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Daily Review on Sugar Market in China--1/15/2021

2021-01-15 www.cofeed.com

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.

 

说明: http://img.cofeed.com/newpic/202101/747edc0a-0581-4365-9016-ebb97f10ddea.png

 

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)