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- The market has remained rangebound for much of the past 6 months and looks unlikely to break out soon.
- The floor to the range feels more vulnerable with worldwide stocks so high.
- However, we have seen China buy raws whenever the market dips to USD330/mt, supporting the market.
- On top of this it seems consumers are happy to buy when the market gets down to these levels.
- To the upside Indian exports and Thai pricing comes to the market at USD350/mt providing some resistance.
- If prices manage to move over USD375/mt then pricing from Brazil and sugar production increasing should provide a cap to the market.
