业务咨询 添加客服 瑞达期货研究院 「2026.01.30」 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2605合约价格上涨，周度涨幅约1.31%。 行情展望：北半球糖产量处于兑现阶段，短期缺乏趋势性行情，原糖价格预计延续 震荡。国内春节备货接近尾声，备货需求不及往年同期，现货价格支撑逐渐减弱。 基本面的利空延续至今，也在价格上得到充分体现。当前市场处于筑底阶段，市场 虽无明显利多因素，但利空因素逐步兑现，缺乏新的利空因素出现，价格继续下跌 受阻，短期预计震荡运行。后市关注产销数据的公布。 未来关注因素： 1、国内进口 2、需求 3 「 期现市场情况」 本周美糖市场 图2、CFTC美糖非商业净持仓情况 来源：wind 瑞达期货研究院 本周美糖3月合约期价下跌，周度跌幅约0.14%。 据美国商品期货交易委员会数据显示，截至2026年1月20日，非商业原糖期货净空持仓为178348手，较前一周增加12637手，多 头持仓 ...

研究员：王翠冰 期货从业资格号F03139616 期货投资咨询从业证Z0021556 瑞达期货研究院 「2026.01.23」 白糖市场周报 关 注 微信客 服 号 添加客服 业务咨询 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2605合约价格下跌，周度跌幅约1.48%。 行情展望：据巴西蔗糖工业协会Unica称，2025年12月下半月巴西中南部地区压榨 甘蔗217.1万吨，同比增加26.6%；产糖5.6万吨，同比下降14.90%；25/26榨季(25 年4月-26年3月)截至1月1日巴西中南部累计压榨甘蔗6.004亿吨，同比下滑2.28%， 累计产糖4022.2万吨，同比增加0.86%，累计制糖比50.82%，高于去年同期 48.16%的2.66%。以上数据可以看出，12月下半月巴西产糖量同比下降，压榨尾 声，可压榨甘蔗趋于减少，预计后市供应减少，提供原糖价格一定支撑。国内基本 面表现相对平淡，春节备货接近尾声，且销区港口货物持续增加，旺季不旺背景下， 现货价格下调，期货市场缺乏现货支撑，价格继续下探可能。 未来关注因素： 1、国内进口 ...

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].

Group 1: Report Overview - Report Title: "白糖市场弱势下行，供应压力主导盘面 -- 白糖周报2025年12月15日 - 19日" [1] - Author: Yang Jiangtao [1] - Professional Certificate Number: F03117249 [1] - Transaction Consultation Number: Z0022644 [1] - Contact Information: 0371 - 58620082 [1] Group 2: This Week's View Core View - The sugar market is in a downward trend, driven by supply pressure, with the price expected to maintain a weak and volatile bottom - seeking pattern in the next 1 - 2 weeks [3] Market Conditions - **Spot Market**: Spot prices generally declined. Liuzhou spot price dropped 1.88% week - on - week to 5,230 yuan/ton, and the market sentiment was pessimistic with a 70% bearish ratio. The basis strengthened to 142 yuan/ton, a 1320% week - on - week surge, indicating that the futures decline was greater than that of the spot [3] - **Futures Market**: The main contract price fell 2.29% during the week, closing at 5,088 yuan/ton, breaking through the previous support. The open interest increased significantly by 21.8% to 523,000 lots, showing significant short - position increasing pressure, and the price fluctuation showed a one - way downward feature [3] - **Supply**: The new domestic sugar - pressing season has fully started, with southern sugar mills starting production intensively, and the supply pressure of new sugar on the market continues. The total of warehouse receipts and valid forecasts was 5,101, a 142.79% week - on - week surge, confirming the registration pressure of new sugar [3] - **Demand**: Terminal procurement was cautious, and demand was weak. The bearish sentiment in the market was strong, with the bearish ratio increasing by 27.27% month - on - month to 70%, indicating that downstream players were generally pessimistic about the future market [3] - **Import and Export**: In October, the sugar import volume increased by 39.7% year - on - year, and the supply channels were loose. The in - quota import profit was substantial (1,861 yuan/ton for Brazilian sugar), and the out - of - quota profit was also positive, with the import window remaining open [3] - **Cost and Profit**: The domestic production cost supported the price, but the import processing cost decreased by 1.41% - 2.21% month - on - month. The out - of - quota import profit increased by 6.2% - 12.93% month - on - month, and the import hedging pressure remained high [3] - **Inventory**: The number of futures warehouse receipts was 3,611, a 491% week - on - week surge, and the valid forecast was 1,490. The inventory pressure was rapidly becoming apparent in the form of warehouse receipts [3] Group 3: Market Review Weekly Review | Category | Region | Last Friday | This Friday | Weekly Price Change | | --- | --- | --- | --- | --- | | Futures | 11 - day sugar continuous contract closing price | 15.1 | 14.82 | - 1.85% | | | Zhengzhou sugar main contract closing price | 5320 | 5088 | - 4.36% | | Spot | Nanning current price | 5340 | 5240 | - 1.87% | | | Liuzhou current price | 5330 | 5230 | - 1.88% | | | Kunming current price | 5280 | 5180 | - 1.89% | | | Rizhao Lingyunhai current price | 5800 | 5780 | - 