（文章来源：每日经济新闻） 每经AI快讯，当地时间11月20日，洲际交易所（ICE）农产品期货主力合约收盘多数上涨，原糖期货涨 0.14%报14.68美分/磅，棉花期货持平于63.78美分/磅，可可期货涨2.96%报5255.00美元/吨，咖啡期货涨 0.36%报376.20美分/磅。 ...

Core Viewpoint - The Intercontinental Exchange (ICE) agricultural futures showed mixed performance on November 18, with fluctuations in various commodity prices [1] Group 1: Sugar Futures - Raw sugar futures decreased by 0.61%, closing at 14.71 cents per pound [1] Group 2: Cotton Futures - Cotton futures increased by 0.59%, closing at 64.44 cents per pound [1] Group 3: Cocoa Futures - Cocoa futures fell by 0.37%, closing at $5,416.00 per ton [1] Group 4: Coffee Futures - Coffee futures rose by 2.10%, closing at 384.50 cents per pound [1]

Core Viewpoint - The Intercontinental Exchange (ICE) agricultural futures showed mixed performance on November 17, with fluctuations in various commodity prices [1] Group 1: Sugar Market - Raw sugar futures decreased by 1.40%, closing at 14.75 cents per pound [1] Group 2: Cotton Market - Cotton futures experienced a slight increase of 0.12%, closing at 64.21 cents per pound [1] Group 3: Cocoa Market - Cocoa futures fell by 1.03%, ending at $5,401.00 per ton [1] Group 4: Coffee Market - Coffee futures rose by 1.03%, closing at 377.85 cents per pound [1]

Core Viewpoint - The Intercontinental Exchange (ICE) agricultural futures saw a decline across all major contracts on November 13, with significant drops in various commodities [1] Group 1: Commodity Price Movements - Raw sugar futures decreased by 0.62%, closing at 14.43 cents per pound [1] - Cotton futures fell by 0.35%, ending at 64.58 cents per pound [1] - Cocoa futures experienced a decline of 2.57%, closing at $5,609 per ton [1] - Coffee futures dropped by 1.08%, finishing at 372.60 cents per pound [1]

Core Viewpoint - The Intercontinental Exchange (ICE) agricultural futures saw a majority of contracts decline, with notable movements in sugar, cotton, cocoa, and coffee futures [1] Group 1: Futures Performance - Sugar futures increased by 2.25%, closing at 14.57 cents per pound [1] - Cotton futures decreased by 0.86%, closing at 64.82 cents per pound [1] - Cocoa futures fell by 3.12%, closing at $5744.00 per ton [1] - Coffee futures dropped by 6.16%, closing at 374.70 cents per pound [1]

Core Viewpoint - The Intercontinental Exchange (ICE) agricultural futures closed mostly lower on November 12, 2023, with notable movements in various commodity prices [1] Group 1: Commodity Price Movements - Raw sugar futures increased by 2.25%, closing at 14.57 cents per pound [1] - Cotton futures decreased by 0.86%, closing at 64.82 cents per pound [1] - Cocoa futures fell by 3.12%, closing at $5,744.00 per ton [1] - Coffee futures dropped by 6.16%, closing at 374.70 cents per pound [1]

Group 1 - The Intercontinental Exchange (ICE) agricultural futures saw a majority decline in closing prices on November 6, with raw sugar futures increasing by 0.78% to 14.22 cents per pound [1] - Cotton futures decreased by 1.15% to 64.48 cents per pound [1] - Cocoa futures fell by 2.97% to $6,277.00 per ton [1] - Coffee futures dropped by 3.89% to 397.50 cents per pound [1]

