1. Report Industry Investment Rating - No relevant information provided 2. Core Viewpoints - Domestically, Zhengzhou sugar futures prices declined and then rebounded this week, with a narrow - range fluctuation. The production side has high pressure due to the increasing production pattern. Although the sales data in January was good due to Spring Festival stocking, the spot market became quiet after stocking ended, and sugar price support is limited. With the increasing risk - aversion sentiment of funds before the Spring Festival, Zhengzhou sugar is expected to remain volatile in the short term [57]. - Internationally, the international sugar market is testing the low - level support and is still suppressed by supply. India's production is strong but exports may be limited. Thailand's production may fall short of expectations due to disasters. In the EU, the beet planting area may decline by 5% due to low sugar prices. The Dubai Sugar Conference has a somewhat positive impact. Crude oil's long - term upward trend may support raw sugar. The international sugar market is in a low - level oscillation with limited downside space [57]. 3. Summary by Directory 3.1 Sugar Market Analysis 3.1.1 Futures Price Trends - Zhengzhou sugar futures prices declined and then rebounded, with a weekly decline of 0.38%. ICE sugar futures prices fluctuated at a low level, with a weekly decline of 0.14% [9]. 3.1.2 Spot Price and Basis Trends - No specific text description provided, only data sources are mentioned [12]. 3.1.3 Sales in Guangxi and Yunnan - No specific text description provided, only data sources are mentioned [17]. 3.1.4 Sugar Import Situation - In December, sugar imports were 580,000 tons, an increase of 190,000 tons year - on - year. Based on the ICE sugar March contract price of 14.5 cents per pound, the in - quota import cost from Brazil is 4,019 yuan per ton, and the out - of - quota import cost is 5,090 yuan per ton; the in - quota import cost from Thailand is 4,078 yuan per ton, and the out - of - quota import cost is 5,166 yuan per ton [21]. 3.1.5 Domestic Industrial Inventory - In the 2025/26 sugar - making season, the industrial inventory in December was about 2.11 million tons, an increase of 206,000 tons compared with the same period last year [25]. 3.1.6 Zhengzhou Commodity Exchange Warehouse Receipts and Valid Forecasts - This week, the total number of Zhengzhou sugar warehouse receipts and forecasts was 14,719, an increase of 402 compared with last week. The number of warehouse receipts was 14,374, and the number of valid forecasts was 345 [33]. 3.1.7 Brazil's Production Progress - In the second half of December, the cumulative sugarcane crushing volume was 600 million tons, a year - on - year decrease of 2.28%, and the sugar production was 40.222 million tons, a year - on - year increase of 0.86% [37]. 3.1.8 Brazil's Bi - weekly Sugar - making Ratio - The cumulative sugar - making ratio of sugarcane in the central - southern region of Brazil was 50.82%, compared with 48.16% in the same period last year [42]. 3.1.9 Brazil's Monthly Sugar Exports - In January, Brazil's sugar export volume was 2.0175 million tons, a year - on - year decrease of 2.09% [47]. 3.1.10 International Main - producing Region Weather Conditions - Brazil's main producing areas have abundant rainfall, which is beneficial to sugarcane growth. India has little precipitation, which is beneficial to sugarcane crushing [53][54]. 3.2后市展望 (Market Outlook) - Domestically, Zhengzhou sugar is expected to remain volatile in the short term. Internationally, the international sugar market is in a low - level oscillation with limited downside space [57].

