Report's Investment Rating for the Industry No information provided. Core Viewpoints of the Report - In 2026, the global sugar market supply - demand fundamentals are bearish, with low - priced corn ethanol dragging down the valuation, and the New York raw sugar price is expected to be weak. The supply shortage in the domestic sugar market will narrow, the out - of - quota import window will open deeply, and the domestic market pricing is expected to be anchored to domestic production costs. The market will trade around the expectations of the total volume and rhythm of regular imports in the long term. The expected fluctuation range of Guangxi white sugar spot prices in the 25/26 sugar - crushing season is 5,200 - 5,800 yuan/ton [2][42]. Summary According to the Table of Contents 1. 2025 Sugar Futures Trend Review - The sugar futures showed a pattern of rising first and then falling in 2025. From January to March, the domestic sugar market was led by New York raw sugar and futures led the spot, with prices generally rising. From April, the New York raw sugar price dropped significantly from its high, pulling down domestic prices. From mid - May, the out - of - quota import cost fell below the spot price, pressing down the futures price. In October, the out - of - quota import cost dropped below the futures price, lowering the overall domestic valuation. In 2025, the domestic market generally had a positive basis, with the out - of - quota import cost fluctuating between 5,000 - 7,300 yuan/ton, the futures index between 5,200 - 6,200 yuan/ton, and the white sugar spot (Nanning) between 5,400 - 6,250 yuan/ton [5]. - The price trend was divided into three stages: from January to March, India's unexpected production cut and low precipitation in Brazil led to a surge in New York raw sugar; from April to June, a sharp drop in crude oil prices and accelerated sugar - cane crushing in Brazil caused the New York raw sugar to fall from its high; from July to December, with Brazil's output increasing and India's expected significant production increase, the New York raw sugar was weak at a low level, and the Zhengzhou sugar price fluctuated downward [8]. 2. 2026 Sugar Futures Outlook: Policy Support 2.1 International Market: Bearish Fundamentals, Corn Ethanol Dragging Down Valuation - **International Market Shifting from Supply Shortage to Surplus**: The 24/25 sugar - crushing season had a global sugar supply shortage, with different institutions estimating shortages ranging from 292 million tons to 700 million tons. In the 25/26 sugar - crushing season, the market is expected to have a surplus, with estimates of surplus ranging from 100 million tons to 1.14 billion tons [9]. - **Slight Increase in Brazil's Output**: In the 24/25 sugar - crushing season, Brazil's output decreased due to drought. In the 25/26 sugar - crushing season, although the sugar - cane crushing volume is expected to decline slightly, the sugar - making cane ratio (MIX) has increased, and the output is expected to increase by 90 million tons to 4.501 billion tons [11]. - **India's Output Recovering**: In the 24/25 sugar - crushing season, India's sugar output decreased more than expected. In the 25/26 sugar - crushing season, due to favorable monsoon precipitation in 2024 and 2025 and increasing sugar - cane purchase prices, different institutions expect India's sugar output to increase by 480 million tons to 700 million tons [16]. - **Thailand's Output Increasing and EU's Output Decreasing**: In the 25/26 sugar - crushing season, Thailand's sugar output is expected to increase due to the recovery of sugar - cane production and higher purchase prices. The EU's output is expected to decline due to reduced planting returns and drought [23]. - **Low - priced Corn Ethanol Dragging Down Raw Sugar Valuation**: In the 25/26 sugar - crushing season, Brazil's corn ethanol output is expected to increase by 21% year - on - year. India's ethanol sugar consumption is expected to remain flat, and the increase in ethanol demand is replaced by other competitors [26][27]. 