According to the monitoring of the commodity market analysis system of SunSirs, the average price of domestic first grade white sugar at the beginning of the week was 6,986 RMB/ton, and the average price of domestic first grade white sugar on the weekend was 6,868 RMB/ton, a price drop of 1.69%, and a price increase of 19.86% compared to the same period last year.

The main domestic factories have been fully exploited, and the sentiment in the spot sugar market is pessimistic. Although traders have low inventory, most of them are adopting a wait-and-see attitude. The purchasing sentiment in the terminal market is not high, and the sugar group's quotation has been continuously lowered. In the short term, there is a lack of positive support, and spot prices are stable but weak.

Guangxi has added 4 new sugar mills to start production. As of the 13th of the 2023/2024 crushing season, 66 sugar mills in Guangxi have started production, an increase of 2 compared to the same period last year. The daily sugarcane crushing capacity is about 529,000 tons, which is basically the same as last year. The sugar production in central and southern Brazil has exceeded expectations, which is the main reason for the recent price decline. In addition, the domestic sugar extraction season has begun, and supply pressure has been continuously relieved. It is expected that the performance of both domestic and foreign markets will weaken.

A large amount of new sugar has been launched, and the market supply is sufficient. It is expected that the price of white sugar will mainly fluctuate at high levels in the short term.

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