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白糖市场周报-20251010
Rui Da Qi Huo· 2025-10-10 09:11
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 瑞达期货研究院 「2025.10.10」 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 行情展望:巴西对外贸易秘书处公布的出口数据显示,巴西9月份出口食糖324.58 万吨,环比减少49.32万吨,同比减少16.3%。巴西2025/26榨季(4月-次年3月) 以来,截至2025年9月巴西糖累计出口1775万吨,同比减少8.73%,巴西出口糖环 比减少,受国际糖价下跌及需求疲软等多重因素影响,显示出当前巴西糖出口正面 临较大压力。国内市场:受台风"麦德姆"带来强降雨影响,广西部分甘蔗出现倒 伏等情况,产量或带来影响。不过北方甜菜产区糖厂陆续开机生产,加之9月关税 配额外原糖预报到港数量为46万吨,供应将逐渐增加。 交易策略:操作上,建议郑糖2601合约短期偏空对待。 未来关注因素: 「 周度要点小结」 行情回顾:本周郑糖2601合约价格微涨,周度涨幅约0.05%。 1、国内产销情况 2、新季产量 3 「 期现市场情况」 本周美糖市场 图1、 ...
白糖日报-20251010
Jian Xin Qi Huo· 2025-10-10 01:48
行业 白糖日报 日期 2025 年 10 月 10 日 研究员:王海峰 021-60635728 wanghaifeng@ccb.ccbfutures.com 期货从业资格号:F0230741 021-60635740 linzhenlei@ccb.ccbfutures.com 期货从业资格号:F3055047 农产品研究团队 研究员:林贞磊 研究员:余兰兰 研究员:洪辰亮 请阅读正文后的声明 #summary# 每日报告 一、行情回顾与操作建议 | 表1:期货行情 | | | | | | | --- | --- | --- | --- | --- | --- | | 合约 | 收盘价(元/吨 美分/磅) | 涨跌 | 涨跌幅 | 持仓量(张) | 增减 | | SR601 | 5528 | 38 | 0.69% | 373744 | -14293 | | SR605 | 5492 | 42 | 0.77% | 64062 | -1687 | | 美糖 03 | 16.60 | 0.15 | 0.91% | 464803 | -2953 | | 美糖 05 | 16.14 | 0.15 | 0.94% | 1 ...
白糖早报-20251010
Da Yue Qi Huo· 2025-10-10 01:31
交易咨询业务资格:证监许可【2012】1091号 白糖早报——2025年10月10日 大越期货投资咨询部 王明伟 从业资格证号:F0283029 投资咨询证号: Z0010442 联系方式:0575-85226759 重要提示:本报告非期货交易咨询业务项下服务,其中的观点和信息仅作参考之用,不构成对任何人的投资建议。 我司不会因为关注、收到或阅读本报告内容而视相关人员为客户;市场有风险,投资需谨慎。 CONTENTS 目 录 1 前日回顾 2 每日提示 3 4 5 今日关注 基本面数据 持仓数据 1、基本面:Czarnikow:上调25/26年度全球食糖过剩预期至740万吨,比8月份预估高出120万吨。 StoneX:预计25/26年度全球糖市供应过剩277万吨。ISO:预计25/26年度全球食糖供应缺口为23.1 万吨,比之前预计缺口大幅减少。2025年8月底,24/25年度本期制糖全国累计产糖1116.21万吨; 全国累计销糖1000万吨;销糖率89.6%。2025年8月中国进口食糖83万吨,同比增加6万吨;进口糖 浆及预混粉等三项合计11.55万吨,同比减少15.57万吨。偏空。 2、基差:柳州现货58 ...
银河期货白糖日报-20250925
Yin He Qi Huo· 2025-09-25 11:51
大宗商品研究所 农产品研发报告 白糖日报 2025 年 9 月 25 日 白糖日报 第一部分 数据分析 研究员:刘倩楠 期货从业证号: F3013727 投资咨询证号: 联系方式: liuqiannan_qh@china stock.com.cn | 期货盘面 | | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 期货 | | 收盘价 | 涨跌 | 涨跌幅 | 成交量 | 增减量 | 持仓量 | 增减量 | | SR09 | | 5,470 | -8 | -0.15% | 386 | -280 | 2,436 | 14 | | SR01 | | 5,485 | -12 | -0.22% | 212,995 | -74573 | 431,349 | -7657 | | SR05 | | 5,454 | -10 | -0.18% | 12,335 | -9493 | 64,361 | 388 | | 现货价格 | | | | | | | | | | 白糖 | | 柳州 | 昆明 | 武汉 | 南宁 | 鲅鱼圈 | 日 ...