2.2 Domestic Market: The Focus of Trading is the Total Import Volume and Structure - **Continued Increase in Domestic Output but a Still Large Supply Gap**: In the 24/25 sugar - crushing season, China's sugar output increased, and supply and demand were basically balanced. In the 25/26 sugar - crushing season, the output is expected to remain high, with a slight supply surplus and a cumulative inventory expectation [30][31]. - **Probable Increase in Domestic Sugar Production Costs**: In the 24/25 sugar - crushing season, Guangxi's sugar production cost decreased. In the 25/26 sugar - crushing season, if the sugar - cane purchase price remains unchanged, the production cost is likely to increase by 100 - 400 yuan/ton [34]. - **The Way to Fill the Supply Gap Determines the Pricing Anchor**: In the 25/26 sugar - crushing season, the domestic sugar supply shortage is expected to narrow to 400 million tons. The way to fill the gap determines the pricing anchor. The actual total import volume and rhythm will be the key indicators to observe import policy orientation [38]. 3. Conclusion and Investment Outlook - **Conclusion**: Internationally, increased production and inventory accumulation will put pressure on the New York raw sugar price. Domestically, the total import volume and structure remain the core of trading. In the 25/26 sugar - crushing season, if imports are strictly controlled, domestic market pricing will be anchored to domestic production costs [41]. - **Investment Outlook**: In 2026, the global sugar market is bearish, and the New York raw sugar price is expected to be weak. The domestic market supply shortage will narrow, and the domestic market pricing is expected to be anchored to domestic production costs. The expected fluctuation range of Guangxi white sugar spot prices in the 25/26 sugar - crushing season is 5,200 - 5,800 yuan/ton [42].

1. Report Industry Investment Rating - No relevant content provided 2. Core Viewpoints of the Report - The New York raw sugar futures fluctuated downward on Friday, with the main March contract closing down 1.08% to 14.66 cents per pound. The main March contract of London ICE white sugar futures closed down 0.9% to $418.80 per ton. The market is stimulated by the decline in Brazil's sugar - making ratio and early harvest, and the dry weather in central - southern Brazil supports the sugar price, while the increasing supply in the Northern Hemisphere suppresses it [7]. - The main contract of Zhengzhou sugar weakened yesterday. The 05 contract closed at 5,225 yuan per ton, down 21 yuan or 0.4%, with an increase of 24,848 positions. The domestic new sugar price remained stable. Fundamentally, the number of sugar mills in the south starting production is increasing, the market lacks confidence, and downstream purchasing willingness is low. The 01 contract of Zhengzhou sugar is stable due to the scarcity of warehouse receipts, and short - selling funds continue to suppress the 05 contract [8]. 3. Summary by Relevant Catalogs 3.1 Market Review and Operation Suggestions - **Futures Market Quotes**: SR601 closed at 5,328 yuan per ton, down 0.22%, with a position of 241,501 lots; SR605 closed at 5,225 yuan per ton, down 0.40%, with a position of 349,420 lots; US sugar 03 closed at 14.66 cents per pound, down 1.08%, with a position of 454,182 lots; US sugar 05 closed at 14.30 cents per pound, down 0.97%, with a position of 196,694 lots [7]. - **Analysis of Market Conditions**: The New York raw sugar futures and London ICE white sugar futures both declined. The domestic Zhengzhou sugar main contract also weakened. The domestic new sugar price remained stable, and the supply in the south increased while the downstream demand was weak [7][8]. 