• The market has just about held in the recent range and hasn’t managed to break through $320/mt yet.
  • The sugar market as a whole is very oversupplied throughout 2019 which has been pressuring prices.
  • India and Thailand have just finished record crops and Global stocks remain high.
  • Demand has been poor even at these prices, refiners for example have struggled to operate profitably.
  • Therefore, we think the price will remained pressured, with dry weather in India and the EU as potential positive stories on the horizon.