研究所 偏强震荡 郑糖下方支撑确认 ——国信期货白糖周报 2026年1月30日 研究所 目 录 CONTENTS 1 白糖市场分析 2 后市展望 一、白糖市场分析 研究所 郑商所白糖期货价格走势 郑糖偏强震荡，周度涨幅1.31%。 ICE期糖低位震荡，周度跌幅0.14%。 数据来源：博易云 国信期货 免责声明：本报告以投资者教育为目的，不构成任何投资建议。 3 ICE期糖价格走势 免责声明：本报告以投资者教育为目的，不构成任何投资建议。 4 1、现货价格及基差走势 研究所 2、广西、云南销售情况 研究所 数据来源：WIND 国信期货 免责声明：本报告以投资者教育为目的，不构成任何投资建议。 5 4 月 5月 6月 7月 8月 9月 0 5 10 15 20 11月 12月 1月 2月 3月 4 月 5月 6月 7月 8月 40 60 80 100 120 140 2020/21 2021/22 2022/23 2023/24 2024/25 2025/26 数据来源：广西糖协 云南糖协 国信期货 0 20 160 11月 12月 1月 2月 3月 25 30 35 9月 2020/21 2021/22 202 ...

Report Summary 1. Report Industry Investment Rating No investment rating information is provided in the report. 2. Core Viewpoints - Domestically, Zhengzhou sugar (Zheng sugar) attempted to break through the 5300 yuan/ton mark this week but failed to hold. The spot price was firm due to pre - Spring Festival stocking, but overall supply was abundant with new sugar on the market, a rapid increase in warehouse receipts, and an expected year - on - year rise in December imports. The decline in external market prices also had a negative impact. Short - term, Zheng sugar is expected to remain volatile. Weather in Guangxi should be monitored due to a cold wave warning [55]. - Internationally, the global sugar market has weakened with significant supply pressure. As of January 15, 2026, India's sugar production reached 15.885 million tons, higher than the previous year, and the average sugar yield increased. In Brazil, due to dry weather, the crushing progress was fast and may finish ahead of schedule. The international sugar market remains weak, with support at around 14 cents per pound [55]. - The operation suggestion is to focus on short - term trading [56]. 3. Summary by Directory 3.1 Sugar Market Analysis - **Futures Price Trends**: Zheng sugar fluctuated slightly with a weekly decline of 0.38%, and ICE sugar dropped with a weekly decline of 2.01% [8]. - **Spot Price and Basis Trends**: No specific data analysis content is provided in the given text. - **Sales in Guangxi and Yunnan**: No specific analysis content is provided in the given text. - **Sugar Imports**: In November, imports were 430,000 tons, a year - on - year decrease of 90,000 tons. Based on the ICE sugar March contract price of 14.5 cents per pound, the in - quota import cost from Brazil was 4019 yuan/ton, and the out - of - quota cost was 5090 yuan/ton; from Thailand, the in - quota cost was 4078 yuan/ton, and the out - of - quota cost was 5166 yuan/ton [20]. - **Domestic Industrial Inventory**: In the 2025/2026 sugar - making season, the industrial inventory in November was about 700,000 tons, a year - on - year decrease of 58,900 tons [23]. - **Zhengzhou Commodity Exchange Warehouse Receipts and Valid Forecasts**: This week, the total of Zheng sugar warehouse receipts and forecasts was 14,881, an increase of 4313 from the previous week. There were 14,126 warehouse receipts and 755 valid forecasts [31]. - **Brazilian Production Progress**: In the first half of December, the cumulative crushing volume was 598 million tons, a year - on - year decrease of 2.36%, and sugar production was 40.158 million tons, a year - on - year increase of 0.86% [35]. - **Brazilian Bi - weekly Sugar - making Ratio**: The cumulative sugar - making ratio of sugarcane in the central - southern region of Brazil was 50.91%, compared with 48.19% in the same period last year [40]. - **Brazilian Monthly Sugar Exports**: In December, Brazil's sugar exports were 2.913 million tons, a year - on - year increase of 2.9% [42]. - **International Main - producing Area Weather**: In Brazil, there was abundant rainfall, which was beneficial for sugarcane growth. In India, there was little precipitation, which was conducive to sugarcane crushing [51]. 3.2 Market Outlook - **Domestic Market**: Zheng sugar is expected to remain volatile in the short term, affected by factors such as supply, external market prices, and weather [55]. - **International Market**: The international sugar market remains weak with strong supply pressure, and the support level is around 14 cents per pound [55].

