SunSirs: White Sugar Prices rises during the Peak Stocking Season
August 29 2023 14:34:06 SunSirs (Selena)
According to the monitoring of the commodity market analysis system of SunSirs, the average price of first grade white sugar in China was 7,270 RMB/ton at the beginning of last week, and the average price of first grade white sugar in China was 7,298 RMB/ton at the end of last week, with a price increase of 0.39%, and a price increase of 26.09% compared to the same period last year.
In the first half of August, the sugar production in the central and southern regions of Brazil reached 3.456 million tons, compared to 2.634 million tons in the same period last year. The sugarcane crushing capacity was 47.871 million tons, compared to 38.799 million tons in the same period last year. The ethanol production was 2.346 billion liters, compared to 2.015 billion liters in the same period last year. The sugar content of sugarcane is 149.23 kilograms/ton, compared to 152.57 kilograms/ton in the same period last year.
Due to extreme dryness in August, sugarcane production in India may decrease, and the new crushing season starting in October may prohibit Indian sugar exports. If India exits the global market, the gap in the international sugar market during the 2023/2024 squeezing season will expand, and Zheng Sugar will operate weakly. The external market is strong, but domestic selling pressure increases. If the external market remains high, it is easy for the domestic market to rise but difficult to fall.
The stocking season is approaching, and schools are gradually opening, with active market transactions. It is expected that white sugar will mainly fluctuate at high levels.
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