the cumulative sugar production in the 24/25 season in China was 1116.21 million tons, and the cumulative sugar sales were 1000 million tons, with a sales rate of 89.6%. In October 2025, China imported 750,000 tons of sugar, a year - on - year increase of 210,000 tons; the total import of syrup and premixed powder was 115,500 tons, a year - on - year decrease of 110,500 tons [4]. - **Basis**: The spot price in Liuzhou is 5560 yuan, and the basis for the 05 contract is 244 yuan, with the spot price at a premium to the futures price, which is positive [6]. - **Inventory**: As of the end of August in the 24/25 sugar - crushing season, the industrial inventory was 1.16 million tons, a neutral indicator [6]. - **Market**: The 20 - day moving average is downward, and the K - line is below the 20 - day moving average, which is negative [6]. - **Main Position**: The net short position is decreasing, and the main trend is bearish, which is negative [6]. 3.3 Today's Focus - **Positive factors**: Good domestic consumption, increased syrup tariffs, and the use of sucrose in the new formula of American cola [7]. - **Negative factors**: Increased global white sugar production, expected supply surplus in the new year, international sugar prices dropping to around 15 cents per pound, and the opening of the import profit window, increasing import pressure [7]. 3.4 Fundamental Data - **25/26 Season Supply - Demand Forecast**: Different institutions have different forecasts for the global sugar supply - demand balance in the 25/26 season. For example, ISO predicts a surplus of 1.63 million tons, StoneX predicts a surplus of 2.77 million tons, and Czarnikow predicts a surplus of 7.4 million tons [9][34]. - **China's Sugar Supply - Demand Balance Sheet**: From 2024/25 to 2025/26, there are changes in sugarcane planting area, yield, import, consumption, etc. The expected sugar production in 2025/26 is 11.7 million tons, consumption is 15.7 million tons, and the balance change is an increase of 820,000 tons [36]. - **Imported Raw Sugar Processing Cost**: In late October 2025, the average price of raw sugar was about 14.23 cents per pound, and the cost of out - of - quota imported sugar was about 5086 yuan per ton. The international sugar price has been falling, and the import profit is considerable [41]. 3.5 Position Data No relevant content provided.

Group 1: Report Overview - The report is a daily sugar report dated December 2, 2025, prepared by the Agricultural Products Research Institute of Galaxy Futures [2][3] Group 2: Data Analysis Futures Market - SR09 closed at 5,328, down 17 (-0.32%), with a trading volume of 6,072 (up 4,346) and an open interest of 21,363 (up 1,386) - SR01 closed at 5,382, down 23 (-0.43%), with a trading volume of 163,973 (up 30,236) and an open interest of 338,486 (down 12,087) - SR05 closed at 5,316, down 17 (-0.32%), with a trading volume of 58,088 (up 25,109) and an open interest of 221,789 (up 6,405) [3] Spot Market - The spot price of white sugar in Liuzhou was 5,565, down 20; in Kunming, 5,415, down 10; in Wuhan, 5,850, unchanged; in Nanning, 5,510, down 20; in Rizhao, 5,750, unchanged; and in Xi'an, 6,060, down 20 [3] Monthly Spread - The SR05 - SR01 spread was -66, up 6; the SR09 - SR05 spread was 12, unchanged; and the SR09 - SR01 spread was -54, up 6 [3] Import Profit - For Brazilian imports, the ICE主力 was 14.74, the quota - within price was 4,021, the out - of - quota price was 5,107, with a spread of 458 against Liuzhou, 643 against Rizhao, and 275 against the futures market - For Thai imports, the ICE主力 was 14.74, the quota - within price was 4,067, the out - of - quota price was 5,168, with a spread of 397 against Liuzhou, 582 against Rizhao, and 214 against the futures market [3] Group 3: Important Information Brazil - In the first half of November 2025, the sugarcane crushing volume in the central - southern region of Brazil was 18.761 million tons, up 235,200 tons (14.34%) year - on - year; sugar production was 983,000 tons, up 79,000 tons (8.69%) year - on - year - From the start of the 2025/26 season to the first half of November, the cumulative crushing volume was 576.253 million tons, down 7.341 million tons (-1.26%) year - on - year; cumulative sugar production was 39.179 million tons, up 800,000 tons (2.09%) year - on - year [5] India - As of November 30, 2025, in the 2025/26 season, the cumulative sugarcane crushing volume in India was 48.6 million tons, up 15.2 million tons (45.5%) year - on - year; sugar production was 4.135 million tons, up 1.375 million tons (49.81%) year - on - year [6][8] China (Guangxi) - On November 30, 2025, six sugar mills in Guangxi started crushing. In Chongzuo, the sugarcane planting area in 2025 was 4.1 million mu, and the estimated sugarcane crushing volume in the new season will be 18.27 million tons, up 960,000 tons from the previous season [8] Group 4: Market Analysis International Market - Brazilian sugarcane is entering the harvest stage, and the sugar - making ratio has decreased. The supply pressure of Brazilian sugar will gradually ease, and international sugar prices are showing signs of bottoming out, with short - term prices expected to be slightly stronger [9] Domestic Market - Domestic sugar mills are starting to crush, and the supply pressure will increase. However, due to tightened imports of syrup and premixed powder and high production costs, domestic sugar prices are expected to oscillate at a low level [9] Group 5: Trading Strategies - **Unilateral Trading**: Consider short - term long positions at low prices as the supply pressure from Brazil is easing, and domestic sugar prices have limited downside due to high production costs [10] - **Arbitrage**: Hold a wait - and - see attitude [11] - **Options**: Sell put options at low prices [11] Group 6: Related Charts - The report includes charts on Guangxi and Yunnan's monthly sugar inventories, cumulative sales - to - production ratios, Liuzhou's white sugar spot price, Liuzhou - Kunming sugar spot price spread, sugar basis for different contract months, and price spreads between different sugar futures contracts [12][13][16]

