Group 1 - Raw sugar has rebounded from a five-week decline, with attention on the 15-cent resistance level this week. If this resistance holds, it may indicate a short-term exhaustion of short positions, leading to a potential pullback towards the 14.70-cent support level [1] - The domestic market is currently weak as old sugar needs to be digested before new sugar enters the market. Prices are not high enough to encourage downstream replenishment, resulting in a continued consolidation phase [1] - The market in Liuzhou shows a cautious trading environment, with the contract displaying four consecutive doji candlesticks after a low of 5426, indicating indecision among buyers and sellers [1] Group 2 - The 2601 sugar futures contract shows a high and then a pullback, forming a shooting star pattern on the weekly chart, with 5460 as a key support level to watch [2] - Short-term indicators suggest a potential for oscillation within the range of 5460 to 5504, indicating a cautious trading approach [2]

Core Viewpoint - The sugar futures market is experiencing fluctuations with a slight increase in prices, while external factors such as tariffs and global supply forecasts are influencing market dynamics [1][2][3] Market Performance - As of November 14, 2025, the main sugar futures contract closed at 5470 CNY/ton, with a weekly decline in open interest by 1719 contracts [1] - During the week of November 10-14, the sugar futures opened at 5457 CNY/ton, peaked at 5515 CNY/ton, and dipped to a low of 5451 CNY/ton, resulting in a weekly change of 0.37% [1] News Recap - Mexico has imposed tariffs of up to 210% on sugar imports from countries without trade agreements, aimed at protecting its domestic industry from price declines, effective from the following Tuesday [2] - Datagro forecasts a global sugar surplus of 1 million tons for the 2025/26 crushing season, a reduction from the previous estimate of 2.8 million tons [2] - The French Ministry of Agriculture has lowered its sugar beet production forecast for the 2025/26 season to 33.7 million tons, down by 500,000 tons from earlier estimates [2] Institutional Perspectives - According to Greeen Dahu Futures, the current transition between old and new domestic sugar is supporting prices due to low industrial inventory, while external market rebounds are also influencing domestic sugar trends. However, a bearish outlook remains due to anticipated supply pressures from new sugar production in China and India [3] - Southwest Futures notes that Brazil is entering a seasonal production decline, while India is expected to see strong production increases. The domestic market is facing dual pressure from both domestic and imported sugar, leading to anticipated price pressures in the coming months [3]

Report Summary 1. Report Industry Investment Rating There is no information about the report industry investment rating in the provided content. 2. Core Viewpoints - This week, the price of the Zhengzhou Sugar 2601 contract rose slightly, with a weekly increase of about 0.24%. The price of the ICE US Sugar March contract also rose, with a weekly increase of about 2.12%, while the international raw sugar spot price was 13.93 cents per pound, down 0.21 cents per pound from last week [5][10][18]. - In the 2025/26 season, India maintains its sugar export policy. In the 2024/25 season, India has exported 800,000 tons of sugar, less than the initially set export quota of 1 million tons. The current raw sugar price has factored in some expectations of Indian sugar exports and Brazil's production increase in the next season, and the price will be adjusted as expectations are revised [5]. - The Ministry of Agriculture and Rural Affairs of China predicts that China's sugar production in the 2025/26 season will be 11.7 million tons, an increase of 500,000 tons from last month's forecast, mainly due to a slight increase in the national sugar - crop planting area, good growth of southern sugarcane, and a slight increase in the sugar content of northern sugar beets [5]. - Currently, a total of 26 sugar mills in Inner Mongolia and Xinjiang have all started production, with a total expected output of 1.4 million tons. Five sugar mills in Yunnan have started production, and the old - sugar stocks in Guangxi are basically cleared. The delay in the start of production in Guangxi puts some pressure on the spot market, while the processing sugar has little intention to reduce prices, providing support at the lower end [5]. 