US: Raw sugar hits new six-year high on ICE amid supply constraints

ICE raw sugar futures rose on Friday to hit a six-year high as the market continued to be supported by tight supply concerns. Raw sugar for March delivery rose 13 cents, or 0.6%, to 21.58 cents a pound. The contract for the first month rose to a six-year high of 21.89 cents earlier in the session and gained 1.6% for the week. “Concerns over global sugar supply were triggered by expectations of a slowdown in production both in the European Union, particularly in the bloc's second-largest producer, France, and in India,” Fitch Solutions wrote in a note. The crushing of sugarcane in the Center-South of Brazil totaled 307 thousand tons in the second half of January, said the Union of the Sugarcane and Bioenergy Industry (Única) this Friday, above the same period of the last year, when processing had already stopped at this time. Thailand expects to ...