SunSirs: External Market Rises, Spot Sugar Prices Follow the Trend in China
October 12 2024 09:33:54     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 6,460 RMB/ton at the beginning of the week, and 6,524 RMB/ton at the end of the week, with a price increase of 0.99%.
In terms of raw sugar, due to dry weather and sugarcane field fires in S ã o Paulo state, various institutions have lowered their production for the 2024/2025 crushing season in central and southern Brazil. In addition, the Indian government has lifted restrictions on sugarcane ethanol production and is expected to extend the ban on sugar exports, which will also have a certain pushing effect on sugar prices.
China is in a period of transition between the old and new crushing seasons, with continuous destocking of aged sugar and market procurement mainly focused on essential needs. Although Typhoon Capricorn has had a certain impact on the production of the main production areas, the degree of impact may not be as severe as previously expected by the market. The current pressure on the supply of processed sugar is gradually emerging, with sugar beet sugar being gradually extracted in the north. The overall supply of sugar sources in China is sufficient, but the upward momentum of white sugar in the later stage is insufficient.
The rise in raw sugar futures has driven up spot prices, and the domestic market has sufficient supply. It is expected that the price of white sugar will mainly fluctuate in the short term.
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