1. Report's Industry Investment Rating - Not provided in the content 2. Core View of the Report - International sugar prices are expected to be slightly stronger with bottom - side oscillations in the short term as the Brazilian sugarcane harvest nears completion and the supply - side pressure eases. The domestic sugar market is likely to experience an oscillatory adjustment trend after a sharp decline. Overall, the long - term trend of sugar is bearish, but the downside space is relatively limited [8][9] 3. Summary by Relevant Catalogs 3.1 Data Analysis - **Futures Market**: SR09 closed at 5,156 with a rise of 21 (0.41%), trading volume of 14,071 (down 1,935) and open interest of 58,513 (up 2,658); SR01 closed at 5,256 with a rise of 31 (0.59%), trading volume of 9,538 (down 7,967) and open interest of 38,283 (down 6,010); SR05 closed at 5,155 with a rise of 29 (0.57%), trading volume of 207,403 (down 80,386) and open interest of 508,950 (down 4,117) [3] - **Spot Market**: The spot price of sugar in Liuzhou was 5,380 (unchanged), in Kunming 5,190 (down 5), in Wuhan 5,610 (unchanged), in Nanning 5,310 (unchanged), in Rizhao 5,465 (unchanged), and in Xi'an 5,800 (unchanged). The corresponding basis values were 124, - 66, 354, 54, 209, and 544 respectively [3] - **Monthly Spread**: The SR05 - SR01 spread was - 101 (down 2), the SR09 - SR05 spread was 1 (down 8), and the SR09 - SR01 spread was - 100 (down 10) [3] - **Import Profit**: The quota - free import price from Brazil was 5,042, with a spread of 338 compared to Liuzhou and 423 compared to Rizhao; from Thailand, it was 5,070, with a spread of 310 compared to Liuzhou and 395 compared to Rizhao [3] 3.2 Market Judgment 3.2.1 Important Information - In Thailand, as of December 20, 2025, the cumulative sugarcane crushing volume in the 2025/26 season was 7.8122 million tons, a decrease of 1.3675 million tons (14.9%) compared to the same period last year. Sugar production was 639,300 tons, a decrease of 106,200 tons (14.25%) [5] - Pakistan imported 76,700 tons of sugar in November 2025. The total sugar import volume in the first five months of the 2025/26 season (July - November) was 308,100 tons [5] - The sugar production in the central - southern region of Brazil in the 2026/27 season is expected to reach 38 million tons, a 5% decrease from the previous season. The total sugar production in Brazil in the 2026/27 season is expected to be 41.8 million tons, lower than the previous year's 43.5 million tons [7] 3.2.2 Logical Analysis - Internationally, the Brazilian sugarcane harvest is approaching completion, and the supply pressure will gradually ease. The focus has shifted to the Northern Hemisphere, where most sugar production is in an increasing cycle. In the short term, the US sugar price is technically bottom - building and is expected to be slightly stronger with bottom - side oscillations [8] - Domestically, sugar mills are gradually starting production, and the supply and sales pressure will increase during the peak crushing period. However, considering the tightening of syrup and premix imports, the relatively high domestic sugar production cost, and the fact that the futures price has fallen close to the out - of - quota cost line, there is some support for the futures price. The long - term trend of sugar is bearish, but the downside space is relatively limited [8] 3.2.3 Trading Strategies - **Single - side Trading**: The Brazilian sugar season is nearing the end, and international sugar prices are showing signs of bottom - building. It is expected to be slightly stronger with bottom - side oscillations in the short term. The domestic sugar market is expected to experience an oscillatory adjustment trend after a sharp decline [9] - **Arbitrage**: Go long on January contracts and short on May contracts [10] - **Options**: Hold a wait - and - see attitude [10] 3.3 Related Attachments - The attachments include graphs such as Guangxi's monthly sugar inventory, Yunnan's monthly sugar inventory, Guangxi's monthly sugar production, Yunnan's monthly sugar production, Liuzhou's white sugar spot price, the spot price spread between Liuzhou and Kunming, the basis of September sugar, the spread between May and September Zhengzhou sugar futures, the basis of January sugar, the spread between September and January Zhengzhou sugar futures, the basis of May sugar, and the spread between January and May Zhengzhou sugar futures, all with data sources from Galaxy Futures and WIND [11][12][16]

Report Overview - Report Title: Sugar Daily Report [2][3] - Report Date: November 11, 2025 [2] - Researcher: Liu Qiannan [5] Industry Investment Rating - Not provided in the report Core Viewpoints - Internationally, the sugar production in major global producing areas is increasing. With Brazil's sugar production at a historically high level, a downward shift in the support from ethanol to sugar due to Brazil's oil price cut, and potentially higher-than-expected sugar exports from India, the fundamental situation of raw sugar is weak, and the long - term trend is downward [11]. - Domestically, in the short term, the expected increase in sugar production and the significant drop in international sugar prices, along with the start of the domestic sugar - crushing season, lead to increasing supply and sales pressure. However, due to tightened imports of syrup and premixed powder and relatively high previous point - pricing costs, the domestic