News

Sugar plummets this Friday afternoon on the US and UK stock exchanges after highs

Sugar
United Kingdom
United States
Market & Price Trends
Published Mar 2, 2024

Tridge summary

Sugar futures prices have seen a significant decrease on the New York and London stock exchanges due to an anticipated better-than-expected harvest in India and a shift in focus towards demand. The most traded maturity date for raw sugar fell by 2.72% on the New York Stock Exchange, and in London, the main maturity for the sweetener dropped by 2.03%. This decline is also attributed to traders showing limited interest in receiving sugar, which further emphasizes concerns about weak demand.
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 prices are operating with a significant drop on the New York and London stock exchanges this Friday afternoon (1st). The market is feeling pressure from expectations with a better-than-expected harvest in India, in addition to a focus on demand. At around 12:45 pm (Brasília time), the most traded maturity date for raw sugar had fallen by 2.72%, to 21.08 cents/lb on the New York Stock Exchange. In London, the sweetener's main maturity was down 2.03%, at US$602.60 per ton. Despite working higher in the morning, the sugar market turned around this afternoon on external exchanges, extending the previous day's losses after a high of close to 22 cents/lb in the morning. In addition to the technical adjustment, other factors weighed in. India's harvest may be better than initially expected. "Talk that India's harvest could be slightly larger than expected contributed to the decline in prices and led some to expect a global surplus in the 2023/24 harvest," Reuters news ...
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