Report Summary 1. Investment Rating - There is no information about the industry investment rating in the report. 2. Core View - The domestic Nanning warehouse white sugar spot price remains stable, the ICE white sugar futures main contract price continues to be weak, and the overall support for domestic white sugar futures prices is average. The price of the white sugar futures main contract (SR601) continues a small - scale rebound and shows a strong trend throughout the day. In the short term, due to the divergence in the price trends of domestic and foreign white sugar, there may still be significant differences between bulls and bears in the price of the white sugar futures main contract (SR601), and the price may generally continue a wide - range volatile trend at a low level [15][16]. 3. Summary by Directory 3.1 Futures Market - **Contract行情**: On October 29, 2025, the price of the Zhengzhou Commodity Exchange white sugar futures main contract (SR601) fluctuated strongly throughout the day, closing at 5,494 yuan/ton, up 35 yuan/ton or 0.64% from the previous day. The trading volume was 182,203 lots, the open interest was 391,035 lots, and the daily increase in positions was - 9,001 lots. The total long positions of the Top20 members of the white sugar futures main contract (SR601) were 261,716 lots, with a long position difference of - 4,043 lots, and the total short positions were 313,807 lots, with a short position difference of - 13,851 lots [2]. - **Variety Price**: Different white sugar futures contracts showed different price changes. For example, SR511 closed at 5,426 yuan/ton, up 39 yuan/ton or 0.72%; SR603 closed at 2,459 yuan/ton, up 32 yuan/ton or 0.59%, etc. [3]. - **Option Market**: The total trading volume of white sugar options on this day was 69,226 lots, with 44,991 lots for call options and 24,235 lots for put options. The open interest of the variety was 289,843 lots, with 180,934 lots for call options and 108,909 lots for put options. The open interest PCR was 0.6019 [3]. 3.2 Spot Market - **Spot Quote**: The spot price of white sugar in Nanning warehouse on this day was 5,750 yuan/ton, unchanged from the previous observation day [6]. - **Registered Warehouse Receipts**: The total number of registered warehouse receipts for white sugar futures on this day was 7,625, a decrease of 70 from the previous trading day [9][10]. 3.3 Influencing Factors - **External Market Quotes**: On October 28, the opening price of the ICE raw sugar main contract was 14.5 cents/pound, the highest price was 14.59 cents/pound, the lowest price was 14.28 cents/pound, and the closing price was 14.39 cents/pound, down 0.07 cents/pound or 0.48% from the previous day. The open interest was 466,050 lots, and the daily increase in positions was - 3,573 lots [11]. - **Basis Data**: The white sugar basis on this day was 286 yuan/ton, and the basis continued to weaken [14].