Report Industry Investment Rating No relevant content provided. Core Viewpoints of the Report - International market: With Brazil reaching its supply peak, the global sugar inventory is expected to enter a cumulative phase. Although the sugar production ratio in Brazil is high, the actual sugar production remains low due to low cane crushing volume and sugar content. There is a deviation between market expectations and reality, so the final output is still uncertain. The sugar price is currently low with limited downward space, and the external sugar trend is expected to be volatile. Attention should be paid to the progress of sugar production in Brazil [3]. - Domestic market: The production and sales of domestic sugar are progressing rapidly, and the sugar inventory is low. However, a large amount of imported sugar is entering the domestic market. The domestic white sugar price is greatly affected by the international sugar price, and the Zhengzhou sugar price is expected to follow the trend of external sugar [3]. Summary by Directory Chapter 1: Comprehensive Analysis and Trading Strategies - Trading strategies: - Unilateral: In the short term, the Zhengzhou sugar price is greatly affected by the international market and is expected to fluctuate within the range of 5500 - 5700 [4]. - Arbitrage: Hold off for now [4]. - Options: Hold off for now [4]. Chapter 2: Core Logic Analysis - International supply - demand pattern changes: - The 24/25 sugar season in the Northern Hemisphere had lower - than - expected production increases. - The 25/26 sugar season in the Northern Hemisphere is expected to have a restorative increase in production. Attention should be paid to the sugar - pressing situation in Brazil [6]. - Brazil situation: - In the second half of July, in the central - southern region of Brazil, the cane crushing volume was 50.217 million tons, a year - on - year decrease of 1.373 million tons (2.66%); the cane ATR was 139.62 kg/ton, a decrease of 7.67 kg/ton compared to the same period last year; the sugar - making ratio was 54.1%, an increase of 3.78% compared to the same period last year; sugar production was 3.614 million tons, a year - on - year decrease of 29,000 tons (0.8%) [8]. - As of the second half of July in the 2025/26 sugar season, in the central - southern region of Brazil, the cumulative cane crushing volume was 306.237 million tons, a year - on - year decrease of 28.71 million tons (8.57%); the cumulative sugar - making ratio was 52.06%, an increase of 2.93% compared to the same period last year; the cumulative sugar production was 19.268 million tons, a year - on - year decrease of 1.621 million tons (7.76%). The year - on - year decline in cumulative sugar production continued to narrow (from 9.22% to 7.76%) [17]. - Brazil's sugar exports have increased, and the inventory remains at a low level compared to the same period [18]. - Other countries' situations: - Thailand is expected to have a slight increase in production in the new sugar season. In the 24/25 sugar season, sugar production was 10.05 million tons (a year - on - year increase of 1.28 million tons), and from January to June 2025, exports were 3.36 million tons, a year - on - year increase of 820,000 tons [19]. - Attention should be paid to the impact of India's ethanol volume on sugar supply and demand. India's sugar production in the 25/26 sugar season may have a restorative increase. As of July 15, 2025, India's cumulative sugar production was about 26.103 million tons, a year - on - year decrease of 17.6% [23][25]. Chapter 3: Weekly Data Tracking - Domestic situation: - In the 25/26 sugar season, domestic sugar production is in an increasing cycle and is expected to have a restorative increase to about 11 million tons (subject to weather changes) [27]. - The rising import profit has led to a strong import expectation [30]. - Customs data shows that in July 2025, China imported 740,000 tons of sugar, a year - on - year increase of 318,200 tons. From January to July 2025, China imported 1.7778 million tons of sugar, a year - on - year increase of 53,900 tons (3.12%). As of July in the 2024/25 sugar season, China imported 3.2395 million tons of sugar, a year - on - year decrease of 344,300 tons (9.61%) [42].