Report Summary 1) Report Industry Investment Rating No relevant content provided. 2) Core View of the Report - The supply is diversified during the new sugar - cane crushing season transition period. The competition between processed sugar and domestic sugar intensifies. The market is expected to maintain range - bound trading. It's necessary to be vigilant about the risks of declining import costs and unmet demand expectations. If Brazil's sugar production exceeds expectations or India relaxes sugar exports, raw sugar prices may test previous lows [3][4]. 3) Summary by Related Content Domestic Sugar Price and Futures Data - On September 17, 2025, the spot sugar prices varied by region: 5970 yuan/ton in Nanning Warehouse, Guangxi; 5860 yuan/ton in Kunming, Yunnan (down 5 yuan); 5715 yuan/ton in Dali, Yunnan; 6000 yuan/ton in Rizhao, Shandong. SR09 futures price was 5519 yuan (down 11 yuan), and SR01 was 5529 yuan (down 18 yuan). The spread between SR09 - 01 was - 10 (up 7) [4]. Exchange Rate and International Commodity Data - The exchange rate of RMB against the US dollar was 7.1276 (down 0.0093), the exchange rate of the Brazilian real against the RMB was 1.2818 (up 0.0212), and the exchange rate of the Indian rupee against the RMB was 0.084 (down 0.0004). The ICE raw sugar main contract price was 15.88 (unchanged), the London white sugar main contract price was 573 (up 3), and the Brent crude oil main contract price was 68.49 (unchanged) [4].

Group 1: Report Information - Report title: Sugar Data Daily [3] - Report date: September 12, 2025 [4] - Analyst: Xie Wei, with futures qualification number F03087820 and investment consulting number Z0019508 [4] Group 2: Domestic Sugar Price Data - On September 11, 2025, the spot price of sugar in Nanning Warehouse, Guangxi was 5970 yuan/ton, unchanged from the previous day, with a basis of 440 yuan/ton against SR09, down 5 yuan/ton [4] - The spot price in Kunming was 5850 yuan/ton, up 15 yuan/ton, with a basis of 420 yuan/ton against SR09, up 10 yuan/ton [4] - The spot price in Dali was 5715 yuan/ton, up 15 yuan/ton, with a basis of 325 yuan/ton against SR09, up 10 yuan/ton [4] - The spot price in Rizhao, Shandong was 6030 yuan/ton, unchanged from the previous day, with a basis of 400 yuan/ton against SR09, down 5 yuan/ton [4] - The price of SR09 was 5530 yuan/ton, up 5 yuan/ton; the price of SR01 was 5556 yuan/ton, up 21 yuan/ton; SR09 - 01 was -26, down 16 [4] Group 3: International Data - The exchange rate of RMB against the US dollar was 7.1364, down 0.0105; the exchange rate of the Brazilian real against the RMB was 1.2818, up 0.0212; the exchange rate of the Indian rupee against the RMB was 0.084, down 0.0004 [4] - The price of the ICE raw sugar main contract was 15.89, unchanged; the price of the London white sugar main contract was 573, up 3; the price of the Brent crude oil main contract was 67.6, unchanged [4] Group 4: Core View - During the new crushing season alternation period, the supply is diversified, the game between processed sugar and domestic sugar intensifies, and it is expected to maintain range - bound trading [4] - If Brazil's production exceeds expectations or India relaxes exports, raw sugar may test the previous low again [4]

Report Overview - The report is titled "Sugar Data Daily" and is provided by ITG Guomao Futures [3][2] Industry Investment Rating - Not provided Core Viewpoint - During the new harvest season alternation period, the supply is diversified, and the competition between processed sugar and domestic sugar intensifies. It is expected to maintain range-bound trading. One should be vigilant about the decline in import costs and the risk of demand falling short of expectations. If Brazil's production exceeds expectations or India relaxes exports, raw sugar may test the previous low again [4] Key Data Summary Domestic Sugar Price - The spot price of sugar in Nanning Warehouse, Guangxi is 5990 yuan/ton with no change; in Kunming, Yunnan is 5850 yuan/ton with no change; in Dali, Yunnan is 5720 yuan/ton with no change; in Rizhao, Shandong is 6050 yuan/ton with no change [4] - SR09 futures price is 5590 yuan/ton, down 21; SR01 futures price is 5562 yuan/ton, down 37; SR09 - 01 spread is 28, up 16 [4] Exchange Rate - The exchange rate of RMB against the US dollar is 7.1554, down 0.0010; the exchange rate of the Brazilian real against the RMB is 1.2818, up 0.0212; the exchange rate of the Indian rupee against the RMB is 0.084, down 0.0004 [4] International Futures Price - ICE raw sugar主力 price is 16.14 with no change; London white sugar主力 price is 573, up 3; Brent crude oil主力 price is 69.07 with no change [4]

