• The market is still rangebound but there is heavy pressure to push it down. 
  • We see worldwide peak stocks in April and the cracks are beginning to show. 
  • Production in Thailand is coming to an end and both raws and whites stocks are very high.
  • Smuggling from China has been very slow with over 1m tonnes less demand expected this season. 
  • And producers have sugar that they need to price, providing pressure for the market. 
  • However, the Indian monsoon and EU weather could provide upside if they underperform.