白糖早报-20250924
Da Yue Qi Huo· 2025-09-24 02:00
交易咨询业务资格:证监许可【2012】1091号 白糖早报——2025年9月24日 大越期货投资咨询部 王明伟 从业资格证号:F0283029 投资咨询证号: Z0010442 联系方式:0575-85226759 重要提示:本报告非期货交易咨询业务项下服务,其中的观点和信息仅作参考之用,不构成对任何人的投资建议。 我司不会因为关注、收到或阅读本报告内容而视相关人员为客户;市场有风险,投资需谨慎。 CONTENTS 目 录 1 前日回顾 2 每日提示 3 4 5 今日关注 基本面数据 持仓数据 6、预期:临近十一长假,郑糖在连续多日下跌,创出近两年新低后,部分空单获利离场。主力01 出现技术性反弹走势,关注5500附近压力。 2、基差:柳州现货5890,基差446(01合约),升水期货;偏多。 3、库存:截至8月底24/25榨季工业库存116万吨;中性。 4、盘面:20日均线向下,k线在20日均线下方,偏空。 5、主力持仓:持仓偏空,净持仓空减,主力趋势不明朗,偏空。 利多:国内消费较好,库存降低,糖浆关税增加。美国 可乐改变配方使用蔗糖。 利空:白糖全球产量增加,新一年度全球供应过剩。外 糖价格在16美分/ ...
大越期货白糖周报-20250922
Da Yue Qi Huo· 2025-09-22 04:04
白糖周报(9.15-9.19) 大越期货投资咨询部 王明伟 从业资格证号:F0283029 投资咨询证号: Z0010442 联系方式:0575-85226759 重要提示:本报告非期货交易咨询业务项下服务,其中的观点和信息仅作参考之用,不构成对任何人的投资建议。 我司不会因为关注、收到或阅读本报告内容而视相关人员为客户;市场有风险,投资需谨慎。 CONTENTS 目 录 1 前日回顾 2 每日提示 3 4 5 今日关注 基本面数据 持仓数据 本周回顾: 交易咨询业务资格:证监许可【2012】1091号 国际原糖再度跌至16美分下方,国内郑糖震荡下跌,创出近两年新低。国内消费旺季即将过去, 进口糖大幅增加,郑糖期货主力01总体震荡偏弱。 利多:国内消费较好,库存降低,糖浆关税增加。美国 可乐改变配方使用蔗糖。 利空:白糖全球产量增加,新一年度全球供应过剩。外 糖价格在16美分/磅附近震荡,进口利润窗口打开,进 口冲击加大。 • 重要提示:本报告非期货交易咨询业务项下服务,其中的观点和信息仅作参考之用,不构成对任何人的投资建 议。我司不会因为关注、收到或阅读本报告内容而视相关人员为客户;市场有风险,投资需谨慎。 ...
白糖日报-20250922
Jian Xin Qi Huo· 2025-09-22 02:00
Report Information - Report Name: Sugar Daily Report - Date: September 22, 2025 [2] - Researcher: Wang Haifeng, Lin Zhenlei, Yu Lanlan, Hong Chenliang, Liu Youran [3] 1. Report Industry Investment Rating - Not provided in the report 2. Core Viewpoints - On Thursday, New York raw sugar futures fluctuated weakly. The increase in production pressure led to the decline of raw sugar. Zhengzhou sugar was generally weaker than raw sugar, and the sharp decline at 5500 was mainly due to the efforts of speculative short - sellers. Whether they can continue to increase positions and drive down prices in the future is worthy of attention. India's sugar export in the new season may suppress global sugar prices [6][7][8]. 3. Summary by Directory 3.1 Market Review and Operation Suggestions - **Futures Market Conditions**: The main contract of New York raw sugar futures, the October contract, closed down 0.84% to 15.41 cents per pound. The December contract of London ICE white sugar futures closed down 1% to $454.60 per ton. The SR601 contract of Zhengzhou sugar closed at 5461 yuan per ton, down 35 yuan or 0.64%, with an increase of 17,853 positions. Domestic spot prices in production areas declined, with the price in Nanning at 5930 yuan and that in Kunming at 5760 yuan [7][8]. 3.2 Industry News - **Brazilian Sugar Production**: In the second half of August, the central - southern region of Brazil crushed 50.061 million tons of sugarcane, a year - on - year increase of 10.68%. Sugar production was 3.872 million tons, a year - on - year increase of 18.21%. Ethanol production decreased by 1.85% year - on - year to 2.42 billion liters. As of August 31, in the 2025/26 season, the cumulative sugarcane crushing was 403.942 million tons, a year - on - year decrease of 4.78%; cumulative sugar production was 26.758 million tons, a year - on - year decrease of 1.92%; cumulative ethanol production was 18.482 billion liters, a year - on - year decrease of 10.05% [9]. - **Indian Sugar Export**: India, the world's second - largest sugar producer, is expected to have sufficient surplus sugar stocks to allow sugar exports in the new season starting on October 1. Indian exports may suppress global sugar prices [9]. 3.3 Data Overview - Multiple data charts are presented, including spot trends, contract basis, price spreads, import profits, exchange warehouse receipts, exchange rate, and the trading and holding positions of the top 20 seats of the main contract of Zhengzhou sugar [12][14][19][21].
