周二开盘糖价下滑，此前数据显示印度本榨季因收割提前开始，产量远超上一榨季同期。获利了结也加剧了下跌。
Sugar slid at the open on Tuesday after data showed Indian production is running well ahead of last season following an earlier start to the harvest. Profit-taking also added to the slide.
纽约原糖期货一度下跌3.5%，至9月下旬以来最低。伦敦白糖期货亦告下跌。
Raw sugar futures in New York fell as much as 3.5% to their lowest price since late September. White sugar dropped in London.
全国合作社制糖厂联合会数据显示，截至10月31日，印度本榨季已产糖84.5万吨，是上一榨季同期产量的八倍多。这可能意味着印度短期内对进口糖的依赖将降低。
India had produced 845,000 tons of the sweetener as of Oct. 31 this season, more than eight times the amount produced in the same period last year, data from the National Federation of Cooperative Sugar Factories Ltd. showed. That could indicate lower reliance on imports, at least in the short term.
印度正在增产以控制国内糖价，正值库存处于低位之际。不过，由于担心超强厄尔尼诺现象将减产，累计产量预计仍将疲弱，并推动全球糖市进入供应短缺状态。
India is ramping up production to keep domestic prices in check at a time when stockpiles are low. Still, cumulative output is expected to remain weak amid fears that a super El Niño will curb yields and push the global sugar market into a deficit.
总部位于新德里的Greenleaf Consultancy分析师Harsh Soni表示，南亚国家本榨季强势开局并不令人意外。“但当现实来临时，市场会做出反应，”他说。
The South Asian nation’s strong start to the season is not a surprise, according to Delhi-based analyst Harsh Soni of Greenleaf Consultancy. “But when reality strikes, markets react,” he said.
与此同时，投机资金过去几个月大举涌入糖市，推高糖价至多年高位。然而，近期该涨势已显示出反转迹象，现任左翼总统路易斯·伊纳西奥·卢拉·达席尔瓦意外赢得大选，引发巴西雷亚尔抛售，增加了看空情绪。
Meanwhile, speculative funds have piled into sugar over the last few months, sending the sweetener to multi-year highs. However, that rally has shown signs of reversing recently, with a surprise presidential election victory for incumbent leftist Luiz Inácio Lula da Silva triggering a selloff in the Brazilian real and adding to bearish sentiment.
周五公布的最新CFTC持仓报告显示，资金管理者将净多头头寸削减逾4万手，至约18万手——四周低点。
The latest CFTC positioning report on Friday showed money managers trimmed their net-long position by more than 40,000 lots to around 180,000 — a four-week low.
新加坡投资公司Conda Capital Pte Ltd大宗商品投资组合经理Pierre-Jean Chiaradia表示：“10月的涨势更多是由投机资金流入和天气相关风险溢价驱动，而非真正的实物供应紧张。”他补充称，缺乏低位买盘也可能加剧抛售。
“The October rally was driven more by speculative flows and weather-related risk premiums than by genuine physical tightness,” said Pierre-Jean Chiaradia, commodities portfolio manager at Singapore-based investment firm Conda Capital Pte Ltd. The sell-off is also at risk of being exacerbated by a lack of buying at lower prices, he added.
总部位于巴黎的经纪公司Deepcore首席执行官Arnaud Lorioz表示，由于糖价随货币一同下跌，持有大量多头头寸的投机资金被迫平仓，退出了押注糖价上涨的交易。“从基本面来看，没有任何变化，”他说。“问题在于这种滚雪球效应何时会失去动力。”
Speculative funds with large long positions were stopped out of bets on a sugar rally after the sweetener sank with the currency, according to Arnaud Lorioz, chief executive officer of Paris-based brokerage Deepcore. “When you look at the fundamentals, nothing has changed,” he said. “The question is at what time this snowball effect loses momentum.”