According to the Huatai Securities Research Report, with the arrival of strong El Niño in 2026/2027, the global sugar supply and demand pattern is expected to be reshaped. Historical review shows that El Niño is usually a catalyst for rising sugar prices, and cycle positions, inventories, and trade flows together determine price elasticity. At present, Huatai Securities believes that white sugar already has the dual conditions of strong El Niño catalytic and price bottoming, and that the price center is expected to move upward, but the trend reversal still requires substantial production cuts in Brazil and marginal changes in India's export policy. It is recommended to focus on investment opportunities in the sugar industry chain.

According to the Huatai Securities Research Report, with the arrival of strong El Niño in 2026/2027, the global sugar supply and demand pattern is expected to be reshaped. Historical review shows that El Niño is usually a catalyst for rising sugar prices, and cycle positions, inventories, and trade flows together determine price elasticity. At present, Huatai Securities believes that white sugar already has the dual conditions of strong El Niño catalytic and price bottoming, and that the price center is expected to move upward, but the trend reversal still requires substantial production cuts in Brazil and marginal changes in India's export policy. It is recommended to focus on investment opportunities in the sugar industry chain.