USA: Weak macroeconomic signals put downward pressure on the sugar commodity

Weak macroeconomic signals are putting pressure on sugar prices on international markets. Yesterday, the commodity closed mixed on international exchanges, reaching a two-week low on the ICE in New York. Another factor that pressured the market was "rare protests against China's strict zero Covid restrictions sparking concerns about demand growth in the world's second-largest economy", highlighted analysts interviewed by Reuters. In New York, the March/23 maturity was contracted yesterday at 19.38 cents per pound, 5 points more than the day before. The May/23 screen dropped 1 point, trading at 18.35 cts/lb. The other contracts retreated between 2 and 10 points. Still according to dealers interviewed by Reuters, "the short-term market finds support from tight supplies until the progress of Asian harvests". London In London, white sugar prices closed mixed on ICE Futures Europe. The March/23 contract was traded at US$ 528.60 a ton, a devaluation of 1.10 dollars. On the other hand, ...