BEIJING: China will hold an auction of its first sale of state sugar reserves since 2016 next week amid tightening supply and rocketing prices of the sweetener. The state reserve’s management body in a notice on Friday said it would auction 126,700 metric tons of sugar on Sept. 27

to ensure the stability of domestic sugar supply and prices.

The auction will include 26,700 tons of old crop white sugar with a floor price of 6,500 yuan ($890.40) per ton and 100,000 tons of white sugar produced in 2023 with a floor price of 7,300 yuan ($999.95) per ton, Huashang Reserve Commodity Management Center said.