Today (Mar 31), 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 September contract ended 58 CNY/tonne lower at 5,271 CNY/tonne with the high of 5,346 CNY/tonne and the low of 5,269 CNY/tonne; forward May contract settles 49 CNY/tonne lower at 5,232 CNY/tonne with the high of 5,090 CNY/tonne and the low of 5,232 CNY/tonne.

Spot sugar prices keep steady with a decline in the morning. Some groups offer discount for big orders. New sugar is priced at 5,260-5,340 CNY/tonne in Guangxi with a decrease of 10 CNY/tonne from yesterday; in Yunnan, new sugar is priced at 5,250-5,260 CNY/tonne in Kunming and 5,220-5,230 CNY/tonne in Dali, a drop of 10 CNY/tonne from yesterday; new sugar is steadily priced at 5,230-5,260 CNY/tonne in Zhanjiang, Guangdong; new sugar also remains flat at 5,220 CNY/tonne in Hainan.

Processed sugar prices generally slide in coastal regions. Grade I carbonized sugar is 20 CNY/tonne lower at 5,430 CNY/tonne in Fujian, 10 CNY/tonne lower at 5,350 CNY/tonne in Guangdong, 10 CNY/tonne lower at 5,475 CNY/tonne in Shandong, not available in Liaoning (5,390 CNY/tonne yesterday) and 20 CNY/tonne lower at 5,360 CNY/tonne in Hebei.

Zhengzhou sugar futures go down after opening low. Market participants are staying on the sideline and waiting for the moment. Dominated by buyer’s market, it is projected that spot prices will fluctuate at the low level in the afternoon.

(USD $1=CNY ¥6.57)