USA: Raw sugar price rises amid supply concerns in India and Brazil

Published 2022년 12월 6일

Tridge summary

Raw sugar futures on ICE increased on Monday due to concerns over the supply outlook in major producers Brazil and India. The marquee event was the rise in the March contract, which closed at 19.55 cents a pound, up by 0.07 cents or 0.4%. This high was not sustained due to a stronger dollar and falling oil prices. The potential decline in sugar production in India, the world's second-largest exporter, owing to erratic weather conditions, and challenges in Thailand's sugar harvest and Brazil's cane harvest progress, contributed to the price increase.

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

Original content

Raw sugar futures traded on ICE rose on Monday, amid concerns over the supply outlook at major producers Brazil and India, and as sentiment in broader financial markets improved thanks to easing restrictions. related to the fight against covid-19 in China. The raw sugar contract due in March closed up 0.07 cents, or 0.4%, at 19.55 cents a pound. Futures reached a two-week high during the session, but gains were later capped by a rising dollar and falling oil prices. Traders cited news that sugar production in India, the world's second-biggest exporter after Brazil, is expected to decline by 7% this season as erratic weather conditions have reduced cane output. They also noted that India may only have 1 million tonnes of sugar exports beyond the current quota, bringing the total to 7 million tonnes. Meanwhile, according to traders, Thailand's sugar harvest has been delayed and prolonged rains in Brazil are likely to hamper the ...

Source: Novacana