3. Summary According to the Directory 3.1. Weekly Highlights - **Market Review**: The price of the Zhengzhou Sugar 2601 contract rose slightly this week, with a weekly increase of about 0.24% [5]. - **Market Outlook**: In the international market, the raw sugar price will adjust as expectations are revised. In the domestic market, sugar production is expected to increase, and the delay in the start of production in Guangxi affects the spot market [5]. - **Future Focus**: Domestic production and sales, and new - season production estimates [6] 3.2. Futures and Spot Market - **Futures Market**: The price of the ICE US Sugar March contract rose by about 2.12% this week. The price of the Zhengzhou Sugar 2601 contract rose by about 0.24%. The net position of the top 20 in the Zhengzhou sugar futures is - 48,324 lots, and the number of Zhengzhou sugar warehouse receipts is 8,622. The price difference between the Zhengzhou sugar futures 1 - 5 contracts is + 66 yuan/ton, and the spot - Zhengzhou sugar basis is + 290 yuan/ton [10][19][26][30]. - **Spot Market**: As of November 14, the old - sugar stocks are being cleared, and there is no new quotation. The estimated profit of Brazilian sugar within the quota is 1,813 yuan/ton, up 150 yuan/ton from last week; the estimated profit outside the quota is 539 yuan/ton, up 64 yuan/ton from last week. The estimated profit of Thai sugar within the quota is 1,533 yuan/ton, up 56 yuan/ton from last week; the estimated profit outside the quota is 467 yuan/ton, up 77 yuan/ton from last week [37][43]. 3.3. Industry Chain Situation - **Supply Side** - **Production**: As of the end of October 2025, the national sugar production in the 2024/25 season was 11.1621 million tons, a year - on - year increase of 1.1989 million tons, or 12.03% [48]. - **Industrial Inventory**: As of August 2025, the domestic sugar industrial inventory was 1.1623 million tons, a month - on - month decrease of 450,000 tons or 27.91%, and a year - on - year increase of 60,100 tons or 5.45% [51]. - **Imports**: In September 2025, China's sugar imports were 550,000 tons, a year - on - year increase of 27.78% and a month - on - month decrease of 280,000 tons. From January to September 2025, the cumulative sugar imports were 3.16 million tons, a year - on - year increase of 7.89% [55]. - **Demand Side** - **Sales Rate**: As of the end of October 2025, the sugar mills in the 2024/25 season have all stopped production. The national sugar production in this season was 11.1621 million tons, a year - on - year increase of 1.1989 million tons, or 12.03% [61]. - **Production of Related Products**: In September 2025, China's monthly production of refined sugar was 539,100 tons, a year - on - year increase of 35.4%. The monthly production of soft drinks was 15.9167 million tons, a year - on - year decrease of 1.9% [65]. 3.4. Options and Stock - Related Markets - **Options Market**: Information about the implied volatility of the at - the - money options of sugar this week is provided, but specific data is not described in detail [67]. - **Stock Market**: Information about the price - to - earnings ratio of Nanning Sugar Industry is provided, but specific data is not described in detail [72]

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].

Report Overview - The report is a sugar industry daily report dated November 13, 2025 [1] Report Industry Investment Rating - Not provided Report's Core View - The current sugar market has no significant driving factors, and prices are expected to remain low in the short term. Attention should be paid to the import data for October. The new sugar - cane crushing season may be delayed, providing some sales opportunities for old - stock sugar. Brazil's sugar exports increased in October, but the supply pressure remains, and exports are expected to decrease seasonally as the current crushing season nears its end. The domestic market is less affected by price drops due to import quotas and policies [2] Summary by Related Catalogs Futures Market - The closing price of the sugar futures main contract was 5,512 yuan/ton, up 34 yuan; the main contract's open interest was 381,667 lots, up 8,683 lots. The number of sugar warehouse receipts was 7,721, unchanged; the net long position of the top 20 futures holders was - 52,947 lots, up 14 lots. The total of valid warehouse receipt forecasts for sugar was 1,183, unchanged [2] 现货市场 - The estimated import - processing price of Brazilian sugar within the quota was 3,947 yuan/ton, down 20 yuan; that of Thai sugar was 4,002 yuan/ton, down 21 yuan. The estimated import price of Brazilian sugar outside the quota (50% tariff) was 4,996 yuan/ton, down 