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！ 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 白糖产业日报 2026-01-05 | 项目类别 | 数据指标 | 最新 | 环比 数据指标 | 最新 | 环比 | | --- | --- | --- | --- | --- | --- | | 期货市场 | 期货主力合约收盘价:白糖(日,元/吨) | 5257 | 6 主力合约持仓量:白糖(日,手) | 422565 | 6906 -3022 | | | 仓单数量:白糖(日,张) | 6005 | 823 期货前20名持仓:净买单量:白糖(日,手) | -65309 | | | | 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 | 873 | | | | 现货市场 | | 4085 5177 | 36 进口加工估算价(配额内):泰国糖(日,元/ | 4131 5236 | 34 45 | | | 吨) 进口巴糖估算价(配额外,50%关税)(日,元 | | 吨) 48 进口泰糖估算价 ...

1. Report Industry Investment Rating No relevant content provided. 2. Core View of the Report - Currently, it is estimated that the production of major sugar - producing countries will increase in the new sugar - crushing season, and the global supply - demand relationship will shift from shortage to surplus. Until the first quarter of next year, international sugar prices may not show significant improvement. With the continuous opening of the domestic out - of - quota import profit window, the general direction remains bearish. However, domestic sugar prices are at a relatively low level, increasing the difficulty of long - short games and reducing the probability of a trending market. It is recommended to take a short - term wait - and - see approach [9]. 3. Summaries According to the Table of Contents 3.1 Monthly Assessment and Strategy Recommendation - **Market Review**: In November, the international raw sugar price rebounded. As of November 28, the closing price of the ICE raw sugar March contract was 15.21 cents per pound, up 0.79 cents per pound from the previous month, a 5.48% increase. The raw sugar 3 - 5 month spread was 0.51 cents per pound, up 0.12 cents per pound from the previous month; the London white sugar 3 - 5 month spread was $5.2 per ton, up $2.8 per ton from the previous month; the raw - white spread of the March contract was $100 per ton, up $8 per ton from the previous month. Domestically, the Zhengzhou sugar price declined slightly in November. As of November 28, the closing price of the Zhengzhou sugar January contract was 5400 yuan per ton, down 83 yuan per ton from the previous month, a 1.51% decrease. The spot price in Guangxi was 5450 yuan per ton, down 230 yuan per ton from the previous month; the basis was 50 yuan per ton, down 147 yuan per ton from the previous month; the 1 - 5 spread was 73 yuan per ton, up 3 yuan per ton from the previous month; the out - of - quota spot import profit was 420 yuan per ton, down 439 yuan per ton from the previous month [9]. - **Industry News**: As of December 4, 2025/26, 44 sugar mills in Guangxi had started crushing, 21 fewer than the same period last year, with a daily sugar - cane crushing capacity of 346,000 tons, a year - on - year decrease of 175,500 tons. As of November 30, 2025, India had crushed 48.6 million tons of sugar cane, an increase of 15.2 million tons year - on - year; sugar production was 4.135 million tons, an increase of 1.375 million tons year - on - year; the average sugar yield at the end of November was 8.51%, an increase of 0.24 percentage points year - on - year. In the first half of November, the sugar - cane crushing volume in the central - southern region of Brazil was 18.761 million tons, a year - on - year increase of 14.3%. Sugar production was 983,000 tons, a year - on - year increase of 8.7% [9]. - **View and Strategy**: As mentioned above, it is recommended to take a short - term wait - and - see approach [9]. 3.2 Spread Trend Review - The report presents multiple spread trend charts, including spot price and basis, spot - to - spot spreads, domestic - foreign spreads, raw - white spreads, raw sugar spot premiums and discounts, and sugar - alcohol price ratios. These charts cover various time periods and contracts from 2021 to 2025, providing a comprehensive view of the spread trends in the sugar market [17][20][25]. 3.3 Domestic Market Situation - **National Production**: The report shows the monthly and cumulative sugar production in China from 20/21 to 24/25 through charts [41]. - **Sugar Imports**: Charts display the monthly and annual cumulative imports of sugar, syrup, and premixed powder in China from 20/21 to 2025 [44]. - **National Sales**: Charts present the monthly sugar sales volume and cumulative sales progress in China from 20/21 to 24/25 [49]. - **National Industrial Inventory**: Charts show the monthly industrial inventory in China from 2021 to 2025 and the inventory in Guangxi's three - party warehouses [52]. 3.4 International Market Situation - **Brazilian Central - Southern Production**: Charts show the bi - weekly and cumulative sugar production, the cumulative sugar - cane - to - sugar ratio, and the cumulative sugar - cane crushing volume in the central - southern region of Brazil from 21/22 to 25/26 [57]. - **Indian Production**: Charts present the bi - weekly and cumulative sugar production in India from 20/21 to 24/25 [62]. - **Thai Production**: Charts show the bi - weekly and cumulative sugar production in Thailand from 20/21 to 24/25 [65]. - **Brazilian Shipment Volume**: Charts display the sugar inventory in the central - southern region of Brazil from 2022 to 2025 and the sugar waiting to be shipped at Brazilian ports from 21/22 to 25/26 [68].