0.34% | | Basis | Liuzhou sugar and main contract basis | 10 | 142 | 1320.00% | | | Warehouse receipt quantity | 611 | 3611 | 491.00% | | | Valid forecast | 1490 | 1490 | 0.00% | | | Total: Warehouse receipts + valid forecasts | 2101 | 5101 | 142.79% | | CFTC Non - commercial Position | Long | 337475 | | VALUE! | | | Short | 154913 | | VALUE! | | | Net long | - 182562 | | VALUE! | | Market Sentiment | Zhengzhou sugar bullish ratio (%) | 10 | 10 | 0 | | | Zhengzhou sugar bearish ratio (%) | 55 | 70 | 15 | | | Zhengzhou sugar neutral ratio (%) | 35 | 20 | - 15 | [6] Group 4: Fundamental Analysis China Sugar Production and Sales - Not detailed in the provided content China's Main Sugar - Producing Areas (Cane Sugar) - Not detailed in the provided content China's Main Sugar - Producing Areas (Beet Sugar) - Not detailed in the provided content China's White Sugar Industrial Inventory - Not detailed in the provided content China's Sugar Import and Export - Not detailed in the provided content China's Main Sugar Importing Countries - Not detailed in the provided content China's Sugar Import Cost and Profit | Country | Project | | Last Week's Price | This Week's Price | Price Change | | --- | --- | --- | --- | --- | --- | | Brazil | Processing cost | In - quota | 3960 | 3904 | - 1.41% | | | | Out - of - quota | 5050 | 4976 | - 1.47% | | | Import profit | In - quota | 1832 | 1861 | 1.58% | | | | Out - of - quota | 742 | 788 | 6.20% | | | Premium/discount | | - 0.19 | 0.03 | 115.79% | | | Shipping cost | | 37.08 | 35.27 | - 4.88% | | Thailand | Processing cost | In - quota | 4013 | 3926 | - 2.17% | | | Import profit | In - quota | 1779 | 1839 | 3.37% | | | | Out - of - quota | 5118 | 5005 | - 2.21% | | | | Out - of - quota | 673 | 760 | 12.93% | | | Premium/discount | | 0.89 | 0.89 | 0.00% | | | Shipping cost | | 18 | 18 | 0.00% | [31] Group 5: International Market Fundamentals Brazil's Available Sugar Volume - Not detailed in the provided content Brazil's Sugarcane Crushing Volume - Not detailed in the provided content Brazil's Sugar Production Volume - Not detailed in the provided content Brazil's Ethanol Production Volume - Not detailed in the provided content Brazil's Sugar Import and Export - Not detailed in the provided content International Raw Sugar Premium/Discount and Shipping Cost - Not detailed in the provided content

Report Overview - Report Title: Sugar Market Weekly Report [2] - Report Date: December 19, 2025 [2] - Researcher: Wang Cuibing [3] 1. Report Industry Investment Rating - Not provided in the report 2. Report Core View - This week, the price of the Zhengzhou Sugar 2601 contract declined with a weekly drop of about 2.42%. The Brazilian sugarcane crushing and sugar production in the second half of November 2025 decreased year - on - year, and the Brazilian crushing is coming to an end with a seasonal reduction in supply. In the domestic market, the number of sugar mills in operation is increasing, and the industrial inventory of domestic sugar is in a seasonal growth trend. However, the sugar import volume in November decreased both month - on - month and year - on - year. Overall, with sufficient supply and weak spot prices, the futures market is dragged down, and it is expected to maintain a weak operation in the later period [5]. 3. Summary by Relevant Catalogs 3.1 Week - on - Week Summary - **Market Performance**: The price of the Zhengzhou Sugar 2601 contract dropped by about 2.42% this week [5]. - **Supply Situation**: In Brazil, in the second half of November 2025, 15.993 million tons of sugarcane were crushed, a 21.08% year - on - year decrease, and 724,000 tons of sugar were produced, a 32.94% year - on - year decrease. In the domestic market, as of now, 68 sugar mills in Guangxi have started operation in the 2025/26 sugar - making season, 6 less than the same period last year; 31 sugar mills in Yunnan have started operation, 2 more than the same period last year. In November 2025, China's sugar import volume was 440,000 tons, a 41.3% month - on - month decrease and an 18.2% year - on - year decrease [5]. - **Market Outlook**: With sufficient supply