Benchmark contracts
| Benchmark | Type | Contract spec | Unit | Range | As of | Deliverable grade |
|---|---|---|---|---|---|---|
| Intercontinental Exchange (ICE)Headline | futures | — | USD/MT | 420–520 | Jan 2025 | — |
| Santos, Brazil | physical_fob | — | USD/MT | 430–510 | Jan 2025 | — |
| Kandla, India | physical_fob | — | USD/MT | 415–495 | Jan 2025 | — |
Premium structure
Differentials between benchmarks reveal where physical sugar (raw) trades relative to the futures reference and how regional grades price against the global standard.
| Benchmark | Differential | Notes |
|---|---|---|
| Intercontinental Exchange (ICE) | — | |
| Santos, Brazil | — | |
| Kandla, India | — |
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