Report Summary 1. Report Industry Investment Rating No relevant information provided. 2. Core View of the Report The current sugar market is in a weakly fluctuating phase. The core contradiction between bulls and bears lies in the game between the expected increase in production in the Northern Hemisphere (new sugar supply from Brazil and the upcoming new domestic sugar - crushing season) and cost support (the production cost line of 5400 yuan). The supply remains loose, and the demand is in a slack season. The futures price is repeatedly testing the support level in the range of 5450 - 5500 yuan, lacking short - term breakthrough momentum. It is expected that the main sugar contract will continue to fluctuate in the range of 5400 - 5500 yuan/ton in the next 1 - 2 weeks, and the direction will depend on the progress of the new sugar - crushing season and policy signals [4]. 3. Summary by Relevant Catalogs 3.1. Market Review (CHAPTER 1) - **1.1 Weekly Review**: The 11 - day sugar continuous contract closed at 14.43 cents/pound, down 3.61% from last week. The main Zhengzhou sugar contract closed at 5483 yuan/ton, up 0.68%. Spot prices in Nanning, Liuzhou, Kunming, and Rizhao Lingyunhai all decreased slightly by about 0.17 - 0.18%. The basis between Liuzhou sugar and the main contract narrowed by 20.09% to 187 yuan/ton. The total of warehouse receipts and valid forecasts decreased by 7.47% to 8116. The market sentiment shows that the bullish, bearish, and neutral ratios are 20%, 50%, and 30% respectively, remaining unchanged from last week [6]. 3.2. Fundamental Analysis (CHAPTER 2) - **2.1 - 2.3 Sugar Production and Sales in China**: No detailed data provided in the given content. - **2.4 China's White Sugar Industrial Inventory**: The total of warehouse receipts and valid forecasts decreased by 7.47%, indicating a slight relief in physical inventory pressure, but the absolute level remains high [4]. - **2.5 - 2.7 China's Sugar Import and Export**: In September, the import volume was 550,000 tons, a year - on - year increase of 35.8% but a month - on - month decrease. The international raw sugar price dropped 3.61% to 14.43 cents/pound, suppressing import motivation. - **2.9 China's Sugar Import Cost and Profit**: The in - quota import profit increased by 10 - 11% week - on - week, and the out - of - quota profit increased significantly by 35 - 42%. The processing cost decreased by 5.4 - 5.7%. For example, the in - quota processing cost from Brazil decreased from 4040 yuan to 3816 yuan, a 5.54% drop, and the in - quota import profit increased from 1851 yuan to 2047 yuan, a 10.59% increase [31]. 3.3. International Market Fundamentals (CHAPTER 3) - **3.1 - 3.4 Brazil's Sugar Availability, Cane Crushing, Sugar Production, and Ethanol Production**: No detailed data provided in the given content. - **3.5 Brazil's Sugar Import and Export**: No detailed data provided in the given content. - **3.6 International Raw Sugar Premium and Freight Costs**: The premium for Brazilian sugar remained unchanged at - 0.41, and the shipping cost decreased slightly by 0.18% to 38.8. The premium for Thai sugar remained unchanged at 0.89, and the shipping cost remained unchanged at 18 [31].

Core Viewpoint - The Intercontinental Exchange (ICE) agricultural futures saw a majority of contracts decline, indicating a bearish trend in the agricultural commodities market [1] Group 1: Price Movements - Raw sugar futures fell by 3.00%, closing at 14.21 cents per pound [1] - Cotton futures decreased by 0.81%, ending at 65.15 cents per pound [1] - Cocoa futures experienced a slight increase of 0.41%, reaching $6,586.00 per ton [1] - Coffee futures dropped by 0.25%, closing at 405.65 cents per pound [1]

Core Viewpoint - The Intercontinental Exchange (ICE) agricultural futures saw a majority of contracts decline, indicating a bearish trend in the agricultural commodities market [1] Group 1: Price Movements - Raw sugar futures fell by 3.00%, closing at 14.21 cents per pound [1] - Cotton futures decreased by 0.81%, ending at 65.15 cents per pound [1] - Cocoa futures experienced a slight increase of 0.41%, reaching $6,586.00 per ton [1] - Coffee futures dropped by 0.25%, closing at 405.65 cents per pound [1]