26 yuan; that of Thai sugar was 5,068 yuan/ton, down 27 yuan. The spot price of sugar in Yunnan Kunming was 5,630 yuan/ton, down 5 yuan; in Guangxi Nanning it was 5,760 yuan/ton, unchanged; in Guangxi Liuzhou it was 5,730 yuan/ton, unchanged [2] Upstream Situation - The national sugar - crop planting area was 1,480 thousand hectares, up 60 thousand hectares. The cumulative sugar production nationwide was 1,588 million tons, up 28 million tons. The planting area of sugar - cane in Guangxi was 835.09 thousand hectares, down 12.86 thousand hectares. The cumulative sales volume of cane - sugar in Guangxi was 1116.21 million tons, unchanged [2] Industry Situation - The cumulative production of cane - sugar in Yunnan was 241.88 million tons, unchanged. Brazil's total sugar exports in October were 420.5 million tons, up 26.66 million tons. The cumulative sugar imports were 316 million tons, up 55 million tons. The difference between the imported Thai sugar price and the Liuzhou sugar price within the quota was 1,533 yuan/ton, up 29 yuan; outside the quota (50% tariff) it was 467 yuan/ton, up 35 yuan. The difference between the imported Brazilian sugar price and the Liuzhou sugar price within the quota was 539 yuan/ton, up 34 yuan [2] Downstream Situation - The monthly production of refined sugar was 53.91 million tons, up 8.5 million tons. The monthly production of soft drinks was 1,591.7 million tons, down 184.1 million tons [2] Option Market - The implied volatility of at - the - money call options for sugar was 7.61%, up 0.34%; that of at - the - money put options was 7.61%, up 0.33%. The 20 - day historical volatility of sugar was 5.24%, up 0.01%; the 60 - day historical volatility was 6.72%, down 0.14% [2] Industry News - The Chinese Ministry of Agriculture and Rural Affairs predicted that China's sugar production in the 2025/26 season would be 1,170 million tons, 50 million tons higher than last month's forecast, mainly due to a slight increase in the national sugar - crop planting area, good growth of southern sugar - cane, and a slight increase in the sugar content of northern sugar - beets. Sugar consumption was predicted to be 1,570 million tons, 20 million tons lower than last month's forecast. ICE's most actively traded March raw - sugar futures rose 0.27 cents, or 1.89%, to settle at 14.52 cents per pound on Wednesday, driven by short - covering [2]

Group 1: Report Information - Report Name: Sugar Daily Report [1] - Date: November 13, 2025 [2] - Researcher: Wang Haifeng, Lin Zhenlei, Yu Lanlan, Hong Chenliang, Liu Youran [3] - Research Team: Agricultural Products Research Team [4] Group 2: Market Review and Operation Suggestions Futures Market - SR601 closed at 5478 yuan/ton, down 4 yuan or 0.07%, with a position reduction of 3479 lots [7] - SR605 closed at 5411 yuan/ton, down 4 yuan or 0.07%, with a position increase of 953 lots [7] - US Sugar 03 closed at 14.28 cents/pound, up 0.08 cents or 0.56%, with a position increase of 991 lots [7] - US Sugar 05 closed at 13.89 cents/pound, up 0.10 cents or 0.73%, with a position increase of 2499 lots [7] Market Analysis - New York raw sugar futures fluctuated strongly, with the main March contract up 0.56% to 14.28 cents/pound [7] - London ICE white sugar futures' main March contract was up 0.37% to $409.60/ton [7] - Zhengzhou sugar's main contract fluctuated in place, with the 01 contract closing at 5478 yuan/ton, down 4 yuan or 0.07%, and a position reduction of 3479 lots [8] - Domestic sugar spot prices fell, with Kunming at 5570 yuan/ton and East China at 5820 yuan/ton [8] - The Guangxi Sugar Association agreed that the crushing start time should not be earlier than November 30, but some sugar mills have announced crushing starts in mid - November [8] - Zhengzhou sugar failed to break through, with obvious pressure at the 5500 yuan mark [8] - Speculative short positions decreased slightly [8] Group 3: Industry News - DATAGRO reduced the 2025/26 global sugar surplus forecast from 2.8 million tons to 1 million tons due to production cuts in Brazil and India [9] - DATAGRO revised Brazil's central - southern sugar production forecast from 41.1 million tons to 40.8 million tons and the cane - to - sugar ratio from 51.6% to 51.2% [9] - Brazil exported 685,701.91 tons of sugar in the first week of November, with an average daily export of 137,140.38 tons, a 23% decrease from the average daily export in November last year [9] - The China Sugar Association adjusted the 2024/25 sugar import volume down by 380,000 tons to 4.62 million tons [9] - The 2025/26 sugar production