Today (Jan 15), the market for sugar in China is shown as follows:

The most-active contract for sugar futures post wild gains on China’s Zhengzhou Commodity Exchange. As of 11:30 am, the most-active May contract settles 164 CNY/tonne higher at 5,427 CNY/tonne with the high of 5,447 CNY/tonne and the low of 5,263 CNY/tonne; nearby January contract closes 38 CNY/tonne higher at 5,280 CNY/tonne with the high of 5,300 CNY/tonne and the low of 5,280 CNY/tonne.

Spot sugar prices sharply rise today. New sugar is priced at 5,280-5,360 CNY/tonne in Guangxi with an increase of 90-100 CNY/tonne; in Yunnan, new sugar is priced at 5,370-5,420 CNY/tonne in Kunming and 5,330-5,340 CNY/tonne in Dali with a growth of 60-120 CNY/tonne; new sugar is offered at 5,280-5,300 CNY/tonne with an increase of 90 CNY/tonne in Zhanjiang, Guangdong. Likewise, processed sugar prices also go up. Grade I carbonized sugar is 70 CNY/tonne higher at 5,420 CNY/tonne in Fujian, 100 CNY/tonne higher at 5,380 CNY/tonne in Guangdong, 170 CNY/tonne higher at 5,530 CNY/tonne in Shandong, 130 CNY/tonne higher at 5,450 CNY/tonne in Liaoning, and 130 CNY/tonne higher at 5,430 CNY/tonne in Hebei. Besides, beet sugar is up 170 CNY/tonne to 5,380-5,400 CNY/tonne in Inner Mongolia.

Zhengzhou sugar futures jump higher in morning trade, as well as cash prices. Some traders make proper purchases based on the bullish sentiment, yet most of buyers take a wait-and-see attitude. However, the traffic control has been taken in Nanning, Guangxi and Caofeidian District, Tangshan, Hebei due to new confirmed COVID-19 cases yesterday. Consequently, the deliveries are impacted. Sugar market is predicted to stay strong in the afternoon underpinned by the strength on both futures and spot markets.

(USD $1=CNY ¥6.46)