热点栏目 自选股 数据中心 行情中心 资金流向 模拟交易 客户端 白糖： （张笑金，从业资格号：F0306200；交易咨询资格号：Z0000082） 周四，ICE美棉下跌0.69%，报收64.4美分/磅，郑棉主力合约环比下降1.5%，报收14740元/吨，主力合 约持仓环比下降62575手至85.29万手，棉花3128B现货价格指数15610元/吨，较前一日下降70元/吨。国 际市场方面，宏观层面扰动较多，基本面边际变化有限，震荡为主。国内市场方面，昨日郑棉主力合约 减仓下行，市场情绪稍有降温。回顾过去，近期市场情绪偏暖、预期偏强是行情驱动的主要因素，但郑 棉期价来到相对高位后，下游的采购成本增加，后续开工或有一定影响，观望情绪较浓。展望未来，市 场在高位存有一定分歧，短期以宽幅震荡对待，中长期来看，政策端仍有值得期待的事情，中长期棉价 上方或仍有一定空间。 免责声明 本报告的信息均来源于公开资料，我公司对这些信息的准确性、可靠性和完整性不作任何保证，也不保 证所包含的信息和建议不会发生任何变更。我们已力求报告内容的客观、公正，但文中的观点、结论和 建议仅供参考，并不构成任何具体产品、业务的推介以及相关品种的 ...

行业 白糖日报 日期 2026 年 1 月 7 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 | 持仓量（ ...

少2.9万吨。云南开榨糖厂已达29家，同比增加10家，糖厂开榨数量过半。总体上，新榨季压榨渐入高峰， 研究员: 王翠冰 期货从业资格号F03139616 期货投资咨询从业证书号Z0021556 供应持续增加，现货价格走弱，缺乏利多驱动，预计后市糖价低位震荡运行为主。 免责声明 本报告中的信息均来源于公开可获得资料，瑞达期货股份有限公司力求准确可靠，但对这些信息的准确性及完整性不做任 何保证，据此投资，责任自负。本报告不构成个人投资建议，客户应考虑本报告中的任何意见或建议是否符合其特定状况。本 报告版权仅为我公司所有，未经书面许可，任何机构和个人不得以任何形式翻版、复制和发布。如引用、刊发，需注明出处为 瑞达期货股份有限公司研究院，且不得对本报告进行有悖原意的引用、删节和修改。 白糖产业日报 2025-12-18 | 项目类别 | 数据指标 | 最新 | 环比 数据指标 | 最新 | 环比 | | --- | --- | --- | --- | --- | --- | | 期货市场 | 期货主力合约收盘价:白糖(日,元/吨) | 5102 | -37 主力合约持仓量:白糖(日,手) | 518010 | 300 ...

数据来源第三方(同花顺、wind)，观点仅供参考，市场有风险，投资需谨慎！ 比增加10家，糖厂开榨数量过半。总体上，新榨季压榨渐入高峰，供应持续增加，现货价格走弱，缺乏利 白糖产业日报 2025-12-17 | 项目类别 | 数据指标 最新 | | 环比 数据指标 | 最新 | 环比 | | --- | --- | --- | --- | --- | --- | | | 期货主力合约收盘价:白糖(日,元/吨) | 5139 | 6 主力合约持仓量:白糖(日,手) | 487935 | 6509 | | 期货市场 | 仓单数量:白糖(日,张) | 611 | 0 期货前20名持仓:净买单量:白糖(日,手) | -81558 | -2553 | | | 有效仓单预报:白糖:小计(日,张) | 1490 | 0 | | | | | 进口加工估算价(配额内):巴西糖(日,元/ 吨) 进口巴糖估算价(配额外,50%关税)(日,元 | 4094 | -33 进口加工估算价(配额内):泰国糖(日,元/ 吨) | 4116 | -33 | | 现货市场 | | 5188 | -43 进口泰糖估算价(配额外,50%关税)(日, ...

| 项目类别 | 数据指标 | 最新 | 环比 数据指标 | 最新 | 环比 | | --- | --- | --- | --- | --- | --- | | 期货市场 | 期货主力合约收盘价:白糖(日,元/吨) | 5133 | -74 主力合约持仓量:白糖(日,手) | 481426 | 51928 | | | 仓单数量:白糖(日,张) | 611 | 0 期货前20名持仓:净买单量:白糖(日,手) | -79005 | -10879 | | | 有效仓单预报:白糖:小计(日,张) 进口加工估算价(配额内):巴西糖(日,元/ | 1490 | 0 | | | | 现货市场 | | 4127 | -36 进口加工估算价(配额内):泰国糖(日,元/ | 4149 | -35 | | 吨) | 进口巴糖估算价(配额外,50%关税)(日,元 | | 吨) -46 进口泰糖估算价(配额外,50%关税)(日,元 | | | | | | 5231 | | 5260 | -46 | | /吨) | 云南昆明白糖现货价格(日,元/吨) | 5260 | /吨) -35 广西南宁白糖现货价格(日,元/吨) | 5340 | ...

