ICE raw sugar down as China raises tax on imports.

Futures contracts of raw sugar on the ICE were down as China decided to raise taxes on imports from major producers over the next three years. Benchmark July raw sugar contract on the ICE was down 0.6% at $16.29 cents a pound. China tax on imports beyond the first 1.95 million tonne per year will be raised to 95% from the current 50%, effective immediately. The rate fall to 90% after one year and to 85% after two years. The tax on the first 1.95 million tonne will remain at 15%.