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 6,690 RMB/ton, and the average price of domestic first grade white sugar on the weekend was 6,676 RMB/ton, a decrease of 0.21% in price and a year-on-year increase of 16.02% in price.

On the domestic side, the market supply has increased, and the spot sugar price in Guangxi has remained at the level of 6,400-6,500 RMB/ton. The price is weak, and the pre holiday stocking of essential purchases is gradually coming to an end. Zheng Sugar has support and limited rebound space. We need to pay attention to the import volume situation, as the supply gradually increases and Zheng Sugar undergoes a narrow adjustment.

As of January 9th, 2023/2024, the Eurasian Economic Union countries produced a total of 6.78 million tons of sugar beets, an increase of 560,000 tons year-on-year. Among them, Russia produces 6.1 million tons of sugar; Belarus produces 563,000 tons of sugar; Kazakhstan produces 42,200 tons of sugar; Kyrgyzstan produces 7.5 tons of sugar.

The domestic market has not seen any volume increase in transactions, and it is expected that the price of white sugar will mainly fluctuate weakly in the short term.

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