in China is predicted to be 11.7 million tons, an increase of 500,000 tons from last month's forecast [9] - The 2025/26 sugar consumption in China is predicted to be 15.7 million tons, a decrease of 200,000 tons from last month's forecast [9] - Southern cane sugar mills have started production, and all 29 northern beet sugar mills are in operation with stable production [9] Group 4: Data Overview - Figures include spot price trends, 2601 contract basis, SR1 - 5 spread, Brazilian raw sugar import profit, Zhengzhou Commodity Exchange warehouse receipts, Brazilian real exchange rate, and Zhengzhou sugar main contract's top 20 positions' trading and holding data [11][15][18][21] - Data sources are Wind, Zhengzhou Commodity Exchange, and Jianxin Futures Research and Development Department [12][14][16]

Report Summary 1) Report Industry Investment Rating No information provided 2) Core Viewpoints The report focuses on the sugar market, covering domestic and international supply - demand situations, and key data such as prices, production, and consumption, suggesting to pay attention to India's sugarcane crushing situation and China's syrup and pre - mixed powder import policy changes [1] 3) Summary by Relevant Catalogs 3.1 Fundamental Tracking - **Prices and Spreads**: The raw sugar price is 14.57 cents/pound with a year - on - year increase of 0.29; the mainstream spot price is 5760 yuan/ton with no year - on - year change; the futures main contract price is 5478 yuan/ton with a year - on - year decrease of 2. The 15 spread is 67 yuan/ton with a year - on - year decrease of 2; the 59 spread is 6 yuan/ton with a year - on - year decrease of 1; the mainstream spot basis is 282 yuan/ton with a year - on - year increase of 2 [1] 3.2 Macro and Industry News - **High - frequency Information**: Pay attention to China's syrup and pre - mixed powder import policy changes. The 25/26 sugar season's Indian sugar export quota is 1.5 million tons. Brazil's sugar production in the first half of October increased by 1% year - on - year, and its exports in October were 4.2 million tons, a 13% year - on - year increase. China imported 550,000 tons of sugar in September, an increase of 150,000 tons [1] 3.3 Domestic Market - **Production, Consumption and Import**: CAOC expects the domestic sugar production in the 25/26 sugar season to be 11.7 million tons (previously 11.2 million tons), consumption to be 15.7 million tons (previously 15.9 million tons), and imports to be 5 million tons. As of the end of September in the 24/25 sugar season, national sugar production was 11.16 million tons (+1.2 million tons), cumulative sales were 10.48 million tons (+870,000 tons), and the cumulative sales rate was 93.9% (a 2.6 - percentage - point decrease). Cumulative sugar imports were 4.63 million tons (-120,000 tons). The 25/26 sugar season's expected sugar production in Guangxi is about 6.7 million tons with a declining sugar yield and unchanged sugarcane purchase prices, and about 2.6 million tons in Yunnan [2] 3.4 International Market - **Supply and Production**: ISO first predicts a 230,000 - ton global sugar supply shortage in the 25/26 sugar season and a 4.88 - million - ton shortage in the 24/25 sugar season. As of October 16 in the 25/26 sugar season, the cumulative sugarcane crushing volume in Brazil's central - southern region decreased by 2.78 percentage points year - on - year, with cumulative sugar production of 36.02 million tons (+320,000 tons) and a cumulative MIX of 52.36%, a 3.62 - percentage - point year - on - year increase. ISMA/NFCSF expects India's total sugar production in the 25/26 sugar season to be 34.35 million tons (previously 34.9 million tons), with 3.4 million tons used for ethanol production and a net sugar production of 30.95 million tons. Thailand's cumulative sugar production in the 24/25 sugar season was 10.08 million tons (+1.27 million tons) [3] 3.5 Trend Intensity - **Sugar Trend Intensity**: The sugar trend intensity is 0, indicating a neutral view, with the value ranging from - 2 (most bearish) to 2 (most bullish) [4]

