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 last week was 6,666 RMB/ton, and the average price of domestic first grade white sugar over the weekend was 6,700 RMB/ton, with a price increase of 0.51% and a price decrease of 5.71% compared to the same period last year.
In terms of domestic spot prices, Guangxi's spot prices have been raised, resulting in an increase in cumulative sugar sales nationwide, a slowdown in sugar sales rates, and an increase in industrial inventories. In terms of raw sugar, the weather is receiving attention and it is expected that the short-term market will continue to rebound. Domestic spot prices are strong, transactions have rebounded, and sales in May were average, with low inventory supporting prices.
As of the end of May, the sugar production during the sugar production period in 2023/2024 has been fully completed. A total of 9.9632 million tons of sugar were produced nationwide, an increase of 990,000 tons year-on-year or 11.03%. Among them, the production of sugarcane sugar is 8.8242 million tons; Produce 1.139 million tons of sugar beets. The cumulative sales of sugar nationwide reached 6.5928 million tons, an increase of 341,200 tons year-on-year, with a growth rate of 5.46%.
China domestic sugar market is in the peak consumption season, and it is expected that sugar prices will mainly fluctuate and tend to be strong in the short term.
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