Report Industry Investment Rating - The report does not provide an investment rating for the industry [3][4] Core Viewpoint - Zheng sugar is expected to maintain a weak and oscillating trend [4] Summary by Relevant Catalog Sugar Price and Related Data - On June 10, 2025, the spot price of sugar per ton in Nanning Warehouse, Guangxi was 6170 yuan with no change; in Kunming, it was 5900 yuan with no change; in Dali, Yunnan, it was 5820 yuan, down 10 yuan; in Rizhao, Shandong, it was 6185 yuan with no change [4] - SR09 was 5717 yuan, down 17 yuan; SR01 was 5580 yuan, down 10 yuan; SR09 - 01 was -7; the basis of SR09 was 137 [4] - The exchange rate of RMB against the US dollar was 7.199, down 0.0146; the exchange rate of the Brazilian real against RMB was 1.2818, up 0.0212; the exchange rate of the Indian rupee against RMB was 0.084, down 0.0004 [4] - The main contract of ICE raw sugar was 16.7 with no change; the main contract of London white sugar was 573, up 3; the main contract of Brent crude oil was 67.13 with no change [4] Market Supply and Demand Analysis - In the second half of April in the central - southern region of Brazil, the sugarcane crushing volume increased year - on - year, the sugar - making ratio remained high, and the expected sugar production in the 25/26 sugar - making season may reach 42 million tons, leading to a strong global supply - loosening pattern [4] - The earlier drop of ICE raw sugar below 18 cents per pound triggered domestic sugar purchases by ships. The near - month purchase volume exceeded one million tons. Imported sugar is expected to arrive at ports gradually from mid - to - late June, increasing the supply pressure in the third quarter [4] - The cost of out - of - quota imported sugar from Brazil dropped to 5980 yuan per ton, and the price difference with the domestic spot price narrowed to 150 yuan per ton, which repaired the import profit and stimulated subsequent purchases [4] - From January to March, 242,000 tons of syrup and premixed powder were imported (equivalent to about 156,000 tons of sugar), and low - cost substitutes continued to squeeze the consumption space of domestic sugar [4]

Report Summary 1. Report Industry Investment Rating No specific investment rating is provided in the report. 2. Core View The Zhengzhou sugar futures are expected to remain volatile and weak due to factors such as increased global sugar supply, upcoming imports, narrowed price differences between domestic and imported sugar, and the impact of low - cost substitutes [4]. 3. Summary by Relevant Information Domestic Sugar Spot and Futures Prices - Domestic sugar spot prices in different regions on May 20, 2025: Nanning warehouse in Guangxi was 6220 yuan/ton, Kunming in Yunnan was 5985 yuan/ton, Dali in Yunnan was 5915 yuan/ton, and Rizhao in Shandong was 6270 yuan/ton [4]. - Futures prices: SR09 was 5849 yuan/ton, down 4 yuan; SR01 was 5710 yuan/ton, down 8 yuan; SR09 - 01 was 139 [4]. Exchange Rates and International Commodity Prices - Exchange rates on May 20, 2025: RMB to USD was 7.2346, up 0.0080; Brazilian real to RMB was 1.2818, up 0.0212; Indian rupee to RMB was 0.084, down 0.0004 [4]. - International commodity prices: ICE raw sugar主力 was 17.48, unchanged; London white sugar主力 was 573, up 3; Brent crude oil主力 was 65.48, unchanged [4]. Supply - side Factors - Brazil's central - southern region: In the second half of April, the sugarcane crushing volume increased year - on - year, and the sugar - making ratio remained high. The expected sugar production in the 25/26 crushing season may reach 42 million tons, strengthening the pattern of loose global supply [4]. - Imports: The earlier drop of ICE raw sugar below 18 cents/pound triggered domestic sugar purchases. The near - month purchase volume exceeded one million tons, and imported sugar is expected to arrive at ports from mid - to - late June, increasing supply pressure in the third quarter. The out - of - quota import cost from Brazil dropped to 5980 yuan/ton, and the price difference with domestic spot prices narrowed to 150 yuan/ton, stimulating subsequent purchases [4]. - Substitutes: From January to March, the import of syrups and premixes was 242,000 tons (equivalent to about 156,000 tons of sugar), and low - cost substitutes continued to squeeze the consumption space of domestic - produced sugar [4].