Report Summary 1. Report Industry Investment Rating No information provided. 2. Core Viewpoints - This week, the price of Zhengzhou Sugar 2605 contract rose with a weekly increase of about 0.70%. The overall data of the domestic sugar market is slightly bearish, but the market's expectation of a decline in Brazil's export prospects supports the sugar market. In the short - term, sugar prices are expected to fluctuate [5]. - Future factors to watch include the domestic new sugar crushing situation and demand [6]. 3. Summary by Directory 3.1 Week - on - Week Summary - **Market Review**: The price of Zhengzhou Sugar 2605 contract increased by about 0.70% this week [5]. - **Market Outlook**: As of January 7, 2026, in the 2025/26 crushing season in Thailand, the cumulative sugarcane crushing volume was 16.9782 million tons, a year - on - year decrease of 25.35%; sugar production was 1.5309 million tons, a year - on - year decrease of 27.03%. In December 2025 in China, Guangxi's monthly sugar production was 1.808 million tons, a year - on - year decrease of 431,000 tons, and monthly sugar sales were 795,400 tons, a year - on - year decrease of 551,800 tons. As of December 31, 2025, Yunnan's cumulative sugar production was 392,300 tons, higher than the same period of the previous crushing season, and cumulative sugar sales were 281,400 tons, slightly better than the same period last year [5]. 3.2 Futures and Spot Market - **ICE US Sugar**: The price of the US Sugar March contract rose this week, with a weekly increase of about 2.47%. As of December 30, 2025, the non - commercial net short position of raw sugar futures was 137,822 lots, a decrease of 11,719 lots from the previous week [12]. - **International Raw Sugar Spot Price**: This week, the international raw sugar spot price was 14.78 cents per pound, a decrease of 0.15 cents per pound from last week [16]. - **Zhengzhou Sugar Futures**: The price of Zhengzhou Sugar 2605 contract increased by about 0.70% this week. The top 20 net positions of Zhengzhou sugar futures were - 68,838 lots, and the number of Zhengzhou sugar warehouse receipts was 6,005 [19][25]. - **Zhengzhou Sugar Contract Spread**: The spread between the 5 - 9 contracts of Zhengzhou sugar futures was - 11 yuan/ton, and the spot - Zhengzhou sugar basis was + 102 yuan/ton [27]. - **Spot Market**: As of January 9, the price of new sugar in Liuzhou, Guangxi was 5,390 yuan/ton, and the price of sugar in Nanning was 5,370 yuan/ton [34]. - **Imported Sugar Cost and Profit**: This week, the estimated profit of Brazilian sugar within the quota was 1,361 yuan/ton, an increase of 117 yuan/ton from last week; the estimated profit outside the quota was 199 yuan/ton, an increase of 102 yuan/ton from last week. The estimated profit of Thai sugar within the quota was 1,228 yuan/ton, an increase of 74 yuan/ton from last week; the estimated profit outside the quota was 140 yuan/ton, an increase of 105 yuan/ton from last week [40]. 3.3 Industry Chain Situation - **Supply Side** - **Domestic Sugar Production**: No specific data on the cumulative value of domestic sugar production was provided in the text, only the data of Guangxi and Yunnan were mentioned [42]. - **Industrial Inventory**: No specific data on industrial inventory was provided [45]. - **Imported Sugar Quantity**: In November 2025, China's sugar imports were 440,000 tons, a year - on - year decrease of 23.08% and a month - on - month decrease of 310,000 tons. From January to November 2025, the cumulative sugar imports were 4.34 million tons, a year - on - year increase of 8.74% [49]. - **Demand Side** - **Sugar Sales Rate**: The sugar sales rate was average. In November 2025, China's monthly production of refined sugar was 1.303 million tons, a year - on - year decrease of 3.8%, and the monthly production of soft drinks was 10.457 million tons, a year - on - year increase of 0.4% [57]. 3.4 Option and Stock - Related Markets - **Option Market**: Information on the implied volatility of at - the - money options of white sugar this week was presented, but no specific data was provided [58]. - **Stock Market**: Information on the price - earnings ratio of Nanning Sugar Industry was presented, but no specific data was provided [63].

