Core Insights - The average price of domestic first-grade white sugar decreased by 1.89% from 5646 CNY/ton at the beginning of the week to 5540 CNY/ton by the weekend [1] - As of November 21, nearly 20 sugar factories in Guangxi have started operations, with more expected to begin next week, marking the peak of the sugar production season [2] - The market is experiencing a divergence in expectations regarding future sugar prices, with no signs of a bottoming out trend observed [3] Price Trends - The closing price for the main white sugar futures contract on November 21 was 5353 CNY/ton, reflecting a decline of 0.48% [1] - The highest and lowest prices during the day were 5389 CNY/ton and 5342 CNY/ton, respectively, with a trading volume of 179,690 contracts [1] Supply and Demand Dynamics - Domestic sugar supply is expected to be ample due to the increased number of sugar factories commencing operations [2] - There has been a notable decline in the import of sugar syrup and premixed powder in October, although the levels remain above market expectations [3] International Market Influences - The Indian Sugar Mills Association has welcomed the government's decision to allow sugar exports and is advocating for an increase in the minimum selling price to 41 INR/kg [2] - The sugar production progress in India and Thailand is being monitored as a key indicator for raw sugar prices [3]

Core Viewpoint - The report highlights the growth in China's sugar production, indicating a significant increase in both monthly and cumulative production figures for 2025, suggesting a positive trend in the sugar industry [1]. Industry Summary - As of September 2025, China's finished sugar production reached 539,000 tons, marking a year-on-year increase of 35.4% [1]. - From January to September 2025, the cumulative production of finished sugar in China totaled 10.984 million tons, reflecting a cumulative growth of 10.8% [1]. - The report is based on data from the National Bureau of Statistics and is compiled by Zhiyan Consulting, a leading industry consulting firm in China [1].

Core Viewpoint - The raw sugar market is experiencing a downward trend, with low participation from both bulls and bears, indicating significant selling pressure [1] Market Analysis - The March contract for raw sugar has shown a doji candlestick pattern, suggesting indecision in the market, with trading range narrowing compared to the previous day [1] - Domestic spot prices continue to decline, driven by ongoing negative sentiment in the market, with no signs of a bottom yet [1] - The market is assessing the production and sales dynamics in Northern China and the accumulation of sugar content in Southern China, indicating a need for dynamic balance [1] Trading Insights - In the Liuzhou market, the contract 26013 opened high but closed lower, indicating strong selling pressure with increasing transaction and order volumes [1] - The focus is on the resistance level at 5405; if this level holds, a test of the support at 5375 may occur, potentially leading to a short-term rebound [1] - The 2601 contract is showing strong bearish sentiment, with no significant rebound despite being oversold, indicating a strong will to sell among bears [1] - A potential short-term reversal may form if the price can hold above 5355, despite the current pressure at 5390 [1]

机收助广西柳城"甜蜜事业"收割效率大增 11月20日，在广西柳州市柳城县太平镇江头村，农机手操作机械收割甘蔗，铲车将收好的甘蔗倒入运蔗 车中，一派忙碌的景象。作为国家糖料生产基地县和广西"双高"基地建设重点县，柳城甘蔗耕种收综合 机械化水平达73.60%，机收效率是人工的数十倍。2025/2026年榨季，柳城县计划投入联合收割机100 台。图为农机手操作机械收割甘蔗。汤晓逵 摄 图为收割好的甘蔗被装入铲车中。汤晓逵 摄 图为收割好的甘蔗被装入铲车中。汤晓逵 摄 图为连片甘蔗风光美如画。汤晓逵 摄 图为农机手操作机械收割甘蔗。汤晓逵 摄 图为收割机收割好甘蔗等待装运。汤晓逵 摄 图为农机手操作机械收割甘蔗。汤晓逵 摄 来源：中国新闻网 编辑：王永乐 广告等商务合作，请点击这里 本文为转载内容，授权事宜请联系原著作权人 中新经纬版权所有，未经书面授权，任何单位及个人不得转载、摘编或以其它方式使用。 关注中新经纬微信公众号(微信搜索"中新经纬"或"jwview")，看更多精彩财经资讯。 ...

