SUGAR
Another failed test at 21 USc/lb has highlighted price action over the past week. A lack of fresh news continues to be overshadowed by further debate over India’s shortfall/ import requirement, China drawing down on stocks and spec positioning ahead of the Mar17 expiry. Trade flows in 2017 remain tight; we expect a squeeze in the market through Q2 2017. Analysts have persisted with estimates of an Indian import requirement of 2 million tonnes this season, while China have released a further 250,000 tonnes....
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