银河期货白糖日报-20250918
Yin He Qi Huo· 2025-09-18 11:21
白糖日报 2025 年 9 月 18 日 白糖日报 第一部分 数据分析 研究员:刘倩楠 大宗商品研究所 农产品研发报告 期货从业证号: F3013727 投资咨询证号: Z0014425 联系方式: liuqiannan_qh@china stock.com.cn | 期货盘面 | | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 期货 | | 收盘价 | 涨跌 | 涨跌幅 | 成交量 | 增减量 | 持仓量 | 增减量 | | SR09 | | 5,474 | -45 | -0.82% | 724 | 499 | 1,376 | 546 | | SR01 | | 5,474 | -55 | -0.99% | 315,458 | 155951 | 432,454 | 44260 | | SR05 | | 5,456 | -54 | -0.98% | 34,171 | 22477 | 52,980 | 9066 | | 现货价格 | | | | | | | | | | 白糖 | | 柳州 | 昆明 | 武汉 | 南 ...
新糖逐渐供应市场 预计白糖低位震荡运行为主
Jin Tou Wang· 2025-09-18 08:53
Group 1 - The current spot price of white sugar in Guangxi is 5764 CNY/ton, down by 13 CNY/ton, with processing sugar factory prices stable between 5950 to 6090 CNY/ton [1] - The futures market shows the main white sugar contract closing at 5474.00 CNY/ton, with a decline of 1.16%, and a trading volume of 315,458 lots on September 18 [1] - The price range for industrial-grade sugar varies, with domestic prices reported as low as 1780 CNY/ton in Henan province [1] Group 2 - In August, China's sugar imports reached 830,000 tons, a year-on-year increase of 7.5%, with total imports from January to August at 2.61 million tons, up by 5.1% [2] - Brazil's sugar production in the second half of August was 3.872 million tons, an increase of 18.21% compared to the same period last year, with cane crushing volume at 50.061 million tons, up by 10.68% [2] Group 3 - The analysis indicates that Brazil's sugar production is accelerating, with expectations of high yields from Thailand and India in the upcoming season [3] - Domestic sugar inventory is currently low, but significant imports are expected before October, while new sugar supply will gradually enter the market as northern regions begin harvesting [3]
白糖2601合约:期现价格上涨,郑糖短期震荡磨底
Sou Hu Cai Jing· 2025-09-15 03:41
Group 1 - The core viewpoint of the article indicates that both sugar futures and spot prices have risen, driven by increased sugarcane crushing and sugar production in Brazil [1] - As of Friday's close, the white sugar futures contract 2601 settled at 5540 yuan/ton, up 17 yuan/ton, a 0.31% increase [1] - In the Guangxi Nanning region, the spot price of white sugar was 5890 yuan/ton, up 10 yuan/ton, while in Yunnan Kunming, it was 5855 yuan/ton, up 20 yuan/ton [1] Group 2 - An industry survey of 11 analysts predicts that Brazil's central-south region will crush 49.5 million tons of sugarcane in the second half of August, a year-on-year increase of 9.5% [1] - Sugar production is expected to reach 3.84 million tons, a year-on-year increase of 17.3%, while ethanol production is forecasted at 2.4 billion liters, a decrease of 2.5% [1] - Domestic forecasts indicate that 48.94 million tons of raw sugar will arrive at ports outside the quota by August 2025, with 30.43 million tons expected in September [1] Group 3 - Market analysis suggests that the acceleration of sugarcane crushing in Brazil since August has led to a significant year-on-year increase in sugar production, with a record high sugar-to-ethanol ratio [1] - Despite the pressure on raw sugar futures prices due to increased production expectations in the northern hemisphere, the ethanol market provides some support, limiting the short-term downside for raw sugar [1] - The domestic sugar market has faced poor production and sales in August, raising concerns about potential policy relaxations on syrup, leading to a weaker market trend [1]