Group 1: Report Industry Investment Rating - No relevant content provided Group 2: Core Viewpoints of the Report - The night - session of foreign sugar rebounded after hitting the bottom. The main contract 09 of Zhengzhou sugar should focus on the support around 5800. The adjustment at the current position is basically in place, and short - term long positions can be considered on dips during intraday trading [5][8] Group 3: Summary According to the Table of Contents 1. Previous Day's Review - No relevant content provided 2. Daily Tips - **Fundamentals**: Conab estimates that Brazil's sugar production in the 25/26 season will increase by 4% year - on - year to 45.9 million tons; USDA predicts a 2% increase to 44.7 million tons. Since January 1, 2025, the tariff on imported syrup and premixed powder has been adjusted from 12% to 20%, approaching the out - of - quota tariff for raw sugar. As of the end of March 2025, the cumulative sugar production in the 24/25 season in China was 10.7479 million tons; the cumulative sugar sales were 5.9958 million tons; the sales rate was 55.79% (49.46% in the same period last year). In March 2025, China imported 70,000 tons of sugar, an increase of 60,000 tons year - on - year, and the total import of syrup and premixed powder was 132,800 tons, a decrease of 24,600 tons year - on - year. The overall situation is neutral [4] - **Basis**: The spot price in Liuzhou is 6210, and the basis is 397 (for the 09 contract), with the spot price at a premium to the futures price, which is bullish [4] - **Inventory**: As of the end of March, the industrial inventory in the 24/25 sugar - crushing season was 4.7521 million tons, which is bullish [4] - **Market Trend**: The 20 - day moving average is downward, and the K - line is below the 20 - day moving average, which is bearish [5] - **Main Position**: The position is bullish, the net long position has increased, but the main trend is not clear, which is bullish [5] - **Likely Factors**: Bullish factors include good domestic spot sales, the arrival of the Dragon Boat Festival peak season, the inverted price of imported sugar, reduced imports, lower inventory, and increased syrup tariffs. Bearish factors are the increase in global sugar production and the expected global supply surplus in the new season [6] 3. Today's Focus - No relevant content provided 4. Fundamental Data - **USDA Global Sugar Supply - Demand Balance Sheet**: Data from 2017 - 2024 shows changes in initial inventory, total sugar production, total supply, domestic consumption, total consumption, ending inventory, and inventory - to - consumption ratio [36] - **Rural Ministry's Sugar Supply - Demand Balance Sheet**: Data from 2022/23 - 2024/25 (April forecast) includes sugar - crop planting area, harvest area, yield per unit area, sugar production, imports, consumption, balance changes, international and domestic sugar prices [38] - **Brick's Domestic Sugar Supply - Demand Balance Sheet**: Data from 2017 - 2024 shows initial inventory, production, imports, total domestic supply, domestic consumption, total domestic consumption, ending inventory, and inventory - to - consumption ratio [41] 5. Position Data - No relevant content provided