sugar production cost is high, providing some support to the futures price. Therefore, the Zhengzhou sugar price is expected to fluctuate within a range in the short term. In the long run, the price will still be affected by the international market and is expected to be weak, but the downward space is relatively limited due to policy support [12]. Summary by Section Part 1: Data Analysis - **Futures Market**: SR09 closed at 5,403 with a 0.09% increase; SR01 closed at 5,475 with a 0.33% increase; SR05 closed at 5,405 with a 0.15% increase. The trading volume and open interest of each contract also changed accordingly [6]. - **Spot Market**: The spot prices of sugar in different regions such as Liuzhou, Kunming, and Wuhan were reported. The price in Liuzhou increased by 30 yuan/ton, while others remained unchanged. The basis and monthly spreads were also calculated [6]. - **Import Profit**: The import profit from Brazil and Thailand was analyzed. The quota - free and in - quota import prices and their spreads with domestic prices were presented [6]. Part 2: Market Judgment - **Important Information**: An analyst survey predicted that the sugarcane crushing volume in the central - southern region of Brazil in the second half of October would be 29.42 million tons, a year - on - year increase of 8.1%, and the sugar production would be 1.92 million tons, a year - on - year increase of 7.8%. Brazil's sugar and molasses exports in the first week of November were 685,700 tons, with an average daily export volume 23% lower than that in November last year. China adjusted its sugar supply - demand data for the 2024/25 season, reducing sugar imports by 380,000 tons to 4.62 million tons. The predicted sugar production for the 2025/26 season was 11.7 million tons, an increase of 500,000 tons from the previous month's prediction, and consumption was predicted to be 15.7 million tons, a decrease of 200,000 tons [8][9]. - **Logical Analysis**: Globally, the sugar production in major producing areas is increasing. In Brazil, the 2025/26 sugarcane and sugar production in the central - southern region and the whole country were reported, with sugar production slightly higher than previous estimates. India's 2025/26 sugar production was estimated, and the government allowed 150,000 tons of sugar exports. Domestically, short - term supply pressure is increasing, but high production costs provide support, and long - term prices are affected by the international market [11][12]. - **Trading Strategies**: For unilateral trading, the international sugar price is in an oscillating adjustment, and the domestic sugar price is expected to fluctuate. It is recommended to operate within a range, selling high and buying low. For arbitrage, short foreign sugar and long Zhengzhou sugar. For options, it is recommended to wait and see [13][14][15]. Part 3: Related Attachments - The report includes multiple charts showing data such as monthly inventories, sales - to - production ratios, spot prices, price spreads, and basis in Guangxi and Yunnan [17][18][22]

Report Summary 1. Report Information - Research Variety: Self-powdered sugar - Report Type: Daily Report - Date: September 23, 2025 - Researcher: Chen Falin [1] 2. Core View - The domestic spot price of white sugar in Nanning warehouse continues to be weak, and the main contract of the foreign ICE raw sugar futures shows a weak trend, providing limited support for the white sugar futures price. In the short term, the price of the main white sugar futures contract (SR601) may continue to fluctuate weakly [16]. 3. Section Summaries 3.1 Futures Market - **Contract Market**: On September 23, 2025, the main contract of Zhengzhou Commodity Exchange's white sugar futures (SR601) fluctuated weakly throughout the day, closing at 5,444 yuan/ton, down 17 yuan/ton or 0.31% from the previous day. The trading volume was 222,211 lots, and the open interest was 474,011 lots, with an increase of 17,181 lots. The total long positions of the Top20 members in the main contract (SR601) were 290,664 lots, with a long position difference of 9,326 lots, while the total short positions were 367,312 lots, with a short position difference of 17,733 lots [2]. - **Variety Prices**: Different contracts showed different price changes. SR511 rose 0.18%, SR601 fell 0.31%, SR603 fell 0.48%, and SR605 fell 0.57% [3]. - **Options Market**: The total trading volume of white sugar options was 94,954 lots, with 53,697 lots for call options and 41,257 lots for put options. The open interest was 294,905 lots, with 189,011 lots for call options and 105,894 lots for put options. The open interest PCR was 0.5603 [3]. 3.2 Spot Market - **Spot Quotes**: The spot price of white sugar in Nanning warehouse was 5,780 yuan/ton, down 20 yuan/ton from the previous observation day [7]. - **Registered Warehouse Receipts**: The total number of registered warehouse receipts for white sugar futures was 10,022, a decrease of 293 from the previous trading day [11]. 3.3 Influencing Factors - **External Market Quotes**: On September 22, the main contract of ICE raw sugar opened at 16.15 cents/pound, reached a high of 16.29 cents/pound, a low of 15.84 cents/pound, and closed at 15.85 cents/pound, down 0.29 cents/pound or 1.80% from the previous day. The open interest was 454,796 lots, with an increase of 2,782 lots [12]. - **Basis Data**: The basis of white sugar was 456 yuan/ton, showing a slight strengthening [13].