【你问我答】白糖需求是否正在改善?

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 2020年的低糖价鼓励消费者建立糖库存。而疫情封锁令情况更加复杂,打击了食糖消费,意味着白糖库存在今年上半年非常高。 

然而,20215号白糖期货和运费价格的上涨抑制了消费者的购买,高库存意味着消费者乐于推迟采购,导致精炼糖市场严重疲软。 

8月份白色升水跌破50美元/吨就凸显了这一点。 

然而,库存的消耗始终有尽头,消费者的库存逐渐见底。 

我们认为消费者可能开始回归市场,而快速走强的12/3月合约价差也支持了这一观点,同时3/3月白糖升水也稳步上升。 

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 来源: Czapp.com的糖期货和市场价格更新 

除此之外,全球最大的精炼糖买家苏丹将从2022年起改变港口规则,禁止使用50公斤袋包装的糖。这将限制贸易商向苏丹运送5号交割糖的能力。在新规则生效之前,我们看到苏丹的需求有所增加。 

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