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]