Report Information - Report Title: Sugar Daily Report [1] - Date: November 12, 2025 [2] - Researcher: Wang Haifeng, Lin Zhenlei, Yu Lanlan, Hong Chenliang, Liu Youran [3] - Research Team: Agricultural Products Research Team [4] 1. Report Industry Investment Rating No relevant information provided. 2. Core Viewpoints - On Monday, New York raw sugar futures fluctuated strongly, with the main March contract rising 1.13% to 14.26 cents per pound. London ICE white sugar futures' main March contract rose 0.5% to $408.10 per ton. The Indian government plans to allow 1.5 million tons of sugar exports, but the market believes current sugar prices are below India's export parity, making exports difficult. Overnight, overseas stocks and commodities generally rose, and raw sugar followed the trend [7]. - Yesterday, the main Zhengzhou sugar contract rose first and then fell. The 01 contract closed at 5,480 yuan per ton, up 13 yuan or 0.24%, with an increase of 3,084 contracts in positions. The domestic spot sugar price remained flat, with 5,580 yuan per ton in Kunming and 5,840 yuan per ton in East China. The Guangxi Sugar Association issued a self - discipline convention for the 2025/26 sugar - crushing season, stipulating that the crushing should not start earlier than November 30, but some sugar mills have announced their crushing start in mid - November. Zhengzhou sugar failed to rise strongly today, with obvious pressure at the 5,500 mark. In terms of funds, speculative short positions slightly decreased [8]. 3. Summary by Directory 3.1 Market Review and Operation Suggestions - **Futures Market Quotes**: SR601 closed at 5,480 yuan per ton, up 13 yuan or 0.24%, with a position of 376,327 contracts and an increase of 3,084 contracts; SR605 closed at 5,411 yuan per ton, up 11 yuan or 0.20%, with a position of 115,315 contracts and a decrease of 607 contracts; US sugar 03 closed at 14.26 cents per pound, up 0.16 cents or 1.13%, with a position of 483,461 contracts and an increase of 400 contracts; US sugar 05 closed at 13.86 cents per pound, up 0.13 cents or 0.95%, with a position of 170,718 contracts and an increase of 2,605 contracts [7]. - **Domestic Market**: The main Zhengzhou sugar contract rose first and then fell. The domestic spot sugar price remained flat. The Guangxi Sugar Association's self - discipline convention was not fully followed, and some sugar mills planned to start crushing earlier. Zhengzhou sugar faced pressure at 5,500, and speculative short positions decreased [8]. 3.2 Industry News - **Brazilian Sugar Exports**: In the first week of November, Brazil exported 685,701.91 tons of sugar, with a daily average export of 137,140.38 tons, a 23% decrease compared to the daily average export in November last year. In October, Brazil exported about 4.205 million tons of sugar, a 12.8% year - on - year increase. From April to October in the 2025/26 crushing season, Brazil cumulatively exported 21.9568 million tons of sugar, a 5.27% year - on - year decrease [9][10]. - **Chinese Sugar Supply and Demand**: The China Sugar Association adjusted the sugar import volume for the 2024/25 season down by 380,000 tons to 4.62 million tons. It is predicted that the sugar production in the 2025/26 season will be 11.7 million tons, an increase of 500,000 tons from the previous month's prediction, and the sugar consumption will be 15.7 million tons, a decrease of 200,000 tons from the previous month's prediction. Southern sugar mills have started production, and 29 northern beet sugar mills have all started production, with a generally stable production situation [9]. - **Guangxi Sugar Production**: On November 15, some sugar mills in Guangxi are expected to start crushing, kicking off the 2025/26 production season, 7 days later than the same period last year. As of now, the number of sugar mills starting production before the end of November is expected to be significantly less than 61 last year, but some sugar mills in northern Guangxi will start earlier. In the past ten crushing seasons, the sugar production in Guangxi in November was between 40,000 and 510,000 tons, and the temperature difference was not obvious, which was not conducive to sugar accumulation [9]. - **Indian Sugar Exports**: The Indian central government has decided to allow the export of 1.5 million tons of sugar in the 2025 - 26 crushing season starting from October [9]. 3.3 Data Overview - The report provides multiple data charts, including spot price trends, 2601 contract basis, SR1 - 5 spread, Brazilian raw sugar import profit, Zhengzhou Commodity Exchange warehouse receipts, Brazilian real exchange rate, and the trading and position data of the top 20 seats of the main Zhengzhou sugar contract [12][14][16]. - The trading and position data of the top 20 seats of the main Zhengzhou sugar contract show that the total trading volume was 171,320 contracts, a decrease of 16,172 contracts; the total long position was 257,739 contracts, an increase of 1,121 contracts; the total short position was 297,052 contracts, a decrease of 1,208 contracts [22].

