Core Insights - The current spot price of white sugar in Guangxi is 5491 CNY/ton, down by 14 CNY/ton, with various sugar groups adjusting their prices slightly downwards [1] - The futures market shows a slight increase, with the main contract closing at 5499 CNY/ton, reflecting a 0.40% rise [1] Price Overview - Guangxi sugar group prices range from 5660 to 5730 CNY/ton, down by 10 CNY/ton [1] - Yunnan sugar group prices are between 5580 and 5630 CNY/ton, also down by 10 CNY/ton [1] - The mainstream processing sugar price range is 5790 to 5910 CNY/ton, with minor adjustments [1] Market Supply and Demand - The 2025/2026 sugar season is expected to start in mid to late November, with an estimated 535,000 tons of sugarcane to be processed, a 10,000-ton increase from the previous season [2] - The cost of imported sugar from Brazil is significantly lower than domestic prices, with in-quota sugar costing 3990 CNY/ton, which is 1770 CNY/ton less than Guangxi sugar [2] Market Analysis - Internationally, supply surplus expectations from Brazil and India are putting pressure on sugar prices, while the reversal of sugar-alcohol price differentials may limit the decline [3] - Domestically, lower import costs dominate the market, but a decrease in import volumes and tightening policies are releasing some pressure, leading to a short-term oscillating market trend [3]