Today (Jan 22), the market for sugar in China is shown as follows:

The most-active contract for sugar futures extends losses after low opens on China’s Zhengzhou Commodity Exchange. As of 11:30 am, the most-active May contract ended 69 CNY/tonne lower at 5,272 CNY/tonne with the high of 5,329 CNY/tonne and the low of 5,251 CNY/tonne; nearby March contract settles 67 CNY/tonne lower at 5,230 CNY/tonne with the high of 5,286 CNY/tonne and the low of 5,211 CNY/tonne.

Spot sugar prices are mostly lower and partly not available today. New sugar is priced at 5,250-5,310 CNY/tonne in Guangxi with a decline of 20-30 CNY/tonne; in Yunnan, new sugar is priced at 5,370 CNY/tonne in Kunming and 5,280-5,320 CNY/tonne in Dali with a decrease of 30 CNY/tonne from yesterday; new sugar is offered 30 CNY/tonne lower at 5,210-5,230 CNY/tonne in Zhanjiang, Guangdong; new sugar is also 30 CNY/tonne lower at 5,160-5,170 CNY/tonne in Hainan. Also, processed sugar prices go down. Grade I carbonized sugar is 50 CNY/tonne lower at 5,370 CNY/tonne in Fujian, 30 CNY/tonne lower at 5,340 CNY/tonne in Guangdong, 50 CNY/tonne lower at 5,360 CNY/tonne in Shandong, while not available in Liaoning and Hebei.

Zhengzhou sugar futures keep moving lower, and cash market also gradually becomes gloomy. Spot prices offered by groups dip by 20-50 CNY/tonne. Market participants are staying on the sideline and wait for the moment. It is expected that sugar market will fluctuate at a narrow range in the afternoon session.

(USD $1=CNY ¥6.46)