Finally, China is exhibiting demand for sugar after the Beijing Government’s decision to eliminate high import tariffs. According to reports compiled by consultancy Datagro on 10th August 2020, Brazil, the largest exporter of the commodity, has scheduled the shipment of 816,823 tons to the Asian country in the upcoming weeks. The volume corresponds to 31% of all sugar that Brazilian ports must export during this period. If exports continue at this pace, China may resume its position as Brazil’s largest sugar importer.
New York’s sugar futures rose around 35% from the low in late April in the wake of demand for imports from China and expectations for more demand coming in. Marketmen are optimistic about demand in larger volumes to be seen soon. According to customs data, 1.24 million tons were imported from January to June, but more than one-third of the imports were imported in June.
To Listen to this News click on the play button.