According to the monitoring of the commodity market analysis system of SunSirs, the average price of first grade white sugar in China was 6,334 RMB/ton at the beginning of the week, and 6,312 RMB/ton at the end of the week, with a price drop of 0.35%.

At present, sugar factories in Guangxi generally have plans to start pressing ahead of schedule, and sugarcane sugar is about to be launched in large quantities. The supply of sugar sources in China is still relatively sufficient. With the gradual increase of spot pressure, the space above sugar prices will be suppressed. In addition, the import volume of domestic syrup and pre mixed powder continues to rise in the 2023/2024 fiscal year, and there may still be room for growth in the new year, further suppressing domestic sugar prices.

In terms of raw sugar, Brazil's bi weekly production data for the second half of October was released, with a significant year-on-year decline in sugar production. Brazil's production reduction expectations are gradually being fulfilled. From the perspective of the northern hemisphere, the overall rainfall this year is better than last year. Although India's sugar yield is expected to recover, the actual sugar production and exports are suppressed by ethanol. Overall, although Brazil is expected to reduce production, its output is likely to be at the second highest level in history. Most countries in the northern hemisphere have expectations of increasing production, and the global sugar market supply and demand pattern is still relatively loose.

Future forecast

Domestic white sugar and new sugar are being sold in large quantities, coupled with loose supply and demand expectations for white sugar in the northern hemisphere, it is expected that white sugar prices will mainly fluctuate and weaken in the short term.

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