and weak spot prices, the futures market is expected to remain weak. Future factors to watch include the domestic new sugar crushing situation and demand [5][6] 3.2 Futures and Spot Market - **US Sugar Market**: The price of the US Sugar March contract declined by about 4.17% this week. As of November 25, 2025, the non - commercial net short position of US raw sugar futures was 194,604 lots, an increase of 6,204 lots from the previous week [12]. - **International Raw Sugar Spot Price**: This week, the international raw sugar spot price was 14.58 cents per pound, an increase of 0.07 cents per pound from last week [16]. - **Zhengzhou Sugar Futures**: The price of the Zhengzhou Sugar 2605 contract dropped by about 2.42% this week. The net position of the top 20 in Zhengzhou sugar futures was - 86,656 lots, and the number of Zhengzhou sugar warehouse receipts was 3,611 [18][25]. - **Zhengzhou Sugar Contract Spread**: The spread between the 5 - 9 contracts of Zhengzhou sugar futures was - 7 yuan per ton, and the basis of spot - Zhengzhou sugar was + 292 yuan per ton [29]. - **Spot Market**: As of December 19, the new sugar price in Liuzhou, Guangxi was 5,380 yuan per ton, and the sugar price in Nanning was 5,310 yuan per ton [35]. - **Imported Sugar Cost and Profit**: This week, the estimated profit of Brazilian sugar within the quota was 1,308 yuan per ton, a decrease of 42 yuan per ton from last week; the estimated profit of Brazilian sugar outside the quota was 76 yuan per ton, a decrease of 52 yuan per ton from last week. The estimated profit of Thai sugar within the quota was 1,145 yuan per ton, a decrease of 30 yuan per ton from last week; the estimated profit of Thai sugar outside the quota was 48 yuan per ton, a decrease of 16 yuan per ton from last week [41] 3.3 Industrial Chain Situation - **Supply - Side - Production Increase**: As of the end of October 2025, the total sugar production in the 2024/25 sugar - making season was 11.1621 million tons, a year - on - year increase of 1.1989 million tons or 12.03% [45]. - **Supply - Side - Industrial Inventory**: As of August 2025, the domestic sugar industrial inventory was 1.1623 million tons, a month - on - month decrease of 450,000 tons or 27.91%, and a year - on - year increase of 60,100 tons or 5.45% [48]. - **Supply - Side - Imported Sugar Quantity**: In November 2025, China's sugar import volume was 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 import volume was 4.34 million tons, a year - on - year increase of 8.74% [52]. - **Demand - Side - Sugar Sales Rate**: As of the end of October 2025, the sugar mills in the 2024/25 sugar - making season had all completed the crushing process. The total sugar production in this sugar - making season was 11.1621 million tons, a year - on - year increase of 1.1989 million tons or 12.03% [58]. - **Demand - Side - Monthly Output of Refined Sugar and Soft Drinks**: In November 2025, China's monthly refined sugar output was 1.303 million tons, a year - on - year decrease of 3.8%. China's monthly soft drink output was 10.457 million tons, a year - on - year increase of 0.4% [62] 3.4 Option and Stock - Related Markets - **Option Market**: The report mentions the implied volatility of at - the - money options for sugar this week but does not provide specific data [63] - **Stock Market - Nanning Sugar Industry**: The report shows the price - to - earnings ratio chart of Nanning Sugar Industry but does not provide specific data [67]

Report Summary 1) Report Industry Investment Rating No information provided. 2) Core Viewpoints of the Report - This week, the price of the Zhengzhou Sugar 2601 contract declined, with a weekly drop of approximately 0.36%. The new sugar - making season is entering its peak, supply is increasing, and the spot price is weakening. Without positive drivers, the sugar price is expected to fluctuate at a low level in the future [5]. - Future factors to watch include the domestic new sugar crushing situation and demand [6]. 