白糖产业日报 2026-03-05 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。 | 项目类别 | 数据指标 | 最新 | 环比 数据指标 | 最新 | 环比 | | --- | --- | --- | --- | --- | --- | | | 期货主力合约收盘价:白糖(日,元/吨) | 5330 | 22 主力合约持仓量:白糖(日,手) | 442794 | -3619 | | 期货市场 仓单数量:白糖(日,张) | | 14585 | 0 期货前20名持仓:净买单量:白糖(日,手) | -91990 | 3554 | | | 有效仓单预报:白糖:小计(日,张) 进口加工估算价(配额内):巴西糖(日,元/ | 2585 | 0 13 进口加 ...

南华期货白糖产业周报 ——估值偏低，上行驱动不足 杨歆悦 投资咨询证书：Z0022518 联系邮箱：yangxy@nawaa.com 投资咨询业务资格：证监许可【2011】1290号 2026年3月1日 第一章 核心矛盾及策略建议 1.1 核心矛盾 白糖当前基本面偏空，供应过剩压制糖价，外盘原糖价格持续偏弱运行，当前承压于前期支撑位14美 分。从驱动看，盘面对基本面偏空演绎得相对充分，盘面处于底部震荡的状态，下方空间也较为有限。春节 期间有基本面利好的的消息，如印度产量预期减少，但从原糖的盘面反应看，虽然有小幅反弹，但上方压力 较大，上冲14美分后又被打回，近几日持续承压于14美分这个位置。节后内盘的表现也有小幅反弹，盘面上 冲5330后回落，承压于5300，这说明虽然白糖估值较低，但缺乏上行驱动。 短期来看，基本面驱动有限，上行驱动更多来自于资金面，关注盘面能否站上5300。另外，需要警惕白 糖和宏观品种关联较弱，近期其他品种的熄火可能导致资金流入白糖，但如果后期有色、新能源波动放大， 那资金流出后白糖还是会迎来波动缩小。 同时，若外盘原糖能站上14美分的关键位置，可能对内盘有利好驱 动。中期看，白糖处于底 ...

白糖产业日报 2026-02-11 | 项目类别 | 数据指标 | 最新 | 环比 数据指标 | 最新 | 环比 | | --- | --- | --- | --- | --- | --- | | | 期货主力合约收盘价:白糖(日,元/吨) | 5266 | -12 主力合约持仓量:白糖(日,手) | 451856 | -6579 | | 期货市场 | 仓单数量:白糖(日,张) | 14461 | 0 期货前20名持仓:净买单量:白糖(日,手) | -61760 | 1554 | | | 有效仓单预报:白糖:小计(日,张) | 258 | 0 | | | | | 进口加工估算价(配额内):巴西糖(日,元/ | 3957 | 45 进口加工估算价(配额内):泰国糖(日,元/ | 3948 | 45 | | 吨) 现货市场 | 进口巴糖估算价(配额外,50%关税)(日,元 | | 吨) | | | | | | 5010 | 60 进口泰糖估算价(配额外,50%关税)(日,元 | 4997 | 59 | | /吨) | 云南昆明白糖现货价格(日,元/吨) | 5175 | /吨) 0 广西南宁白糖现货价格(日,元/ ...

| 项目类别 | 数据指标 | 最新 | 环比 数据指标 | 最新 | 环比 | | --- | --- | --- | --- | --- | --- | | | 期货主力合约收盘价:白糖(日,元/吨) | 5261 | 33 主力合约持仓量:白糖(日,手) | 453913 | 7005 | | 期货市场 | 仓单数量:白糖(日,张) | 14461 | 87 期货前20名持仓:净买单量:白糖(日,手) | -65058 | 4017 | | | 有效仓单预报:白糖:小计(日,张) | 258 | -87 | | | | | 进口加工估算价(配额内):巴西糖(日,元/ | 4014 | 75 进口加工估算价(配额内):泰国糖(日,元/ | 4059 | 75 | | 吨) 现货市场 | 进口巴糖估算价(配额外,50%关税)(日,元 | 5083 | 吨) 98 进口泰糖估算价(配额外,50%关税)(日,元 | 5152 | | | | | | | | 108 | | /吨) | 云南昆明白糖现货价格(日,元/吨) | 5155 | 5 广西南宁白糖现货价格(日,元/吨) /吨) | 5310 | 10 | ...

白糖产业日报 2026-01-26 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。 数据来源第三方(同花顺、wind)，观点仅供参考，市场有风险，投资需谨慎！ 后市供应减少，提供原糖价格一定支撑。国内基本面表现相对平淡，春节备货接近尾声，且销区港口货物 持续增加，旺季不旺背景下，现货价格下调，期货市场缺乏现货支撑，价格继续下探可能。 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 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 | 项目类别 | 数据指标 环比 数据指标 | 最新 | | 最新 | 环比 | | --- | --- | --- | --- | --- | --- | | 期货市场 | 期货主力合约收盘价:白糖(日,元/吨) | 517 ...

