In profit-taking, sugar retreats sharply on New York in the US and London stock exchange in the UK this Monday

Published 2023년 3월 6일

Tridge summary

Sugar futures saw a significant decline on the New York and London stock exchanges on Monday morning, with raw sugar dropping 1% in the main contract on the New York Stock Exchange to 20.71 cents/lb, and a 1.43% decrease in London at $580.00 a ton. This adjustment follows concerns about the Indian harvest, with the market also facing pressure from a profit-taking movement and the devaluation of oil, which influences the decision between sugar and ethanol production in Brazil.

Disclaimer:The above summary was generated by Tridge's proprietary AI model for informational purposes.

Original content

Sugar futures operated with a sharp fall on the New York and London stock exchanges this Monday morning (06). The market feels pressure from a profit-taking movement, in addition to oil in the financial sector. Around 7 am (Brasília time), raw sugar was down 1% in the main contract on the New York Stock Exchange (ICE Futures US), at 20.71 cents/lb. In London, the low was 1.43%, at US$ 580.00 a ton. After closing last week close to 21 cents/lb amid concerns about the Indian harvest due to adverse weather, the sugar market adjusts at the start of a new week. In addition to a natural profit-taking movement, there is pressure associated with the devaluation of oil. The oil oscillations impact the decision of ...

Source: NoticiasAgricolas