SunSirs: Accelerated Consumption, China Sugar Prices is Stable
June 27 2023 11:00:02 SunSirs (Selena)
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 7,196 RMB/ton, and the average price of domestic first grade white sugar at the weekend was 7,196 RMB/ton. The price is stable, with a price increase of 21.72% compared to the same period last year.
As of the end of May 2023, sugar production has all ended, with a total of 8.97 million tons of sugar produced nationwide during this sugar production period, a decrease of 590,000 tons compared to the previous sugar production period. The cumulative sales of sugar nationwide reached 6.25 million tons, an increase of 880,000 tons year-on-year; The cumulative sugar sales rate was 69.7%, an increase of 13.3 percentage points year-on-year.
The second half of May showed a sugar production of 2.9 million tons, much higher than the market's expected production of 2.77 million tons, a year-on-year increase of 25.2%. Many countries around the world are taking measures to curb high sugar prices, and the trend is showing a high and fluctuating trend. The fundamentals remain biased, with the domestic sugar production and sales rate reaching 69.7% in May. There is not much sugar available for sale in the future, and there is still uncertainty in filling the production and demand gap in the face of import inversion.
In the short term, Zhengzhou Sugar fluctuates with the rise and fall of Meiyuan Sugar, with internal and external sugar hanging upside down and supply contraction supporting internal sugar prices. It is expected that sugar prices will mainly fluctuate in the short term.
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