大；云南开榨糖厂已达38家，同比增加7家。12月广西糖产量同比减少，白糖价格震荡可能。 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 免责声明 | 项目类别 | 数据指标 | 最新 | 环比 数据指标 | 最新 | 环比 | | --- | --- | --- | --- | --- | --- | | | 期货主力合约收盘价:白糖(日,元/吨) | 5279 | -2 主力合约持仓量:白糖(日,手) | 429678 | -10268 | | 期货市场 | 仓单数量:白糖(日,张) | 6005 | 0 期货前20名持仓:净买单量:白糖(日,手) | -71689 | 9715 | | | 有效仓单预报:白糖:小计(日,张) 进口加工估算价(配额内):巴西糖(日,元/ | 4563 | 0 | | | | | | 4079 | 50 进口加工估算价(配额内):泰国糖(日,元/ | 4124 | 50 | | 现货市场 | 吨) 进口巴糖估算价(配额外,50%关税)(日,元 | 5168 | 吨) 65 进口泰糖估算价(配额外,50%关税)(日,元 | 5227 ...

1. Report Industry Investment Rating - No information provided regarding the report industry investment rating 2. Core Viewpoint - The sugar market is expected to maintain weak performance in the later stage due to sufficient supply and weak spot prices dragging down the futures market [2] 3. Summary by Relevant Catalogs 3.1 Futures Market - The closing price of the main futures contract for sugar is 5,155 yuan/ton, with a month - on - month increase of 29 yuan; the position of the main contract is 508,950 lots, a decrease of 4,117 lots [2] - The number of sugar warehouse receipts is 4,479, with no month - on - month change; the net long position of the top 20 futures holders is - 86,192 lots, a decrease of 666 lots [2] - The estimated import processing price of Brazilian sugar within the quota is 4,067 yuan/ton, an increase of 72 yuan; the estimated import price of Brazilian sugar outside the quota (50% tariff) is 4,067 yuan/ton [2] 3.2 Spot Market - The spot price of sugar in Yunnan Kunming is 5,195 yuan/ton, a decrease of 15 yuan; the spot price in Guangxi Nanning is 5,270 yuan/ton, an increase of 20 yuan; the spot price in Guangxi Liuzhou is 5,360 yuan/ton, with no change [2] 3.3 Upstream Situation - The national sugar crop planting area is 1.48 million hectares, with an increase of 60,000 hectares; the cumulative national sugar production is 11.1621 million tons [2] - The planting area of sugarcane in Guangxi is 840,330 hectares; the cumulative sales volume of cane sugar in Guangxi is 8.94 million tons, a decrease of 5.9335 million tons [2] - The cumulative production of cane sugar in Yunnan is 448,000 tons, a decrease of 2.374 million tons; the total export volume of Brazilian sugar is 3.302 million tons, a decrease of 903,000 tons [2] 3.4 Industry Situation - The price difference between imported Brazilian sugar and the current price of Liuzhou sugar within the quota is 1,099 yuan/ton, a decrease of 116 yuan; the price difference outside the quota (50% tariff) is 13 yuan/ton, a decrease of 139 yuan [2] - The price difference between imported Thai sugar and the current price of Liuzhou sugar within the quota is 1,051 yuan/ton, a decrease of 117 yuan; the price difference outside the quota (50% tariff) is - 49 yuan/ton, a decrease of 138 yuan [2] - The monthly import volume of sugar is 750,000 tons, an increase of 200,000 tons; the cumulative import volume is 3.9 million tons, an increase of 740,000 tons [2] 3.5 Downstream Situation - The monthly production of refined sugar is 883,000 tons, an increase of 343,900 tons; the monthly production of soft drinks is 10.962 million tons, a decrease of 4.955 million tons [2] 3.6 Option Market - The implied volatility of at - the - money call options for sugar is 8.7%, a decrease of 0.08 percentage points; the implied volatility of at - the - money put options is 8.69%, a decrease of 0.09 percentage points [2] - The 20 - day historical volatility of sugar is 7.68%, an increase of 0.55 percentage points; the 60 - day historical volatility is 6.96%, an increase of 0.22 percentage points [2] 3.7 Industry News - Brazil exported 2.135 million tons of sugar in the first three weeks of December, with a daily average export volume of 142,300 tons, a 5% increase compared to the daily average export volume in December last year [2] - In November 2025, China imported 114,400 tons of syrup and pre - mixed powder, a year - on - year decrease of 108,300 tons; from January to November, the cumulative import was 1.1143 million tons, a year - on - year decrease of 1.0718 million tons, a decrease of 49.02% [2] - The most actively traded March raw sugar futures on the Intercontinental Exchange (ICE) rose 0.17 cents or 1.15% to settle at 14.99 cents per pound [2] 3.8 Viewpoint Summary - The number of sugar mills in China crushing sugarcane is increasing, and the industrial inventory of domestic sugar is in a seasonal growth trend. As of now, 71 sugar mills in Guangxi have started crushing in the 25/26 season, 3 less than the same period last year; 33 sugar mills in Yunnan have started crushing, 3 more than the same period last year [2] - In November 2025, China's sugar import volume decreased both month - on - month and year - on - year, and the progress of imported sugar slowed down significantly [2]