博弈难度加大， 短线建议观望 白糖周报 2025/11/29 13352843071 yangzeyuan@wkqh.cn 从业资格号：F03116327 交易咨询号：Z0019233 杨泽元（农产品组） CONTENTS 目录 01 周度评估及策略推荐 周度评估及策略推荐 ◆ 市场回顾：外盘方面，本周原糖价格反弹，截至周五ICE原糖3月合约收盘价报15.12美分/磅，较之前一周上涨0.35美分/磅，涨幅2.37%；价 差方面，原糖3-5月差震荡，报0.47美分/磅，较之前一周下跌0.02美分/磅；伦敦白糖3-5月差震荡，报3.8美元/吨，较之前一周下跌1.8美 元/吨；3月合约原白价差震荡，报100美元/吨，较之前一周上涨2美元/吨。国内方面，本周郑糖价格小幅反弹，截至周五郑糖1月合约收盘 价报5400元/吨，较之前一周上涨47元/吨，涨幅0.88%。广西现货报5450元/吨，较之前一周下跌30元/吨；基差走弱，报50元/吨，较之前一 周下跌77元/吨；1-5价差震荡，报73元/吨，较之前一周上涨22元/吨；配额外现货进口利润报573元/吨，较之前一周下跌63元/吨。 ◆ 行业消息：据沐甜科技报道，截至11 ...

Report Title - The sugar market is fluctuating weakly, with a game between supply pressure and cost support - Sugar Weekly Report from October 27th to October 31st, 2025 [1] Report Author - Author: Yang Jiangtao [2] - Professional Certificate Number: F03117249 [2] - Transaction Consultation Number: Z0022644 [2] - Contact Information: 0371 - 58620082 [2] Report Industry Investment Rating - Not provided Core Viewpoints - The sugar market is currently in a weakly fluctuating phase. The core contradiction between bulls and bears lies in the game between the expected increase in production in the Northern Hemisphere (Brazil's increased output + China's new sugar - making season) and cost support (production cost line of 5400 yuan). The supply - demand situation remains loose, and the futures price is repeatedly testing support in the range of 5450 - 5500 yuan, lacking short - term breakthrough momentum. It is expected that the main sugar contract will continue to fluctuate in the range of 5400 - 5500 yuan/ton in the next 1 - 2 weeks, and the direction will be determined by the progress of the new sugar - making season and policy signals [4] Summary by Directory 1. Market Review 1.1 Weekly Review - The closing price of the 11 - sugar continuous contract decreased by 3.61% from 14.97 to 14.43. The closing price of the main Zhengzhou sugar contract increased by 0.68% from 5446 to 5483. Spot prices in Nanning, Liuzhou, Kunming, and Rizhao Lingyunhai all decreased slightly. The basis between Liuzhou sugar and the main contract narrowed by 20.09% from 234 to 187. The total of warehouse receipts and valid forecasts decreased by 7.47% from 8771 to 8116. The market sentiment shows that the proportion of bearish views on Zhengzhou sugar is 50% [6] 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 of Sugarcane Sugar in Main Chinese Producing Areas - Not detailed in the provided content 2.3 Production and Sales of Beet Sugar in Main Chinese 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 Main Sugar - Importing Countries of China - Not detailed in the provided content 2.7 China's Sugar Import Cost and Profit - For Brazil, the in - quota processing cost decreased by 5.54% from 4040 to 3816, the in - quota import profit increased by 10.59% from 1851 to 2047, the out - of - quota processing cost decreased by 5.67% from 5154 to 4862, and the out - of - quota import profit increased by 35.82% from 737 to 1001. For Thailand, the in - quota processing cost decreased by 5.43% from 4124 to 3900, the in - quota import profit increased by 11.04% from 1767 to 1962, the out - of - quota processing cost decreased by 5.53% from 5263 to 4972, and the out - quota import profit increased by 41.88% from 628 to 891 [31] 3. International Market Fundamentals 3.1 Available Sugar Quantity in Brazil - Not detailed in the provided content 3.2 Sugarcane Crushing Volume in Brazil - Not detailed in the provided content 3.3 Sugar Production in Brazil - Not detailed in the provided content 3.4 Ethanol Production in Brazil - Not detailed in the provided content 3.5 Sugar Imports and Exports in Brazil - Not detailed in the provided content 3.6 International Raw Sugar Premiums and Freight Costs - Not detailed in the provided content

