20240419-瑞达期货-白糖市场周报_食糖进口偏低_限制糖价下跌_18页_1mb

食糖进口偏低和供应增加支撑糖价。巴西新榨季产量创高25%，国内产量预期增1000万吨以上，但进口糖利润倒挂且进口量下降。需求端软饮料市场或趋好。郑糖2409合约下跌278%，建议短期观望。

Key Highlights:

• Market Review: Stice sugar prices fell, with the 2409 contract down ~280% week-over-week in both domestic and international markets.
• Supply Factors: Brazil's record-high production pressurized the market; China's domestic output expected to rise over 1 million tons. Imported sugar costs slowed due to profit inversion.
• Demand Factors: Domestic consumption slowed but may recover with warming weather; imports dropped sharply, limiting price downside.
• Recommendation: Short-term strategy suggests观望 for Stice sugar. Monitor domestic sales, Brazil's new crushing season, and import volumes.