3) Summaries by Relevant Catalogs 3.1 Week - to - Week Summary - **Market Review**: The price of the Zhengzhou Sugar 2601 contract fell this week, with a weekly decline of about 0.36% [5]. - **Market Outlook**: As of the week ending December 10, the number of ships waiting to load sugar at Brazilian ports decreased to 44 from 53 the previous week, and the quantity of sugar waiting to be shipped dropped to 1.5131 million tons from 1.826 million tons, a 17.14% decline. In the domestic market, the prices of processed sugar and beet sugar are relatively stable. With the arrival of new sugar from Guangxi in the sales areas and poor market transactions, competition among the three sugar sources has a negative impact on prices. As of now, 66 sugar mills in Guangxi have started crushing in the 25/26 season, 5 fewer than the same period last year, with a daily sugar - cane crushing capacity of 537,500 tons, a decrease of 29,000 tons year - on - year. Four more mills are expected to start next week. In Yunnan, 26 sugar mills have started crushing, 9 more than last year, and more than half of the mills have begun operations [5]. 3.2 Futures and Spot Market - **US Sugar Futures**: The price of the US Sugar March contract rose this week, with a weekly increase of about 0.27%. As of November 4, 2025, the non - commercial net short position in raw sugar futures was 195,528 lots, an increase of 28,109 lots from the previous week. Long positions were 165,775 lots, up 1,384 lots, and short positions were 361,303 lots, an increase of 29,493 lots [12]. - **International Raw Sugar Spot Price**: This week, the international raw sugar spot price was 14.59 cents per pound, a decrease of 0.22 cents per pound from last week [16]. - **Zhengzhou Sugar Futures**: The price of the Zhengzhou Sugar 2605 contract declined this week, with a weekly drop of approximately 0.36%. The net position of the top 20 in Zhengzhou sugar futures was - 63,969 lots, and the number of Zhengzhou sugar warehouse receipts was 611 [20][27]. - **Zhengzhou Sugar Futures Spread**: The spread between the 5 - 9 contracts of Zhengzhou sugar futures was - 22 yuan/ton, and the spot - Zhengzhou sugar basis was + 246 yuan/ton [32]. - **Spot Market Price**: As of December 12, the new sugar price in Liuzhou, Guangxi was 5,460 yuan/ton, and the sugar price in Nanning was 5,400 yuan/ton [38]. - **Imported Sugar Cost and Profit**: This week, the estimated profit for in - quota Brazilian sugar was 1,380 yuan/ton, a decrease of 31 yuan/ton from last week; the estimated profit for out - of - quota Brazilian sugar was 128 yuan/ton, a decrease of 49 yuan/ton. The estimated profit for in - quota Thai sugar was 1,175 yuan/ton, a decrease of 53 yuan/ton; the estimated profit for out - of - quota Thai sugar was 64 yuan/ton, a decrease of 52 yuan/ton [44]. 3.3 Industry Chain Situation - **Supply Side - Production Increase**: 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 [48]. - **Supply Side - Industrial Inventory**: As of August 2025, the domestic sugar industrial inventory was 116,230 tons, a month - on - month decrease of 45,000 tons or 27.91%, and a year - on - year increase of 6,010 tons or 5.45% [51]. - **Supply Side - Imported Sugar Quantity**: In October 2025, China's sugar imports were 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 imports were 3.9 million tons, a year - on - year increase of 12.12% [55]. - **Demand Side - Sugar Sales Rate**: As of the end of October 2025, the sugar mills in the 2024/25 sugar - making 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 [61]. - **Demand Side - Finished Sugar and Soft Drink Production**: In October 2025, China's monthly finished sugar production was 883,000 tons, a year - on - year increase of 36.1%. The monthly soft drink production was 10.962 million tons, a year - on - year decrease of 1.3% [65]. 3.4 Option and Stock - Related Markets - **Option Market**: Information about the implied volatility of at - the - money options for sugar this week is presented, but no specific value is mentioned in the text [66]. - **Stock Market - Nanning Sugar Industry**: A chart of the price - to - earnings ratio of Nanning Sugar Industry is provided, but no specific analysis or value is given in the text [70].