本周观点 | 品种 | 逻辑驱动 【现货市场】：现货价格普遍下跌，柳州现货价周环比下跌1.88%至5230元/吨， | 策略及风险提示 预计未来1-2周， 白糖价格在供应 压力主导下，将 继续维持弱势震 荡探底格局，关 | | --- | --- | --- | | | 市场情绪悲观，看跌比例高达70%。基差走强至142元/吨，周环比激增1320%，反 映期货跌幅大于现货。 【期货市场】：主力合约价格周内下跌2.29%，收于5088元/吨，跌破前期支撑。 持仓量大幅增加21.8%至52.3万手，显示空头增仓压力显著，价格波动呈现单边下 行特征。 【供应方面】：国内新榨季全面展开，南方糖厂集中开榨，新糖上市供应压力持 | 注成本线附近的 支撑力度。 风险提示： 1.原糖价格企稳 反弹，若国际糖 价因北半球生产 | | | 续。仓单及有效预报合计5101张，周环比激增142.79%，印证新糖注册压力。 | 不及预期等因素 | | | 【需求方面】：终端采购谨慎，需求表现平淡。市场看跌情绪浓厚，看跌比例环 | 止跌回升，可能 | | | 比增长27.27%至70%，显示下游对后市普遍不乐观。 | 带动国内超跌反 | ...

业务咨询 添加客服 目录 1、周度要点小结 2、期现市场 3、产业情况 4、期权及股市关联市场 「 周度要点小结」 瑞达期货研究院 「2025.12.19」 白糖市场周报 研究员：王翠冰 期货从业资格号F03139616 期货投资咨询从业证Z0021556 关 注 微信客 服 号 未来关注因素： 1、国内新糖开榨情况 2、需求 3 「 期现市场情况」 本周美糖市场 图1、ICE美糖主力合约价格与CFTC原糖净持仓走势 行情回顾：本周郑糖2601合约价格下跌，周度跌幅约2.42%。 行情展望：据巴西蔗糖工业协会Unica称，2025年11月下半月巴西中南部地区压榨 甘蔗1599.3万吨，同比下降21.08%；产糖72.4万吨，同比下降32.94%；11月下半 月巴西甘蔗压榨及产糖同比均下滑，巴西压榨进入尾声，供应进入季节性减少阶段。 国内市场，甘蔗开榨糖厂陆续增加，国产糖工业库存进入季节性增长态势，截至目 前不完全统计，25/26榨季广西已开榨糖厂68家，同比减少6家；云南开榨糖厂已 达31家，同比增加2家。不过11月食糖进口量环比、同比均减少，进口糖进度明显 放缓，海关总署公布的数据显示，2025年11月份， ...

瑞达期货研究院 「2025.12.12」 白糖市场周报 研究员：王翠冰 期货从业资格号F03139616 期货投资咨询从业证Z0021556 关 注 微信客 服 号 目录 1、周度要点小结 2、期现市场 3、产业情况 4、期权及股市关联市场 「 周度要点小结」 行情回顾：本周郑糖2601合约价格下跌，周度跌幅约0.36%。 行情展望：巴西航运机构Williams发布的数据显示，截至12月10日当周巴西港口等 待装运食糖的船只数量为44艘，此前一周为53艘。港口等待装运的食糖数量为 151.31万吨，此前一周182.6万吨下降17.14%。当周等待装运出口的食糖船只数量 减少。国内市场，目前加工糖、甜菜糖报价相对稳定，广西新糖陆续到达销区，市 场成交不佳的情况下，三种糖源竞争市场，对价格产生不利影响。截至目前不完全 统计，25/26榨季广西已开榨糖厂66家，同比减少5家；日榨甘蔗产能53.75万吨， 同比减少2.9万吨，下周预计将有4家糖厂开榨。云南开榨糖厂已达26家，同比增加 9家，糖厂开榨数量过半。总体上，新榨季压榨渐入高峰，供应持续增加，现货价 格走弱，缺乏利多驱动，预计后市糖价低位震荡运行为主。 未来关 ...

白糖产业日报 2025-12-01 | 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) | 5405 | 5 主力合约持仓量:白糖(日,手) | 350573 | -10944 -269 | | | 仓单数量:白糖(日,张) | 0 | 0 期货前20名持仓:净买单量:白糖(日,手) | -60675 | | | | 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/ | 183 | 0 | | | | 现货市场 | 吨) | 4172 | 15 进口加工估算价(配额内):泰国糖(日,元/ | 4218 | 12 15 | | | 进口巴糖估算价(配额外,50%关税)(日,元 | | 吨) | | | | | | 5289 | 18 进口泰糖估算价(配额外,50%关税)(日,元 | 5349 | | | | /吨) 云南昆明白糖现货价格(日,元/吨) | 5425 | -30 广西南宁白糖现货价格(日,元/吨) /吨) ...