Group 1: Report's Investment Rating - No investment rating information is provided in the report. Group 2: Core Viewpoints - The price of raw sugar lacks the momentum to rebound due to the overall suppression of increased production, although the market's concerns have eased as the decline in the sugar - making ratio is relatively large. The domestic spot price continues to decline, with average trading volume, and the downstream demand is in a seasonal downturn. It is expected that the sugar sales progress will slow down later. However, the cost support for the futures price is gradually emerging, and the price is expected to fluctuate mainly [2]. Group 3: Summary by Directory Futures Market - The closing price of the main futures contract for sugar is 5457 yuan/ton, with a month - on - month increase of 31; the main contract position is 420,072 lots, with a month - on - month increase of 2776. The number of warehouse receipts is 8196, with a month - on - month decrease of 117; the net long position of the top 20 futures holders is - 72,687 lots, with a month - on - month decrease of 1619. The total forecast of effective warehouse receipts is 0, with no month - on - month change [2]. Spot Market - The estimated import - processing price of Brazilian sugar within the quota is 4166 yuan/ton, with a month - on - month decrease of 29; that of Thai sugar is 4223 yuan/ton, with a month - on - month decrease of 29. The estimated import price of Brazilian sugar outside the quota (50% tariff) is 5282 yuan/ton, with a month - on - month decrease of 37; that of Thai sugar is 5356 yuan/ton. The spot price of white sugar in Kunming is 5730 yuan/ton, with no change; in Nanning, it is 5750 yuan/ton, with a month - on - month decrease of 20; in Liuzhou, it is 5800 yuan/ton, with a month - on - month decrease of 10 [2]. Upstream Situation - The national sugar - crop planting area is 1480 thousand hectares, with an increase of 60 thousand hectares. The planting area of sugar - cane in Guangxi is 835.09 thousand hectares, with a decrease of 12.86 thousand hectares [2]. Industry Situation - The cumulative national sugar production is 1116.21 million tons, with an increase of 5.49 million tons; the cumulative national sugar sales volume is 811.38 million tons, with an increase of 86.92 million tons. The national sugar sales rate is 72.69%, with an increase of 7.47 percentage points. The monthly import volume of sugar is 550,000 tons, with a decrease of 280,000 tons. The total monthly sugar exports from Brazil are 324.58 million tons, with a decrease of 49.82 million tons. The price difference between imported Brazilian sugar and the current price of Liuzhou sugar within the quota is 1367 yuan/ton, with an increase of 4; outside the quota (50% tariff), it is 251 yuan/ton, with an increase of 12. The price difference between imported Thai sugar and Liuzhou sugar within the quota is 1310 yuan/ton, with an increase of 4; outside the quota (50% tariff), it is 177 yuan/ton, with an increase of 12 [2]. Downstream Situation - The monthly output of refined sugar is 45.41 million tons, with an increase of 4.41 million tons; the monthly output of soft drinks is 1775.8 million tons, with a decrease of 20.8 million tons [2]. Option Market - The implied volatility of at - the - money call options for sugar is 9.82%, with an increase of 1.97 percentage points; that of at - the - money put options is also 9.82%, with an increase of 1.97 percentage points. The 20 - day historical volatility of sugar is 8.15%, with an increase of 0.01 percentage points; the 60 - day historical volatility is 7.17%, with a decrease of 0.01 percentage points [2]. Industry News - According to the National Bureau of Statistics, in September 2025, China's refined sugar output was 539,000 tons, a year - on - year increase of 35.4%. From January to September 2025, the cumulative output of refined sugar was 1.0984 billion tons, a year - on - year increase of 10.8%. The ICE raw sugar futures closed lower on Wednesday, hitting the lowest level since June. The market expects the sugar production in the central - southern region of Brazil in the 2026/27 season to increase. The most actively traded March raw sugar futures on ICE fell 0.14 cents, or 0.90%, to settle at 15.10 cents per pound. According to the Brazilian Sugarcane Industry Association Unica, in the second half of September 2025, the central - southern region of Brazil crushed 40.86 million tons of sugarcane, a year - on - year increase of 5.18%; the sugar production was 3.14 million tons, a year - on - year increase of 10.76%, and the sugar - making ratio was 51.17%, higher than 47.73% in the same period of the previous year [2].

