According to a November 12th report from SunSirs, Mexican official gazettes announced that, effective Tuesday, tariffs ranging from 156% to 210% will be imposed on cane sugar, refined liquid sugar, beet sugar, and syrup from countries without trade agreements. Previously, the Mexican government imposed tariffs of approximately $0.36 per kilogram on some sugar imports.

The 156% to 210% tariffs imposed by Mexico on cane sugar, refined liquid sugar, beet sugar, and syrup from countries without trade agreements (previously around $0.36/kg) will significantly increase import costs, suppress import supply, and benefit domestic sugar prices. For the spot market, as a sugar-consuming country, Mexico's import barriers may lead to tight domestic sugar supply, pushing up prices. Combined with Zhengzhou Commodity Exchange white sugar futures data (e.g., the 2601 contract closed at 5,478 RMB/ton), this event strengthens bullish sentiment, and a rebound in futures prices is expected. Changes in open interest and trading volume indicate upward pressure in the market. The significant increase in tariffs (over 150%) is a major positive factor for sugar prices.

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