SunSirs: Supply Increases, China Sugar Prices decrease

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 7,170 RMB/ton, while the average price of domestic first grade white sugar at the weekend was 7,150 RMB/ton, a decrease of 0.28% in price and a 21.23% increase in price compared to the same period last year.

Affected by the decline in raw sugar futures prices, the significant decline in external futures is mainly due to the sunny weather in the main production areas of central and southern Brazil, which is conducive to harvesting work. The white sugar market is about to enter a peak period, and the global market supply will increase.

At present, the weather in Brazil is good. As of the week ending June 21st, the number of ships waiting to load sugar at Brazilian ports has increased from 64 a week ago to 82, and the number of sugar waiting to be loaded has increased from 2.4624 million tons a week ago to 3.5482 million tons.

In the short term, Brazil has entered the squeezing season, with a year-on-year increase in sugar production, suppressing upward space. In addition, this squeezing season is characterized by tight supply and demand both domestically and internationally, and it is expected that sugar prices will mainly fluctuate in the short term.

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