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  • The recent rally in the white sugar market towards $400/mt has made Indian mill exports more attractive.
  • We think that India could up their sugar supply in response to the rally.
  • This is because the high price means high returns, making the prospect of exporting onto the world market more appealing than supplying the domestics.
  • The Government has also changed the export subsidy rules so that actively exporting mills receive more allocations.
  • This should further incentivise a stronger export flow…
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Will Langston

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