白糖产业日报 2025-12-02 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。 一定冲击，但价格相对坚挺，给与广西糖价一定支撑。另外市场前期利空基本消化，悲观情绪有所缓和， 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 预计后市糖价震荡为主。 免责声明 | 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) | 5382 | -23 主力合约持仓量:白糖(日,手) | 338486 | -12087 | | | 仓单数量:白糖(日,张) | 0 | ...

Report Overview - Report Title: Sugar Morning Report - December 2, 2025 - Report Author: Wang Mingwei from Dayue Futures Investment Consulting Department - Report Date: December 2, 2025 Industry Investment Rating No industry investment rating is provided in the report. Core Viewpoints - The sugar market in the 2025/26 season is expected to be in a state of supply surplus according to multiple institutions, which is a bearish factor [4][9]. - The SR2601 contract is approaching delivery, and trading is recommended to shift to the SR2605 contract. There may be a short - term technical rebound, but the rebound strength may be limited, and the market will mainly move sideways at a low level [5][9]. Summary by Directory 1. Previous Day's Review No content related to the previous day's review is provided in the available text. 2. Daily Tips - **Fundamentals**: Multiple institutions predict a supply surplus in the 2025/26 global sugar market. For example, ISO expects a surplus of 163 million tons, StoneX expects 370 million tons, and Czarnikow raises its forecast to 740 million tons. As of August 2025, the cumulative sugar production in the 2024/25 season in China was 1116.21 million tons, and the cumulative sugar sales were 1000 million tons with a sales rate of 89.6%. In October 2025, China imported 75 million tons of sugar, a year - on - year increase of 21 million tons, and imported 11.55 million tons of syrup and premixed powder, a year - on - year decrease of 11.05 million tons [4]. - **Basis**: The spot price in Liuzhou is 5580 yuan/ton, and the basis for the SR2605 contract is 247 yuan/ton, indicating a premium over the futures price, which is a bullish factor [6]. - **Inventory**: As of the end of August in the 2024/25 season, the industrial inventory was 116 million tons, which is neutral [6]. - **Market Chart**: The 20 - day moving average is downward, and the K - line is below the 20 - day moving average, which is a bearish factor [6]. - **Main Position**: The net short position is increasing, and the main trend is bearish [6]. - **Expected Trend**: The SR2601 contract is approaching delivery, and trading is recommended to shift to the SR2605 contract. There may be a short - term technical rebound, but the rebound strength may be limited, and the market will mainly move sideways at a low level [5][9]. 3. Today's Focus No content related to today's focus is provided in the available text. 4. Fundamental Data - **Global Supply and Demand Forecast**: Different institutions have different forecasts for the 2025/26 global sugar supply and demand balance. ISO expects a surplus of 163 million tons, StoneX expects 277 million tons, Czarnikow expects 740 million tons, and Covrig Analytics expects 420 million tons [34]. - **China's Sugar Supply and Demand Balance**: The sugar production in China is expected to increase from 996 million tons in 2024/25 to 1170 million tons in 2025/26. Consumption is expected to be around 1570 million tons, and imports are expected to be 500 million tons [36]. - **Import Cost**: In late October 2025, the average price of raw sugar was about 14.23 cents/pound, and the out - of - quota import cost was about 5086 yuan/ton. The continuous decline in international sugar prices has led to considerable import profits [41]. 5. Position Data No content related to position data is provided in the available text.

