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Market Update: Sugar Hits 8-week Low
Raw sugar futures fell to below $17 per pound for the first time since May 26th, as the market remains well supplied with improved weather conditions in major producers like India, Thailand and Brazil while demand remains subdued. Meantime, Indias government cut the amount of subsidy given for sugar export by one-third, but that is expected not to influence the seasons exports as Indian traders had contracted to sell over 5.5 million tonnes of the 6 million tonne export target before the subsidy cut. Elsewhere, Vietnam increased an anti-dumping tax to 47.64% from 33.88% imposed in February on some sugar products from Thailand for five years. [/s2If]
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