Oil plummets more than 3% and puts pressure on sugar in NY, US and London, UK in this 2nd session

Sugar futures prices fell by more than 2% on the New York and London stock exchanges this Monday afternoon (30). The market reflects the drop of more than 3% in oil on the international scene, in addition to the advance of Brazil's 2023/24 harvest. At around 12:46 pm (Brasília time), the most traded maturity date for raw sugar on the New York Stock Exchange had fallen by 2.08%, quoted at 26.77 cents/lb. In London, the main maturity was down 2.22%, trading at US$725.30 a ton. Last week, raw sugar at the North American terminal tested a high of 28 cents/lb, a 12-year peak, despite a negative weekly accumulation of 0.51%. Now, the sweetener market is feeling some pressure from the profit-taking movement. Furthermore, the main pressure on the sweetener market comes from a drop of more than 3% in oil on the international scene as fears that the war between Israel and Hamas could impact oil supply in the region diminished. Oil fluctuations directly impact the production decision of ...