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]

Report Information - Report Title: Sugar Industry Weekly Report [1] - Report Date: November 30, 2025 [1] - Researcher: Xu Liang Z0002220 [2] - Reviewer: Tang Yun Z0002422 [2] Industry Investment Rating - No industry investment rating information provided in the report. Core Viewpoints - The SR2501 contract will enter the delivery month in one month. Last week, the 01 - 03 spread widened. The strong performance of the 01 contract is due to the fact that the price of new sugar is higher than that of old sugar and much higher than the futures price, leading to the need for futures - spot convergence. With the recent recovery in the overseas market, it is possible for the futures price to converge through a small rebound. [5] - Both the SR2603 and SR2605 contracts currently show a contango structure, mainly because the 25/26 sugar season is expected to have an increase in production. However, the contango is not significant. Last week, the spread between near - term and far - term contracts narrowed due to the decline in the near - term contract. In the long run, the 03 contract will face pressure during the off - season of consumption and the peak inventory period, and the 05 contract will be affected by imported sugar. Therefore, the contango pattern is difficult to break, and the spread may widen in the future. [5] Market Information Domestic Market - Spot quotes: The price at the Liuzhou middleman's platform is 5610 - 5620 yuan/ton, and the price quoted by Kunming middlemen is 5400 - 5510 yuan/ton. [3] - In October, China imported 750,000 tons of sugar, an increase of 210,000 tons year - on - year. [3] International Market - ISO adjusted the global surplus forecast for the 25/26 season to 162,500 tons, considering higher production expectations in India, Thailand, and Pakistan. [4] - In the first three weeks of November, Brazil exported 2.5637 million tons of sugar, with an average daily export of 183,100 tons, a 3% year - on - year increase. [4] - ISMA estimates that India's sugar production in the 25/26 season will be 34.35 million tons (including ethanol), with 3.4 million tons of sugar used for ethanol production. [4] - India's NFCSF has urged the government to raise the minimum domestic sugar sales price to 41 rupees per kilogram, adjust the ethanol price, and approve more sugarcane for ethanol production. [4] - The market expects that the sugarcane crushing volume in the central - southern region of Brazil in the first half of November will increase by 14.9% to 1.885 million tons, and sugar production will increase by 18.9% year - on - year to 107,500 tons. [4] - India has opened an export quota of 1.5 million tons, lower than the market's expectation of 2 million tons. Currently, the possibility of exports is low because the domestic sugar price in India is higher than the overseas price. [4] - As of November 19, 147 sugar mills in Maharashtra, India, have started crushing, processing 1.1277 million tons of sugarcane and producing 86,810 quintals of sugar, with an average sugar recovery rate of 7.4%. In the same period last year, only 91 mills were operating, processing 135,000 tons of sugarcane with a sugar recovery rate of 4.2%. [4] Price and Spread Data Futures Weekly Price and Spread | Contract | Closing Price on December 1, 2025 | Change Rate | Spread | Closing Price on December 1, 2025 | Change | | --- | --- | --- | --- | --- | --- | | SR01 | 5400 | 0% | SR01 - 05 | 73 | 0 | | SR03 | 5360 | 0% | SR05 - 09 | - 16 | 0 | | SR05 | 5327 | 0% | SR09 - 01 | - 57 | 0 | | SR07 | 5337 | 0% | SR01 - 03 | 40 | 0 | | SR09 | 5343 | 0% | SR03 - 05 | 33 | 0 | | SR11 | 5339 | 0% | SR05 - 07 | - 10 | 0 | | SB | 15.21 | 0% | SR07 - 09 | - 6 | 0 | | W | 435.6 | 0% | SR09 - 11 | 4 | 0 | | | | | SR11 - 01 | - 61 | 0 | [6] Spot Weekly Price and Spread | Location | Price on November 28, 2025 | Change | Spread | Price | Change | | --- | --- | --- | --- | --- | --- | | Nanning | 5450 | - 30 | Nanning - Liuzhou | 10 | 0 | | Liuzhou | 5440 | - 30 | Nanning - Kunming | 10 | 0 | | Kunming | 5440 | - 30 | Nanning - Zhanjiang | 50 | - 30 | | Zhanjiang | 5400 | 0 | Nanning - Rizhao | - 350 | 0 | | Rizhao | 5800 | - 30 | Nanning - Urumqi | 200 | - 30 | | Urumqi | 5250 | 0 | Kunming - Rizhao | - 360 | 0 | [7] Weekly Basis | Basis | Basis on December 1, 2025 | Change | Basis | Basis on December 1, 2025 | Change | | --- | --- | --- | --- | --- | --- | | Nanning - SR01 | 70 | - 10 | Kunming - SR01 | 55 | - 75 | | Nanning - SR03 | 110 | 6 | Kunming - SR03 | 95 | - 59 | | Nanning - SR05 | 143 | 12 | Kunming - SR05 | 128 | - 53 | | Nanning - SR07 | 133 | 11 | Kunming - SR07 | 118 | - 54 | | Nanning - SR09 | 127 | 13 | Kunming - SR09 | 112 | - 52 | | Nanning - SR11 | 131 | 12 | Kunming - SR11 | 116 | - 53 | [8][10] Weekly Import Price Change | Import Source | In - quota Price on November 26, 2025 | Weekly Change | Out - of - quota Price | Weekly Change | | --- | --- | --- | --- | --- | | Brazil | 4157 | 125 | 5271 | 164 | | Rizhao - Brazil | 1643 | - 90 | 529 | - 109 | | Liuzhou - Brazil | 1248 | - 129 | 134 | - 168 | | Zhengzhou Sugar - Brazil | 1222 | - 127 | 108 | - 166 | | Thailand | 4206 | 86 | 5334 | 112 | | Rizhao - Thailand | 1594 | - 90 | 466 | - 109 | | Liuzhou - Thailand | 1199 | - 90 | 71 | - 116 | | Zhengzhou Sugar - Thailand | 1173 | - 88 | 45 | - 114 | [11]

