Report Overview - Report Title: Sugar Daily Report - Date: July 30, 2025 - Researcher: Wang Haifeng, Lin Zhenlei, Yu Lanlan, Hong Chenliang, Liu Youran [3] 1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints - On Monday, New York raw sugar futures rebounded, with the main October contract rising 0.86% to 16.43 cents per pound. The rise in overnight crude oil prices boosted sugar prices. The market expects a significant increase in the production data of central - southern Brazil in the first half of July [7]. - Yesterday, the main contract of Zhengzhou sugar strengthened. The 09 contract closed at 5,867 yuan per ton, up 10 yuan or 0.17%, with a reduction of 14,181 positions. Today, Zhengzhou sugar weakened following the foreign market. The far - month 01 contract was significantly stronger, and speculative funds showed a clear intention to go long. The 9 - 1 spread may further shrink [7][8]. 3. Summary by Directory 3.1 Market Review and Operation Suggestions - **Futures Market Quotes**: SR509 closed at 5,867 yuan per ton, up 0.17%, with a position reduction of 14,181 lots; SR601 closed at 5,731 yuan per ton, up 0.67%, with an increase of 24,979 lots; US sugar 10 closed at 16.43 cents per pound, up 0.86%, with a position reduction of 720 lots; US sugar 03 closed at 17.05 cents per pound, up 0.71%, with an increase of 168 lots [7]. - **Spot Market**: Domestic spot prices in production areas remained stable, with Nanning sugar quoted at 6,060 yuan and Kunming sugar at 5,850 yuan [8]. 3.2 Industry News - **Farmland Moisture in Guangxi**: In mid - July, the farmland moisture in Guangxi was over 90% suitable to excessive, with 16 points having excessive moisture, 22 points having suitable moisture, and 4 points having insufficient moisture [9]. - **Sugar Production in Central - Southern Brazil**: A survey of 23 analysts showed that sugar production in central - southern Brazil in the first half of July is expected to increase by 12.5% to 3.329 million tons, cane crushing volume is expected to increase by 11.3% to 48.31 million tons, and the sugar - cane ratio is expected to be 53.11%. Drought in July accelerated the harvest and increased the sugar - cane ratio, and this trend is expected to continue in the second half of the month [9]. - **Sugar Mill Clearance in Guangxi**: Tiandong Ertang Factory's "Dongxing" brand cleared its inventory, becoming the 7th sugar mill of Guangxi Nanhua to clear its inventory in the 24/25 crushing season, 2 more than the same period last year. Currently, only Longtian and Mianhuahua brands are still being quoted [9]. - **Customs Mutual Recognition Arrangement**: The "Mutual Recognition Arrangement" between the General Administration of Customs of the People's Republic of China and the Customs Department of the Kingdom of Thailand will be officially implemented on August 1, 2025 [9]. - **Coca - Cola's New Product**: Coca - Cola will launch a signature cola product using sucrose in the US market this fall [9]. 3.3 Data Overview - The report provides multiple data charts, including spot trends, 2509 contract basis, SR9 - 1 spread, Brazilian raw sugar import profit, Zhengzhou Commodity Exchange warehouse receipts, Brazilian real exchange rate, and the trading positions of the top 20 seats in the main contract of Zhengzhou sugar [15][18][21]