At present, there are differences in the expectation of sugar production in the main producing countries.CardtablesizeWorried about the uncertainty of Brazilian sugar production, prices have stabilized. Export data released by the Brazilian Foreign Trade Secretariat show that Brazil exported sugar and molasses 188 in the first five weeks of April.Cardtablesize.920000 tons, with an average daily export volume of 8.Cardtablesize.590000 tons, an increase of 59 percent over the average daily export volume of 54000 tons in April last year. Brazilian sugar exports increased month-on-month, and sugar exports are expected to remain large in April. In the domestic market, from the perspective of production and marketing, Yunnan sugar sales in April were 89500 tons, down 47000 tons from the same period last year; the monthly sugar sales in Guangxi exceeded 600000 tons, higher than market expectations, and the national sugar sales exceeded 1 million tons in April, with a good performance. In addition, the price difference between processed sugar and domestic sugar is still large, which gives some support to domestic sugar. However, the downstream has entered the off-season of demand, and industrial inventories are at their peak, the fundamentals are still empty. In the future, we will pay attention to the impact of the weather in Brazil on external sugar. In operation, it is recommended that Zhengtang 2409 contract wait and see for the time being.
Researcher: Cai Yuehui
Futures qualification number: F0251444
Futures investment consulting certificate number: 20013101
Assistant researcher: Li Qiurong
Futures qualification number: F03101823
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