Report Information - Report Title: Sugar Daily Report - Date: November 14, 2025 - Researcher: Wang Haifeng, Lin Zhenlei, Yu Lanlan, Hong Chenliang, Liu Youran [2][3] Industry Investment Rating - Not provided in the report Core Viewpoints - New York raw sugar futures rebounded significantly, with the主力 March contract up 2.25% to 14.57 cents per pound. London ICE white sugar futures'主力 March contract rose 1.76% to $416.40 per ton. The Indian government plans to allow 1.5 million tons of sugar exports, but the market believes current prices are below India's export parity, making exports difficult. Raw sugar is fluctuating around the 14 - cent mark [7]. - Zhengzhou sugar's主力 contract soared. The 01 contract closed at 5,512 yuan per ton, up 34 yuan or 0.62%, with an increase of 7,691 contracts in positions. Domestic sugar spot prices rose. The market is waiting for new sugar from Guangxi to enter the market, and there is no obvious bullish or bearish driver currently. The rise in Zhengzhou sugar is due to funds following the external market. Speculative funds have shifted from short to long, while industrial hedging positions have increased significantly [8]. Summary by Directory 1. Market Review and Operation Suggestions - **Futures Market Quotes**: SR601 closed at 5,512 yuan per ton, up 34 yuan or 0.62%, with a position of 381,667 contracts and an increase of 7,691 contracts; SR605 closed at 5,433 yuan per ton, up 23 yuan or 0.43%, with a position of 117,747 contracts and an increase of 1,479 contracts; US sugar 03 closed at 14.57 cents per pound, up 0.32 cents or 2.25%, with a position of 488,112 contracts and an increase of 3,660 contracts; US sugar 05 closed at 14.11 cents per pound, up 0.25 cents or 1.80%, with a position of 172,321 contracts and a decrease of 896 contracts [7]. 2. Industry News - Indonesia plans to achieve self - sufficiency in white sugar by 2026, consumer sugar self - sufficiency by 2028, and full self - sufficiency including industrial and ethanol demand by 2030. The president has urged the acceleration of this schedule [11]. - As of November 13, 2025, in the 2025/26 sugar - crushing season, 4 sugar mills in Yunnan have started crushing, an increase of 1 compared to the same period last year, with a planned designed production capacity of 13,200 tons per day, an increase of 9,700 tons per day compared to the same period last year [11]. - DATAGRO has lowered the expected global sugar surplus in the 2025/26 season from 2.8 million tons to 1 million tons, and has revised the sugar production forecast in Brazil's central - southern region from 41.1 million tons to 40.8 million tons, and the sugar - making ratio of sugarcane from 51.6% to 51.2% [11]. 3. Data Overview - **Top 20 Seats' Trading and Position Data in Zhengzhou Sugar's主力 Contract**: The total trading volume was 275,269 contracts, an increase of 136,414 contracts; the total long - position volume was 259,152 contracts, an increase of 6,146 contracts; the total short - position volume was 298,349 contracts, an increase of 3,512 contracts [23].