Analyst Insights

• There’s concern over Centre-South Brazil cane yields following dry weather.
• The new season’s cane crush will be smaller than last season’s.
• Can a higher allocation towards sugar compensate for the cane shortfall?

Daily Market Price Updates and Commentary

• European PET industry staged a dramatic come-back in Q1, further upside recovery limited.
• EU PET resin prices remain static, buyers hoping to see lower values in April/May.
• Low-priced Vietnamese resin still most competitive option, availability increasingly constrained.

• China has imported 370k tonnes of liquid sugar and 181k tonnes of premix since October.
• That’s an 82% increase year on year.
• Might we be in line for record white sugar/liquid/premix arrivals?

• As the 2023 financial year closed, shipping liners reported falling profits.
• But it must be remembered that the falls come from a very high baseline.
• The industry faces constant uncertainty and must take extra steps to mitigate risk.

Daily Market Price Updates and Commentary

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• Sales in the bulk refined sugar market continued at a sluggish pace this week.
• Buyers are trying not to make the same mistake as last year of overbooking.
• With beet slicing set to continue into June, concerns remain over beet pile quality.

• The UK proposes to include ceramics and glass, which were left out of the EU CBAM.
• CBAM will cover direct and indirect emissions at source.
• Sectors will have seven “CBAM rates” payable according to coverage under UK ETS.

Daily Market Price Updates and Commentary

• Sugar cost of production has risen from Europe to China.
• Brazil has been the only one showing a decrease.
• No.11 current prices mean that Thailand is struggling with margins, while Brazilian producers are still generating enough cash for investments.

• Sugar futures are once again trading in a range.
• Global stocks are low and buyers would like to replenish
• Sugar supply is dominated by Brazil