Raw sugar futures traded on ICE hit a six-year high on Tuesday, 31, due to ongoing concerns about tight supply, highlighted by a worsening production outlook in India. Raw sugar for March delivery closed up 0.55 cents, or 2.6%, at 21.76 cents a pound, after reaching its highest level since the end of 2016 at 21 82 cents.
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India, the world's second-biggest exporter of sugar, is expected to produce 34 million tonnes of the sweetener in 2022/23, down 7% from the previous forecast, a top trade body said. Traders said sugar prices were being boosted by this production outlook, along with concerns that top exporter Brazil could also produce less if its energy policy improves ethanol's profitability. Brazil's finance ministry said it expects federal fuel taxes to be reinstated in March, which would benefit ethanol. A global sugar deficit of 1.01 million tonnes is projected for the 2023/24 season, ...
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