• There seems to be a strong consensus in the sugar market that prices are range-bound, between $320 and $370/mt.
  • Above this level and India is able to export large volumes of white sugar to the world market.
  • Brazil can also make more sugar at the expense of ethanol next year if sugar prices strengthen too much.
  • The arguments for the bottom of the range are less robust; don’t forget that global sugar stocks are still enormous.

No.5 Market

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Oliver Chapman

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