Today (Feb 1), the market for sugar in China is shown as follows:

The most-active contract for sugar futures fluctuate to go up on China’s Zhengzhou Commodity Exchange. As of 11:30 am, the most-active May contract ended 36 CNY/tonne higher at 5,260 CNY/tonne with the high of 5,274 CNY/tonne and the low of 5,220 CNY/tonne; nearby March contract settles 33 CNY/tonne higher at 5,214 CNY/tonne with the high of 5,228 CNY/tonne and the low of 5,176 CNY/tonne.

Spot sugar prices are mostly steady and partly not available today. New sugar is steadily priced at 5,210-5,270 CNY/tonne in Guangxi compared to last Friday; 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 last Friday; new sugar is offered unchanged at 5,160-5,200 CNY/tonne in Zhanjiang, Guangdong; new sugar is also unchanged at 5,120 CNY/tonne in Hainan. Also, processed sugar prices mainly stay stable. Grade I carbonized sugar is unchanged at 5,350 CNY/tonne in Fujian and 5,300 CNY/tonne in Guangdong, 20 CNY/tonne higher at 5,390 CNY/tonne in Shandong, unchanged at 5,330 CNY/tonne in Liaoning and 20 CNY/tonne lower at 5,330 CNY/tonne in Hebei.

Zhengzhou sugar futures move higher with volatility in the morning. Spot prices fluctuate at a narrow range. 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 keep range-bound in the afternoon.

(USD $1=CNY ¥6.46)