白糖年报：增产方向未变，试探巴西成本

1    -1- -2- -3- -4- 2,000 1,500 1,000 500 0 -500 -1,000 -1,500 -2,000 -2,500 -3,000 2020-01-212020-07-212021-01-212021-07-212022-01-212022-07-212023-01-212023-07-212024-01-212024-07-21 泰国配额外巴西配额外 100 90 80 70 60 50 40 30 20 10 0 10111212345789 2021/20222022/20232023/20242024/2025 -5- -6- -7- -8- 长期负反馈 短期负反馈 短期正反馈 中长期正反馈 短期正反馈 中长期正反馈 -9- -10- 7.00 6.50 6.00 5.50 5.00 4.50 4.00 2023/8/242023/11/242024/2/242024/5/242024/8/242024/11/24 86.0 85.5 85.0 84.5 84.0 83.5 83.0 82.5 82.0 81.5 81.0 2023/9/18 2023/12/18 2024/3/18 2024/6/18 2024/9/18 2024/12/18 -11- -12- -13-