Report Summary 1. Report Industry Investment Rating No relevant information provided. 2. Core Viewpoints of the Report - Domestically, Zhengzhou sugar showed a relatively strong sideways movement this week. Supported by pre - Spring Festival stocking, spot prices were firm. It is expected that Yunnan's sugar sales in December will exceed last year's. However, the overall supply is relatively abundant, and the market is waiting for verification of Guangxi's production. Zhengzhou sugar is under obvious pressure at the 5300 yuan/ton level and may maintain a wide - range sideways movement in the short term, with an operating range of 5000 - 5350 yuan/ton [55]. - Internationally, the international sugar market has both bullish and bearish factors. Brazil's sugar exports in December were about 2.913 million tons, a 2.9% year - on - year increase. South Brazil's cumulative sugar exports from the 2025/26 crushing season to December decreased by 4.16% year - on - year. As of December 31, 2025, India's total sugar production was about 12 million tons, a nearly 25% increase compared to the same period last year. The Indian government will review sugar mills' export performance after March 31, 2026. Overall, the international sugar market is in a low - level sideways pattern [55]. - The operation suggestion is to focus on short - term trading [56]. 3. Summary by Directory 3.1 Sugar Market Analysis - **Futures Price Trends**: Zhengzhou sugar futures had a slight sideways movement with a weekly increase of 0.7%. ICE sugar futures had a low - level sideways movement with a weekly increase of 2.47% [8]. - **Spot Price and Basis Trends**: No specific text description of trends is provided, only data sources are given [11][12]. - **Sales in Guangxi and Yunnan**: No specific sales data or trend analysis is provided, only data sources are given [16][14]. - **Sugar Import Situation**: In November, imports were 430,000 tons, a year - on - year decrease of 90,000 tons. Based on the ICE sugar March 03 contract price of 14.5 cents/pound, Brazil's in - quota import cost was 4019 yuan/ton, and out - of - quota import cost was 5090 yuan/ton; Thailand's in - quota import cost was 4078 yuan/ton, and out - of - quota import cost was 5166 yuan/ton [20]. - **Domestic Industrial Inventory**: In the 2025/26 crushing season, the industrial inventory in November was about 700,000 tons, a year - on - year decrease of 58,900 tons [23]. - **Zhengzhou Commodity Exchange Warehouse Receipts and Valid Forecasts**: This week, the total of Zhengzhou sugar warehouse receipts and forecasts was 10,568, an increase of 1696 compared to last week. The number of warehouse receipts was 6005, and valid forecasts were 4563 [31]. - **Brazil's Production Progress**: In the second half of November, the cumulative crushing volume was 592 million tons, a year - on - year decrease of 1.92%, and sugar production was 39.904 million tons, a year - on - year increase of 1.13% [35]. - **Brazil's Bi - weekly Sugar - making Ratio**: The cumulative sugar - making ratio of sugarcane in central and southern Brazil was 51.12%, compared to 48.34% in the same period last year [40]. - **Brazil's Monthly Sugar Exports**: In December, Brazil's sugar exports were 2.913 million tons, a 2.9% year - on - year increase [42]. - **International Main Production Area Weather Conditions**: Brazil's main production areas had abundant rainfall, which was beneficial to sugarcane growth. India had little precipitation, which was beneficial to sugarcane crushing [51][52]. 3.2 Market Outlook - **Domestic Market**: Zhengzhou sugar is expected to maintain a wide - range sideways movement in the short term, with an operating range of 5000 - 5350 yuan/ton. Attention should be paid to the production and sales data in December [55]. - **International Market**: The international sugar market will remain in a low - level sideways pattern [55].