10月下半月，巴西中南部地区甘蔗入榨量为3110.8万吨，同比增长14.34%；制糖比为46.02%，较去年同期的45.91%上升0.11个百分点；产糖量为206.8万吨， 同比增长16.4%。截至10月下半月，巴西中南部地区累计甘蔗入榨量为55602.9万吨，同比下降1.97%；制糖比为51.97%，较去年同期的48.59%上升3.38个百 分点；产糖量为3808.5万吨，同比增长1.63%。实际产量数据和市场预期基本一致，丰产仍在榨季末期延续。 需要注意的是，制糖比相比前期有所下滑，市场担忧制糖比快速下滑对整体产量的影响。目前市场普遍预期2025/2026榨季巴西中南部地区糖产量将在4050 万～4150万吨之间，维持丰产格局。展望2026/2027榨季，更多甘蔗或转向乙醇生产，预计巴西中南部地区糖产量回落至4000万吨附近。此外，圣保罗地区 持续干旱，可能影响2026/2027榨季甘蔗生物量积累，需持续跟踪。 [巴西丰产带来高出口] 受干旱天气和宿根蔗经历火灾的影响，巴西2025/2026榨季前期显示甘蔗质量不佳，但是被不断创纪录的超高制糖比所弥补。巴西国家商品供应公司 （Conab）发布的巴西2025 ...

行业 白糖日报 日期 2025 年 11 月 19 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 ＃summary＃ 每日报告 一、行情回顾与操作建议 021-60635732 yulanlan@ccb.ccbfutures.com 期货从业资格号：F0301101 | 表1：期货行情 | | | | | | | | --- | --- | --- | --- | --- | --- | --- | | 合约 | | 收盘价（元/吨 美分/磅） | 涨跌 | 涨跌幅 | 持仓量（张） | 增减 | | SR601 | | 5407 | -58 | -1.06% | 363213 | 4030 | | SR605 | | 5357 | -46 | -0.85% | 137483 | 8731 | | 美糖 | 03 | 14.75 | -0.21 | -1.40% | 480441 | -5459 ...

Report Summary 1. Report Industry Investment Rating No information provided. 2. Core Viewpoints - The global sugar market in the 2025/26 season is expected to have a surplus of 1.63 million tons due to increased production [2]. - In the domestic market, the predicted sugar production in China for the 2025/26 season is 11.7 million tons, 500,000 tons higher than last month's forecast, mainly due to a slight increase in the national sugar - cane planting area, good growth of southern sugar - cane, and a slight increase in the sugar content of northern sugar - beets [2]. - Currently, 26 sugar mills in Inner Mongolia and Xinjiang have all started production, with an expected total output of 1.4 million tons. Five sugar mills in Yunnan and nine in Guangxi have started production, with 17 fewer in Guangxi compared to the same period last year. Recent continuous rainfall in the production areas has delayed the start - up time [2]. - Sugar imports increased significantly in October, and sugar prices are expected to remain low in the short term [2]. 3. Summary by Relevant Catalogs Futures Market - The closing price of the main sugar futures contract was 5,381 yuan/ton, down 26 yuan; the main contract's open interest was 388,009 lots, up 24,796 lots; the number of sugar warehouse receipts was 8,428, down 183; the net long position of the top 20 futures holders was - 55,431 lots; the total effective warehouse receipt forecast was 183, unchanged [2]. - The estimated import - processing price of Brazilian sugar within the quota was 4,060 yuan/ton, down 30 yuan; that of Thai sugar was 4,147 yuan/ton, down 39 yuan [2]. Spot Market - The estimated import price of Brazilian sugar outside the quota (50% tariff) was 5,143 yuan/ton; that of Thai sugar was 5,257 yuan/ton [2]. - The spot price of sugar in Kunming, Yunnan was 5,600 yuan/ton, unchanged; in Nanning, Guangxi was 5,740 yuan/ton, unchanged; in Liuzhou, Guangxi was 5,730 yuan/ton, unchanged [2]. Upstream Situation - The national sugar - cane planting area was 1,480 thousand hectares, an increase of 60 thousand hectares; the planting area of sugar - cane in Guangxi was 835.09 thousand hectares, a decrease of 12.86 thousand hectares [2]. Industry Situation - The cumulative output of cane sugar in Yunnan was 241.88 million tons, an increase of 5.49 million tons; the cumulative sales volume of cane sugar in Guangxi was 602.29 million tons, an increase of 95.92 million tons; the total sugar exports from Brazil were 420.5 million tons, an increase of 26.66 million tons [2]. - The price difference between imported Brazilian sugar and the current price of Liuzhou sugar within the quota was 1,428 yuan/ton, down 29 yuan; that of Thai sugar was 1,341 yuan/ton, down 29 yuan [2]. - The price difference between imported Brazilian sugar and the current price of Liuzhou sugar outside the quota (50% tariff) was 345 yuan/ton, down 20 yuan; that of Thai sugar was 231 yuan/ton, down 20 yuan [2]. - The monthly sugar import volume was 55 million tons, a decrease of 28 million tons; the cumulative import volume was 316 million tons, an increase of 55 million tons [2]. Downstream Situation - The monthly output of refined sugar was 53.91 million tons, an increase of 8.5 million tons; the monthly output of soft drinks was 1,591.7 million tons, a decrease of 184.1 million tons [2]. Option Market - The implied volatility of at - the - money call options for sugar was 6.43%, down 0.75%; that of at - the - money put options was 6.42%, down 0.77% [2]. - The 20 - day historical volatility of sugar was 7.2%, an increase of 0.83%; the 60 - day historical volatility was 6.98%, an increase of 0.22% [2]. Industry News - In October 2025, China's sugar imports were 750,000 tons, a month - on - month increase of 200,000 tons and a year - on - year increase of 39%; from January to October 2025, the cumulative sugar imports were 3.9 million tons, a year - on - year increase of 480,000 tons or 14% [2]. - The most actively traded March raw sugar futures on the Intercontinental Exchange (ICE) fell 0.10 cents, or 0.7%, to settle at 14.70 cents per pound on Tuesday due to sufficient supply [2].

