Chinese sugar prices are trailing far behind the swings of the international futures markets, seemingly having a life of their own despite questions over beet production and import quotas.
Chinese sugar prices have broadly lagged behind the rally in ICE #11 prices. On August 20, the Zhengzhou spot month for white sugar closed at CNY5,606 per metric tonne versus CNY5,559 on July 26, equivalent to an increase of US$7.3 per tonne. To put that into context, on July 26, ICE #11 closed at US$406
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