• The refined sugar market has fallen by around $20/mt over the past week.
  • This 6% correction is healthy after the 25% gain seen since late April.
  • The Q/N white premium has dropped from $130/mt to below $100/mt as a result.
  • We think the white premiums in 2021 will be influenced by the coronavirus’ impact on refined sugar demand, Thailand and the EU’s limited refined supplies, as well as India’s decision to continue subsidising lower-quality white sugar exports.
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Will Langston

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