Report Summary 1. Report Industry Investment Rating - No information provided on the industry investment rating. 2. Core View of the Report - In the domestic market, the expected import volume in October is set to decrease, and there is support from news related to syrup and premixed powder. However, the loose supply - demand situation still exerts pressure on the sugar market, leading to short - term low - level operation of sugar prices [2]. 3. Summary Based on Relevant Catalogs 3.1 Futures Market - The closing price of the futures main contract for sugar is 5499 yuan/ton, with a 16 - unit increase; the main contract position is 372791 lots, up 21 lots. The number of warehouse receipts is 7462, down 68; the net long position of the top 20 futures holders is - 52742 lots, up 5106 lots. The total valid warehouse receipt forecast is 586, unchanged [2]. 3.2 Spot Market - The estimated import processing price of Brazilian sugar within the quota is 3990 yuan/ton, down 25 yuan; within the quota for Thai sugar, it is 4049 yuan/ton, down 25 yuan. The estimated price of imported Brazilian sugar outside the quota (50% tariff) is 5052 yuan/ton, down 33 yuan; for Thai sugar, it is 5129 yuan/ton, down 33 yuan. The spot prices of white sugar in Kunming, Nanning, and Liuzhou are 5695 yuan/ton (down 15 yuan), 5720 yuan/ton (down 20 yuan), and 5740 yuan/ton (down 20 yuan) respectively [2]. 3.3 Upstream Situation - The national sugar - crop sown area is 1480 thousand hectares, an increase of 60 thousand hectares; the sown area of sugar - cane in Guangxi is 835.09 thousand hectares, a decrease of 12.86 thousand hectares. The national cumulative sugar production is 999.98 million tons, an increase of 44098 tons; the cumulative sugar sales volume is 324.58 million tons, a decrease of 49.82 million tons. The monthly import volume of sugar is 550000 tons, an increase of 5.49%; the Brazilian monthly sugar export volume is 324.58 million tons, a decrease of 49.82 million tons [2]. 3.4 Industry Situation - The price difference between imported Brazilian sugar and the current price of Liuzhou sugar within the quota is 1571 yuan/ton, an increase of 23 yuan; for Thai sugar, it is 1512 yuan/ton, an increase of 23 yuan. Outside the quota (50% tariff), the price difference for Brazilian sugar is 509 yuan/ton, an increase of 31 yuan; for Thai sugar, it is 432 yuan/ton, an increase of 31 yuan [2]. 3.5 Downstream Situation - The monthly output of refined sugar is 53.91 million tons, an increase of 8.5 million tons; the monthly output of soft drinks is 1591.7 million tons, a decrease of 184.1 million tons [2]. 3.6 Option Market - The implied volatility of at - the - money call options for sugar is 7.24%, an increase of 0.45%; for put options, it is 7.24%, an increase of 0.44%. The 20 - day historical volatility is 7.41%, unchanged; the 60 - day historical volatility is 6.9%, an increase of 0.01% [2]. 3.7 Industry News - During the Chengdu Sugar Conference on November 1 - 2, the estimated sugar production for the 25/26 crushing season was announced. The national production is expected to increase to 1170 million tons, with 680 million tons in Guangxi, 260 million tons in Yunnan, 60 million tons in Guangdong, 70 million tons in Inner Mongolia, and 75 million tons in Xinjiang. In the first half of October 2025, the central - southern region of Brazil crushed 3403.7 million tons of sugar - cane, a year - on - year increase of 0.3%, and produced 248.4 million tons of sugar, a year - on - year increase of 1.25%. The sugar - making ratio was 48.24%, higher than 47.33% in the same period last year. As of October 16 in the 25/26 crushing season, the cumulative sugar - cane crushing in the central - southern region of Brazil was 5.249 billion tons, a year - on - year decrease of 2.78%, and the cumulative sugar production was 3601.6 million tons, a year - on - year increase of 0.89% [2].

