Sugar starts week high on concerns about Indian crop and its impact on exports
Sugar
India
Published Feb 1, 2023
Tridge summary
Sugar started the week on a high on international exchanges, driven mainly by concerns about the progress of the Indian harvest, the world's second largest producer of the commodity. The market predicts that the crop failure in India's largest producing state, Maharashtra, may affect the initial prospects for sugar exports from that country.
Original content
According to analyst Tobin Gorey of the Commonwealth Bank of Australia, "India is therefore less likely to export more sugar, perhaps leaving the world with somewhat tight supplies for much of the first half of calendar 2023". In New York, on ICE Futures, the March/23 lot of raw sugar closed up 25 points, with the commodity traded at 21.21 cents per pound. During the session, the batch reached 21.33 cts/lb. On the other hand, the May/23 canvas rose 29 points, contracted at 19.90 cts/lb. The other contracts rose between 17 and 29 points. In London, white sugar contracts also closed higher on Monday. The March/23 batch was contracted yesterday at US$ 568.70 a ton, an appreciation of US$ 6.30 compared to Friday's prices. The May/23 canvas appreciated by USD 7.20, trading at USD 560.70 a ton. Other maturities increased between 5.20 and 6.80 dollars. On the domestic market, Monday was a low in crystal sugar prices measured by the Cepea/Esalq Indicator, from USP. The 50 kg bag was ...
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