1. Report Industry Investment Rating - No relevant information provided 2. Core View of the Report - The global sugar supply has shifted from shortage to surplus, putting downward pressure on raw sugar prices. The domestic new - crop supply pressure has increased year - on - year, and it is expected that Zhengzhou sugar will face upward pressure and mainly follow the trend of raw sugar [4] 3. Summary by Relevant Content Domestic Sugar Spot Market - In Nanning Warehouse, Guangxi, the price on 2025/11/28 was 5615, with an unchanged value, a 2529 basis, a 215 basis against 2601, and a 2532 change in basis [4] - In Rizhao, Shandong, the price was 0, with a - 5800 change, a 100 basis, a - 5500 basis against 2601, and a - 5797 change in basis [4] Domestic Sugar Futures Market - The price of SR01 was 5400, with a - 3 change, and the spread between SR01 and SR05 was 73, with a - 5 change [4] - The price of SR05 was 5327, with a 2 change [4] International Market Exchange Rates - The exchange rate of RMB against the US dollar was 7.1002, with a 0.0065 change [4] - The exchange rate of the Brazilian real against RMB was 1.2818, with a 0.0212 change [4] - The exchange rate of the Indian rupee against RMB was 0.084, with a - 0.0004 change [4] International Commodity Futures Market - The price of ICE raw sugar主力 was 15.21, with a 0.09 change [4] - The price of London white sugar主力 was 573, with a 3 change [4] - The price of Brent crude oil主力 was 62.32, with a - 0.6 change [4]

