1. Report Information - Report Title: Sugar Daily Report - Date: October 29, 2025 - Researchers: Wang Haifeng, Lin Zhenlei, Yu Lanlan, Hong Chenliang, Liu Youran [1][2][3] 2. Investment Rating - No investment rating information is provided in the report. 3. Core Viewpoints - The New York raw sugar futures continued to decline due to sufficient sugar supply in Brazil and the gradual start of the new season in India and Thailand, which put pressure on the market and pushed sugar prices down. The Zhengzhou sugar futures' main contract rebounded sharply, mainly because China suspended the import of all syrups and premixed sugars, which reduced the domestic sugar supply. However, the positive impact may be limited as the two countries' institutions are expected to communicate and find a solution [7][8]. 4. Summary by Directory 4.1 Market Review and Operation Suggestions - **Futures Market Conditions**: The main contract of New York raw sugar futures in March closed down 3.34% to 14.47 cents per pound, and the main contract of London ICE white sugar futures in December closed down 2.1% to $422.20 per ton. The main contract of Zhengzhou sugar futures 01 closed at 5,483 yuan per ton, up 50 yuan or 0.92%, with a reduction of 1,562 positions. The 05 contract closed at 5,418 yuan per ton, up 30 yuan or 0.56%, with an increase of 3,098 positions. The US sugar 03 contract closed at 14.47 cents per pound, down 0.50 cents or 3.34%, with a reduction of 954 positions. The US sugar 05 contract closed at 14.08 cents per pound, down 0.40 cents or 2.76%, with an increase of 3,215 positions [7]. - **Spot Market Conditions**: The spot prices in domestic production areas remained unchanged. The price of Nanning sugar was 5,750 yuan per ton, and the price of Kunming sugar was 5,640 yuan per ton [8]. 4.2 Industry News - China suspended the import of all syrups and premixed sugars from Thailand since October 27 due to the unqualified inspection results of a Thai factory and the defects in the Thai inspection system. The average sugarcane yield per hectare in the central - southern region of Brazil this season decreased by 6.5% compared with the previous season, and the sugarcane quality (measured by ATR) decreased by 0.8%. As of now, 11 sugar mills in Inner Mongolia have started production in the 2025/2026 sugar - making season, and the last one is expected to start tomorrow. The current white sugar price of Inner Mongolia Lingyunhai in the 2025/2026 sugar - making season is 5,850 yuan per ton, and the price of refined sugar is 5,950 yuan per ton [11]. 4.3 Data Overview - The report provides multiple 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 holding positions of the top 20 seats of the Zhengzhou sugar main contract [12][14][15][18][21]. - The table shows the trading volume, increase/decrease in trading volume, long - position holding volume, increase/decrease in long - position holding volume, short - position holding volume, and increase/decrease in short - position holding volume of the top 20 futures companies [21].