Sugar advances on the NY Stock Exchange, US this Thursday afternoon, but remains in the mixed field in London, UK

Updated Sep 29, 2023
Sugar futures prices operate with a slight increase on the New York Stock Exchange, but remain mixed on the London Stock Exchange this Thursday afternoon (28). The market feels pressure from the fall in oil, in addition to data from Brazil.
At around 12:12 pm (Brasília time), the most traded maturity of raw sugar on the New York Stock Exchange had increased by 0.15%, to 26.41 cents/lb. In London, the first contract was down 0.54%, at US$705.70 per ton. The moderate drop in oil prices has a negative impact on sugar prices on the stock exchanges this afternoon. Fluctuations in crude oil directly impact the plants' decision to produce sugar or ethanol based on the profitability of the products. In fundamentals, the pressure comes from data from Brazil. In the first half of September, sugar production in the Center-South totaled 3.12 million tons, according to data released by the Sugarcane and Bioenergy Industry Union (Unica). The quantity, when compared to that recorded in the 22/23 harvest, of 2.87 million tons, represents an increase of 8.54%. Despite this, the volume was slightly above S&P Global Commodity Insights' projection of 3.19 million tons. On the other hand, concerns about Asian origins, which have even ...
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