Report Summary 1. Report Industry Investment Rating - Not provided in the content 2. Core View of the Report - The domestic sugar market has seen a situation where Guangxi's sugar cane crushing is relatively delayed while Yunnan's sugar crushing progress is faster than the same period last year. The listing of new sugar in Guangxi has led to a decline in Yunnan sugar prices, but processed sugar and beet sugar prices are relatively stable, providing support to Guangxi sugar prices. With the previous negative factors in the market basically digested and the pessimistic sentiment easing, it is expected that the sugar price will fluctuate in the future [2] 3. Summary by Relevant Catalogs Futures Market - The closing price of the main sugar futures contract is 5405 yuan/ton, with a change of 5; the main contract's open interest is 350,573 lots, a decrease of 10,944 lots; the number of sugar warehouse receipts is 0, with no change; the net long position of the top 20 futures holders is -60,675 lots; the effective warehouse receipt forecast for sugar is 183 pieces, with no change [2] 现货市场 - The estimated import processing price of Brazilian sugar within the quota is 4172 yuan/ton, an increase of 15; that of Thai sugar within the quota is 4218 yuan/ton, an increase of 12. The estimated import price of Brazilian sugar outside the quota (50% tariff) is 5289 yuan/ton, an increase of 18; that of Thai sugar outside the quota (50% tariff) is 5349 yuan/ton. The spot price of sugar in Kunming, Yunnan is 5425 yuan/ton, a decrease of 30; in Nanning, Guangxi is 5470 yuan/ton, with no change; in Liuzhou, Guangxi is 5565 yuan/ton, a decrease of 30 [2] Upstream Situation - The national sugar - crop sown area is 1480 thousand hectares, an increase of 60; the sown area of sugar cane in Guangxi is 840.33 thousand hectares, an increase of 5.24 [2] Industry Situation - The national total sugar production is 1236 tons, a decrease of 12; the cumulative sugar production in Yunnan is 1116.21 tons, an increase of 5.49; the cumulative sugar sales in Guangxi is 602.29 tons, an increase of 26.66; the total Brazilian sugar export is 420.5 tons, an increase of 95.92. The import volume of sugar in the current month is 75 tons, an increase of 20; the cumulative import volume is 390 tons, an increase of 74 [2] Downstream Situation - The monthly output of refined sugar is 88.3 tons, an increase of 34.39; the monthly output of soft drinks is 1096.2 tons, a decrease of 495.5 [2] Option Market - The implied volatility of at - the - money call options for sugar is 6.35%, an increase of 0.28; that of at - the - money put options is 6.35%, an increase of 0.28. The 20 - day historical volatility is 6.78%, a decrease of 0.07; the 60 - day historical volatility is 6.81%, a decrease of 0.02 [2] Industry News - As of October 14, 2025, the non - commercial net short position in raw sugar futures was 140,751 lots, an increase of 25,944 lots from the previous week. The long position was 173,974 lots, a decrease of 3,512 lots from the previous week, and the short position was 314,725 lots, an increase of 22,432 lots from the previous week. As of the week of November 26, the number of ships waiting to load sugar at Brazilian ports was 56, down from 61 in the previous week. The quantity of sugar waiting to be shipped was 2.0672 million tons, a 10.1% decrease from 2.2994 million tons in the previous week [2]