Report Summary 1) Report Industry Investment Rating No industry investment rating is provided in the report. 2) Core Viewpoints - The 25/26 sugar season shows a complex supply - demand situation globally and in China. Globally, there is a projected supply shortage, while in China, production is expected to increase and consumption may slightly decline [2][3]. - The trend intensity of sugar is -1, indicating a weak - bearish outlook [4]. 3) Summary by Relevant Catalogs Fundamental Tracking - Sugar price data: The raw sugar price is 14.26 cents/pound (YoY +0.13), the mainstream spot price is 5760 yuan/ton (YoY 0), and the futures main - contract price is 5475 yuan/ton (YoY +18). Regarding spreads, the 15 - spread is 70 yuan/ton (YoY +10), the 59 - spread is 2 yuan/ton (YoY - 3), and the mainstream spot basis is 285 yuan/ton (YoY - 18) [1]. Macro and Industry News - High - frequency information: Pay attention to China's syrup and premix import policy changes. The 25/26 sugar export quota of India is 1.5 million tons. Brazil's sugar production in the first half of October increased by 1% YoY, and its exports in October were 4.2 million tons (YoY +13%). China imported 550,000 tons of sugar in September (+150,000 tons) [1]. Domestic Market - CAOC predicts that the domestic sugar production in the 25/26 season will be 11.7 million tons (previous value 11.2 million tons), consumption will be 15.7 million tons (previous value 15.9 million tons), and imports will be 5 million tons. As of the end of September in the 24/25 season, China produced 11.16 million tons of sugar (+1.2 million tons), sold 10.48 million tons (+870,000 tons), with a cumulative sales rate of 93.9% (down 2.6 percentage points), and imported 4.63 million tons of sugar (-120,000 tons). The Guangxi Sugar Association expects Guangxi's sugar production in the 25/26 season to be around 6.7 million tons with a declining sugar - extraction rate and unchanged sugar - cane purchase price, and the Yunnan Sugar Association expects Yunnan's production to be around 2.6 million tons [2]. International Market - ISO predicts a global sugar supply shortage of 23,000 tons in the 25/26 season and 488,000 tons in the 24/25 season. As of October 16 in the 25/26 season, the cumulative sugar - cane crushing volume in Brazil's central - southern region decreased by 2.78 percentage points YoY, with cumulative sugar production of 36.02 million tons (+320,000 tons) and a cumulative MIX of 52.36% (up 3.62 percentage points YoY). ISMA/NFCSF predicts that India's total sugar production in the 25/26 season will be 34.35 million tons (previous value 34.9 million tons), with 3.4 million tons used for ethanol production and a net sugar production of 30.95 million tons. Thailand's cumulative sugar production in the 24/25 season was 10.08 million tons (+1.27 million tons) [3]. Trend Intensity - The trend intensity of sugar is -1, within the range of [-2, 2], indicating a weak - bearish view [4].

Group 1 - The company Guangnong Sugar Industry announced the resignation of its Vice General Manager, Pan Wenxin, due to work changes [2] - Pan Wenxin will no longer hold any position within the company following his resignation [2]