3.2 Industry News - **Thailand**: Due to the sharp drop in sugar prices and the disease in some sugarcane fields, Thai sugarcane farmers are turning to cassava. The 2025/26 sugar production is expected to increase by 6% year - on - year to 10.7 million tons, but may decline by 7.5% to 9.9 million tons in 2026/27. The 2025/26 sugarcane purchase price is expected to drop by 22% year - on - year to 900 Thai baht per ton (about $28.29) [9]. - **Yunnan, China**: From December 8 - 10, 10 new sugar mills started production in Yunnan, and 2 more are expected to start this week. As of now, 26 sugar mills have started production in the 2025/26 season, 9 more than the same period last year, with an expected daily sugarcane crushing capacity of 99,600 tons, an increase of 43,100 tons compared to the same period last year [9]. - **Brazil**: Brazil exported about 3.3023 million tons of sugar in November, a year - on - year decrease of 2.48%. From April to November in the 2025/26 season, Brazil cumulatively exported 25.2591 million tons of sugar, a year - on - year decrease of 4.91% [9]. - **India**: The average production cost of sugar in India has risen to 41.72 rupees per kilogram. The industry calls for an increase in the minimum selling price of sugar, which has not changed for more than six years. From the start of the 2025 - 26 season to November 30, 2025, sugar production reached 4.108 million tons, compared with 2.876 million tons in the same period last year, and the number of sugar mills in operation increased to 428 from 376 last year [8][9]. 3.3 Data Overview - The report provides data on spot trends, 2601 contract basis, SR1 - 5 spread, Brazil raw sugar import profit, Zhengzhou Commodity Exchange warehouse receipts, Brazilian real exchange rate, and the trading and position data of the top 20 seats of the main contract of Zhengzhou sugar, with data sources mainly from Wind, Pan - Sugar Technology, and Zhengzhou Commodity Exchange [12][14][21]

白糖日报 2025 年 12 月 10 日 白糖日报 第一部分 数据分析 研究所 农产品研发报告 2025/12/10 收盘价 涨跌 涨跌幅 成交量 增减量 持仓量 增减量 5,245 -20 -0.38% 4,616 506 32,159 1518 5,328 -15 -0.28% 121,672 -32633 241,501 -18964 5,225 -22 -0.42% 127,493 24852 349,420 24848 柳州 昆明 武汉 南宁 鲅鱼圈 日照 西安 5480 5340 5740 5430 0 5650 5960 -25 -5 -70 0 0 -50 0 152 12 412 322 632 SR05-SR01 价差 涨跌 SR09-SR05 价差 涨跌 SR09-SR01 价差 涨跌 -103 -7 20 2 -83 -5 国别 ICE主力 升贴水 运费 配额内价格 配额外价格 与柳州价差 与日照价差 与盘面价差 巴西进口 14.77 (0.19) 37.75 3998 5077 403 573.00 251 泰国进口 14.77 0.89 18.00 4046 5141 339 5 ...

Report Information - Report Title: Sugar Daily Report [1] - Date: December 3, 2025 [2] - Research Team: Agricultural Products Research Team [4] - Researchers: Wang Haifeng, Lin Zhenlei, Yu Lanlan, Hong Chenliang, Liu Youran [3] Industry Investment Rating - Not provided Core Viewpoints - On Monday, New York raw sugar futures fell sharply. The main March contract closed down 3.09% to 14.74 cents per pound, and the London ICE white sugar futures main March contract closed down 3.3% to $421.10 per ton. The decline was due to the fulfillment of positive factors and the suppression of prices by Thailand's low purchase price and India's high - yield data [7]. - The main contract of Zhengzhou sugar oscillated downward yesterday. The 01 contract closed at 5,382 yuan per ton, down 14 yuan or 0.26%, with a reduction of 12,087 contracts. The new domestic sugar quotes were lowered. The fundamental situation is that the number of sugar mills in the south starting production is increasing, and the new sugar quotes are falling. The speculative short - sellers of Zhengzhou sugar 01 are gradually withdrawing, and funds are not eager to shift to far - month contracts, so it is likely to be in a weak oscillation in the near future [8]. Summary by Directory 1. Market Review and Operation Suggestions - **Futures Market Quotes** - SR601 closed at 5,382 yuan per ton, down 14 yuan or 0.26%, with a position of 338,486 contracts, a decrease of 12,087 contracts [7]. - SR605 closed at 5,316 yuan per ton, down 10 yuan or 0.19%, with a position of 221,789 contracts, an increase of 6,405 contracts [7]. - US sugar 03 closed at 14.74 cents per