Today (Feb 3), 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 48 CNY/tonne higher at 5,325 CNY/tonne with the high of 5,333 CNY/tonne and the low of 5,264 CNY/tonne; nearby March contract settles 48 CNY/tonne higher at 5,277 CNY/tonne with the high of 5,286 CNY/tonne and the low of 5,217 CNY/tonne.

Spot sugar prices steadily rise today. New sugar is priced at 5,240-5,300 CNY/tonne in Guangxi, an increase of 20-30 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 higher at 5,170-5,230 CNY/tonne in Zhanjiang, Guangdong; new sugar is 30 CNY/tonne higher at 5,150 CNY/tonne in Hainan. Meanwhile, processed sugar prices also grow in stability. Grade I carbonized sugar is 20 CNY/tonne higher at 5,400 CNY/tonne in Fujian, not available in Guangdong (5,310 CNY/tonne yesterday), 30 CNY/tonne higher at 5,470 CNY/tonne in Shandong, 40 CNY/tonne higher at 5,370 CNY/tonne both in Liaoning and Hebei.

Zhengzhou sugar futures move higher with volatility in the morning. Spot prices steadily increase. Market trading is not very active as buyers are about to complete the stockpiling. It is expected that sugar market will keep range-bound in the afternoon.

(USD $1=CNY ¥6.47)