Report Summary 1. Investment Rating No investment rating for the industry is provided in the report. 2. Core View The current sugar market is in a weak and volatile stage. The core contradiction lies in the peak supply from Brazil and the expected increase in production during the new domestic sugar - making season, which suppresses prices. The seasonal weakening of demand further intensifies the downward pressure. In the short term, cost support and supply suppression coexist. It is expected that the sugar futures price will maintain a weak oscillation in the range of 5450 - 5550 yuan in the next 1 - 2 weeks [3]. 3. Summary by Directory 3.1 Weekly Review - **Price Changes**: The 11 - day sugar continuous contract closed at 15.87, up 2.65% from last week; the main contract of Zhengzhou sugar closed at 5478, up 0.31%. Spot prices in various regions declined, with the Nanning price down 1.03%, the Liuzhou price down 1.20%, etc. [5] - **Basis and Warehouse Receipts**: The basis between Liuzhou sugar and the main contract narrowed by 23.58% to 282 yuan/ton. The number of warehouse receipts decreased by 8.68% to 9464, indicating a reduction in physical delivery pressure. [5] - **CFTC Non - commercial Positions**: The number of long positions increased by 6.06%, the number of short positions decreased by 1.26%, and the net long positions increased by 18.13%. [5] - **Market Sentiment**: The proportions of bullish, bearish, and neutral views on Zhengzhou sugar remained unchanged at 20%, 45%, and 35% respectively. [5] 3.2 Fundamental Analysis - **Import Cost and Profit**: For both Brazilian and Thai sugar, the in - quota processing cost increased slightly, while the out - quota profit space narrowed significantly. For example, the out - quota profit of Thai sugar decreased by 17.35% to 381 yuan/ton. [30] 3.3 International Market Fundamentals - The report lists aspects such as Brazil's available sugar volume, cane crushing volume, sugar production, ethanol production, sugar import and export, and international raw sugar premium and shipping costs, but specific data details are not fully presented in the provided content. Relevant topics include sections from 3.1 to 3.6 [31].

Report Industry Investment Rating No relevant content provided. Core Views of the Report - The international sugar market is under supply pressure, with the increasing production pressure in the Northern Hemisphere and the pressure from the beet harvest. The supply side remains bearish, and the demand shows a slowdown, leading to a weak and downward - trending sugar price [5]. - The domestic sugar market is in a downward trend, fluctuating around the 5500 mark. Trading volume is not significantly enlarged, and the basis is relatively strong. At the end of the season, domestic sugar stocks are gradually being cleared, which supports the futures price. Before the National Day, funds are mainly flowing out, and the decline of futures sugar slows down [5]. Summary by Related Catalogs 1. This Week's Market Spot and Spread Data Tracking and Display 1.1 Spot Prices and Basis in Production Areas - Spot prices in production areas such as Guangxi Nanning, Yunnan Kunming, and Yingkou are in a downward - trending and fluctuating state. The basis in these areas is also expected to weaken, with the basis in Nanning, Kunming, and Yingkou showing a decline this week compared to last week [2][4]. 1.2 Inter - month Spreads - The 1 - 5 spread of Zhengzhou sugar is in a short - term weak and fluctuating state, with a slight rebound this week [11]. 1.3 Domestic - Foreign Spreads - The import cost is relatively low. Although the import profit within the quota has shrunk, it is still relatively large [15]. 2. Overview of Key Market Data 2.1 International Market Key Data - **Brazil**: The sugar production in Brazil has entered the peak season, with a high cane - to - sugar ratio. However, attention should be paid to the sugar content in cane and the cane crushing volume. The sugar export in Brazil has slightly slowed down. The production in Thailand and India has not started yet, but the expected increase in production will bring pressure to the market [20][26][29]. 2.2 Domestic Market Key Data - **Production and Consumption**: China's sugar production is expected to increase, and consumption is expected to slightly increase. The production and sales data of Guangxi and Yunnan sugar have turned bearish, with the inventory decreasing but the speed slowing down. The import volume of sugar has increased, and the import volume in August increased month - on - month. The import of syrup/pre - mixed powder in August decreased month - on - month [5][33][36][38][40]. - **Downstream Demand**: The downstream demand is not bad but not outstanding either. Attention should be paid to the seasonal demand in the downstream market, which shows a situation of "peak season not prosperous" during the Mid - Autumn Festival and National Day [42][45].

