Report Industry Investment Rating - Not provided in the content Core View - The domestic sugar market has a significant increase in inventory compared to the previous season, with the combined industrial inventory of Guangxi and Yunnan reaching 646,800 tons as of September, a year - on - year increase of over 60%. With the start of production in sugar factories in the northern sugar beet producing areas and the expected arrival of 460,000 tons of out - of - quota raw sugar in September, the supply will gradually increase. The Zhengzhou Sugar 2601 contract should be treated as short - term bearish [2] Summary by Relevant Catalogs Futures Market - The closing price of the sugar futures main contract is 5,397 yuan/ton, down 73 yuan; the main contract position is 422,156 lots, up 32,133 lots; the number of sugar warehouse receipts is 8,488, down 193; the net long position of the top 20 futures holders is - 68,435 lots, up 6,829 lots; the total forecast of effective warehouse receipts for sugar is 0, unchanged [2] 现货市场 - The import processing estimated price of Brazilian sugar within the quota is 4,426 yuan/ton, down 37 yuan; the import processing estimated price of Thai sugar within the quota is 4,446 yuan/ton, down 38 yuan; the estimated price of imported Brazilian sugar outside the quota (50% tariff) is 5,621 yuan/ton; the estimated price of imported Thai sugar outside the quota (50% tariff) is 5,647 yuan/ton; the spot price of white sugar in Kunming is 5,780 yuan/ton, down 30 yuan; the spot price in Nanning is 5,810 yuan/ton, up 10 yuan; the spot price in Liuzhou is 5,850 yuan/ton, unchanged [2] Upstream Situation - The national sugar - crop planting area is 1,480 thousand hectares, up 60 thousand hectares; the planting area of sugarcane in Guangxi is 835.09 thousand hectares, down 12.86 thousand hectares; the national total sugar production is 11.1621 million tons, up 54,900 tons; the national total sugar sales volume is 9.9998 million tons, up 449,800 tons; the national sugar sales rate is 89.98%, up 1 percentage point; the monthly import volume of sugar is 830,000 tons, up 90,000 tons; the total sugar exports from Brazil are 3.2458 million tons, down 498,200 tons; the price difference between imported Brazilian sugar and the current price of Liuzhou sugar within the quota is 1,257 yuan/ton, up 30 yuan; the price difference outside the quota (50% tariff) is 62 yuan/ton, up 42 yuan; the price difference between imported Thai sugar and Liuzhou sugar within the quota is 1,237 yuan/ton; the price difference outside the quota (50% tariff) is 36 yuan/ton, up 43 yuan [2] 产业情况 - The price difference between imported Brazilian sugar and the current price of Liuzhou sugar within the quota is 1,257 yuan/ton, up 30 yuan; the price difference outside the quota (50% tariff) is 62 yuan/ton, up 42 yuan; the price difference between imported Thai sugar and Liuzhou sugar within the quota is 1,237 yuan/ton; the price difference outside the quota (50% tariff) is 36 yuan/ton, up 43 yuan [2] Downstream Situation - The monthly output of refined sugar is 454,100 tons, up 44,100 tons; the monthly output of soft drinks is 1.7758 million tons, down 20,800 tons [2] Option Market - The implied volatility of at - the - money call options for sugar is 8.31%, up 0.13 percentage points; the implied volatility of at - the - money put options for sugar is 8.32%, up 0.14 percentage points; the 20 - day historical volatility of sugar is 6.89%, up 0.16 percentage points; the 60 - day historical volatility of sugar is 6.69%, up 0.06 percentage points [2] Industry News - India exported 7.75 million tons of sugar from October 2024 to September 2025. Brazil exported 1.8014 million tons of sugar in the first two weeks of October, with an average daily export volume of 225,200 tons, a 33% increase compared to the average daily export volume of 169,500 tons in October last year. The most actively traded March raw sugar futures on the Intercontinental Exchange (ICE) fell 0.49 cents, or 3.0%, to settle at 15.61 cents per pound due to the prospect of oversupply [2]

