消息面 巴西农业部下属的国家商品供应公司CONAB表示，2025/26榨季巴西糖产量预计为4450万吨，今年4月 份调查预计为4590万吨。2025/26榨季巴西甘蔗产量预计为6.688亿吨，今年4月份调查预计为6.634亿 吨。 据外媒报道，欧洲贸易商表示，巴基斯坦国家贸易机构TCP在上周结束的20万吨国际白糖招标中初步购 买了3万吨白糖。 8月26日，郑商所白糖期货仓单15316张，环比上个交易日减少70张。 申银万国期货： 国际方面，全球糖市随着巴西新糖供应增加、即将进入累库阶段，不过考虑到已有所计价，预计原糖短 期维持震荡走势。反观国内市场，国产糖产销率维持偏高，食糖库存偏低，对糖价有所支撑。进口端加 工糖压力集中释放，或对糖价有所拖累，短期郑糖被动跟随原糖为主，维持震荡走势。 建信期货： 今日郑糖01午后意外大跌，盘中资金打压导致价格下行，基本面上并无明显变化。后期进口糖的压力会 逐渐放大，抑制国内糖价。 机构观点 ...

行业 白糖日报 日期 2025 年 8 月 27 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 021-60635732 yulanlan@ccb.ccbfutures.com 期货从业资格号：F0301101 021-60635732 hongchenliang@ccb.ccbfutures .com 期货从业资格号：F3076808 研究员：刘悠然 021-60635570 liuyouran@ccb.ccbfutures.com 期货从业资格号：F03094925 农产品研究团队 研究员：林贞磊 研究员：余兰兰 研究员：洪辰亮 请阅读正文后的声明 ＃summary＃ 每日报告 一、行情回顾与操作建议 | | | | | | 表1：期货行情 | | --- | --- | --- | --- | --- | --- | | | | | | 收盘价（元/吨 美分/磅） 涨跌 涨跌幅 持仓量（张） ...

白糖日报 2025 年 8 月 26 日 白糖日报 第一部分 数据分析 大宗商品研究所 农产品研发报告 研究员：刘倩楠 期货从业证号： F3013727 投资咨询证号： Z0014425 联系方式： liuqiannan_qh@china stock.com.cn | 期货盘面 | | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 期货 | | 收盘价 | 涨跌 | 涨跌幅 | 成交量 | 增减量 | 持仓量 | 增减量 | | SR09 | | 5,678 | -42 | -0.73% | 6,778 | 773 | 11,358 | -3568 | | SR01 | | 5,632 | -56 | -0.98% | 211,128 | 78039 | 366,130 | -1534 | | SR05 | | 5,599 | -47 | -0.83% | 9,113 | 5742 | 29,796 | 1240 | | 现货价格 | | | | | | | | | | 白糖 | | 柳州 | 昆明 | 武汉 | ...

Group 1: Report Overview - Report Name: Sugar Data Daily Report [3] - Date: August 21, 2025 [4] Group 2: Industry Investment Rating - No industry investment rating is provided in the report. Group 3: Core View - During the new crushing season alternation period, the supply is diversified, and the competition between processed sugar and domestic sugar intensifies. It is expected to maintain range - bound fluctuations [4] Group 4: Domestic Sugar Price and Futures Data - **Spot Prices**: In Nanning Warehouse, Guangxi, the price is 6030 yuan/ton, down 10 yuan; in Kunming, Yunnan, it is 5855 yuan/ton, unchanged; in Dali, Yunnan, it is 5750 yuan/ton, unchanged; in Rizhao, Shandong, it is 6050 yuan/ton, unchanged [4] - **Futures Prices**: SR09 is 5727 yuan, up 11 yuan; SR01 is 5676 yuan, up 15 yuan; SR09 - 01 is 51 yuan, down 4 yuan [4] Group 5: Exchange Rate and International Commodity Data - **Exchange Rates**: The RMB to US dollar exchange rate is 7.205, up 0.0015; the Brazilian real to RMB is 1.2818, up 0.0212; the Indian rupee to RMB is 0.084, down 0.0004 [4] - **International Commodity Prices**: The ICE raw sugar主力 is 16.3, unchanged; the London white sugar主力 is 573, up 3; the Brent crude oil主力 is 65.95, unchanged [4]