瑞达期货研究院 「2025.11.28」 白糖市场周报 研究员：王翠冰 期货从业资格号F03139616 期货投资咨询从业证Z0021556 关 注 微信客 服 号 业务咨询 添加客服 目录 1、周度要点小结 2、期现市场 3、产业情况 4、期权及股市关联市场 「 周度要点小结」 行情回顾：本周郑糖2601合约价格反弹，周度涨幅约0.88%。 行情展望：巴西航运机构Williams发布的数据显示，截至11月26日当周巴西港口等 待装运食糖的船只数量为56艘，此前一周为61艘。港口等待装运的食糖数量为 206.72万吨，此前一周229.94万吨下降10.1%。当周等待装运出口的食糖船只数量 减少。国内市场，据不完全统计，截至当前，广西2025/26榨季已21家糖厂开榨， 同比减少36家；云南开榨糖厂已达9家，同比增加4家，广西甘蔗开榨相对延迟， 云南糖开榨进度快于去年同期。广西新糖上市，低价糖源进入市场，带动云南糖价 格下跌，加工糖、甜菜糖虽有一定冲击，但价格相对坚挺，给与广西糖价一定支撑。 另外市场最强利空基本消化，悲观情绪有所缓和，预计后市糖价震荡为主。 未来关注因素： 1、国内新糖开榨情况 2、需求 3 ...

本周观点 | 品种 | 逻辑驱动 | 策略及风险提示 | | --- | --- | --- | | 【现货市场】柳州现货价周跌3.19%至5470元/吨，基差收窄35%至117元/吨，市场 | 情绪偏悲观，看跌比例升至55%。 | | | 【期货市场】主力合约周跌2.14%至5353元/吨，持仓量增长12.55%至41.67万手， | | | | 预计未来1-2周 | | | | 价格连续五日收阴呈现单边下行特征。 | | | | 白糖期货将继续 | | | | 【供应方面】北半球新榨季稳步推进，印度截至11月15日产量达105万吨，国内广 | | | | 向下寻底，关注 | | | | 西新糖集中上市，植被指数显示产量预期良好。 | | | | 5300元/吨关键 | | | | 【需求方面】现货成交持续清淡，加工糖报价局部松动至5750-5890元/吨，消费 | | | | 支撑位表现。 | | | | 支撑明显减弱。 | | | | 风险提示：广西 | | | | 白糖 | 【进口出口】10月食糖进口75万吨同比增39.7%，1-10月累计进口同比增长13.8%， | | | 新糖集中上市加 | | ...