白糖市场周报 研究员：王翠冰 期货从业资格号F03139616 期货投资咨询从业证Z0021556 瑞达期货研究院 「2025.10.10」 关 注 微信客 服 号 添加客服 业务咨询 目录 1、周度要点小结 2、期现市场 3、产业情况 4、期权及股市关联市场 行情展望：巴西对外贸易秘书处公布的出口数据显示，巴西9月份出口食糖324.58 万吨，环比减少49.32万吨，同比减少16.3%。巴西2025/26榨季（4月-次年3月） 以来，截至2025年9月巴西糖累计出口1775万吨，同比减少8.73%，巴西出口糖环 比减少，受国际糖价下跌及需求疲软等多重因素影响，显示出当前巴西糖出口正面 临较大压力。国内市场:受台风"麦德姆"带来强降雨影响，广西部分甘蔗出现倒 伏等情况，产量或带来影响。不过北方甜菜产区糖厂陆续开机生产，加之9月关税 配额外原糖预报到港数量为46万吨，供应将逐渐增加。 交易策略：操作上，建议郑糖2601合约短期偏空对待。 未来关注因素： 「 周度要点小结」 行情回顾：本周郑糖2601合约价格微涨，周度涨幅约0.05%。 1、国内产销情况 2、新季产量 3 「 期现市场情况」 本周美糖市场 图1、 ...

行业 白糖日报 日期 2025 年 10 月 10 日 研究员：王海峰 021-60635728 wanghaifeng@ccb.ccbfutures.com 期货从业资格号：F0230741 021-60635740 linzhenlei@ccb.ccbfutures.com 期货从业资格号：F3055047 农产品研究团队 研究员：林贞磊 研究员：余兰兰 研究员：洪辰亮 请阅读正文后的声明 ＃summary＃ 每日报告 一、行情回顾与操作建议 | 表1：期货行情 | | | | | | | --- | --- | --- | --- | --- | --- | | 合约 | 收盘价（元/吨 美分/磅） | 涨跌 | 涨跌幅 | 持仓量（张） | 增减 | | SR601 | 5528 | 38 | 0.69% | 373744 | -14293 | | SR605 | 5492 | 42 | 0.77% | 64062 | -1687 | | 美糖 03 | 16.60 | 0.15 | 0.91% | 464803 | -2953 | | 美糖 05 | 16.14 | 0.15 | 0.94% | 1 ...

交易咨询业务资格：证监许可【2012】1091号 白糖早报——2025年10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 1、基本面：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277万吨。ISO:预计25/26年度全球食糖供应缺口为23.1 万吨，比之前预计缺口大幅减少。2025年8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1000万吨；销糖率89.6%。2025年8月中国进口食糖83万吨，同比增加6万吨；进口糖 浆及预混粉等三项合计11.55万吨，同比减少15.57万吨。偏空。 2、基差：柳州现货58 ...

大宗商品研究所 农产品研发报告 白糖日报 2025 年 9 月 25 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： 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 | | 5,470 | -8 | -0.15% | 386 | -280 | 2,436 | 14 | | SR01 | | 5,485 | -12 | -0.22% | 212,995 | -74573 | 431,349 | -7657 | | SR05 | | 5,454 | -10 | -0.18% | 12,335 | -9493 | 64,361 | 388 | | 现货价格 | | | | | | | | | | 白糖 | | 柳州 | 昆明 | 武汉 | 南宁 | 鲅鱼圈 | 日 ...

交易咨询业务资格：证监许可【2012】1091号 白糖早报——2025年9月24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 6、预期：临近十一长假，郑糖在连续多日下跌，创出近两年新低后，部分空单获利离场。主力01 出现技术性反弹走势，关注5500附近压力。 2、基差：柳州现货5890，基差446（01合约），升水期货；偏多。 3、库存：截至8月底24/25榨季工业库存116万吨；中性。 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：持仓偏空，净持仓空减，主力趋势不明朗，偏空。 利多：国内消费较好，库存降低，糖浆关税增加。美国 可乐改变配方使用蔗糖。 利空：白糖全球产量增加，新一年度全球供应过剩。外 糖价格在16美分/ ...

