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  • White sugar prices have dropped to six month lows in the past two weeks.
  • Having peaked at $454/mt last month, the price has since moved to below $330/mt.
  • Lockdown measures are not being eased anywhere apart from in China at the minute, meaning sugar consumption remains affected.
  • This reduction in consumption, along with the fall in crude oil and the weak BRL has pushed the sugar market lower.
  • However, despite such low prices, it remains profitable for Brazilian mills to produce raw sugar this year due to the weakness of the BRL.
  • This is concerning for the world market, with overproduction on the cards once again.
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Will Langston

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