Core Points - The article discusses the operations and production processes of sugar manufacturing companies in China, highlighting the activities at various sugar factories and the agricultural practices involved in sugarcane harvesting [2][4][5][7][9]. Group 1: Sugar Manufacturing Operations - The article features images of sugar factories, including the process of unloading sugarcane into processing areas, indicating the scale of operations [2][5]. - Workers are shown operating computers to monitor production conditions, emphasizing the integration of technology in the manufacturing process [4]. - The article illustrates the various products produced by sugar companies, showcasing the diversity of their output [7]. Group 2: Agricultural Practices - The article includes visuals of sugarcane farmers harvesting sugarcane, highlighting the agricultural aspect of the sugar industry [7]. - Aerial photographs depict large areas of sugarcane fields, indicating the extensive cultivation practices in regions like Liucheng County [9].

（原标题：斐济甘蔗计划年增产20万吨） 报道称，本财政年度糖业部出台了12项政府资助计划，其中4项直接支持农民，包括：人工补贴计 划降低收割成本，农民激励计划提升生产力和创新能力，农民补助计划和租赁续约支持增加甘蔗种植土 地面积，并吸引年轻农民。 报道称，辛格强调，糖业的进步是实施针对性改革、改善财政支持以及与农业社区重新建立伙伴关 系的结果。糖业部将继续致力于提供必要资源并采取激励措施，以确保农民不断提高甘蔗产量，保障行 业长期稳定。 《斐济太阳报》网站（Fiji Sun）11月18日报道，糖业部长查兰·杰斯·辛格（Charan Jeath Singh）制 定了明确、现实和可衡量的目标，即甘蔗年产量增加20万吨，以恢复糖业的信心和生产力。辛格表示， 本种植季有望实现这一目标。 ...

Core Insights - The report highlights the economic and social development of Chongzuo City, which has achieved an average GDP growth of 7.4% from 2021 to 2024, surpassing national and regional averages [1] - The city has successfully completed several key economic indicators ahead of the "14th Five-Year Plan" targets, emphasizing high-quality development and the promotion of six revitalization initiatives [1][2] Economic Growth - Chongzuo's GDP per capita increased from 42,000 yuan to 64,000 yuan, with an annual growth rate of 7.9% [1] - The total agricultural output, particularly in sugarcane, has positioned Chongzuo as a leading sugar producer in China, with over 4.1 million acres of sugarcane planted [1][2] Industrial Development - The city has established three industrial clusters each worth over 10 billion yuan and one agricultural cluster of the same value, enhancing its industrial capacity [2] - The development of domestically produced injectable pharmaceutical-grade sucrose has broken foreign technology monopolies [2] Trade and Port Development - Chongzuo has maintained the highest import and export volume in the region for 16 consecutive years, with a projected cross-border e-commerce import-export value of 30.12 billion yuan in 2024, marking a 697% year-on-year increase [2] Tourism and Cultural Development - The city has developed national-level tourism brands, including the Daxin Mingshi National Tourism Resort and the Huashan Rock Paintings, contributing to a 12.86% annual increase in tourist arrivals [2] Urban and Social Development - Chongzuo has implemented initiatives to improve water and air quality, ranking third nationally for water quality and among the top in the region for air quality [3] - The city has created a model for legal governance and has been recognized as a national model for ethnic unity [3] Educational and Technological Advancements - The city has established 29 new innovation platforms and achieved significant milestones in education, including the first admissions from Tsinghua University and Peking University [3] - Initiatives to retain talent have attracted 21,000 graduates to work and start businesses in Chongzuo [3]