Group 1: Report Industry Investment Rating - No information provided Group 2: Core Viewpoints - The domestic northern sugar mills have started crushing in small quantities, and the sugar production in the new year is expected to increase slightly, with spot prices weakening steadily. The control of imported syrup from Thailand has been relaxed, and the quantity of syrup is expected to rise slightly later. The sugar sales progress in Guangxi is slow and is squeezed by processed sugar. However, the typhoon has caused sugarcane lodging in Guangxi, providing short - term support to the market, but upward movement is restricted by sufficient supply. It is recommended to wait and see [2] Group 3: Summary by Directory Futures Market - The closing price of the main sugar futures contract is 5479 yuan/ton, up 1; the main contract position is 417,045 lots, down 10,429; the number of sugar warehouse receipts is 8,981, down 483; the net long position of the top 20 futures is - 81,305 lots, down 332; the effective warehouse receipt forecast is 0 [2] 现货市场 - The import - processing estimated price of Brazilian sugar (within quota) is 4,454 yuan/ton, up 29; that of Thai sugar (within quota) is 4,397 yuan/ton, up 28; the import - estimated price of Brazilian sugar (out - of - quota, 50% tariff) is 5,657 yuan/ton, up 37; that of Thai sugar (out - of - quota, 50% tariff) is 5,584 yuan/ton, up 38. The spot price of white sugar in Kunming is 5,810 yuan/ton, unchanged; in Nanning is 5,780 yuan/ton, unchanged; in Liuzhou is 5,890 yuan/ton, unchanged [2] 上游情况 - The national sugar - crop sown area is 1,480 thousand hectares, up 60; the sown area of sugarcane in Guangxi is 835.09 thousand hectares, down 12.86. The national cumulative sugar production is 1,116.21 million tons, up 5.49; the cumulative sugar sales volume is 999.89 million tons, up 44.98. The national industrial sugar inventory is 304.83 million tons, down 81.43; the national sugar sales rate is 89.98%, up 1. The monthly import volume of sugar is 830,000 tons, up 90,000; the monthly sugar export volume from Brazil is 374.4 million tons, up 15.03 [2] 产业情况 - The price difference between imported Brazilian sugar and the current Liuzhou sugar price (within quota) is 1,226 yuan/ton, down 36; that of Thai sugar (within quota) is 1,283 yuan/ton, down 35. The price difference between imported Brazilian sugar and the current Liuzhou sugar price (out - of - quota, 50% tariff) is 23 yuan/ton, down 44; that of Thai sugar (out - of - quota, 50% tariff) is 96 yuan/ton, down 45 [2] 下游情况 - The monthly output of refined sugar is 45.41 million tons, up 4.41; the monthly output of soft drinks is 1,775.8 million tons, down 20.8 [2] 期权市场 - The implied volatility of at - the - money call options for sugar is 8.35%, up 0.09; that of at - the - money put options is 8.35%, up 0.09. The 20 - day historical volatility of sugar is 5.82%, up 0.14; the 60 - day historical volatility is 6.39%, down 0.01 [2] 行业消息 - As of September 23, 2025, the non - commercial net short position in raw sugar futures was 125,628 lots, an increase of 19,284 lots from the previous week. Long positions were 173,035 lots, a decrease of 2,211 lots from the previous week, and short positions were 298,663 lots, an increase of 17,073 lots from the previous week. As of the week of September 24, the number of ships waiting to load sugar at Brazilian ports was 76, down from 85 the previous week, and the quantity of sugar waiting to be shipped was 3.1039 million tons, down from 3.2827 million tons the previous week [2] 提示关注 - Currently, there is no news today [2]

数据来源第三方(同花顺、wind)，观点仅供参考，市场有风险，投资需谨慎！ 明显利好驱动，预计震荡偏弱。操作上，建议观望为主。 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 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 2025-09-23 | 项目类别 | 数据指标 | 最新 | 环比 数据指标 | 最新 | 环比 | | --- | --- | --- | --- | --- | --- | | | 期货主力合约收盘价:白糖(日,元/吨) | 5444 | -8 主力合约持仓量:白糖(日,手) | 474011 | 17181 | | 期货市场 | 仓单数量:白糖(日,张) | 1 ...