Report Summary 1. Report Industry Investment Rating No information provided. 2. Core View of the Report - This week, sugar prices stopped falling and rebounded, with near - month contracts rebounding stronger than far - month contracts, maintaining a low - level weak oscillation. Different institutions have different forecasts for the global sugar supply surplus in the 25/26 period, ranging from 100,000 to 740,000 tons. In 2025, China's sugar production, sales, and import data showed certain changes. The external sugar has started a short - term rebound, but the domestic sugar's follow - up increase is limited. Considering that the 01 contract is approaching delivery, it is recommended to shift trading to the 05 contract. There may be a short - term technical rebound, but the rebound strength may be weak, and the market will mainly consolidate at a low level [5]. - There are both bullish and bearish factors in the market. Bullish factors include good domestic consumption, increased syrup tariffs, and the use of sucrose in the new formula of American cola. Bearish factors include increased global sugar production, expected global supply surplus in the new year, and the opening of the import profit window due to the drop in external sugar prices [6]. 3. Summary by Directory 3.1 Previous Day Review No information provided. 3.2 Daily Prompt - The report provides information on sugar futures prices, spot prices, spreads, and inventory. For example, the SR2601 contract price is 5400, the SR2605 contract price is 5327, and the SR2609 contract price is 5343. The national reserve sugar inventory is about 7 million tons, and the import quota is 1.945 million tons. In October 2025, China imported 750,000 tons of sugar, a year - on - year increase of 210,000 tons, and imported 115,500 tons of syrup and premixed powder, a year - on - year decrease of 110,500 tons [8]. - Bullish factors: There is a medium - to - long - term supply - demand gap in the domestic sugar market, but the gap is decreasing. The average domestic sugar spot sales price is around 5700 yuan/ton. Since January 2025, the import tariff on syrup has increased, approaching the out - of - quota import tariff on raw sugar. The modification of the cola formula is long - term bullish for sugar. DATAGRO has lowered the expected global sugar surplus in the 25/26 period from 2.8 million tons to 1 million tons [8]. - Bearish factors: Multiple institutions predict a global sugar supply surplus in the 25/26 period, such as ISO predicting a surplus of 1.63 million tons, StoneX predicting a surplus of 2.77 million tons, and Czarnikow increasing the expected surplus to 7.4 million tons. Green Pool predicts a 5.3% increase in global sugar production in the 25/26 season, and USDA predicts a 4.7% increase in production, a 1.4% increase in consumption, and a surplus of 11.397 million tons [8]. 3.3 Today's Focus No information provided. 3.4 Fundamental Data - **Global Supply and Demand Forecast**: Different institutions have different forecasts for the global sugar supply and demand in the 25/26 period. ISO predicts a global sugar supply surplus of 1.63 million tons in November 2025; StoneX predicts a surplus of 2.77 million tons in September 2025; Czarnikow predicts a surplus of 6.2 million tons in August 2025 and later increases it to 7.4 million tons; Covrig Analytics predicts a surplus of 4.2 million tons in August 2025; and ISO's early prediction in August 2025 was a shortage of 230,000 tons [33]. - **China's Sugar Supply and Demand Balance Sheet**: In the 24/25 - 25/26 periods, China's sugar production, consumption, import, and other data have changed. The sugar production in the 25/26 period (November forecast) is expected to reach 11.7 million tons, the consumption is 15.7 million tons, the import is 5 million tons, and the balance change is 820,000 tons. The international sugar price is expected to be in the range of 14.0 - 18.5 cents/pound, and the domestic sugar price is expected to be in the range of 5500 - 6000 yuan/ton [35]. - **Import Cost of Processed Raw Sugar**: In late October 2025, the average price of raw sugar was about 14.23 cents/pound, and the out - of - quota import cost was about 5086 yuan/ton. The international sugar price has been falling, and the import profit is considerable [40]. 3.5 Position Data No information provided.

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]

研究所 农产品研发报告 白糖日报 2025 年 11 月 24 日 白糖日报 第一部分 数据分析 研究员：刘倩楠 期货从业证号： F3013727 投资咨询证号： Z0014425 联系方式： liuqiannan_qh@china stock.com.cn | 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 | | 5,336 | 15 | 0.28% | 2,917 | 134 | 18,406 | 423 | | SR01 | | 5,370 | 17 | 0.32% | 175,985 | -3844 | 417,739 | 1039 | | SR05 | | 5,319 | 17 | 0.32% | 46,621 | 4626 | 179,121 | 8502 | | 现货价格 | | | | | | | | | | 白糖 | | 柳州 | 昆明 | 武汉 | 南宁 | 鲅鱼圈 ...