SunSirs: Stock Preparation is Coming to an End, China Sugar Prices are Falling
February 06 2024 10:11:34 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 6,748 RMB/ton, and the average price of domestic first grade white sugar on the weekend was 6,744 RMB/ton, a decrease of 0.06% in price, and an increase of 14.81% compared to the same period last year.
At present, domestic sugar is at the peak of squeezing, and the domestic market has sufficient supply. The trend of increasing supply has limited the rebound space. As the Spring Festival stocking comes to an end, coupled with the concentrated listing of new sugar, the rebound is gradually weakening, and inventory is in an accelerating upward period. In addition, imports are gradually arriving at the port, and the supply has increased significantly, resulting in insufficient momentum for sugar prices to continue to rise.
As of January 22, 2024, the cumulative amount of sugarcane squeezed in Thailand during the 2023/2024 crushing season was 38.1406 million tons, a year-on-year decrease of 2.0526 million tons, a decrease of 5.11%; The sugar content was 11.61%, a year-on-year decrease of 1.07%; The sugar production rate was 9.57%, a year-on-year decrease of 1.13%; The cumulative sugar production was 3.6484 million tons, a year-on-year decrease of 651,200 tons, a decrease of 15.15%.
The upward momentum of domestic sugar prices is insufficient, and it is expected that sugar prices will mainly fluctuate weakly in the short term.
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