Sugar prices hovered around 18.2 cents per pound, nearing their lowest levels since mid-August 2024, driven by improved supply expectations. The Indian government approved the export of 1 million tonnes of sugar for the 2024-25 season, ending in September, following last year's total export ban despite India being the world’s second-largest sugar producer. Previously, India exported an average of 6.8 million tonnes annually between 2018 and 2023. Meanwhile, favorable cane crop conditions in Brazil’s Centre-South region, supported by recent rainfall, and increased sugar exports from Thailand due to a halt in syrup exports to China, added to the downward pressure on prices.

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