News Summary Core Viewpoint - Brazil's sugar production is accelerating, with expectations of increased yields from Thailand and India, while domestic inventory remains low but is expected to rise due to imports and new sugar supply from northern regions [3][4]. Group 1: Production and Supply - In the second week of September 2025, Brazil's cumulative sugar output reached 1.5317 million tons, a significant decrease from 3.8795 million tons in September of the previous year, with an average daily shipment of 153,200 tons, down 17.09% year-on-year [1]. - An institutional survey indicates that sugar production in Brazil's key central-south region is expected to increase by 17.3% to 3.84 million tons in the latter half of August, with cane crushing expected to rise by 9.5% year-on-year to 49.5 million tons [4]. Group 2: Domestic Market Conditions - The current spot price for sugar in Guangxi is 5,765 yuan per ton, reflecting a slight increase of 7 yuan per ton, while major processing factories are quoting prices between 5,950 and 6,090 yuan per ton, with only Guangdong Jinling raising prices by 10 yuan [1]. - As of September 15, the number of sugar futures warehouse receipts on the Zhengzhou Commodity Exchange was 11,325, a decrease of 280 from the previous trading day [2]. Group 3: Market Outlook - The domestic sugar inventory remains relatively low, but there is an expectation of increased imports before October, alongside the gradual supply of new sugar from northern regions as they begin crushing [3]. - Despite lower sales data in August compared to previous years, the cumulative sales of sugar reached 9.9998 million tons by the end of August 2025, an increase of 1.1388 million tons year-on-year, with a sales rate of 89.59%, up 0.65 percentage points year-on-year [4].

Group 1: Report Industry Investment Rating - No information provided Group 2: Core View of the Report - The rebound space of white sugar is limited, and the downward trend is maintained. There are still many negative factors such as potential new import licenses and unexpected syrup imports, and it is advisable to roll short [8][9] Group 3: Summary by Directory 01 Weekly Core Points and Strategies - **Supply**: In July 2025, China imported 740,000 tons of sugar, a year-on-year increase of 318,200 tons. From January to July 2025, the cumulative import was 1.7778 million tons, a year-on-year increase of 53,900 tons or 3.12%. In July, the total import of syrup and white sugar premix was 159,700 tons, a year-on-year decrease of 68,600 tons. The price is expected to go down, and attention should be paid to the arrival of imported sugar [8] - **Demand**: The stocking for the Double Festival is almost over, the demand release is less than expected, and the supply pressure is emerging. The price is expected to go down [8] - **Inventory**: The inventory of domestic sugar mills is low, but the social inventory is at a moderately high level. There are rumors of a second batch of import licenses, which will still put pressure on processed sugar later. The impact on price is neutral [8] - **Warehouse Receipts**: As of September 12, the registered warehouse receipts of white sugar were 11,599, with 6 valid forecasts, totaling 11,605, compared with 12,482 last week. The impact on price is neutral [8] - **Basis**: The spot price of white sugar in Guangxi is 5,725 yuan/ton, the quotation of Guangxi Sugar Group is 5,830 - 5,940 yuan/ton, and that of Yunnan Sugar Group is 5,730 - 5,780 yuan/ton. The mainstream quotation range of processed sugar mills is 5,950 - 6,080 yuan/ton. The downstream procurement is mainly on a need - to - buy basis. The impact on price is neutral [8] - **Profit**: The cost of out - of - quota imports from Brazil is about 5,459 yuan/ton, with a slight increase in cost and a slight decline in profit. The impact on price is neutral [8] - **Macro**: The market expects the Fed to cut interest rates by 25 basis points in September, and inflation will remain high in the short term. The Fed will also adjust its economic and inflation expectations. The impact on price is neutral [8] - **Strategy**: There is price support around 5,500. Although there will be a rebound, the space is limited, and there will be a decline later. It is advisable to short at high and cover at low [8][9] 02 This Week's Sugar Market News - The ISO predicts a supply gap of only 23,100 tons in the 2025/26 sugar season, much smaller than the 487,900 - ton gap in the 2024/25 season. The global sugar production is expected to reach 180.593 million tons, an increase of 5.419 million tons from the previous season [14] - In the first half of August, the sugarcane crushing volume in central - southern Brazil was 47.63 million tons, a year - on - year increase of 3.596 million tons or 8.17%. The sugar production was 3.615 million tons, a year - on - year increase of 497,000 tons or 15.96% [14] - As of the week of September 10, the number of ships waiting to load sugar in Brazilian ports was 84, and the quantity of sugar waiting to be shipped was 3.184 million tons, a week - on - week decrease of 23,000 tons or 0.71% [15] 03 Weekly White Sugar Data - **Foreign**: In the first half of August, the sugarcane crushing volume in central - southern Brazil increased year - on - year, but the cumulative crushing volume from the 2025/26 season to the first half of August decreased year - on - year, and the cumulative sugar production decreased by 1.12 million tons year - on - year [20][23] - **Domestic**: The sugar production in the 2024 - 2025 season was 11.1621 million tons, a year - on - year increase of 1.1989 million tons or 12.03%. As of the end of June, the cumulative sugar sales were 7.3834 million tons, a year - on - year increase of 505,200 tons or 7.34%. The cumulative sugar sales rate was 74.11%, a year - on - year slowdown of 2.54 percentage points. The cumulative sugar sales were 8.1138 million tons, a year - on - year increase of 1.521 million tons or 23.07%, and the cumulative sugar sales rate was 72.69%, a year - on - year acceleration of 6.52 percentage points [26][30][33] - **Imports**: In July 2025, the total import of syrup and white sugar premix was 159,700 tons, a year - on - year decrease of 68,600 tons. The out - of - quota import cost increased this week [41][45] - **Warehouse Receipts**: As of September 12, the total number of white sugar warehouse receipts decreased compared with last week [48]

Report Summary 1. Report Industry Investment Rating - No information provided on the industry investment rating [3][4] 2. Core Viewpoints - If Brazil's sugar production exceeds expectations or India relaxes sugar exports, raw sugar prices may test previous lows [4] - During the new sugar - cane crushing season transition period, with diversified supply and intensified competition between processed sugar and domestic sugar, the sugar market is expected to remain range - bound, but risks of declining import costs and unmet demand expectations should be watched [4] 3. Summary by Related Catalog Domestic Sugar Spot Prices - In Guangxi Nanning warehouse, the spot price per ton of sugar is 5980 yuan, down 10 yuan, with a basis of 416 yuan against SR09 and a basis change of 16 yuan [4] - In Yunnan Kunming, the spot price is 5845 yuan, down 5 yuan, with a basis of 381 yuan against SR09 and a basis change of 21 yuan [4] - In Yunnan Dali, the spot price is 5710 yuan, down 10 yuan, with a basis of 286 yuan against SR09 and a basis change of 16 yuan [4] - In Shandong Rizhao, the spot price is 6030 yuan, down 20 yuan, with a basis of 366 yuan against SR09 and a basis change of 6 yuan [4] Domestic Sugar Futures Prices - SR09 futures price is 5564 yuan, down 26 yuan, and the spread between SR09 and SR01 is 31 yuan, up 3 yuan [4] - SR01 futures price is 5533 yuan, down 29 yuan [4] International Exchange Rates and Commodity Prices - The exchange rate of the Brazilian real to the Chinese yuan is 1.2818, up 0.0212; the exchange rate of the Indian rupee to the Chinese yuan is 0.084, down 0.0004 [4] - The price of ICE raw sugar futures is 16.05, unchanged; the price of London white sugar futures is 573, up 3; the price of Brent crude oil futures is 67.39, unchanged [4]