News

Sugar futures market closes session this Monday with advances on US and UK stock exchanges

Sugar
United States
United Kingdom
Market & Price Trends
Published Feb 27, 2024

Tridge summary

Sugar futures contracts saw an increase on the New York and London Stock Exchanges on Monday, 26th, due to concerns over a potential reduction in sugar production in India and the possibility of the country maintaining its sugar export ban. The recent imposition of a 50% export duty on molasses from sugar refining in India also contributed to the price surge. Sucden forecasts a significant 15.3% year-on-year decline in India's sugar production in 2024/25.
Disclaimer: The above summary was generated by a state-of-the-art LLM model and is intended for informational purposes only. It is recommended that readers refer to the original article for more context.

Original content

Sugar futures contracts ended this Monday's session (26) with appreciation on the New York Stock Exchange (ICE futures US). The London Stock Exchange also ended the day with trading gains. On the New York Stock Exchange, the March/24 raw sugar contract ended with an increase of 0.53%, trading at 23.15 cents/lbp. The May/24 maturity registered a gain of 0.34% and closed at 2.16 cents/lbp. The July/24 contract closed at 21.92 cents/lbp with an increase of 0.29%. At the London terminal, futures contracts ended the day in positive territory. The May/24 maturity of white sugar ended with an increase of 12.40%, at US$ 624.50 per ton. The August/24 contract registered an appreciation of 11.50% and was traded at US$610.50 per ton. According to the Barchart website, sugar prices in this session operated moderately higher, with sugar registering the biggest increase in a week on the New York Stock Exchange. “Additional concern over reduced sugar production in India is driving up prices. ...
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