Sugar plummets more than 3% on the NY Stock Exchange, US, and closes 6th below 20 cents/lb
Sugar
United Kingdom
United States
Published Feb 25, 2023
Tridge summary
Sugar futures prices ended this Friday's session (24) with a significant drop on the New York and London stock exchanges. The market is impacted by a profit-taking movement, in addition to financial and data from Brazil.
Original content
The most traded maturity of raw sugar on the New York Stock Exchange fell 3.29%, to 19.67 cents/lb, with a high of 20.43 cents/lb and a low of 19.63 cents/lb. In London, the first contract retreated 2.21% on the day, at US$ 562 a tonne. The sweetener market started this Friday's session already with losses on the stock exchanges in a profit-taking movement, but the scenario was expanded with the financial, in addition to data on the 2023/24 crop in the Center-South of Brazil. The new sugarcane season in the country tends to be positive, as rains have been recorded in the belt in recent months. The Reuters news agency brought this Friday that StoneX expects the sugarcane crop to result in more ethanol in this year of 2022, but the mix will still be maximized for the production of the sweetener in the new cycle. As a support to the market, market operators are paying attention to the crop from India, the second largest global exporter. The Asian country has felt the impact of the ...
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