投资咨询业务资格:证监会许可【2012】31号 ITG国贸期货 | F | | | 农产品中心 | 期货从业资格证号 | | 投资咨询证号 | 2025/8/20 | | --- | --- | --- | --- | --- | --- | --- | --- | | | | | 谢威 | F03087820 | | Z0019508 | | | 团 白 | | 地区 | 2025/8/19 | 涨跌值 | 升贴水 | 与2509基差 | 涨跌值 | | / 报 糖 | 广西 | 南宁仓库 | 6040 | 0 | 0 | 324 | 20 | | 吨价现 | 云南 | 昆明 | 5855 | 0 | -100 | 239 | 20 | | 〜〜賞 | | 大理 | 5750 | -100 | -140 | 174 | -80 | | 元集 | 山东 | 日照 | 6050 | 0 | 100 | 234 | 20 | | 数 盘 | | SR09 | 5716 | -20 | SR09-01 | 55 | -9 | | 据 面 | | SR01 | 5661 | -11 | | | | | दि | 人民 ...

Group 1: Report Industry Investment Rating - Not provided Group 2: Report's Core View - During the new crushing season alternation period, the supply is diversified, the competition between processed sugar and domestic sugar intensifies, and it is expected to maintain range - bound fluctuations [3] - If Brazil's production exceeds expectations or India relaxes exports, raw sugar may test the previous low again [3] Group 3: Summary by Relevant Catalogs Domestic Sugar Price and Futures Data - In the domestic market, on August 18, 2025, the spot price of sugar in Nanning Warehouse, Guangxi was 6040 yuan/ton with no change; in Kunming, Yunnan it was 5855 yuan/ton, down 5 yuan; in Dali, Yunnan it was 5850 yuan/ton, up 100 yuan; in Rizhao, Shandong it was 6050 yuan/ton with no change [3] - SR09 was 5736, down 4; SR01 was 5672, up 8; SR09 - 01 was 64, down 12 [3] Exchange Rate and International Commodity Data - The exchange rate of RMB against the US dollar was 7.2015, up 0.0020; the exchange rate of the real against the RMB was 1.2818, up 0.0212; the exchange rate of the rupee against the RMB was 0.084, down 0.0004 [3] - The ice raw sugar主力 was 16.47 with no change; the London white sugar主力 was 573, up 3; the Brent crude oil主力 was 66.13 with no change [3]

研究员：刘倩楠 期货从业证号：F3013727 投资咨询证号：Z0014425 巴西制糖比继续升高 外盘价格下跌 目录 | 第一章 | 综合分析与交易策略 | 2 | | --- | --- | --- | | 第二章 | 核心逻辑分析 | 4 | | 第三章 | 周度数据追踪 | 9 | GALAXY FUTURES 1 综合分析与交易策略 【逻辑分析】 国际方面，考虑到巴西迎来供应高峰，预计全球库存即将进入累库阶段，最近一期报告显示巴西双周白糖产量达到360多万吨， 双周制糖比例升至54.1%达到历史高位，巴西白糖累计产量减幅继续缩小，巴西双周制糖比继续升高，巴西白糖产量增幅可能要 超出预期，因此近期原糖价格有所下跌。关注巴西糖产进度。 国内市场，国产糖产销速度偏快，食糖库存偏低，但是近期有大量进口糖开始陆续进口到国内市场，国内白糖价格受国际糖价 影响预计郑糖价格将跟随外糖走势。 【交易策略】 1. 单边：短期内郑糖价格受内外市场影响预计偏震荡，短期可考虑逢高沽空。 2. 套利：观望。 3. 期权：观望。 (以上观点仅供参考，不作为入市依据) GALAXY FUTURES 2 目录 第二章 核心逻辑分析 ...

