According to CoinMeta, and as reported by foreign media, the futures price of raw sugar on the Intercontinental Exchange (ICE) tumbled significantly on the 11th, with the benchmark contract closing down 5.6% due to Lula's unexpected re-election as President of Brazil, which triggered a sharp drop in the real exchange rate. A report from the Brazilian Sugar Industry Association (UNICA) last Friday indicated that sugar production in central and southern Brazil had recovered in August, but the cumulative production for the first five months of the 2026/27 season (from April to August) was still lower than the same period last year and below the five-year average. Last week, India extended the deadline for duty-free imports of 1 million tons of raw sugar from October 31 to December 31, giving importers more time to bring the commodity into the world's largest sugar-consuming country. Position data shows that speculative funds have increased their net long positions in the raw sugar futures market for the fourth consecutive week; as of October 20, speculative funds held 26,9008 lots of net long positions in the New York raw sugar futures and options market, an increase of 7,167 lots or 3% from a week earlier.