lowcardinpoker| White sugar-Downstream enters the off-season demand, and industrial inventories are at their peak

ICE raw sugar futures rose on TuesdayLowcardinpokerDue to the urgent need for rain in Thailand and India, it fell to an 18-month low in intraday trading. The most actively traded ICE July sugar futures contract closed up 0%.Lowcardinpoker.27 cents or 1Lowcardinpoker.45%, settlement price 18.87 cents per pound. At present, the market is divided on the expectations of sugar production in the main producing countries, worried that there is uncertainty in Brazilian sugar production and prices have stabilized. According to export data released by the Brazilian Foreign Trade Secretariat, Brazil exported 1.8892 million tons of sugar and molasses in the first five weeks of April, with an average daily export volume of 85900 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 operation, it is recommended that Zhengtang 2409 contract is short-term.

ResearcherLowcardinpokerCai Yuehui

Futures qualification number: F0251444

Futures investment consulting certificate number: 20013101

Assistant researcher: Li Qiurong

Futures qualification number: F03101823

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