Today (Jan 29), 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 28 CNY/tonne lower at 5,220 CNY/tonne with the high of 5,257 CNY/tonne and the low of 5,203 CNY/tonne; nearby March contract settles 22 CNY/tonne lower at 5,177 CNY/tonne with the high of 5,215 CNY/tonne and the low of 5,163 CNY/tonne.

Spot sugar prices move lower today. New sugar is priced at 5,210-5,270 CNY/tonne in Guangxi with a decrease of 10 CNY/tonne from yesterday; in Yunnan, new sugar is priced at 5,280-5,320 CNY/tonne in Kunming and 5,230-5,250 CNY/tonne in Dali with no change from yesterday; new sugar is offered 20 CNY/tonne lower at 5,160-5,200 CNY/tonne in Zhanjiang, Guangdong; new sugar is 10 CNY/tonne lower at 5,120-5,140 CNY/tonne in Hainan. Also, processed sugar prices steadily decline. Grade I carbonized sugar is 5,350 CNY/tonne in Fujian, 10 CNY/tonne lower at 5,300 CNY/tonne in Guangdong, 20 CNY/tonne lower at 5,370 CNY/tonne in Shandong, 20 CNY/tonne lower at 5,330 CNY/tonne in Liaoning and not available (5,350 CNY/tonne yesterday) in Hebei.

Zhengzhou sugar futures post further losses in the morning. Spot prices steadily decline. With a subdued trade in market, investors are mostly staying on the sideline and wait for the moment. It is expected that sugar market will still run weakly in the afternoon.

(USD $1=CNY ¥6.47)