白糖周报（9.15-9.19） 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： 交易咨询业务资格：证监许可【2012】1091号 国际原糖再度跌至16美分下方，国内郑糖震荡下跌，创出近两年新低。国内消费旺季即将过去， 进口糖大幅增加，郑糖期货主力01总体震荡偏弱。 利多：国内消费较好，库存降低，糖浆关税增加。美国 可乐改变配方使用蔗糖。 利空：白糖全球产量增加，新一年度全球供应过剩。外 糖价格在16美分/磅附近震荡，进口利润窗口打开，进 口冲击加大。 • 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。 ...

Report Information - Report Name: Sugar Daily Report - Date: September 22, 2025 [2] - Researcher: Wang Haifeng, Lin Zhenlei, Yu Lanlan, Hong Chenliang, Liu Youran [3] 1. Report Industry Investment Rating - Not provided in the report 2. Core Viewpoints - On Thursday, New York raw sugar futures fluctuated weakly. The increase in production pressure led to the decline of raw sugar. Zhengzhou sugar was generally weaker than raw sugar, and the sharp decline at 5500 was mainly due to the efforts of speculative short - sellers. Whether they can continue to increase positions and drive down prices in the future is worthy of attention. India's sugar export in the new season may suppress global sugar prices [6][7][8]. 3. Summary by Directory 3.1 Market Review and Operation Suggestions - **Futures Market Conditions**: The main contract of New York raw sugar futures, the October contract, closed down 0.84% to 15.41 cents per pound. The December contract of London ICE white sugar futures closed down 1% to $454.60 per ton. The SR601 contract of Zhengzhou sugar closed at 5461 yuan per ton, down 35 yuan or 0.64%, with an increase of 17,853 positions. Domestic spot prices in production areas declined, with the price in Nanning at 5930 yuan and that in Kunming at 5760 yuan [7][8]. 3.2 Industry News - **Brazilian Sugar Production**: In the second half of August, the central - southern region of Brazil crushed 50.061 million tons of sugarcane, a year - on - year increase of 10.68%. Sugar production was 3.872 million tons, a year - on - year increase of 18.21%. Ethanol production decreased by 1.85% year - on - year to 2.42 billion liters. As of August 31, in the 2025/26 season, the cumulative sugarcane crushing was 403.942 million tons, a year - on - year decrease of 4.78%; cumulative sugar production was 26.758 million tons, a year - on - year decrease of 1.92%; cumulative ethanol production was 18.482 billion liters, a year - on - year decrease of 10.05% [9]. - **Indian Sugar Export**: India, the world's second - largest sugar producer, is expected to have sufficient surplus sugar stocks to allow sugar exports in the new season starting on October 1. Indian exports may suppress global sugar prices [9]. 3.3 Data Overview - Multiple data charts are presented, including spot trends, contract basis, price spreads, import profits, exchange warehouse receipts, exchange rate, and the trading and holding positions of the top 20 seats of the main contract of Zhengzhou sugar [12][14][19][21].

