SunSirs: Consumption Had Fallen, and Sugar Prices Fell in October
October 30 2023 09:56:39 SunSirs (John)
Price trend
According to the Commodity Market Analysis System of SunSirs, the average price of first grade white sugar at the beginning of this month was 7,494 RMB/ton, and at the end of the month, the average price of first grade white sugar was 7,278 RMB/ton, a decrease of 2.88% in price, and a year-on-year increase of 27.10% in price.
Analysis review
The domestic supply of sugar sources had increased, coupled with a decline in consumption, resulting in a decrease in spot prices. Overall, there was a trend of strong external and weak internal. However, with the addition of imported profits, there was a serious inversion, greatly limiting the filling of the domestic gap. ICE raw sugar delivered in October was sold in large quantities to China, with an estimated quantity of 1 million tons. In addition, northern beet sugar also entered the new squeezing season, which to some extent supplements the sugar source.
Internationally, Brazil's record high production had suppressed the raw sugar market, but the impact of El Ni ñ o weather on white sugar production in the northern hemisphere remained the focus of market attention. The main producing countries in the northern hemisphere, India and Thailand, had already digested the weather factors in the early stage. Rainfall had recovered in September, and the peak of the El Ni ñ o phenomenon is about to arrive in November. Pay attention to the changes in production and related export policies of the two countries mentioned above.
Market outlook
Domestic supply had increased and consumption had fallen, and it is expected that the spot market price of white sugar will mainly experience a slight decline in the short term.
If you have any questions, please feel free to contact SunSirs with support@SunSirs.com.
- 2024-04-28 SunSirs: Adequate Supply Leads to a Decline in Sugar Prices in China
- 2024-04-23 SunSirs: Sales are Light, Sugar Prices are Falling in China
- 2024-04-15 SunSirs: Sales are Light, China Sugar Prices are Falling
- 2024-03-27 SunSirs: Market Fluctuations, China Sugar Prices Fluctuate in the First Quarter of 2024
- 2024-03-27 SunSirs: Inventory Reduction, China Sugar Price Increases