pound, down 0.47 cents or 3.09%, with a position of 469,342 contracts, a decrease of 4,366 contracts [7]. - US sugar 05 closed at 14.29 cents per pound, down 0.44 cents or 2.99%, with a position of 194,636 contracts, an increase of 2,707 contracts [7]. - **Domestic Sugar Market** - The main contract of Zhengzhou sugar oscillated downward. The new domestic sugar quotes were lowered, with Nanning at 5,510 yuan per ton and Kunming at 5,460 yuan per ton. The number of sugar mills in the south starting production increased, and the new sugar quotes declined. The speculative short - sellers of Zhengzhou sugar 01 were withdrawing, and it was likely to be in a weak oscillation in the near future [8]. 2. Industry News - **Brazil** - In the first half of November in the central - southern region of Brazil, 18.7614 million tons of sugarcane were crushed, a year - on - year increase of 14.34%; 983,000 tons of sugar were produced, a year - on - year increase of 78,600 tons; the sugar - cane ratio was 38.61%, compared with 43% in the same period last year and a 7.41 - percentage - point decrease from 46.02% in the second half of October; the sugar yield was 142.42 kg/ton, compared with 133.09 kg/ton last year [9]. - As of the first half of November in the 2024/25 sugar - making season, the central - southern region of Brazil had cumulatively crushed 576 million tons of sugarcane, a year - on - year decrease of 1.26%; the cumulative sugar production was 39.1789 million tons, a year - on - year increase of 800,400 tons; the cumulative sugar - cane ratio was 51.54%, compared with 48.45% in the same period of the previous year; the cumulative sugar yield was 138.46 kg/ton (compared with 142.31 kg/ton last year) [9]. - In the first half of November, 42 more factories in southern Brazil stopped production, and the cumulative number in the season reached 120, significantly more than 70 in the same period last year [9]. - **India** - As of November 30, 2025, India had crushed 48.6 million tons of sugarcane (33.4 million tons in the same period last year) and produced 4.135 million tons of sugar (2.76 million tons in the same period last year). The average sugar yield at the end of November was 8.51%, an increase from 8.27% in the same period last year. Except for some areas in Maharashtra and Karnataka, sugarcane harvesting and pressing work were progressing in full swing [9]. - **Thailand** - The Thai Sugarcane and Sugar Board announced that at the meeting on November 28, 2025, the base price of sugarcane for the 2025/26 sugar - making season (Buddhist Era 68/69) was set at 890 Thai baht per ton (corresponding to a sugar content of 10%). The floating standard for the sugarcane price was 53.40 Thai baht per 1% sugar content, and the subsidy for sugar production and sales was 381.43 Thai baht per ton [9]. 3. Data Overview - **Figures** - The report includes figures such as the spot price trend (yuan/ton), the basis of the 2601 contract (yuan/ton), the SR1 - 5 spread (yuan/ton), the import profit of Brazilian raw sugar (yuan/ton), the number of Zhengzhou Commodity Exchange warehouse receipts (sheets), the exchange rate of the Brazilian real, and the trading volume and position of the top 20 seats of the main contract of Zhengzhou sugar [11][15][21][18] - **Top 20 Seats' Trading and Position Data** - The total trading volume was 234,468 lots, an increase of 35,928 lots; the total long - position volume was 243,001 lots, a decrease of 5,085 lots; the total short - position volume was 253,697 lots, a decrease of 14,347 lots [22]

