Sugar advances on the stock exchanges in New York, US and London, UK this Thursday with financial support
Sugar
United Kingdom
United States
Published Feb 17, 2023
Tridge summary
Sugar futures contracts ended this Thursday's session (16) with a slight increase recorded on the New York and London stock exchanges. The market had financial support, in addition to fears about the global harvest, mainly due to India.
Original content
In fundamentals, however, there is pressure coming from the crop in the Center-South of Brazil and Thailand. The most traded month of raw sugar on the New York Stock Exchange rose 0.25% to 19.77 cents/lb, with a high of 19.94 cents/lb and a low of 19.62 cents/lb. On the London Stock Exchange, the first contract was up 0.28%, at US$ 567.60 a tonne. The sugar market even rose stronger than the closing this Thursday, but reduced gains with the devaluation of oil. The sweetener was supported by the exchange rate, with the devaluation of the dollar against the real. A lower foreign exchange tends to discourage exports but supports commodity prices. In fundamentals, there is also support for the market related to concerns about supply in the short term, mainly due to the impacts on the Indian crop. Brazil, however, has very positive expectations for the 2023/24 crop in the Center-South. The fears with the global offer are not new. "Sugar prices rose sharply last month due to concerns ...
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