The long-anticipated auctions have weighed heavily on traders' minds in the futures market which, in part, has contributed to their recent price drop.

This is neither helpful for them to sharpen competitiveness and nor to the development of the white sugar futures market.

But if they were intended to drive down the sugar price, it is misleading and will be largely in vain.

Judging from the current sugar price level, the January auction was largely a failure.