Report Industry Investment Rating - Not provided Core View of the Report - Currently, the domestic white sugar spot price is stable with a slight decline, while the price of the ICE white sugar futures main contract continues to rebound. On the futures market, the price of the white sugar futures main contract (SR601) showed a strong and volatile trend throughout the day. In the short term, the price of the white sugar futures main contract (SR601) may still mainly show a wide - range volatile trend at a low level [13][14] Summary by Relevant Catalogs 1. Futures Market 1.1 Contract Market - On November 27, 2025, the price of the Zhengzhou Commodity Exchange white sugar futures main contract (SR601) showed a strong and volatile trend throughout the day, closing at 5403 yuan/ton, up 13 yuan/ton or 0.24% from the previous day. The trading volume was 169,362 lots, the open interest was 377,132 lots, and the daily increase in open interest was - 16,948 lots. The total long - position of the Top20 members in the white sugar futures main contract (SR601) was 264,682 lots, with a long - position difference of - 11,261 lots, and the total short - position of the Top20 members was 293,605 lots, with a short - position difference of - 11,422 lots [2] 1.2 Variety Price - SR601 closed at 5403 yuan/ton, up 13 yuan/ton with a gain of 0.24%, trading volume of 169,362 lots, open interest of 377,132 lots, and daily increase in open interest of - 16,948 lots, with an amplitude of 0.71%. SR603 closed at 5359 yuan/ton, up 0.11%, trading volume of 49,805 lots, open interest of 72,869 lots, and daily increase in open interest of 1,215 lots, with an amplitude of 0.62%. SR605 closed at 5325 yuan/ton, up 2 yuan/ton with a gain of 0.04%, trading volume of 51,529 lots, open interest of 203,314 lots, and daily increase in open interest of 12,561 lots, with an amplitude of 0.55%. SR607 closed at 2336 yuan/ton, up 7 yuan/ton with a gain of 0.13%, trading volume of 1,128 lots, open interest of 7,378 lots, and daily increase in open interest of - 82 lots, with an amplitude of 0.51% [3] 1.3 Option Market - Today, the total trading volume of white sugar options was 64,236 lots, with 40,557 lots of call options and 23,679 lots of put options. The open interest of the variety was 343,211 lots, with 221,343 lots of call options and 121,868 lots of put options. The open - interest PCR was 0.5506 [3] 2. Spot Market 2.1 Spot Quotation - According to Wind data, today's domestic white sugar spot quotation was 5,675 yuan/ton, up 19 yuan/ton from the previous observation day [4] 2.2 Registered Warehouse Receipts - Today, the total number of registered white sugar futures warehouse receipts was 75, a decrease of 7,618 from the previous trading day. Mainly, COFCO Sugar and Yunnan Yingmao cancelled a total of 6,824 warehouse receipts [8] 3. Influencing Factors 3.1 External Market Quotes - On November 26, according to the data of Guojin Futures' market software, the opening price of the ICE raw sugar main contract was 14.9 cents/pound, the highest price was 15.19 cents/pound, the lowest price was 14.86 cents/pound, and the closing price was 15.12 cents/pound, up 0.21 cents/pound or 1.41% from the previous day. The open interest was 475,844 lots, and the daily increase in open interest was 940 lots [9] 3.2 Basis Data - Today's white sugar basis was 267 yuan/ton, and the basis weakened [12] 4. Market Outlook - The domestic white sugar spot price is stable with a slight decline, and the price of the ICE white sugar futures main contract continues to rebound. The price of the white sugar futures main contract (SR601) may still show a wide - range volatile trend at a low level in the short term [13][14]

行业 白糖日报 日期 2025 年 11 月 25 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 021-60635732 yulanlan@ccb.ccbfutures.com 期货从业资格号：F0301101 021-60635732 hongchenliang@ccb.ccbfutures .com 期货从业资格号：F3076808 研究员：刘悠然 021-60635570 liuyouran@ccb.ccbfutures.com 期货从业资格号：F03094925 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 ...

行业 白糖日报 日期 2025 年 11 月 19 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 ＃summary＃ 每日报告 一、行情回顾与操作建议 021-60635732 yulanlan@ccb.ccbfutures.com 期货从业资格号：F0301101 | 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 | | 5407 | -58 | -1.06% | 363213 | 4030 | | SR605 | | 5357 | -46 | -0.85% | 137483 | 8731 | | 美糖 | 03 | 14.75 | -0.21 | -1.40% | 480441 | -5459 ...