白糖产业日报 2025-12-15 | 项目类别 | 数据指标 最新 环比 数据指标 | | 最新 | 环比 | | --- | --- | --- | --- | --- | | | 期货主力合约收盘价:白糖(日,元/吨) -7 主力合约持仓量:白糖(日,手) | 5207 | 429498 | 12559 | | 期货市场 | 仓单数量:白糖(日,张) 0 期货前20名持仓:净买单量:白糖(日,手) | 611 | -68126 | -4157 | | | 有效仓单预报:白糖:小计(日,张) 0 | 1490 | | | | | 进口加工估算价(配额内):巴西糖(日,元/ 53 进口加工估算价(配额内):泰国糖(日,元/ | 4163 | 4184 | 52 | | 现货市场 | 吨) 进口巴糖估算价(配额外,50%关税)(日,元 吨) | | | 69 | | | 69 进口泰糖估算价(配额外,50%关税)(日,元 | 5277 | 5306 | | | | /吨) 云南昆明白糖现货价格(日,元/吨) 0 广西南宁白糖现货价格(日,元/吨) /吨) | 5295 | 5360 | -10 | | | 广 ...

棉花： 周三，ICE美棉上涨0.41%，报收64.12美分/磅，CF601环比上涨0.15%，报收13780元/吨，主力合约持仓 环比下降5219手至47.33万手，棉花3128B现货价格指数14590元/吨，较前一日上涨20元/吨。国内市场方 面，美联储12月议息会议如期降息25BP，但点阵图显示票委们对后续降息路径有一定分歧，美元指数 反应为震荡走弱，美棉期价重心小幅上移。国内市场方面，近期郑棉期价维持震荡走势。中央经济工作 会议将于近日召开，持续关注。基本面来看，从中国棉花信息网公布工商业库存数据反推，11月棉花月 度消费量仍保持相对高位，但是从半月度数据来看，11月下半月棉花消费量低于上半月棉花消费量，棉 花上行驱动减弱。展望未来，扰动因素较多，多空因素交织，短期以震荡格局对待。中长期来看，我们 认为棉价上方空间大于下方空间，等待时间换空间。 热点栏目 自选股 数据中心 行情中心 资金流向 模拟交易 客户端 白糖： 消息方面，Green Pool预计，泰国2025/26年度糖产量将同比跳增6%，至1，070万吨。2026/27年度，糖 产量可能下滑7.5%至990万吨。现货报价方面，广西制糖集团报价区 ...

Core Viewpoint - Despite a slight upward trend in New York raw sugar futures prices since November, domestic sugar prices in China are underperforming, with market sentiment leaning towards pessimism regarding future trends [1][4] Group 1: Domestic Sugar Market Conditions - The domestic sugar market is experiencing a phase of supply easing as sugar factories in southern production areas accelerate their operations for the 2025/2026 crushing season, leading to cautious purchasing behavior from traders and food and beverage companies [1][2] - As of mid-November 2025, all old sugar stocks in Guangxi have been cleared, with 74 sugar factories expected to operate, maintaining the same level as the previous season [2] - The total planting area for sugarcane in Guangxi is projected to reach approximately 12.34 million acres, the highest level in nearly a decade, driven by government subsidies and stable cane prices [2][3] Group 2: Production and Yield Estimates - The average sugarcane yield in Guangxi is expected to recover to around 4.5 tons per acre, with total sugarcane crushing volume estimated between 55.35 million and 56 million tons for the 2025/2026 season [3] - The sugar production in Guangxi is projected to be between 6.8 million and 7 million tons, an increase of 340,000 to 540,000 tons compared to the previous season [3] - The sugar production rate in Guangxi has decreased to 9.29%, down 1.63 percentage points year-on-year, with a total sugar output of 13.39 million tons reported by the end of November 2025, a decrease of 37.85 thousand tons year-on-year [3] Group 3: National Sugar Production Outlook - The China Sugar Association anticipates that national sugar production will continue to rise to around 11.7 million tons for the 2025/2026 season, following three consecutive seasons of recovery [4] - However, challenges remain, including high import volumes of sugar solutions and premixed powders, which threaten the domestic sugar industry, as well as pressure on sugar farmers to increase production without corresponding income growth [4] - In October 2025, sugar imports increased by 20.93 thousand tons year-on-year to 746.2 thousand tons, with a cumulative import of 3.9016 million tons from January to October, reflecting a year-on-year increase of 13.69% [4] Group 4: Global Sugar Market Trends - Globally, the main topic is increased production, particularly in India, where significant increases in sugarcane crushing and production are expected, leading to a more relaxed supply situation and limited upward pressure on sugar prices [5]