1. Report Industry Investment Rating - No relevant content provided 2. Core Viewpoints of the Report - This week, the price of the Zhengzhou Sugar 2601 contract rebounded with a weekly increase of about 0.88%. The number of ships waiting to load sugar at Brazilian ports decreased, and the amount of sugar waiting to be shipped also declined by 10.1%. In the domestic market, the sugar - cane crushing in Guangxi was relatively delayed, while the progress in Yunnan was faster than last year. The entry of low - priced new sugar from Guangxi into the market drove down the sugar price in Yunnan. Although processed sugar and beet sugar had some impact, their prices were relatively firm, providing support for the sugar price in Guangxi. With the market's major negative factors mostly digested and the pessimistic sentiment easing, the sugar price is expected to fluctuate in the future. Future factors to watch include the domestic new sugar crushing situation and demand [5]. 3. Summary by Relevant Catalogs 3.1 Week - to - Week Highlights - **Market Review**: This week, the price of the Zhengzhou Sugar 2601 contract rebounded with a weekly increase of about 0.88% [5]. - **Market Outlook**: As of the week of November 26, the number of ships waiting to load sugar at Brazilian ports decreased from 61 to 56, and the amount of sugar waiting to be shipped dropped from 229.94 million tons to 206.72 million tons, a 10.1% decline. In the domestic market, as of now, 21 sugar mills in Guangxi have started crushing in the 2025/26 season, 36 less than the same period last year, while 9 sugar mills in Yunnan have started, 4 more than last year. The new sugar from Guangxi entered the market, driving down the sugar price in Yunnan. The sugar price is expected to fluctuate in the future [5]. - **Future Focus**: Domestic new sugar crushing situation and demand [6] 3.2 Futures and Spot Market 3.2.1 US Sugar Market - The price of the US Sugar March contract rose this week, with a weekly increase of about 2.37%. As of October 7, 2025, the non - commercial net short position of raw sugar futures was 114,807 lots, an increase of 9,600 lots from the previous week. Long positions decreased by 4,117 lots to 177,486 lots, and short positions increased by 5,483 lots to 292,293 lots [10]. 3.2.2 International Raw Sugar Spot Market - This week, the international raw sugar spot price was 14.32 cents per pound, a decrease of 0.28 cents per pound from last week [17]. 3.2.3 Zhengzhou Sugar Futures Market - The price of the Zhengzhou Sugar 2601 contract rebounded this week, with a weekly increase of about 0.88%. The top 20 net position of Zhengzhou sugar futures was - 60,406 lots, the number of Zhengzhou sugar warehouse receipts was 0, and the valid forecast was 183 [21][27]. - The spread between the Zhengzhou Sugar 1 - 5 contracts was + 73 yuan/ton, and the spot - Zhengzhou sugar basis was + 215 yuan/ton [31]. 3.2.4 Spot Market - As of November 28, the new sugar price in Liuzhou, Guangxi was 5,615 yuan/ton [37]. - This week, the estimated profit of Brazilian sugar within the quota was 1,501 yuan/ton, a decrease of 142 yuan/ton from last week; the estimated profit outside the quota was 183 yuan/ton, a decrease of 140 yuan/ton from last week. The estimated profit of Thai sugar within the quota was 1,234 yuan/ton, a decrease of 79 yuan/ton from last week; the estimated profit outside the quota was 120 yuan/ton, a decrease of 89 yuan/ton from last week [43]. 3.3 Industry Chain Situation 3.3.1 Supply Side - 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 [47]. - 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]. - In October 2025, China's sugar imports were 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 imports were 3.9 million tons, a year - on - year increase of 12.12% [54]. 3.3.2 Demand Side - As of the end of October 2025, sugar mills in the 2024/25 crushing season had all stopped crushing. 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 [60]. - In October 2025, China's monthly production of refined sugar was 883,000 tons, a year - on - year increase of 36.1%. The monthly production of soft drinks was 10.962 million tons, a year - on - year decrease of 1.3% [64]. 3.4 Option and Stock - Related Markets - No specific content analysis for the option market is provided except for the figure of the implied volatility of the at - the - money option of Zhengzhou sugar this week. For the stock - related market, a figure of the price - earnings ratio of Nanning Sugar Industry is given, but no specific analysis [65][70].

