• The white sugar price now sits at 438 USD/mt, up from 418 USD/mt two weeks ago.
  • We think physical demand remains poor in the short term due to the higher prices and consumption loss in Asia due to COVID restrictions.
  • Additionally, West African buyers are well stocked and don’t need to buy sugar.
  • However, supply from re-export refiners may start to fade as they’ll not want to operate until the white premium (their margin) improves.
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Will Langston

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