Today (Feb 2), the market for sugar in China is shown as follows:

The most-active contract for sugar futures closed marginally higher on China’s Zhengzhou Commodity Exchange. As of 11:30 am, the most-active May contract ended 18 CNY/tonne higher at 5,266 CNY/tonne with the high of 5,305 CNY/tonne and the low of 5,250 CNY/tonne; nearby March contract settles 18 CNY/tonne higher at 5,219 CNY/tonne with the high of 5,258 CNY/tonne and the low of 5,205 CNY/tonne.

Spot sugar prices are mostly steady and partly slightly higher today. New sugar is priced at 5,210-5,280 CNY/tonne in Guangxi, an increase 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 10 CNY/tonne higher at 5,170-5,210 CNY/tonne in Zhanjiang, Guangdong; new sugar is also 10 CNY/tonne higher at 5,120-5,130 CNY/tonne in Hainan. Meanwhile, processed sugar prices steadily go up. Grade I carbonized sugar is 30 CNY/tonne higher at 5,380 CNY/tonne in Fujian, 10 CNY/tonne higher at 5,310 CNY/tonne in Guangdong, 50 CNY/tonne higher at 5,440 CNY/tonne in Shandong, unchanged at 5,330 CNY/tonne in Liaoning but not available (5,330 CNY/tonne yesterday) 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 ¥6.47)