Today (Feb 24), the market for sugar in China is shown as follows:

The most-active contract for sugar futures move lower after opening high on China’s Zhengzhou Commodity Exchange. As of 11:30 am, the most-active May contract ended 45 CNY/tonne lower at 5,424 CNY/tonne with the high of 5,485 CNY/tonne and the low of 5,412 CNY/tonne; nearby March contract settles 54 CNY/tonne lower at 5,380 CNY/tonne with the high of 5,431 CNY/tonne and the low of 5,380 CNY/tonne.

Spot sugar prices partly fluctuate slightly, but are still not offered by some major groups. New sugar is priced at 5,380-5,440 CNY/tonne in Guangxi, flat from yesterday; in Yunnan, new sugar is steadily priced at 5,370-5,380 CNY/tonne in Kunming and 5,340-5,350 CNY/tonne in Dali; new sugar is offered 10 CNY/tonne lower at 5,350-5,390 CNY/tonne in Zhanjiang, Guangdong; new sugar is also 10 CNY/tonne lower at 5,330 CNY/tonne in Hainan. Besides, processed sugar prices are generally lower today. Grade I carbonized sugar is 30 CNY/tonne lower at 5,520 CNY/tonne in Fujian, unchanged at 5,470 CNY/tonne in Guangdong, 60 CNY/tonne lower at 5,590 CNY/tonne in Shandong, 20 CNY/tonne lower at 5,420 CNY/tonne in Liaoning and 30 CNY/tonne lower at 5,470 CNY/tonne in Hebei.

Zhengzhou sugar futures move lower after opening high in the morning. Cash prices keep steady with a partial decline. Market participants are mostly staying on the sideline and wait for the moment as sugar futures decline after uninterrupted rises. It is expected that sugar prices will keep range-bound in the afternoon.

(USD $1=CNY ¥6.46)