1. Report Industry Investment Rating No relevant content provided. 2. Core View of the Report - The probability of a significant rebound in the international raw sugar price is low due to the obvious increase in sugar production in the central - southern region of Brazil after July and the expected increase in production in major northern hemisphere producers like India in the new season [8]. - The Zhengzhou sugar price is more likely to continue to decline as the domestic import supply will gradually increase in the next two months, the out - of - quota spot import profit has remained at the highest level in the past five years, and the futures price valuation is still high [8]. 3. Summary According to the Table of Contents 3.1. Weekly Assessment and Strategy Recommendation - **Market Review**: The international raw sugar price rose and then fell this week. As of Friday, the closing price of the ICE raw sugar October contract was 16.47 cents per pound, up 0.2 cents per pound from the previous week, a 1.23% increase. The domestic Zhengzhou sugar price rebounded. As of Friday, the closing price of the Zhengzhou sugar January contract was 5,664 yuan per ton, up 91 yuan per ton from the previous week, a 1.63% increase. Various spreads also showed different trends [9]. - **Industry News**: In the second half of July, the central - southern region of Brazil crushed 50.217 million tons of sugarcane, a 2.66% year - on - year decrease; produced 3.614 million tons of sugar, a 0.8% year - on - year decrease. As of the week of August 13, the number of ships waiting to load sugar at Brazilian ports decreased to 76 from 80 the previous week, and the quantity of sugar waiting to be loaded decreased by 259,800 tons, a 7.26% decline [9]. - **Viewpoint and Strategy**: The probability of a significant rebound in the international raw sugar price is low, and the Zhengzhou sugar price is more likely to continue to decline. It is recommended to short at high levels with a profit - loss ratio of 2:1 within three months [8][9]. 3.2. Spread Trend Review - The report presents multiple spread trend charts, including spot price and basis, spot - to - spot spreads, domestic - international spreads, London white sugar monthly spreads, raw - white sugar spreads, raw sugar spot premiums and discounts, and sugar - alcohol price ratios, to show the historical trends of various spreads [17][20][25]. 3.3. Domestic Market Situation - The report shows charts of national sugar production, import volume, sales volume, and industrial inventory, covering monthly and cumulative data for multiple seasons, to reflect the supply and demand situation in the domestic sugar market [41][44][49][52]. 3.4. International Market Situation - The report provides charts of CFTC positions, sugar production in the central - southern region of Brazil, India, and Thailand, and Brazilian sugar shipment volume, to show the international sugar market situation [57][60][65][68][71].

巴西政府的农业预测机构Conab在 4 月份表示，2025-2026 年度的甘蔗产量可能总计为 6.634 亿吨，较上 年下降 2%。Covrig称，有人预测产量会低于 6 亿吨。 智通财经APP获悉，由于对全球最大产糖国巴西甘蔗产量下降的担忧，原糖期货在四天内首次上涨。截 至发稿，原糖价格上涨 1.2%，达到每磅 16.20 美分。伦敦市场上，白砂糖价格上涨 1.6%。 Covrig Analytics分析师Claudiu Covrig表示："尽管目前甘蔗压榨量已经相当巨大，因为我们正处于榨季 的高峰期，但持续报告的产量下降可能会导致巴西在第四季度的甘蔗收成突然枯竭。"他还表示，制糖 厂可能会比预期更早耗尽甘蔗供应。 今年总体来看，尽管巴西供应存在一些问题，但受全球供应过剩预期的影响，价格有所下降。不过，由 于巴西雷亚尔走强，这一下降幅度可能会受到限制，因为这提高了乙醇的最低价格门槛。而乙醇的最低 糖价则是指在该价格水平下，对于生产商而言生产乙醇才是具有经济可行性的价格。 糖厂根据乙醇折糖价(即乙醇生产成本折算为原糖价格)与原糖市场价的相对高低，自主调整制糖比。当 乙醇折糖价低于原糖价格时，糖厂倾向于增加原 ...

投资咨询业务资格:证监会许可【2012】31号 --- 2019 --- 2020 ----- 2021 - 19/20 ------- 20/21 ------- 21/22 ------- 22/23 - 23/24 24/25 800 2400 2023 -- 2022 2024 1600 600 800 400 -800 200 -1600 -2400 0 12月 2月 5月 10月 11月 1月 3月 4月 6月 7月 8月 9月 郑糖9-1月差 柳州-09基差 SR1809-SR1901 - SR1909-SR2001 ---- SR2009-SR2101 -- SR1909 - SR1809 ==== SR2109 ------ SR2009 SR2109-SR2201 -- SR2209-SR2301 ---- SR2309-SR2401 600 1200 -- SR2309 SR2409 SR2509 SR2209 SR2509-SR2601 SR2409-SR2501 400 800 200 400 0 0 -200 -400 -400 -800 -600 01/21 02/21 03/2 ...