Core Viewpoint - Despite a slight upward trend in New York raw sugar futures prices since November, domestic sugar prices in China are underperforming, with market sentiment leaning towards pessimism regarding future trends [1] Group 1: Domestic Sugar Market Conditions - The domestic sugar market is experiencing a phase of supply easing as sugar factories in southern production areas accelerate their operations for the 2025/2026 crushing season, leading to cautious purchasing behavior from traders and food and beverage companies [1][2] - As of mid-November 2025, all old sugar stocks in Guangxi have been cleared, with 74 sugar factories expected to operate, maintaining the same level as the previous season [2] - The total planting area for sugarcane in Guangxi is projected to reach approximately 12.34 million acres, the highest level in nearly a decade, driven by government subsidies and stable cane prices [2] Group 2: Production and Yield Estimates - The average sugarcane yield in Guangxi is expected to recover to around 4.5 tons per acre, with total sugarcane crushing volume estimated between 55.35 million to 56 million tons, leading to a sugar production estimate of 6.8 million to 7 million tons, an increase of 340,000 to 540,000 tons compared to the previous season [3] - The sugar production rate in Guangxi is estimated to be between 12.3% and 12.5%, with a reported production of 133,900 tons by the end of November 2025, a decrease of 37,850 tons year-on-year [3] Group 3: National Sugar Production Outlook - The China Sugar Association anticipates that national sugar production for the 2025/2026 season will rebound to around 11.7 million tons, continuing a trend of recovery over the past three seasons [4] - However, challenges remain, including high import volumes of sugar solutions and premixed powders, which threaten the domestic sugar industry, as well as pressure on sugar farmers to increase production without corresponding income growth [4] Group 4: Global Sugar Market Trends - Globally, the main topic is increased production, particularly in India, where significant increases in sugarcane crushing and production are expected, leading to a more relaxed supply situation and limited upward pressure on sugar prices [5]

Core Insights - International sugar prices rebounded in November, with ICE raw sugar futures closing at 15.21 cents per pound, a monthly increase of 5.48% [1] - Domestic sugar prices in China declined due to supply pressures, with Zhengzhou white sugar futures closing at 5400 yuan per ton, a monthly decrease of 1.51% [1] - The global sugar market is expected to have a supply gap of only 231,000 tons for the 2025/2026 season, indicating a near balance between supply and demand [2] Group 1: International Market Dynamics - The increase in global sugar production is primarily driven by India, Thailand, and Pakistan, with total production expected to reach 180.59 million tons, an increase of 5.42 million tons from the previous season [2] - Global sugar consumption is projected to rise to 180.82 million tons, with Asia and Africa being the main growth drivers over the next decade [2] - The USDA and Datagro predict a potential global sugar surplus ranging from 1 million to 4.2 million tons for the 2025/2026 season, reflecting uncertainty in future supply chains [2] Group 2: Brazil's Sugar Production - Brazil's sugar production for the 2025/2026 season is expected to increase by 300,000 to 700,000 tons, aligning with market expectations of 40 to 41 million tons [3] - As of mid-November, Brazil's cumulative sugar production reached 39.18 million tons, a year-on-year increase of 2.09% [3][4] - Despite a decrease in sugarcane crushing volume, the increase in the sugar extraction rate (ATR) has helped maintain production levels [4] Group 3: India's Sugar Sector - India's sugar production is projected to increase significantly, with the government raising the minimum sugarcane purchase price to 3,550 rupees per ton, a 4.41% increase [5] - The Indian Sugar Mills Association (ISMA) estimates a net sugar production of 30.95 million tons for the 2025/2026 season, an 18.54% increase from the previous season [6] - The Indian government has allowed the export of 1.5 million tons of sugar for the 2025/2026 season, with calls for additional export quotas due to high production levels [6] Group 4: Thailand's Recovery - Thailand's sugar production is expected to recover significantly, with total sugar production projected between 10.5 million to 11 million tons for the 2025/2026 season, an increase from the previous season [7] - The official start of the sugarcane crushing season is set for December 1, with favorable weather conditions anticipated to boost production [7] Group 5: China's Sugar Market - China's sugar production for the 2025/2026 season is expected to reach 11.7 million tons, a year-on-year increase of approximately 540,000 tons [8] - Domestic sugar prices are under pressure from both increased local production and high import levels, leading to a potentially oversupplied market [8][9] - As of late November, the number of sugar factories operating in Guangxi has decreased, reflecting challenges faced by producers amid low prices [9] Group 6: Future Outlook - The market is expected to transition from expectations to reality, with key factors being the actual implementation of India's ethanol policy and the final production levels in the Northern Hemisphere [13] - The domestic sugar market is likely to experience continued pressure from new sugar supply and imports, with prices fluctuating around the production cost level [13] - A potential rebound in sugar prices may depend on seasonal consumption increases and stronger international sugar prices [13]