Report Title - "Sugar Market Oscillates Downward, Supply Pressure Dominates the Market - Sugar Weekly Report from November 17th to 21st, 2025" [1] Report Author - Yang Jiangtao [1] 1. Report Industry Investment Rating - Not provided in the content 2. Core View of the Report - The current sugar market is in a unilateral downward phase. The core contradiction lies in the global supply surplus (ISO forecasts a surplus of 1.63 million tons in the 25/26 sugar season) and the pressure from the listing of new domestic sugar, coupled with the suppression of increased imports, causing prices to continuously break through key support levels. The short - term downward trend has not been reversed. It is expected that sugar futures will continue to search for a bottom in the next 1 - 2 weeks, and attention should be paid to the performance of the key support level at 5,300 yuan/ton [3] 3. Summary by Relevant Catalogs 3.1 Market Review 3.1.1 Weekly Review - In the futures market, the closing price of the No. 11 sugar continuous contract decreased by 1.20% from 14.96 to 14.78, and the closing price of the Zhengzhou sugar main contract decreased by 2.14% from 5,470 to 5,353. In the spot market, the current price in Nanning decreased by 3.18% to 5,480, in Liuzhou by 3.19% to 5,470, and in Kunming by 1.26% to 5,470. The current price of Rizhao Lingyunhai remained unchanged at 5,830. The basis between Liuzhou sugar and the main contract narrowed by 35.00% to 117. The number of warehouse receipts decreased by 7.55% to 7,971, and the total of warehouse receipts and valid forecasts decreased by 7.39% to 8,154. The bullish ratio of Zhengzhou sugar decreased by 10 percentage points to 10%, the bearish ratio increased by 10 percentage points to 55%, and the neutral ratio remained unchanged at 35% [5] 3.1.2 Domestic Futures and Spot - Not detailed in the provided content 3.1.3 Raw Sugar Futures - Not detailed in the provided content 3.2 Fundamental Analysis 3.2.1 China's Sugar Production and Sales - Not detailed in the provided content 3.2.2 Production and Sales of Sugarcane Sugar in Major Domestic Producing Areas - Not detailed in the provided content 3.2.3 Production and Sales of Beet Sugar in Major Domestic Producing Areas - Not detailed in the provided content 3.2.4 China's White Sugar Industrial Inventory - Not detailed in the provided content 3.2.5 China's Sugar Imports and Exports - In October, sugar imports reached 750,000 tons, a year - on - year increase of 39.7%. From January to October, cumulative imports increased by 13.8% year - on - year. Imported sugar continues to suppress the domestic market [3] 3.2.6 Major Sugar Importing Countries of China - Not detailed in the provided content 3.2.7 China's Sugar Import Cost and Profit - For Brazilian sugar, the in - quota processing cost increased by 1.60% to 3,929, the out - of - quota processing cost increased by 1.64% to 5,010. The in - quota import profit decreased by 4.02% to 1,910, and the out - of - quota import profit decreased by 10.66% to 830. For Thai sugar, the in - quota processing cost increased by 1.32% to 3,985, the out - of - quota processing cost increased by 1.38% to 5,083. The in - quota import profit decreased by 3.64% to 1,855, and the out - of - quota import profit decreased by 10.20% to 757 [30] 3.3 International Market Fundamentals 3.3.1 Available Sugar Volume in Brazil - Not detailed in the provided content 3.3.2 Sugarcane Crushing Volume in Brazil - Not detailed in the provided content 3.3.3 Sugar Production in Brazil - Not detailed in the provided content 3.3.4 Ethanol Production in Brazil - Not detailed in the provided content 3.3.5 Sugar Imports and Exports in Brazil - Not detailed in the provided content 3.3.6 International Raw Sugar Premiums and Freight Costs - Not detailed in the provided content

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].