Report Industry Investment Rating There is no information provided regarding the report industry investment rating. Core View of the Report The current sugar market is in a low - level oscillating phase under strong supply pressure and strong cost support. The core contradiction lies in the game between the supply pressure brought by the northern hemisphere's production increase and the domestic pressing peak, and the cost support and short - covering triggered after the price falls below the cost line. In the short term, the Zhengzhou sugar main contract is expected to maintain an oscillating pattern in the range of 5,150 - 5,300 yuan/ton [2]. Summary by Relevant Catalogs 1. Market Review - **Weekly Review**: The 11 - sugar continuous contract closed at 14.26 cents/pound, down 3.19% week - on - week. The Zhengzhou sugar main contract closed at 5,248 yuan/ton, up 1.31% week - on - week. The spot prices in Nanning, Liuzhou, Kunming, and Rizhao Lingyunhai all increased slightly. The basis between Liuzhou sugar and the main contract narrowed by 34.55% to 72 yuan/ton. The number of warehouse receipts increased by 2.72% to 14,119, and the effective forecast decreased by 32.58% to 89. The total of warehouse receipts and effective forecasts increased by 2.39% to 14,208. The non - commercial long positions in CFTC decreased by 0.26%, short positions increased by 6.80%, and the net long positions decreased by 5.94%. The proportion of bullish sentiment in the Zhengzhou sugar market doubled to 20%, and the proportion of bearish sentiment decreased by 10 percentage points to 50% [4]. - **Domestic Futures and Spot**: There is no detailed content provided in the given text. - **Raw Sugar Futures**: There is no detailed content provided in the given text. 2. Fundamental Analysis - **China's Sugar Production and Sales**: There is no detailed content provided in the given text. - **Production and Sales of Sugarcane Sugar in Main Producing Areas in China**: There is no detailed content provided in the given text. - **Production and Sales of Beet Sugar in Main Producing Areas in China**: There is no detailed content provided in the given text. - **China's White Sugar Industrial Inventory**: There is no detailed content provided in the given text. - **China's Sugar Import and Export**: The import profit margin has expanded. The profit of Thai sugar within the quota increased by 2.74% to 1,798 yuan/ton, and the profit outside the quota increased by 9.1% to 707 yuan/ton [2]. - **Main Importing Countries of China's Sugar**: There is no detailed content provided in the given text. - **Cost and Profit of China's Sugar Imports**: The processing cost of sugar from Vietnam and Thailand within and outside the quota decreased slightly. The import profit increased, especially the profit outside the quota. The Thai sugar's premium increased by 17.98%, and the shipping cost remained unchanged [28]. 3. International Market Fundamentals - **Available Sugar Quantity in Brazil**: There is no detailed content provided in the given text. - **Sugarcane Crushing Volume in Brazil**: There is no detailed content provided in the given text. - **Sugar Production in Brazil**: There is no detailed content provided in the given text. - **Ethanol Production in Brazil**: There is no detailed content provided in the given text. - **Sugar Import and Export in Brazil**: There is no detailed content provided in the given text. - **International Raw Sugar Premium and Shipping Cost**: There is no detailed content provided in the given text.

Report Title - "Sugar Market in Low-level Fluctuation: Game between Cost Support and Supply Pressure - Sugar Weekly Report from December 29, 2025, to January 2, 2026" [1] Report Author - Yang Jiangtao, with practice certificate number F03117249 and trading consultation number Z0022644, contact: 0371 - 58620082 [2] Report Industry Investment Rating - Not provided Core Viewpoints - In the next 1 - 2 weeks, the main sugar contract will continue to fluctuate in the range of 5,200 - 5,300 yuan per ton, and a directional breakthrough awaits new drivers [3] - The current market is in a low-level fluctuation stage. The core contradiction between long and short lies in the game between supply - side pressure (domestic peak crushing period and a sharp increase in warehouse receipts) and cost support (domestic sugar mill and import cost lines) [3] - The decline in futures positions shows strong market wait - and - see sentiment. Prices are supported near the cost line, but the upside is limited by warehouse receipt pressure and global production increase expectations [3] Summary by Directory 1. Market Review 1.1 Weekly Review - Futures: The closing price of the No. 11 sugar continuous contract decreased by 1.05% to 15.01, and the closing price of the Zhengzhou sugar main contract decreased by 0.64% to 5,251 [5] - Spot: Nanning's current price decreased by 0.37% to 5,320 yuan/ton, Liuzhou's by 0.38% to 5,310 yuan/ton, and Kunming's by 0.38% to 5,180 yuan/ton, while Rizhao Lingyunhai remained unchanged at 5,780 yuan/ton [5] - Basis: The basis between Liuzhou sugar and the main contract increased by 31.11% to 59 yuan/ton [5] - Warehouse Receipts: The number of warehouse receipts increased by 2.86% to 5,182, and the effective forecast increased by 163.20% to 3,690. The total of warehouse receipts and effective forecasts increased by 37.76% to 8,872 [5] - Market Sentiment: The bullish ratio of Zhengzhou sugar increased by 5 percentage points to 30%, the bearish ratio decreased by 5 percentage points to 50%, and the neutral ratio remained at 20% [5] 1.2 Domestic Futures and Spot - Not detailed in the provided content 1.3 Raw Sugar Futures - Not detailed in the provided content 2. Fundamental Analysis 2.1 China's Sugar Production and Sales - Not detailed in the provided content 2.2 Production and Sales in Major Domestic Sugar - cane Producing Areas - Not detailed in the provided content 2.3 Production and Sales in Major Domestic Sugar - beet Producing Areas - Not detailed in the provided content 2.4 China's White Sugar Industrial Inventory - Not detailed in the provided content 2.5 China's Sugar Imports and Exports - Not detailed in the provided content 2.6 China's Major Sugar Importing Countries - Not detailed in the provided content 2.7 China's Sugar Import Cost and Profit - For Brazil, the in - quota processing cost decreased by 2.57% to 3,948 yuan/ton, and the out - of - quota by 2.61% to 5,034 yuan/ton; the in - quota import profit increased by 5.77% to 1,832 yuan/ton, and the out - of - quota by 21.50% to 746 yuan/ton [30] - For Thailand, the in - quota processing cost decreased by 2.47% to 3,993 yuan/ton, and the out - of - quota by 2.53% to 5,092 yuan/ton; the in - quota import profit increased by 5.74% to 1,787 yuan/ton, and the out - of - quota by 23.08% to 688 yuan/ton [30] 3. International Market Fundamentals 3.1 Brazil's Available Sugar Volume - Not detailed in the provided content 3.2 Brazil's Sugar - cane Crushing Volume - Not detailed in the provided content 3.3 Brazil's Sugar Production - Not detailed in the provided content 3.4 Brazil's Ethanol Production - Not detailed in the provided content 3.5 Brazil's Sugar Imports and Exports - Not detailed in the provided content 3.6 International Raw Sugar Premium and Freight Costs - Not detailed in the provided content