Report Information - Report Title: Zheng Sugar Weakens Again, Supply Pressure is High - Guoxin Futures Sugar Weekly Report - Report Date: October 17, 2025 [2] 1. Investment Rating - No investment rating information is provided in the report. 2. Core View - Domestic market: Zheng sugar followed the external market down significantly, breaking below the support around 5,400 yuan/ton. Although it showed signs of stabilization later in the week, domestic sugar sales are behind year-on-year, and downstream purchasing willingness is low. New season beet sugar production may be slightly lower, and cane area output may also decline due to typhoons. Import data is expected to remain high but may be lower than expected. Zheng sugar has support at 5,400 yuan/ton, but the rebound space is limited under fundamental pressure [57]. - International market: Higher-than-expected supply from Brazil and a bumper harvest in India have led to early digestion of supply pressure, causing ICE sugar prices to break below the support around 15.5 cents/pound. However, prices rebounded quickly and returned above 15.5 cents/pound. Despite strong Brazilian production data, the market did not continue to fall, mainly due to the decline in the sugar - making ratio. New negative factors are needed to break below 15 cents/pound [57]. 3. Summary by Directory 3.1 Sugar Market Analysis 3.1.1 Futures Price Trends - Zhengzhou Commodity Exchange (ZCE) sugar futures prices: Zheng sugar broke through support and then fluctuated, with a weekly decline of 1.53%. ICE sugar futures weakened, with a weekly decline of 1.55% [8]. 3.1.2 Spot Price and Basis Trends - No specific analysis text is provided, only data sources are mentioned [11][12]. 3.1.3 Sales in Guangxi and Yunnan - No specific analysis text is provided, only data sources are mentioned [17][18]. 3.1.4 Sugar Import Situation - In August, sugar imports were 830,000 tons, a year - on - year increase of 60,000 tons. Based on the ICE sugar March contract price of 16 cents/pound, the in - quota import cost from Brazil is 4,477 yuan/ton, and the out - of - quota cost is 5,688 yuan/ton; from Thailand, the in - quota cost is 4,421 yuan/ton, and the out - of - quota cost is 5,615 yuan/ton [22]. 3.1.5 Industrial Inventory - In the 2024/25 sugar season, the industrial inventory in August was about 1.16 million tons, an increase of 58,000 tons compared to the same period last year [25]. 3.1.6 ZCE Warehouse Receipts and Valid Forecasts - This week, the total of Zheng sugar warehouse receipts and forecasts was 8,438, a decrease of 460 from the previous week. The number of warehouse receipts was 8,438, and the valid forecast was 0 [33]. 3.1.7 Brazil's Production Progress - In the second half of September, the cumulative crushing volume was 490 million tons, a year - on - year decrease of 2.99%, and the sugar production was 33.524 million tons, a year - on - year increase of 0.84% [37]. 3.1.8 Brazil's Bi - weekly Sugar - Making Ratio - The cumulative sugar - making ratio of sugarcane in the central - southern region of Brazil was 52.68%, compared to 48.84% in the same period last year [42]. 3.1.9 Brazil's Monthly Sugar Exports - Brazil's sugar exports in September were 3.2458 million tons, a year - on - year decrease of 16.3% [48]. 3.1.10 International Main Producing Region Weather - In Brazil, there was abundant rainfall in the main producing areas, which was not conducive to sugarcane crushing. In India, precipitation decreased significantly [54]. 3.2 Market Outlook - Domestic market: Zheng sugar may continue to be under pressure from fundamentals, with limited rebound space. Although there is support at 5,400 yuan/ton, the overall situation is not optimistic. - International market: ICE sugar prices have shown some resilience after breaking support, and new negative factors are needed to drive prices lower [57].

