USA: Sugar soars on the New York and London stock exchanges with financial support
Sugar
United States
United Kingdom
Published Feb 24, 2023
Tridge summary
Sugar futures contracts ended this Thursday's session (23) with a significant rise in the New York and London stock exchanges. The sweetener market was supported by financial, oil and exchange rates, in addition to concerns about supply. The most traded contract for raw sugar on the New York Stock Exchange rose 2.21% to 20.34 cents/lb, with a high of 20.40 cents/lb and a low of 19.88 cents/lb, but other contracts even reached at 21 cents/lb.
Original content
Sugar futures contracts ended this Thursday's session (23) with a significant rise in the New York and London stock exchanges. The sweetener market was supported by financial, oil and exchange rates, in addition to concerns about supply. The most traded month for raw sugar on the New York Stock Exchange rose 2.21% to 20.34 cents/lb, with a high of 20.40 cents/lb and a low of 19.88 cents/lb, but other contracts even reached at 21 cents/lb. In London, the first contract jumped 1.36% on the day, at US$ 574.70 a tonne. The sugar market started this Thursday with a technical high, but gains soared even in the afternoon with financial support. Oil jumps about 2% on supply fears and the dollar falls against the real. The exchange rate has a direct impact on exports. A devalued foreign currency discourages exports and prices tend to rise. Oil, on the other hand, impacts the decision on the production of sugar or ethanol by the plants. In terms of fundamentals, market operators are paying ...
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