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Raw sugar futures hit a new low since 2021
On May 2, Jin10 reported that the combination of improved supply prospects and weak demand has pressured the market, causing raw sugar futures to head towards a weekly decline after hitting a four-year low. The most active contract on the New York market once fell by 1.1% to 16.97 cents per pound, the lowest level since mid-July 2021. This week, sugar futures prices have already dropped by about 6%, following Brazil's announcement of a strong start to its crushing season, leading to market expectations of oversupply.