Group 1: Report Title and Date - The report is titled "Zhengzhou Sugar Declines, Weakens in the Short Term - Guoxin Futures Sugar Weekly Report" and dated September 19, 2025 [2] Group 2: Sugar Market Analysis Futures Price Trends - Zhengzhou sugar futures prices declined, with a weekly drop of 1.43%. ICE sugar futures oscillated weakly, with a weekly decline of 2.28% [9] Spot Price and Basis Trends - Spot prices followed the decline of Zhengzhou sugar futures prices, but the basis showed signs of strengthening and remained at a relatively high level [59] Sales in Guangxi and Yunnan - No specific sales data were provided in the text, but relevant charts were presented [16] Sugar Imports - In July, 740,000 tons of sugar were imported, a year - on - year increase of 320,000 tons. Based on the ICE sugar October contract price of 16.5 cents per pound, the in - quota import cost from Brazil was 4,539 yuan per ton, and the out - of - quota cost was 5,769 yuan per ton; for Thailand, the in - quota cost was 4,580 yuan per ton, and the out - of - quota cost was 5,822 yuan per ton [22] Industrial Inventory - In the 2024/25 sugar season, the industrial inventory in August was approximately 1.16 million tons, an increase of 58,000 tons compared to the same period last year [25] Zhengzhou Commodity Exchange Warehouse Receipts and Valid Forecasts - This week, the total number of Zhengzhou sugar warehouse receipts plus forecasts was 10,629, a decrease of 1,116 from the previous week. There were 10,629 warehouse receipts and 0 valid forecasts [33] Brazil's Production Progress - In the second half of August, the cumulative sugarcane crushing volume was 404 million tons, a year - on - year decrease of 4.78%, and the sugar production was 26.758 million tons, a year - on - year decrease of 1.92% [37] Brazil's Bi - weekly Sugar - Making Ratio - The cumulative sugar - making ratio of sugarcane in the central - southern region of Brazil was 52.76%, compared to 49.09% in the same period last year [42] Brazil's Monthly Sugar Exports - Brazil's sugar exports in August were 3.744 million tons, a year - on - year decrease of 4.47% [45] International Main Production Area Weather - There was little rainfall in Brazil's main production areas, which was beneficial for sugarcane crushing. India had abundant precipitation [55][56] Group 3: Market Outlook Domestic Market - Zhengzhou sugar prices declined. Spot prices followed suit. Although it was the peak season, trading volume did not improve significantly. The weak stock market dragged down the commodity market, and short - sellers increased their positions. Technically, the support level at 5,500 yuan per ton was broken, but there was cost support below this level. The market is expected to remain weak in the short term, but the downward space is limited [59] International Market - On the supply side, Brazil's production data showed that although the sugar - making ratio was slightly adjusted down, it remained above 51%. The dry weather in Brazil boosted the crushing progress, and the short - term supply pressure suppressed the market. The Asian market's high - yield expectations were still being digested, and India had high export expectations, but there was a lack of motivation at current prices. The price close to 15 cents per pound was close to the production cost of major international producers. Overall, the market was bearish, but the probability of a sharp decline was low [59] Group 4: Operation Suggestion - The operation suggestion is to focus on short - term trading [60]

Report Title - "Zhengzhou Sugar's Downside Limited After Adjustment, Focus on Consumption - Guoxin Futures Sugar Weekly Report" [2] Report Date - August 31, 2025 [2] Report Industry Investment Rating - Not provided Report's Core View - After continuous adjustment of sugar prices, the downside is limited supported by the peak season in the domestic market; in the international market, sugar prices are expected to fluctuate strongly due to support from supply and demand sides. Short - term trading is recommended [58][59] Summary by Directory 1. Sugar Market Analysis 1.1 Futures Price Trends - Zhengzhou sugar futures adjusted this week with a weekly decline of 1.16%, while ICE sugar futures fluctuated at a low level with a weekly increase of 0.36% [9] 1.2 Spot Price and Basis Trends - Not detailed in the provided text 1.3 Sales in Guangxi and Yunnan - For August 2025, Guangxi's sugar sales are expected to be 35 - 40 tons, similar to 36 tons in the same period last year; Yunnan's sugar sales are expected to be 13 - 16 tons, less than last month [58] 1.4 Sugar Import Situation - In July 2025, sugar imports were 740,000 tons, an increase of 320,000 tons year - on - year. Based on the ICE sugar October contract price of 16.5 cents per pound, Brazil's in - quota import cost is 4,539 yuan per ton and out - of - quota is 5,769 yuan per ton; Thailand's in - quota import cost is 4,580 yuan per ton and out - of - quota is 5,822 yuan per ton [23] 1.5 Domestic Industrial Inventory - In the 2024/25 sugar season, the industrial inventory in July was approximately 1.6123 million tons, a decrease of 99,500 tons compared to the same period last year [26] 1.6 Zhengzhou Commodity Exchange Warehouse Receipts and Valid Forecasts - This week, the total of Zhengzhou sugar warehouse receipts and forecasts was 17,284, a decrease of 1,331 from last week. The number of warehouse receipts was 17,284 and valid forecasts were 0 [34] 1.7 Brazil's Production Progress - In the second half of July 2025, the cumulative crushing volume was 306 million tons, a year - on - year decrease of 8.57%, and sugar production was 19.268 million tons, a year - on - year decrease of 7.76% [38] 1.8 Brazil's Bi - weekly Sugar - making Ratio - The cumulative sugar - making ratio of sugarcane in the central - southern part of Brazil was 52.06%, compared to 49.13% in the same period last year [43] 1.9 Brazil's Monthly Sugar Exports - Brazil's sugar exports in July 2025 were 3.5937 million tons, a decrease of 4.6% compared to the same period last year [45] 1.10 International Main Producing Areas' Weather Conditions - India has abundant precipitation; Brazil's main producing areas have less rainfall, which is beneficial for sugarcane pressing [52][54] 2.后市展望 (Market Outlook) - Domestic market: Zhengzhou sugar prices have been falling, mainly affected by the approaching delivery of the 2509 contract. After adjustment, the downside is limited supported by the peak season. International market: Sugar prices are expected to fluctuate strongly due to potential supply reduction in Brazil and strong demand from Pakistan and China. Short - term trading is recommended [58][59]

Report Summary 1. Report Industry Investment Rating No investment rating is provided in the report. 2. Core Views - Domestically, Zhengzhou sugar rebounded in the first half - week, following the strong bullish sentiment of the overall commodities. However, the pressure above 5650 increased significantly, and then it turned to consolidation. The upcoming release of July's imported sugar data is expected to show 700,000 tons, much higher than last year's 420,000 tons. Although the large - scale listing of refined sugar suppresses sugar prices, the rising Zhengzhou sugar price this week led to an increase in spot prices and accelerated inventory clearance, limiting the downside of sugar prices [49]. - Internationally, the market is starting to focus on Brazil's annual production data, with estimates for the 2025/26 season tending to be below 40 million tons. Demand has improved, as Pakistan plans to import 500,000 tons of sugar, has already purchased 55,000 tons, and is holding a new tender for 200,000 tons of refined sugar. The downward adjustment of Brazil's production estimate and improved demand support international sugar prices [49]. - The operation suggestion is to focus on short - term trading [50]. 3. Summary by Directory 3.1 Sugar Market Analysis - **Futures Price Movement**: Zhengzhou sugar rebounded this week, with a weekly increase of 1.63%. ICE sugar recovered from a low, with a weekly increase of 1.91% [8]. - **Spot Price and Basis Trend**: No specific analysis content is provided, only the data source is mentioned [12][13]. - **Sales in Guangxi and Yunnan**: No specific analysis content is provided, only the data source is mentioned [15][16]. - **Sugar Import Situation**: In June, imports were 420,000 tons, a year - on - year increase of 390,000 tons. Based on the ICE sugar October contract price of 16.5 cents per pound, the in - quota import cost from Brazil is 4,539 yuan per ton, and the out - of - quota cost is 5,769 yuan per ton; for Thailand, the in - quota cost is 4,580 yuan per ton, and the out - of - quota cost is 5,822 yuan per ton [20]. - **Domestic Industrial Inventory**: In the 2024/25 sugar - making season, the industrial inventory in May was 3.0483 million tons, a year - on - year decrease of 322,100 tons [24]. - **Zhengzhou Commodity Exchange Warehouse Receipts and Valid Forecasts**: This week, the total of Zhengzhou sugar warehouse receipts and forecasts was 17,284, a decrease of 1,331 from the previous week. There were 17,284 warehouse receipts and 0 valid forecasts [28]. - **Brazil's Production Progress**: In the first half of July, the cumulative crushing volume was 256 million tons, a year - on - year decrease of 9.61%, and the sugar production was 1.5655 million tons, a year - on - year decrease of 9.22% [29]. - **Brazil's Bi - weekly Sugar - making Ratio**: The cumulative sugar - making ratio of sugarcane in the central - southern region of Brazil was 51.58%, compared with 48.89% in the same period last year [36]. - **Brazil's Monthly Sugar Exports**: Brazil's sugar exports in July were 3.5937 million tons, a year - on - year decrease of 4.6% [41]. - **International Main Production Area Weather Conditions**: Rainfall in Brazil's main production areas decreased, which is beneficial for sugarcane crushing. India had abundant precipitation [45]. 3.2 Market Outlook - **Domestic Market**: Zhengzhou sugar will continue to be affected by factors such as imported sugar volume and inventory clearance. The large - scale listing of refined sugar suppresses prices, but the increase in spot prices and accelerated inventory clearance limit the downside [49]. - **International Market**: Brazil's production estimate and international demand will affect international sugar prices. The downward adjustment of Brazil's production estimate and improved demand provide support [49].