Report Industry Investment Rating - Not available Core View of the Report - This week, the price of the Zhengzhou Sugar 2601 contract fell, with a weekly decline of about 2.12%. The international sugar market is moving towards a looser supply situation, and the raw sugar market lacks positive drivers, with prices remaining low. In the domestic market, the new sugar - crushing season has fully started. As of now, 5 sugar mills in Yunnan and 9 in Guangxi have started crushing, 17 fewer than the same period last year, and the start - up of some sugar mills has been delayed due to rainfall. With the low international raw sugar prices, processing enterprises have high sales profits, and the import of sugar increased significantly in October. The short - term sugar price shows no sign of stopping the decline and is expected to remain weak [5]. Summary by Relevant Catalogs 1. Week - on - Week Summary - **Market Review**: The price of the Zhengzhou Sugar 2601 contract fell this week, with a weekly decline of about 2.12% [5]. - **Market Outlook**: The international sugar market supply is loosening, and the raw sugar price remains low. In the domestic market, the new crushing season has started, but some mills' operations are delayed. The import supply pressure is obvious, and the short - term sugar price is expected to remain weak [5]. - **Future Focus**: Domestic new sugar crushing situation and demand [6] 2. Futures and Spot Market Futures Market - **ICE US Sugar**: The price of the US Sugar March contract fell this week, with a weekly decline of about 1.14%. As of September 30, 2025, the non - commercial raw sugar futures net short position was 105,207 lots, a decrease of 20,421 lots from the previous week. Long positions increased by 8,568 lots to 181,603 lots, and short positions decreased by 11,853 lots to 286,810 lots [12]. - **Zhengzhou Sugar**: The price of the Zhengzhou Sugar 2601 contract fell this week, with a weekly decline of about 2.12%. The top 20 net positions in the sugar futures were - 65,367 lots, and the number of Zhengzhou sugar warehouse receipts was 7,971 [19][27]. Spot Market - **International Raw Sugar**: The international raw sugar spot price this week was 14.11 cents per pound, up 0.28 cents per pound from last week [16]. - **Domestic Sugar**: As of November 21, the new sugar price in Liuzhou, Guangxi was 5,670 - 5,680 yuan per ton [35]. - **Imported Sugar Profit**: This week, the estimated profit of Brazilian sugar within the quota was 1,728 yuan per ton, down 14 yuan per ton from last week; the estimated profit outside the quota was 390 yuan per ton, down 46 yuan per ton. The estimated profit of Thai sugar within the quota was 1,377 yuan per ton, down 79 yuan per ton; outside the quota was 275 yuan per ton, down 88 yuan per ton [42]. 3. Industry Chain Situation Supply Side - **Production**: As of the end of October 2025, the total sugar production in the 2024/25 sugar - making season in China was 11.1621 million tons, an increase of 1.1989 million tons or 12.03% year - on - year [47]. - **Industrial Inventory**: As of August 2025, the domestic sugar industrial inventory was 1.1623 million tons, a decrease of 450,000 tons or 27.91% month - on - month, and an increase of 60,100 tons or 5.45% year - on - year [50]. - **Import Volume**: In October 2025, China's sugar import volume was 750,000 tons, a year - on - year increase of 39.62% and a month - on - month increase of 200,000 tons. From January to October 2025, the cumulative sugar import volume was 3.9 million tons, a year - on - year increase of 12.12% [54]. Demand Side - **Sales Rate**: As of the end of October 2025, the sugar mills in the 2024/25 crushing season had all stopped crushing. The total sugar production in this season was 11.1621 million tons, an increase of 1.1989 million tons or 12.03% year - on - year [60]. - **Related Product Output**: In October 2025, China's monthly output of refined sugar was 883,000 tons, a year - on - year increase of 36.1%. The monthly output of soft drinks was 10.962 million tons, a year - on - year decrease of 1.3% [64]. 4. Options and Stock Market - Related Market - **Options Market**: The implied volatility of at - the - money options for sugar this week is shown in the relevant chart, but no specific data is provided [65]. - **Stock Market**: The chart shows the price - to - earnings ratio of Nanning Sugar Industry, but no specific data is provided [70].

Core Insights - The average price of domestic first-grade white sugar decreased by 1.89% from 5646 CNY/ton at the beginning of the week to 5540 CNY/ton by the weekend [1] - As of November 21, nearly 20 sugar factories in Guangxi have started operations, with more expected to begin next week, marking the peak of the sugar production season [2] - The market is experiencing a divergence in expectations regarding future sugar prices, with no signs of a bottoming out trend observed [3] Price Trends - The closing price for the main white sugar futures contract on November 21 was 5353 CNY/ton, reflecting a decline of 0.48% [1] - The highest and lowest prices during the day were 5389 CNY/ton and 5342 CNY/ton, respectively, with a trading volume of 179,690 contracts [1] Supply and Demand Dynamics - Domestic sugar supply is expected to be ample due to the increased number of sugar factories commencing operations [2] - There has been a notable decline in the import of sugar syrup and premixed powder in October, although the levels remain above market expectations [3] International Market Influences - The Indian Sugar Mills Association has welcomed the government's decision to allow sugar exports and is advocating for an increase in the minimum selling price to 41 INR/kg [2] - The sugar production progress in India and Thailand is being monitored as a key indicator for raw sugar prices [3]

