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  • Quarterly raw sugar demand has reached a 3 year high of 10.6m tonnes.
  • The last time we saw levels similar to this was Q3’17.
  • Toll refineries are maximising their throughput to take advantage of the strong white premium.
  • Chinese refiners have also been strong buyers as their raw sugar import controls could soon be relaxed by the Government.
  • However, some of this demand may be artificial following the record May’20 futures expiry.
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Will Langston

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