Report Summary 1. Report Industry Investment Rating No relevant information provided. 2. Core View of the Report - In the domestic market, the previous rebound of Zhengzhou sugar caused by capital games has ended, and the market has turned to consolidation. The main short - position has reversed to a net long - position, which may support the sugar price to rebound further if the long - position increases. The domestic market is influenced by macro anti - involution and shows a bullish trend. The spot market has improved with rising prices. The upcoming June production and sales data is expected to increase slightly year - on - year. Low inventory still supports prices, but attention should be paid to the price changes of processed sugar. The operating range is expected to be between 5700 - 5850 yuan/ton. - In the international market, the raw sugar market has calmed down after significant fluctuations. The international market is still pressured by Brazil's large supply, but the market is not optimistic about Brazil's sugar production in the second half of June, with an expected year - on - year decline of 9.8% to 295,000 tons. Purchases from Pakistan and the Philippines in the international market may limit the downside of international sugar prices [59]. 3. Summary by Directory 3.1 Sugar Market Analysis - **Futures Price Trends**: Zhengzhou sugar futures rebounded slightly this week, with a weekly increase of 0.71%. ICE sugar futures fluctuated slightly, with a weekly decline of 0.67% [9]. - **Spot Price and Basis Trends**: No specific data on price and basis trends are described in the provided text. - **National Production and Sales Situation**: In the 2024/25 sugar - making season, the cumulative sugar sales rate in May was 72.69%, 6.52 percentage points faster than the same period last year [18]. - **Sugar Import Situation**: In May, 350,000 tons of sugar were imported, an increase of 320,000 tons year - on - year. Based on the ICE sugar October contract price of 16.5 cents/pound, the in - quota import cost from Brazil was 4539 yuan/ton, and the out - of - quota import cost was 5769 yuan/ton; the in - quota import cost from Thailand was 4580 yuan/ton, and the out - quota import cost was 5822 yuan/ton [22]. - **Domestic Industrial Inventory**: In the 2024/25 sugar - making season, the industrial inventory in May was 3.0483 million tons, a decrease of 322,100 tons compared with the same period last year [25]. - **Zhengzhou Commodity Exchange Warehouse Receipts and Effective Forecasts**: This week, the total number of Zhengzhou sugar warehouse receipts and forecasts was 23,040, a decrease of 480 compared with the previous week. The number of warehouse receipts was 22,934, and the effective forecast was 106 [33]. - **Brazilian Production Progress**: In the first half of June, the cumulative crushing volume was 164 million tons, a year - on - year decrease of 14.33%, and the sugar production was 9.404 million tons, a year - on - year decrease of 14.63% [37]. - **Brazilian Bi - weekly Sugar - Making Ratio**: The bi - weekly cumulative sugar - making ratio from sugarcane in the central - southern region of Brazil was 50.45%, compared with 48.33% in the same period last year [39]. - **Brazilian Monthly Sugar Exports**: Brazil's sugar exports in June were 3.359 million tons, a year - on - year increase of 5.24% [45]. - **International Main Production Area Weather Conditions**: There was little rainfall in the main production areas of Brazil, which was beneficial for sugarcane crushing. India had abundant precipitation due to the influence of the monsoon [53][55]. 3.2后市展望 (Market Outlook) - **Domestic Market**: The domestic sugar market is expected to operate in the range of 5700 - 5850 yuan/ton. Attention should be paid to the price changes of processed sugar [59]. - **International Market**: The raw sugar market is expected to have limited downside due to purchases from Pakistan and the Philippines, despite pressure from Brazil's supply [59]. - **Operation Suggestion**: Short - term trading is recommended [60].

