China's most-traded sugar futures contract on the Zhengzhou Commodity Exchange, for July delivery, gained more than 3% to hit 6,722 yuan per tonne at one point, marking the highest level so far this year.
According to calculations by Xinhu Futures, China's is expected to see more than 5 million tonnes of gap in domestic sugar supply in the current crushing season, and if excluding carried-over stocks and quota-based imports, at least 3.2 million tons of quota-free imported sugar are . . .
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