Driven by rising oil prices and concerns about the dry weather in the Asian sugar-producing areas, the external ICE raw sugar futures ushered in a sharp rebound this Friday. The ICE raw sugar futures contract rose 0.46 cents, or 4.0%, to close at The pound is 11.89 cents. Domestically, the spot price of Guangxi white sugar rose from 5,265 yuan/ton in early June to 5,465 yuan/ton, and rose 200 yuan/ton in two months. Supply and demand at home and abroad are tight, or the price of sugar is reversed.
Specifically, in foreign countries, according to Unica data, the sugar production in central and southern Brazil in the second half of July was 2.478 million tons, down 5.5% year-on-year; India was about 10% due to drought or reduced production, and drought occurred in Thailand and China, 19/20 Globally, there may be a gap between supply and demand. Domestically, sugar has experienced a decline of more than two years. The domestic sugar cash cost has formed the bottom of the domestic spot sugar price at around 5,100 yuan. In the case of the global production and demand gap, the future industry boom is expected to rise.