Core Insights - The average price of domestic first-grade white sugar decreased by 1.89% from 5646 CNY/ton at the beginning of the week to 5540 CNY/ton by the weekend [1] - As of November 21, nearly 20 sugar factories in Guangxi have started operations, with more expected to begin next week, marking the peak of the sugar production season [2] - The market is experiencing a divergence in expectations regarding future sugar prices, with no signs of a bottoming out trend observed [3] Price Trends - The closing price for the main white sugar futures contract on November 21 was 5353 CNY/ton, reflecting a decline of 0.48% [1] - The highest and lowest prices during the day were 5389 CNY/ton and 5342 CNY/ton, respectively, with a trading volume of 179,690 contracts [1] Supply and Demand Dynamics - Domestic sugar supply is expected to be ample due to the increased number of sugar factories commencing operations [2] - There has been a notable decline in the import of sugar syrup and premixed powder in October, although the levels remain above market expectations [3] International Market Influences - The Indian Sugar Mills Association has welcomed the government's decision to allow sugar exports and is advocating for an increase in the minimum selling price to 41 INR/kg [2] - The sugar production progress in India and Thailand is being monitored as a key indicator for raw sugar prices [3]
市场对后市分歧较大 白糖仍以下行寻底对待
Jin Tou Wang·2025-11-21 08:43