Report Summary 1. Report Industry Investment Rating No information is provided in the report regarding the industry investment rating. 2. Core Viewpoints of the Report - In the domestic market, Zhengzhou sugar prices are rising moderately. Two typhoons have significantly affected sugar - cane growing areas, with varying degrees of damage in different regions. Despite the weak international market, domestic prices are firm as they digest the impact of the typhoons but lack the momentum for continuous upward movement, and are expected to remain range - bound between 5450 - 5600 yuan/ton [60]. - In the international market, due to the optimistic supply outlook from India, the expectation of a global sugar supply surplus has increased, putting significant pressure on international sugar prices. India's exports in the 2025/26 season are expected to be between 100 - 200 million tons. Brazilian rainfall has alleviated fire concerns but will affect short - term sugarcane pressing. Overall, international sugar prices are limited by supply pressure on the upside and have some cost support on the downside, with an expected trading range of 15.5 - 17 cents/pound [60]. 3. Summaries Based on Relevant Catalogs 3.1 Sugar Market Analysis - **Futures Price Trends**: Zhengzhou sugar futures showed a slight oscillation with a weekly increase of 0.05%, while ICE sugar futures trended downward with a weekly decline of 1.52% [11]. - **Spot Price and Basis Trends**: No specific summary content is provided in the text. - **Sales in Guangxi and Yunnan**: No specific summary content is provided in the text. - **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 03 - month contract price of 16 cents/pound, the in - quota import cost from Brazil is 4477 yuan/ton, and the out - of - quota cost is 5688 yuan/ton; the in - quota import cost from Thailand is 4421 yuan/ton, and the out - of - quota cost is 5615 yuan/ton [24]. - **Industrial Inventory**: In the 2024/25 sugar - making 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 [27]. - **Zhengzhou Commodity Exchange Warehouse Receipts and Valid Forecasts**: This week, the total number of Zhengzhou sugar warehouse receipts and forecasts was 10,629, a decrease of 1116 from the previous week. There were 10,629 warehouse receipts and 0 valid forecasts [35]. - **Brazilian Production Progress**: In the first half of September, the cumulative sugarcane crushing volume was 450 million tons, a year - on - year decrease of 3.68%, and the sugar production was 30.388 million tons, a year - on - year decrease of 0.08% [39]. - **Brazilian Bi - weekly Sugar - making Ratio**: The cumulative sugar - making ratio of sugarcane in the central - southern region of Brazil was 52.85%, compared to 48.95% in the same period last year [44]. - **Brazilian Sugar Monthly Exports**: In September, Brazil's sugar exports were 3.2458 million tons, a year - on - year decrease of 16.3% [50]. - **International Main - producing Area Weather Conditions**: In Brazil, the significant increase in rainfall in the main - producing areas is unfavorable for sugarcane pressing. In India, precipitation has decreased significantly [55][57]. 3.2 Market Outlook - The domestic market will digest the impact of typhoons, with prices remaining firm but lacking continuous upward momentum, expected to range between 5450 - 5600 yuan/ton. - The international market is pressured by India's expected supply surplus, with prices limited on the upside and supported by costs on the downside, expected to range between 15.5 - 17 cents/pound.

Report Overview - Report Title: "Zheng Sugar Maintains Fluctuations with Limited Upside and Downside Space - Guoxin Futures Sugar Weekly Report" [2] - Report Date: July 20, 2025 [2] 1. Report Industry Investment Rating - Not provided in the report 2. Report's Core View - The domestic Zheng sugar market has reduced volatility but a slightly upward - shifted center. In the short term, the upside is limited due to sufficient supply, while the downside has cost support, and it is expected to fluctuate around 5,800 yuan/ton. The international raw sugar market has rebounded from the bottom. Although there are short - term positive factors, the upside is suppressed by supply expectations. The recommended operation is short - term trading [57][58]. 3. Summary by Directory 3.1 Sugar Market Analysis 3.1.1 Futures Price Trends - Zheng sugar had a bullish weekly fluctuation with a 0.28% weekly increase. ICE sugar had a slight rebound with a 1.15% weekly increase [7]. 3.1.2 Spot Price and Basis Trends - Not elaborated in the provided content. 3.1.3 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 [19]. 3.1.4 Sugar Import Situation - In June, 420,000 tons of sugar were imported, an increase of 390,000 tons compared to the same period last year. Based on the ICE sugar October contract price of 16.5 cents/pound, the in - quota import cost from Brazil was 4,539 yuan/ton, and the out - of - quota import cost was 5,769 yuan/ton; the in - quota import cost from Thailand was 4,580 yuan/ton, and the out - of - quota import cost was 5,822 yuan/ton [23]. 3.1.5 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 to the same period last year [26]. 3.1.6 Zhengzhou Commodity Exchange Warehouse Receipts and Valid Forecasts - This week, the total of Zheng sugar warehouse receipts and forecasts was 21,857, a decrease of 1,183 compared to the previous week. The number of warehouse receipts was 21,857, and the valid forecast was 0 [34]. 3.1.7 Brazil's Production Progress - In the second half of June, the cumulative crushing volume was 206 million tons, a 14.06% year - on - year decrease, and the sugar production was 12.249 million tons, a 14.25% year - on - year decrease [38]. 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 51.02%, compared to 48.69% in the same period last year [40]. 3.1.9 Brazil's Monthly Sugar Exports - In June, Brazil's sugar export volume was 3.359 million tons, a 5.24% increase compared to the same period last year [45]. 3.1.10 International Main Production Area Weather Conditions - There was almost no rainfall in Brazil's main production areas, which was beneficial for sugarcane crushing. India had abundant precipitation due to the influence of the monsoon [54]. 3.2后市展望 (Market Outlook) 3.2.1 Domestic Market - Zheng sugar's volatility has decreased, and the center has slightly moved up. After the release of import data, the expectation of a large amount of imports arriving at ports has gradually been realized. The processing sugar mainly supplements the market, and the focus is on consumption. In the short term, the sugar price has limited upside and cost - supported downside, and is expected to fluctuate around 5,800 yuan/ton [57]. 3.2.2 International Market - Raw sugar has rebounded from the bottom. Abundant rainfall in Asia is beneficial for sugarcane growth, and the lower - than - expected production in southern Brazil in the second half of June has boosted the international sugar market. However, the upside is suppressed by supply expectations [57].