The sugar market has attracted significant attention in recent weeks as prices advanced to levels not seen for decades. Raw sugar futures in New York reached 24.68 cents/lb on September 1 (equivalent to $544.10 or EUR379.40 per tonne), the highest level since February 1981. White sugar futures in London did not fare any worse. Front-month whites peaked S602.40(EUR420.05) per tonne, which Was even above the new EU reterence price that will be valid from October 1. Thatt price will fall from EUR541.50per tonnne to EUR404.40 per tonne on that date, while the guaranteea ACP/LDC raw sugar price will fall from EUR448.80 to EUR 335.20 on the same day. While actual prices paid may still be higher, it is worth noting that the internal price on the EU market is now closer to world market levels than at any time during the last few decades.
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