USA: With support from oil and the exchange rate, sugar advances more than 1% on the New York and London stock exchanges

Published 2023년 2월 23일

Tridge summary

Sugar futures prices saw a surge of over 1% on the New York and London stock exchanges on Thursday afternoon. The increase is attributed to support from oil prices, exchange rate fluctuations, and concerns about the Indian crop. The most significant rise was seen in raw sugar on the New York Stock Exchange, which increased by 1.96% in the main contract. The adjustments in the sugar market are also influenced by the decision mills make on sugar and ethanol production based on profitability, which is affected by the fluctuating oil market.

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

Original content

Sugar futures prices advanced more than 1% on the New York and London stock exchanges this Thursday afternoon (23). The market is supported by oil and the exchange rate, in addition to concerns about the Indian crop. There are also adjustments before the eve. Around 2:16 pm (Brasília time), raw sugar was up 1.96% in the main contract on the New York Stock Exchange (ICE Futures US), quoted at 20.30 cents/lb. At the London terminal, the jump was 1.75%, at US$ 576.90 a tonne. In the previous session, the sugar market followed a drop in oil amid fears about the global economy. Today, however, technical adjustments started to be seen in the sweetener terminal and this afternoon there were new support factors. The oil market rises more than 1% following information from Russia and impacts on the sweetener. Oil oscillations impact the mills' decision on sugar and ...

Source: NoticiasAgricolas