Today (Mar 8), the market for sugar in China is shown as follows:

The most-active contract for sugar futures moves downward after opening low on China’s Zhengzhou Commodity Exchange. As of 11:30 am, the most-active May contract ended 62 CNY/tonne lower at 5,421 CNY/tonne with the high of 5,458 CNY/tonne and the low of 5,384 CNY/tonne; forward September contract settles 49 CNY/tonne lower at 5,510 CNY/tonne with the high of 5,546 CNY/tonne and the low of 5,473 CNY/tonne.

Spot sugar prices keep steady with a decline today. New sugar is priced at 5,340-5,430 CNY/tonne in Guangxi, a drop of 10 CNY/tonne from last Friday; in Yunnan, new sugar is priced at 5,360-5,380 CNY/tonne in Kunming and 5,330-5,350 CNY/tonne in Dali with no change from last Friday; new sugar is offered 10 CNY/tonne lower at 5,340-5,380 CNY/tonne in Zhanjiang, Guangdong; new sugar is also 10 CNY/tonne lower at 5,320 CNY/tonne in Hainan.

Processed sugar prices mostly go down in coastal regions. Grade I carbonized sugar is 20 CNY/tonne higher at 5,520 CNY/tonne in Fujian, 10 CNY/tonne lower at 5,450 CNY/tonne in Guangdong, 5 CNY/tonne higher at 5,600 CNY/tonne in Shandong, 40 CNY/tonne lower at 5,470 CNY/tonne in Liaoning and 20 CNY/tonne lower at 5,470 CNY/tonne in Hebei.

Zhengzhou sugar futures extend losses after low opens in the morning. Spot market is in quiet trading, and traders are staying on the sideline and waiting for the moment. Currently domestic sugar market has been in an off-season, but the consecutive increases in crude prices have given a measure of boost to market. It is expected that spot sugar will fluctuate at a narrow range in the afternoon.

(USD $1=CNY ¥6.48)