Group 1: Report General Information - The report is a "Sugar Data Daily" by ITG Guomao Futures [3] - The report date is September 2, 2025 [4] - The analyst is Xie Wei with futures qualification number F03087820 and investment consulting number Z0019508 [4] Group 2: Sugar Price Data Spot Prices - The spot price of sugar in Nanning Warehouse, Guangxi is 6000 yuan/ton with no change [4] - The spot price in Kunming, Yunnan is 5825 yuan/ton with no change [4] - The spot price in Dali, Yunnan is 5725 yuan/ton with no change [4] - The spot price in Rizhao, Shandong is 6050 yuan/ton with no change [4] Futures Prices - SR09 is 5623 yuan with an increase of 32 [4] - SR01 is 5609 yuan with an increase of 5 [4] Price Spreads - The spread between SR09 and SR01 is 14, up 27 [4] Group 3: Exchange Rate and Other Commodity Prices - The exchange rate of RMB against the US dollar is 7.1489, up 0.0005 [4] - The exchange rate of the Brazilian real against the RMB is 1.2818, up 0.0212 [4] - The exchange rate of the Indian rupee against the RMB is 0.084, down 0.0004 [4] - The ice raw sugar主力 price is 16.34 with no change [4] - The London white sugar主力 price is 573, up 3 [4] - The Brent crude oil主力 price is 67.46 with no change [4] Group 4: Core View - During the new crushing season alternation, the supply is diverse, the competition between processed sugar and domestic sugar intensifies, and the market is expected to maintain a range - bound oscillation [4]

Group 1: Report Overview - Report Name: Sugar Data Daily Report [3] - Date: August 21, 2025 [4] Group 2: Industry Investment Rating - No industry investment rating is provided in the report. Group 3: Core View - During the new crushing season alternation period, the supply is diversified, and the competition between processed sugar and domestic sugar intensifies. It is expected to maintain range - bound fluctuations [4] Group 4: Domestic Sugar Price and Futures Data - **Spot Prices**: In Nanning Warehouse, Guangxi, the price is 6030 yuan/ton, down 10 yuan; in Kunming, Yunnan, it is 5855 yuan/ton, unchanged; in Dali, Yunnan, it is 5750 yuan/ton, unchanged; in Rizhao, Shandong, it is 6050 yuan/ton, unchanged [4] - **Futures Prices**: SR09 is 5727 yuan, up 11 yuan; SR01 is 5676 yuan, up 15 yuan; SR09 - 01 is 51 yuan, down 4 yuan [4] Group 5: Exchange Rate and International Commodity Data - **Exchange Rates**: The RMB to US dollar exchange rate is 7.205, up 0.0015; the Brazilian real to RMB is 1.2818, up 0.0212; the Indian rupee to RMB is 0.084, down 0.0004 [4] - **International Commodity Prices**: The ICE raw sugar主力 is 16.3, unchanged; the London white sugar主力 is 573, up 3; the Brent crude oil主力 is 65.95, unchanged [4]

Report Summary 1. Report Industry Investment Rating No information provided. 2. Core View of the Report - The supply is diverse during the new sugar - cane crushing season transition period, the competition between processed sugar and domestic sugar intensifies. It is expected to maintain range - bound trading [3]. - If Brazil's sugar production exceeds expectations or India relaxes sugar exports, raw sugar may test previous lows again [3]. 3. Summary by Relevant Catalog Sugar Price and Market Data - **Domestic Spot and Futures Prices**: On August 19, 2025, the spot price of sugar in Nanning Warehouse, Guangxi was 6040 yuan/ton with no change; in Kunming, Yunnan it was 5855 yuan/ton with no change; in Dali, Yunnan it was 5750 yuan/ton, down 100 yuan; in Rizhao, Shandong it was 6050 yuan/ton with no change. SR09 futures price was 5716 yuan/ton, down 20 yuan; SR01 was 5661 yuan/ton, down 11 yuan. The spread between SR09 and SR01 was 55 yuan, down 9 yuan [3]. - **Exchange Rate and International Commodity Prices**: The exchange rate of RMB against the US dollar was 7.2035, up 0.0020; the exchange rate of the Brazilian real against the RMB was 1.2818, up 0.0212; the exchange rate of the Indian rupee against the RMB was 0.084, down 0.0004. The price of ICE raw sugar's main contract was 16.24, with no change; the price of London white sugar's main contract was 573, up 3; the price of Brent crude oil's main contract was 66.46, with no change [3].