freemobileslots| Zheng Sugar 2409 Contract: Domestic sugar volume increased by 1 million tons, slowing sales and sluggish consumption affected prices

Newsletter summary

The price of raw sugar goes down.FreemobileslotsBrazil produces more sugarFreemobileslotsSugar and alcohol are relatively high, and the supply is expected to be loose; spot transactions in the domestic sugar market are light, sugar prices in production and marketing areas are slightly reduced, and domestic sugar is expected to be 10 million tons during the 24 pressing season, an increase over the same period last year. Zhengtang 2409 contract reference range of 6050-6300 yuan / ton. Risk hint: macro consumption weather.

Text of news flash

[raw sugar market continues to decline this week, focusing on delivery in May] the raw sugar market has been weak this week, with the May contract closing at 19.Freemobileslots.12 cents per pound, down 2 per weekFreemobileslots.30%. Fundamentally, south-central Brazil produced 710000 tons of sugar in the first two weeks of April, higher than the same period last year, and the sugar-alcohol ratio was also higher than last year, putting downward pressure on the market. Although the drought in south-central Brazil has affected the growth of sugarcane, the price of ethanol is lower than that of sugar, and the supply of sugar in Brazil remains strong during the new squeeze period. At the same time, India and Thailand reduced sugar production less than expected, and exports were restricted in the short term. Weekly positions in CFTC raw sugar futures showed a decrease in net long positions in speculative funds, contributing to the decline in raw sugar prices. [the spot turnover in the domestic sugar market is light, the main contract of Zheng Tang dropped slightly] the spot turnover in the domestic sugar market is relatively light, and the sugar price in the production and marketing area is slightly reduced. Zheng Tang's main 2409 contract closed this week at 6174 yuan / ton, a weekly decline of 0.68%. The atmosphere of the Nanning Sugar Association Summit Forum is rather empty, with domestic sugar expected to be about 10 million tons during the 24th squeeze season, an increase of 1 million tons over the same period last year, but the sales progress has slowed since March. Affected by the long holiday in April, sales in April are expected to be lower than those in the same period last year, and the consumer side is weak. Third-party business inventory survey shows that the progress of inventory accumulation is accelerated. [the internal and external price gap has narrowed, and the source of incoming sugar in Hong Kong is expected to increase in the third quarter] the market is concerned about the convergence of internal and external price differentials, the window of imported sugar has opened, and refineries have purchased 80-1 million tons of raw sugar. It is expected that the supply of incoming sugar to Hong Kong in the third quarter is higher than that in the same period last year, which may have an impact on domestic sugar prices. The Sugar Association did not provide specific planting data, but the main producing areas reported that there was a higher willingness to plant during the 25th squeeze season, with an estimated sugar yield of more than 1100-12 million tons. [2409 contract weekly reference range 6050-6300 yuan / ton] for 2409 contracts, investors are advised to pay attention to the weekly reference range of 6050-6300 yuan / ton. The market needs to pay attention to the spot price sales of the group, and the high basis may lead to the fall of Zhengtang. With the arrival of the traditional sales season in May, consumer procurement replenishment is expected to begin, so it is not appropriate to be overly bearish on sugar prices. [risk hints: macro, consumption and weather factors] investors should be on guard against risk factors such as macro consumption and weather. The strengthening of the US dollar, the depreciation of the Brazilian real and the Indian rupee, and the expected easing of supply could affect the raw sugar market. The domestic sugar market needs to pay attention to spot sales and policy changes, as well as planting and consumer performance. [this information is for reference only] the above analysis and suggestions are for reference only. Investors should make investment decisions according to their own conditions.