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Daily Review on Sugar Market in China--4/27/2021

2021-04-27 www.cofeed.com

Today (Apr 27), the market for sugar in China is shown as follows:

 

The most-active contract for sugar futures move higher after opening low on China’s Zhengzhou Commodity Exchange. As of 11:30 am, the most-active September contract ended 40 CNY/tonne higher at 5,533 CNY/tonne with the high of 5,535 CNY/tonne and the low of 5,464 CNY/tonne; nearby May contract settles 34 CNY/tonne higher at 5,439 CNY/tonne with the high of 5,440 CNY/tonne and the low of 5,375 CNY/tonne.

 

 

Spot sugar prices generally go up in the morning. Grade I sugar is priced at 5,410-5,470 CNY/tonne in Guangxi, an increase of 20-30 CNY/tonne from yesterday; in Yunnan, grade I sugar is priced at 5,340-5,350 CNY/tonne in Kunming and 5,300-5,310 CNY/tonne in Dali, a rise of 20-30 CNY/tonne.

 

Processed sugar prices take general rises in coastal regions. Grade I carbonized sugar is 20 CNY/tonne higher at 5,570 CNY/tonne in Fujian, 50 CNY/tonne higher at 5,560 CNY/tonne in Jiangsu, 20 CNY/tonne higher at 5,490 CNY/tonne in Guangdong, unchanged at 5,640 CNY/tonne in Shandong, 20 CNY/tonne higher at 5,490 CNY/tonne in Liaoning and 30 CNY/tonne higher at 5,500 CNY/tonne in Hebei.

 

 

Zhengzhou sugar futures continue moving up. Sugar futures remain strong on external exchanges. And sugar is in short supply in domestic market. These will likely bolster sugar market to keep strengthening. But considering nearly end of stockpiling ahead of Labour Day holiday, the pace of sugar deliveries could slow down compared to earlier days. This will potentially increase the risk on high levels. Thus, buyers should be cautious in chasing up prices.

 

(USD $1=CNY ¥6.49)