Report Summary 1. Report Industry Investment Rating No information about the industry investment rating is provided in the report. 2. Core View of the Report - Internationally, the production increase in major global sugar - producing areas is still being realized. Datagro has significantly lowered the global sugar surplus forecast, mainly due to the reduced sugar production expectations in Brazil and India. The international sugar price shows signs of bottom - grinding and is expected to fluctuate in the short term. - Domestically, in the short term, sugar mills are gradually starting production, increasing supply and sales pressure, with a weak fundamental situation. However, considering the tightened imports of syrup and premixed powder and relatively high previous pricing costs, domestic sugar production costs are high, providing some support for the futures price. Therefore, the Zhengzhou sugar price is expected to fluctuate within a range in the short term. In the long - term, due to the currently low foreign sugar prices, the cost of future priced sugar will be low, which is expected to have a certain negative impact on the sugar price, but the impact space is relatively limited [11]. 3. Summary by Relevant Catalogs First Part: Data Analysis - **Futures Disk**: SR09 closed at 5,421, up 16 (0.30%); SR01 closed at 5,512, up 34 (0.62%); SR05 closed at 5,433, up 22 (0.41%). The trading volume and open interest of each contract also showed different changes [6]. - **Spot Price**: The spot prices of sugar in different regions such as Liuzhou, Kunming, Wuhan, etc. are provided. The prices in Liuzhou, Wuhan, Nanning, Bayuquan, Rizhao, and Xi'an remained unchanged, while the price in Kunming decreased by 5 yuan/ton. The basis in different regions ranges from 118 to 608 yuan/ton [6]. - **Monthly Spread**: The spread of SR05 - SR01 is - 79, down 12; the spread of SR09 - SR05 is - 12, down 6; the spread of SR09 - SR01 is - 91, down 18 [6]. - **Import Profit**: For Brazilian imports, the quota - in price is 3994 yuan/ton, and the quota - out price is 5073 yuan/ton. For Thai imports, the quota - in price is 4050 yuan/ton, and the quota - out price is 5145 yuan/ton [6]. Second Part: Market Judgment - **Important Information** - As of November 13, 2025, in the 2025/26 sugar - crushing season, the number of sugar mills in Yunnan that have started production has reached 4, an increase of 1 compared to the same period last year, with a planned daily production capacity of 13,200 tons, an increase of 9,700 tons compared to the same period last year. Another sugar mill is expected to start production next week. - The French Ministry of Agriculture has lowered the forecast of sugar beet production in the 2025/26 sugar - crushing season to 33.7 million tons, a decrease of 500,000 tons from the previous forecast, but still 3.5% higher than the 2024/25 season and 8.7% higher than the average of the past five years. - On November 13, 2025, the Indonesian Minister of Agriculture stated that the country plans to achieve self - sufficiency in white sugar by 2026, supported by an investment of 22.2 billion US dollars in downstream plantations, animal husbandry, and horticulture [8][9][10]. - **Logic Analysis** - International: Global major sugar - producing areas are still experiencing increased production. Datagro has significantly lowered the global sugar surplus forecast, mainly due to reduced sugar production expectations in Brazil and India. The international sugar price shows signs of bottom - grinding and is expected to fluctuate in the short term. The Indian Sugar Mills Association (ISMA) estimates that the total sugar production in the 2025/26 sugar - crushing season will be 34.35 million tons, and the net sugar production will be 30.95 million tons after deducting the 3.4 million tons used for ethanol production. The Indian central government has allowed the export of 1.5 million tons of sugar in the 2025/26 sugar - crushing season. - Domestic: In the short term, sugar mills are gradually starting production, increasing supply and sales pressure, with a weak fundamental situation. However, considering the tightened