Today (Mar 4), the market for sugar in China is shown as follows:

The most-active contract for sugar futures moves downward after opening high on China’s Zhengzhou Commodity Exchange. As of 11:30 am, the most-active May contract ended 1 CNY/tonne lower at 5,476 CNY/tonne with the high of 5,522 CNY/tonne and the low of 5,454 CNY/tonne; forward September contract settles 7 CNY/tonne lower at 5,554 CNY/tonne with the high of 5,603 CNY/tonne and the low of 5,533 CNY/tonne.

Spot sugar prices mostly stand firm today. New sugar is priced at 5,370-5,450 CNY/tonne in Guangxi, flat from yesterday; in Yunnan, new sugar is priced at 5,380-5,400 CNY/tonne in Kunming and 5,350-5,370 CNY/tonne in Dali with no change from yesterday; new sugar is steadily offered at 5,370-5,400 CNY/tonne in Zhanjiang, Guangdong; new sugar is also unchanged at 5,350 CNY/tonne in Hainan.

Processed sugar prices stay stable with a descent in coastal regions. Grade I carbonized sugar is 10 CNY/tonne lower at 5,550 CNY/tonne in Fujian, unchanged at 5,470 CNY/tonne in Guangdong, 30 CNY/tonne lower at 5,620 CNY/tonne in Shandong, 20 CNY/tonne lower at 5,510 CNY/tonne in Liaoning and 30 CNY/tonne lower at 5,500 CNY/tonne in Hebei.

Zhengzhou sugar futures shift to decline after high opens in the morning. Spot market is in quiet trading. Market participants are staying on the sideline and waiting for the moment. And businesses mostly make sales in line with market conditions. It is expected that spot sugar will still fluctuate at a narrow range in the afternoon.

(USD $1=CNY ¥6.48)