May 13, 2024: Domestic Sugar Market Price Dynamics – Guangxi, Yunnan, and Refined Sugar Quotes Adjusted

On May 13, 2024, China's domestic sugar market displayed a downward trend. The spot transaction price for white sugar in the Guangxi region closed at 5,388 yuan per ton, marking an 18 yuan decrease from the previous trading day. Major sugar groups in the region adjusted their price range to 5,390 to 5,480 yuan per ton, with some enterprises lowering their quotes by 10 to 20 yuan. Concurrently, sugar groups in the Yunnan region also saw price adjustments, generally decreasing by 10 yuan, with their quoted range falling between 5,200 and 5,260 yuan per ton. The mainstream quotation range for refined sugar factories remained between 5,800 and 5,950 yuan per ton, though individual manufacturers also implemented a 10 yuan reduction per ton. Market analysis indicates that the widespread price pressure is primarily due to the ripple effect from a downturn in the futures market. The weakening of futures prices has dampened end-user purchasing enthusiasm, leading to a decline in overall market transaction volumes compared to the previous day. This suggests a prevailing wait-and-see sentiment and cautious trading activity in the current market.