Core Viewpoint - Raw sugar prices have experienced a rebound followed by a decline, with the March contract closing in a bearish pattern, indicating a potential test of the 14-cent support level [1] Market Performance - Domestic spot prices continue to decline, with new sugar prices dropping nearly 300 points, reflecting weak market transactions and sustained old sugar inventory supporting demand [1] - The Liuzhou market's 26013 order contracts are consistently falling, reaching new recent lows, indicating significant selling pressure [1] Technical Analysis - Attention should be paid to the thickness of the 5205 resistance level; if this resistance holds, it suggests a high level of stop-loss acceptance among buyers, impacting the ongoing decline of the 26053 order [1] - The 2605 contract should focus on the performance of the 5110 resistance; if this resistance remains intact during a reduction in positions, it indicates new short positions are being taken, reinforcing a bearish sentiment [1] - If the 5095 gap resistance proves effective, there may be a short-term impact on the 5030 support level [1]

Group 1 - The raw sugar market is experiencing fluctuations, with the March contract testing the support level of 14.80 cents and closing around 15 cents, indicating a strong short-term rebound due to a lack of negative news [1] - Domestic spot prices continue to decline, with new sugar in Guangxi dropping below the 5500 yuan mark, reflecting low market interest at this price level and leading to a weak oscillation as inventory is being consumed [1] - The market in Liuzhou shows a continuous decline in orders, with the daily high failing to reach the 5400 yuan mark, indicating significant upward resistance and a potential test of lower support levels [1] Group 2 - The sugar futures contract 2601 faced resistance at the 5405 yuan level, suggesting that bullish expectations have been adjusted downward, with a focus on the performance of the 5400 yuan support level [2] - The short-term bullish sentiment may need to consider profit-taking if the market fails to show strength in rebounding from the 5400 yuan level [2]