October saw sharp fluctuations of domestic sugar price, the price rose rapidly after the National Day, and fell in late October. Meanwhile, owing to the rising of oil price, funds pushed international sugar price to break through 10 US cents.

The price rose fast in the beginning and mid October. The spot price of first grade white granulated sugar was 3,875 yuan/ton in Nanning on October 8th, rising to 4,200 yuan/ton on October 19th, a growth of 325 yuan/ton; it fell later, to 3,900 yuan/ton on October 24th. During the same period, the international price was on an upward turn. The international price rose by 10 US cents owing to the price hike of crude oil and the announcement that Russia would readjust import duty of raw sugar. NYBOT closing price of raw sugar was 9.93 US cents/pound on October 1st, rising to 10.14 US cents/pound on October 24th, a growth of 0.21 cent.

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PREFACE 4

NEWS FLASH 4

1683.11 TONS SACCHARIN SOLD TO DOMESTIC MARKET TILL END OF AUGUST, DOWN BY 21.97% FROM SAME PERIOD LAST YEAR 4

SUGAR IMPORT AND EXPORT VIA DIFFERENT METHODS TILL END OF AUGUST 4

SUGAR OUTPUT AND SALES IN KEY SUGAR PRODUCERS BY THE END OF SEPTEMBER 5

GROWING PRODUCTION OF FOOD WITH SUGAR CONTENT FROM JANUARY TO SEPTEMBER 2007 5

NEWS & ANALYSIS 5

11.9941 MILLION TONS SUGAR PRODUCTION TILL END OF SEPTEMBER 2007, 11.5913 MILLION TONS HAD BEEN SOLD 5

ACREAGE AND PRODUCTION OF PRODUCING REGIONS IN NEW CAMPAIGN 7

SUBSTANTIAL GROWTH OF SUGAR CONSUMPTION AND BALANCE BETWEEN PRODUCTION AND DEMAND IN 2007/08 CAMPAIGN 7

COMPARISON OF DOMESTIC AND INTERNATIONAL SUGAR PRICES IN OCTOBER 2007 8

PRICE TREND 10

IMPORT&EXPORT 13

SUGAR IMPORT FELL SLIGHTLY, EXPORT FELL SHARPLY IN SEPTEMBER 2007 OVER SAME PERIOD 2006 13

ABOUT BOABC 16