- White sugar prices have bounced back in recent weeks and now sit at $372/mt.
- However, the whites market remains oversupplied as India looks to subsidise exports in 2021.
- If the Indian government takes any longer to award the subsidy, the market will tighten, benefitting prices.
- However, COVID-induced travel restrictions slowing cane cutting and potential container shortages at Indian ports will be bullish for the world market if they transpire.
- If they don’t, India could flood the world with white and refined sugar.
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