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SunSirs: Weak Demand of Sugar Pulling Down The Price

March 16 2020 09:12:57     SunSirs (Daisy)

At the beginning of this week the average price of white sugar is 5943 RMB/ton, this weekend the average price of white sugar is 5920 RMB /ton, the price fell by 0.39%.

Domestic aspects, before and after the Spring Festival due to special reasons, the frequency of parities and tourism activities greatly reduced, which indicated that sugar consumption season is not prosperous. This year's weak sales may be more pronounced, and the pressure on sugar mills to destock may delay.

At the beginning of this year, the sugar production increased, and the sugar price was significantly higher than that of the same period last year. By the end of January 2020, a total of 3.2008 million tons of sugar had been sold in the current sugar production period, with a total sugar sales rate of 49.9%.

Unfavourable weather has delayed the start of the 209/20 sugar mill by two weeks. The sugarcane harvest area has decreased, and the sugar content has decreased, with the latest forecast by the Indian sugar mills association (ISMA) in late February 2020 at 26.5 million tons. India's sugar exports are likely to reach 5m tonnes this year, up about a third from last year, thanks to a surge in international prices.

Market forecasting aspect, SunSirs sugar analysts expect that the likelihood of sugar prices falling in March is greater. In addition to that, between April to June, there lacks in a clear trend, with most of the volatile market.

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