Report Summary 1. Report Industry Investment Rating - Not provided in the content 2. Core Viewpoints - This week, the price of the Zhengzhou Sugar 2601 contract decreased slightly, with a weekly decline of about 0.47%. Brazil exported 4.205 million tons of sugar in October, a 13% year - on - year increase. From the 2025/26 sugar season (April - March of the following year) to October 2025, Brazil's cumulative sugar exports were 21.9568 million tons, a 5.27% year - on - year decrease. With strong production increase expectations in India and Thailand, the rebound of the raw sugar price is weak. China's sugar market is less affected by the decline due to import quotas and policies. Guangxi sugar mills are mainly focused on inventory reduction, and the new sugar season is expected to start in mid - to late November, providing some sales opportunities for old sugar. The overall market lacks driving factors, and the price will remain low in the short term. It is recommended to wait and see for the Zhengzhou Sugar 2601 contract in the short term [5]. 3. Directory Summaries 3.1 Weekly Key Points Summary - **Market Review**: The price of the Zhengzhou Sugar 2601 contract decreased slightly this week, with a weekly decline of about 0.47% [5]. - **Market Outlook**: Brazil's sugar exports in October increased year - on - year, but the current sugar season is ending, and exports are expected to decline seasonally. With strong production increase expectations in India and Thailand, the raw sugar price rebounds weakly. China's market is less affected by the decline. Guangxi sugar mills are reducing inventory, and the new sugar season may start late, providing sales opportunities for old sugar. The market lacks driving factors, and the price will be low in the short term. Attention should be paid to the import data for October [5]. - **Trading Strategy**: It is recommended to wait and see for the Zhengzhou Sugar 2601 contract in the short term [5]. - **Future Concerns**: Domestic production and sales, and new - season production estimates [6] 3.2 Futures and Spot Market - **International Raw Sugar Spot Price**: This week, the international raw sugar spot price was 14.17 cents per pound, a decrease of 0.72 cents per pound from last week [15]. - **Zhengzhou Sugar Futures**: The price of the Zhengzhou Sugar 2601 contract decreased slightly this week, with a weekly decline of about 0.47%. The latest price was 5457 yuan, up 17 yuan or 0.31%. The trading volume was 140,737 lots, and the open interest was 371,961 lots, a decrease of 486 lots [17]. - **Zhengzhou Sugar Futures Top 20 Positions**: This week, the net position of the top 20 in the Zhengzhou sugar futures was - 58,458 lots, and the number of Zhengzhou sugar warehouse receipts was 7,382 [23]. - **Zhengzhou Sugar Futures Contract Spread**: This week, the spread between the 1 - 5 contracts of Zhengzhou sugar futures was + 60 yuan per ton, and the spot - Zhengzhou sugar basis was + 303 yuan per ton [27]. - **Spot Market Price**: As of November 7, the price of Liuzhou sugar in Guangxi was 5,760 yuan per ton, and the spot price of Kunming sugar in Yunnan was 5,650 yuan per ton [31]. - **Imported Sugar Cost and Profit**: This week, the estimated profit of Brazilian sugar within the quota was 1,754 yuan per ton, a decrease of 6 yuan per ton from last week; the estimated profit of Brazilian sugar outside the quota was 541 yuan per ton, an increase of 32 yuan per ton from last week. The estimated profit of Thai sugar within the quota was 1,530 yuan per ton, an increase of 18 yuan per ton from last week; the estimated profit of Thai sugar outside the quota was 456 yuan per ton, an increase of 24 yuan per ton from last week [37]. 3.3 Industrial Chain Situation - **Supply - Production**: As of the end of October 2025, the national sugar production in the 2024/25 sugar - making season was 11.1621 million tons, an increase of 1.1989 million tons or 12.03% year - on - year [42]. - **Supply - Industrial Inventory**: As of August 2025, the domestic sugar industrial inventory was 1.1623 million tons, a decrease of 450,000 tons or 27.91% month - on - month, and an increase of 60,100 tons or 5.45% year - on - year [45]. - **Supply - Import Volume**: In September 2025, China's sugar import volume was 550,000 tons, a 27.78% year - on - year increase and a decrease of 280,000 tons month - on - month. From January to September 2025, the cumulative sugar import volume was 3.16 million tons, a 7.89% year - on - year increase [49]. - **Demand - Sales Rate**: As of the end of October 2025, the sugar mills in the 2024/25 sugar season had all stopped production. The national sugar production in this sugar - making season was 11.1621 million tons, an increase of 1.1989 million tons or 12.03% year - on - year [55]. - **Demand - Finished Sugar and Soft Drink Production**: In September 2025, China's monthly production of finished sugar was 539,100 tons, a 35.4% year - on - year increase. The monthly production of soft drinks was 15.9167 million tons, a 1.9% year - on - year decrease [59]. 3.4 Option and Stock - Related Market - **Option Market**: The implied volatility of the at - the - money options of sugar this week is presented in the relevant chart, but no specific data is provided in the text [61]. - **Stock Market - Nanning Sugar Industry**: The price - to - earnings ratio chart of Nanning Sugar Industry is provided, but no specific analysis is given [65].