Report Summary 1. Report Industry Investment Rating No industry investment rating is provided in the report. 2. Core Viewpoints - Domestically, the sugar production in the 2024/25 season is settled at 1.11621 billion tons, up 119,890 tons year - on - year. The sales rate in May was 72.69%, 6.52 percentage points faster than the same period last year. With an expected import of over 400,000 tons in May, the overall supply faces pressure, and Zhengzhou sugar futures are under downward pressure. However, the high basis provides some support, and it may face strong resistance below 5,700 yuan/ton, with a possible short - term bottom - building rebound [60]. - Internationally, Petrobras cut the average gasoline price by 5.6% on June 3. The estimated sugar production in India for the 2025/26 season is about 3.5 billion tons. The short - term international sugar price is under pressure with limited upside, but the Brazilian production progress and weather factors need attention. The downside space below 17 cents/pound is relatively limited [60]. - The operation suggestion is to focus on short - term trading [61]. 3. Summary by Directory 3.1 Sugar Market Analysis - **Futures Price Trends**: Zhengzhou sugar futures oscillated to find the bottom this week, with a weekly decline of 0.49%. ICE sugar futures weakened, with a weekly decline of 2.81% [9]. - **Spot Price and Basis Trends**: No detailed content about spot price and basis trends is provided other than the data source [13]. - **National Production and Sales**: In the 2024/25 season, the cumulative sales rate in May was 72.69%, 6.52 percentage points faster than the same period last year [19]. - **Sugar Imports**: In April, 130,000 tons of sugar were imported, an increase of 80,000 tons year - on - year. Based on the ICE sugar futures July contract price of 17 cents/pound, the in - quota and out - of - quota import costs from Brazil and Thailand are provided [24]. - **Domestic Industrial Inventory**: In May 2024/25 season, the industrial inventory was 304,830 tons, a decrease of 32,210 tons compared with the same period last year [27]. - **Zhengzhou Commodity Exchange Warehouse Receipts and Valid Forecasts**: This week, the total of Zhengzhou sugar warehouse receipts and forecasts was 29,893, a decrease of 1,688 from last week. The number of warehouse receipts was 29,893, and the valid forecast was 0 [35]. - **Brazilian Production Progress**: In the first half of May, the cumulative crushing volume was 76.714 million tons, a year - on - year decrease of 20.24%, and the sugar production was 398,900 tons, a year - on - year decrease of 22.68% [39]. - **Brazilian Bi - weekly Sugar - making Ratio**: The bi - weekly cumulative sugar - making ratio in the central - southern region of Brazil was 48.61%, compared with 47.6% last year [41]. - **Brazilian Sugar Monthly Exports**: In April, Brazil's sugar export volume was 1.5526 million tons, a decrease of 335,000 tons compared with the same period last year [51]. - **International Main Production Area Weather**: In India, the monsoon brought increased precipitation. In Brazil, increased rainfall in the main production areas was unfavorable for sugarcane crushing [55][56]. 3.2 Market Outlook - Domestic market: With production determined and sales leading, supply pressure exists, but high basis provides support. There may be a short - term bottom - building rebound. - International market: Gasoline price cuts in Brazil and expected high production in India put pressure on sugar prices, but attention should be paid to Brazilian production and weather [60].