Group 1: Report Overview - Report Title: Sugar Daily Report, September 18, 2025 [2] - Report Type: Commodity Research Institute's Agricultural Product R & D Report [1] Group 2: Data Analysis Futures Market - SR09: Closing price 5,474, down 45 (-0.82%), volume 724 (increase of 499), open interest 1,376 (increase of 546) [5] - SR01: Closing price 5,474, down 55 (-0.99%), volume 315,458 (increase of 155,951), open interest 432,454 (increase of 44,260) [5] - SR05: Closing price 5,456, down 54 (-0.98%), volume 34,171 (increase of 22,477), open interest 52,980 (increase of 9,066) [5] Spot Market - Prices in different regions: Liuzhou 5,960 (down 10), Kunming 5,905 (down 10), Wuhan 6,150 (unchanged), Nanning 5,840 (down 30), Bayuquan 6,100 (up 85), Rizhao 6,000 (unchanged), Xi'an 6,330 (down 10) [5] - Basis: Liuzhou 486, Kunming 431, Wuhan 676, Nanning 366, Bayuquan 626, Rizhao 526, Xi'an 856 [5] Spread - SR5 - SR01: Spread -18 (up 1); SR09 - SR5: Spread 18 (up 9); SR09 - SR01: Spread 0 (up 10) [5] Import Profit - Brazil: ICE主力 15.51, quota - within price 4,452, quota - outside price 5,670, spread with Liuzhou 290, spread with Rizhao 330, spread with futures -196 [5] - Thailand: ICE主力 15.51, quota - within price 4,410, quota - outside price 5,616, spread with Liuzhou 344, spread with Rizhao 384, spread with futures -142 [5] Group 3: Market Analysis Important Information - In August 2025, China imported 830,000 tons of sugar, a year - on - year increase of 62,700 tons. From January to August 2025, imports were 2.6121 million tons, a year - on - year increase of 121,000 tons (4.86%). From the 2024/25 sugar - crushing season to August, imports were 4.0739 million tons, a year - on - year decrease of 277,200 tons (6.37%) [7] - In the second half of August, the sugar - cane crushing volume in the central - southern region of Brazil was 50.061 million tons, a year - on - year increase of 4.832 million tons (10.68%); sugar production was 3.872 million tons, a year - on - year increase of 596,000 tons (18.21%) [8] - As of the week of September 17, the number of ships waiting to load sugar at Brazilian ports was 85, and the quantity of sugar waiting to be shipped was 3.2827 million tons, a week - on - week increase of 98,700 tons (3.1%) [10] - In August 2025, China's refined sugar production was 454,000 tons, a year - on - year increase of 49.3%; from January to August, it was 10.284 million tons, a year - on - year increase of 8.1% [10] Logic Analysis - International market: Brazil is in the supply peak, global inventory is accumulating. Although the latest data shows an increase in sugar production, the international sugar price is at a low level, so it is expected to oscillate at a low level in the short term [11] - Domestic market: In August, China's sugar imports remained high. Domestic sugar inventory is low, and the sales - to - production ratio is high. Affected by the international sugar price, Zhengzhou sugar is expected to oscillate in a range and rebound in the short term [11] Trading Strategies - Single - side: International sugar prices are expected to oscillate at a low level, and Zhengzhou sugar has limited downward space [12] - Arbitrage: Wait and see [13] - Options: Wait and see [14] Group 4: Related Attachments - Figures include Guangxi and Yunnan monthly inventory, Guangxi and Yunnan sales - to - production ratio trends, Liuzhou sugar spot price, Liuzhou - Kunming sugar spot spread, sugar basis and futures spreads [17][18][22]

Group 1 - The current spot price of white sugar in Guangxi is 5764 CNY/ton, down by 13 CNY/ton, with processing sugar factory prices stable between 5950 to 6090 CNY/ton [1] - The futures market shows the main white sugar contract closing at 5474.00 CNY/ton, with a decline of 1.16%, and a trading volume of 315,458 lots on September 18 [1] - The price range for industrial-grade sugar varies, with domestic prices reported as low as 1780 CNY/ton in Henan province [1] Group 2 - In August, China's sugar imports reached 830,000 tons, a year-on-year increase of 7.5%, with total imports from January to August at 2.61 million tons, up by 5.1% [2] - Brazil's sugar production in the second half of August was 3.872 million tons, an increase of 18.21% compared to the same period last year, with cane crushing volume at 50.061 million tons, up by 10.68% [2] Group 3 - The analysis indicates that Brazil's sugar production is accelerating, with expectations of high yields from Thailand and India in the upcoming season [3] - Domestic sugar inventory is currently low, but significant imports are expected before October, while new sugar supply will gradually enter the market as northern regions begin harvesting [3]