imports of syrup and premixed powder and relatively high previous pricing costs, domestic sugar production costs are high, providing some support for the futures price. In the long - term, due to the currently low foreign sugar prices, the cost of future priced sugar will be low, which is expected to have a certain negative impact on the sugar price, but the impact space is relatively limited [11]. - **Trading Strategy** - **Single - side**: The international sugar price is in a fluctuating adjustment market. The domestic sugar price is expected to fluctuate, and it is recommended to operate within a range, selling high and buying low. - **Arbitrage**: Wait and see. - **Options**: Wait and see [12][15] Third Part: Relevant Attachments The report provides multiple charts, including the monthly inventory and cumulative sales - to - production ratio of sugar in Guangxi and Yunnan, the spot price of Liuzhou sugar, the spot price difference between Liuzhou and Kunming sugar, the basis of different contract months, and the price difference between different contract months [13][17][21][27][28][30]

Report Information - Report Name: Sugar Daily Report [1] - Date: September 18, 2025 [2] - Researcher: Wang Haifeng, Lin Zhenlei, Yu Lanlan, Hong Chenliang, Liu Youran [3] Industry Investment Rating - Not provided in the report Core View - The raw sugar price continues to fluctuate, and the sugar price movement is mainly due to low - level technical fluctuations with the market lacking a clear direction. Attention should be paid to the upcoming production report of Brazil's central - southern region. The Zhengzhou sugar market is in an overall oscillating situation, with weak spot market, ample supply, and increasing supply pressure due to the listing of beet sugar. There are signs that industrial funds may shift from short to long [7][8] Summary by Directory 1. Market Review and Operation Suggestions - **Futures Market**: On Monday, the New York raw sugar futures fluctuated weakly. The main October contract closed down 0.75% at 15.88 cents per pound. The main December contract of London ICE white sugar futures closed up 0.06% at $466.00 per ton. The SR601 contract of Zhengzhou sugar closed at 5,529 yuan per ton, down 26 yuan or 0.47%, with an increase of 2,571 positions; the SR605 contract closed at 5,510 yuan per ton, down 22 yuan or 0.40%, with an increase of 4,002 positions. The No.10 contract of US sugar closed at 15.88 cents per pound, down 0.12 cents or 0.75%, with a decrease of 18,381 positions; the No.03 contract closed at 16.55 cents per pound, down 0.18 cents or 1.08%, with an increase of 8,041 positions [7] - **Spot Market**: The spot price in domestic production areas remained unchanged. The price of sugar in Nanning was reported at 5,940 yuan per ton, and that in Kunming was 5,770 yuan per ton [8] 2. Industry News - **Brazil's Sugar Production**: According to the Brazilian Sugarcane Technology Center (CTC), in August, the sugarcane yield in Brazil's central - southern region was 77.5 tons per hectare, slightly lower than 78.8 tons per hectare in the same period of 2024. The sugar content index (ATR) decreased by 2.9% from 148.4 kg per ton of sugarcane to 144.2 kg. From the start of the 2025/26 season until August, the average sugarcane yield in the central - southern region decreased by 8.2% year - on - year to 79.2 tons per hectare, compared with 86.3 tons per hectare in the previous season. The cumulative ATR was 129.7 kg per ton of sugarcane, compared with 133.2 kg in the same period last year. A survey by S&P Global Commodity Insights showed that the sugar production in the important central - southern region of Brazil in the second half of August was expected to increase by 17.3% to 3.84 million tons, the sugarcane crushing volume was expected to increase by 9.5% to 49.5 million tons, the sugar content per kilogram of sugarcane was expected to decrease by 4.1% to 149.48 kg per ton of sugarcane, and the ethanol production, including corn ethanol, was expected to decrease by 2.5% to 2.4 billion liters [9] - **India's Sugar Situation**: An Indian government official said that India, the world's second - largest sugar producer, will have sufficient surplus sugar stocks to allow sugar exports in the new sugar - crushing season starting on October 1. India's exports may suppress global sugar prices but support local sugar prices. The Indian Sugar and Bioenergy Manufacturers Association (ISMA) reaffirmed its earlier forecast of 34.9 million tons of total sugar production in the 2025 - 26 season [9] 3. Data Overview - The report presents multiple data charts, including the spot price trend, 2509 contract basis, SR9 - 1 spread, Brazilian raw sugar import profit, Zhengzhou Commodity Exchange warehouse receipts, Brazilian real exchange rate, and the trading and holding positions of the top 20 seats of the Zhengzhou sugar main contract [12][14][16]

Report Overview - Report Title: Sugar Daily Report - Date: September 17, 2025 - Researcher: Wang Haifeng, Lin Zhenlei, Yu Lanlan, Hong Chenliang, Liu Youran [3] 1. Report Industry Investment Rating - No relevant information provided. 2. Core Viewpoints - The New York raw sugar futures fluctuated strongly, while the Zhengzhou sugar futures rose first and then fell. The raw sugar price rebounded after finding support at the previous low of 15.5 cents. Currently, the market lacks bullish factors, and the sugar price fluctuates mainly through low - level technical oscillations without a clear direction. The rise and fall of Zhengzhou sugar were mainly affected by the anti - involution atmosphere. After the market closed, there were no major moves from both long and short sides, but large short - position funds slightly reduced their positions, possibly due to the pressure at the high [7][8]. 3. Summary by Directory 3.1 Market Review and Operation Suggestions - **Futures Market Quotes**: SR601 closed at 5,547 yuan/ton, up 2 yuan or 0.04%, with an increase of 4,016 in open interest; SR605 closed at 5,524 yuan/ton, up 3 yuan or 0.05%, with an increase of 1,766 in open interest; US Sugar 10 closed at 15.96 cents/pound, up 0.17 cents or 1.08%, with a decrease of 21,630 in open interest; US Sugar 03 closed at 16.67 cents/pound, up 0.15 cents or 0.91%, with an increase of 20,865 in open interest [7]. - **Spot Market Quotes**: The spot prices in domestic production areas remained unchanged. The price of sugar in Nanning was 5,940 yuan/ton, and that in Kunming was 5,770 yuan/ton [8]. 3.2 Industry News - **Brazil**: In August, the sugarcane yield in the central - southern region was 77.5 tons/hectare, slightly lower than 78.8 tons/hectare in the same period in 2024. The sugar content index (ATR) decreased by 2.9% from 148.4 kg/ton of sugarcane to 144.2 kg/ton. From the beginning of the 2025/26 season to August, the average sugarcane yield in the central - southern region decreased by 8.2% year - on - year to 79.2 tons/hectare, and the cumulative ATR was 129.7 kg/ton of sugarcane, compared with 133.2 kg/ton in the same period last year. It is estimated that the sugar production in the central - southern region in the second half of August will increase by 17.3% to 3.84 million tons, the sugarcane crushing volume will increase by 9.5% to 49.5 million tons, the sugar content per kilogram of sugarcane will decrease by 4.1% to 149.48 kg/ton of sugarcane, and the ethanol production will decrease by 2.5% to 2.4 billion liters [9]. - **India**: A government official said that India will have sufficient surplus sugar inventory, allowing sugar exports in the new sugar - crushing season starting on October 1. Indian exports may suppress global sugar prices but support local sugar prices and ensure that farmers receive guaranteed payments for sugarcane from sugar mills. The Indian Sugar and Bioenergy Manufacturers Association (ISMA) reaffirmed its previous forecast of the total sugar production of 34.9 million tons in the 2025 - 26 season [9]. 3.3 Data Overview - **Transaction Data of Top 20 Seats in Zhengzhou Sugar Main Contract**: The total trading volume was 249,503 lots, with an increase of 56,227 lots; the total long - position holding volume was 242,600 lots, with an increase of 3,077 lots; the total short - position holding volume was 301,703 lots, with an increase of 6,981 lots [22].