Today (Mar 16), the market for sugar in China is shown as follows:

The most-active contract for sugar futures further drops after opening low on China’s Zhengzhou Commodity Exchange. As of 11:30 am, the most-active May contract ended 37 CNY/tonne lower at 5,330 CNY/tonne with the high of 5,361 CNY/tonne and the low of 5,323 CNY/tonne; forward September contract settles 43 CNY/tonne lower at 5,413 CNY/tonne with the high of 5,449 CNY/tonne and the low of 5,413 CNY/tonne.

Spot sugar prices keep falling in the morning. New sugar is priced at 5,310-5,370 CNY/tonne in Guangxi, a decline of 10-20 CNY/tonne from yesterday; in Yunnan, new sugar is priced at 5,310 CNY/tonne in Kunming and 5,280 CNY/tonne in Dali, down 20 CNY/tonne from yesterday; new sugar is 20 CNY/tonne lower at 5,300-5,330 CNY/tonne in Zhanjiang, Guangdong; new sugar is not available in Hainan (5,300 CNY/tonne yesterday).

Processed sugar prices mostly go down in coastal regions. Grade I carbonized sugar is unchanged at 5,480 CNY/tonne in Fujian, 10 CNY/tonne lower at 5,410 CNY/tonne in Guangdong, 15 CNY/tonne lower at 5,475 CNY/tonne in Shandong, 20 CNY/tonne lower at 5,440 CNY/tonne in Liaoning and 5,430 CNY/tonne in Hebei.

Zhengzhou sugar futures edge down after low opens. Spot market is still in quiet trading as market participants are staying on the sideline and waiting for the moment. It is expected that sugar price will still move weakly in the afternoon.

(USD $1=CNY ¥6.50)