← All Products · Product Guide
Sugar Futures (SR) — The Sweet Spot of Chinese Ag Trading
White sugar on the Zhengzhou exchange is China's window into one of the world's most tightly traded soft commodities. Domestic production is concentrated in Guangxi cane country, imports fill the gap, and global ICE/NYBO prices set the import-parity floor. The result: a contract that trends for months on supply cycles.
Contract Specifications
| Exchange | Zhengzhou Commodity Exchange (ZCE) |
| Symbol | SR |
| Underlying | Grade 1 white refined sugar (cane sugar) |
| Contract size | 10 metric tons per lot |
| Price quote | CNY (¥) per metric ton |
| Minimum tick | ¥1 per ton = ¥10 per lot (≈$1.40) |
| Daily price limit | Dynamic band set by the exchange (typically ±4% to ±7%) |
| Day session (Beijing) | 9:00–10:15, 10:30–11:30, 13:30–15:00 |
| Night session (Beijing) | 21:00–23:00 |
| Contract months | Jan / Mar / May / Jul / Sep / Nov (main contracts: Jan / May / Sep) |
| Last trading day | 10th trading day of the delivery month preceding the delivery month (shifted for holidays) |
| Exchange margin (reference) | Roughly 6–10% of contract value for the main contract |
Specifications are reference values compiled from exchange publications. Margin ratios and price limits are adjusted dynamically — the exchange's latest announcements always prevail.
What the Price Actually Buys You
At a typical price of ¥5,800/ton, one lot is worth ¥58,000 (≈$8,100) — with margin near 7–8%, roughly ¥4,500 (≈$630) controls one lot. Every ¥1 move = ¥10 per lot.
Sugar's moderate contract value and multi-month trends have made SR a favorite of Chinese CTA funds. It moves with enough independence from metals and chemicals to be a genuine portfolio diversifier.
What Moves Sugar
- Guangxi cane crop and weather. China produces most of its sugar from Guangxi cane. Drought, frost or typhoon damage during the Dec–Mar crushing season moves SR immediately.
- Import parity and global prices. China imports roughly a third of its sugar. ICE #11 world prices, the shipping cost, and tariff-rate quotas define the floor — global rallies drag SR up mechanically.
- State reserve actions. Sinograin reserve releases and purchases can cap rallies or floor crashes — policy watch is mandatory.
- Energy linkage. Ethanol parity links sugar to oil: when crude is high, Brazilian mills divert cane to ethanol, tightening world sugar supply.
- Seasonal consumption. Summer beverage season and the Lunar New Year baking cycle create documented demand seasons — Q2 tightness and post-holiday lulls repeat most years.
Why Traders Trade It
Cycle trends. Sugar's multi-year bull-bear supply cycles produce some of the cleanest long-horizon trends in commodities — positional traders' bread and butter.
Session fit. Night session (21:00–23:00 Beijing) overlaps US morning — ICE sugar moves are tradable live.
What to Watch Out For
- Reserve-release surprises. A sudden state reserve auction can erase weeks of gains overnight. Keep stops honest.
- Thin-off-take phases. Between demand seasons, SR can drift in low-volume ranges. Trade smaller in the lull.
Trading Sugar on XS Select
All XS Select evaluations include Sugar and every other major Chinese commodity contract, on real Wenhua Finance market data with institutional liquidity. Commission is set at 2x the exchange standard (charged on open and close) — replicating professional trading conditions.
Ready to trade it? Take the challenge from $29 — pass the evaluation and earn a 10x bonus plus a funded performance account with 50% profit share. Sign up →