Brazil: Sugar perspective of lower production in India sustains prices that close with a strong increase

Updated Mar 6, 2023
In New York, on ICE Futures, raw sugar, maturing in May/23, was contracted on Friday at 20.92 cents per pound, an appreciation of 61 points, or 3%, in comparison with the price of the Last day. The July/23 screen rose 50 points, trading at 20.25 cts//lb. The other contracts rose between 11 and 36 points.
According to analysts interviewed by Reuters, "more than two dozen mills in Maharashtra stopped crushing cane until the end of February, almost two months earlier than last year, a senior state government official said". "So far this season, however, Indian mills have produced 25.8 million tonnes of sugar, up 1.8% year-on-year, the Indian Sugar Mills Association reported," the Reuters analysts noted. In London, on ICE Futures Europe, Friday was also high for all lots of white sugar. The May/23 maturity was contracted at US$ 588.40 a ton, an appreciation of US$ 15.60, or 2.7%, compared to Thursday's prices. The August/23 canvas rose $13.20, trading at $575.70 a ton. The other contracts rose between 6.10 and 10.20 ...
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