News

Sugar: With support from oil, NY, United States and London, United Kingdom advance this Tuesday afternoon

Sugar
United States
United Kingdom
Market & Price Trends
Published Feb 28, 2024

Tridge summary

Sugar futures have seen an increase on the New York and London stock exchanges, driven by rising oil prices and exchange rate fluctuations. The most traded maturity date for raw sugar rose by 1.26% in New York and 0.53% in London. The fall of the dollar against the real is also boosting prices by discouraging exports. Meanwhile, the Sugarcane and Bioenergy Industry Union reports that sugarcane crushing for the 2023/24 harvest is ongoing, with over 548.58 thousand tons processed in the first half of February.
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 advance on the New York and London stock exchanges this Tuesday (27). The market is supported by oil, which rises abroad, in addition to following exchange rate fluctuations. Data from the 2023/24 harvest are also monitored. At around 12:26 pm (Brasília time), the most traded maturity date for raw sugar was up 1.26%, at 22.45 cents/lb on the New York Stock Exchange. In London, the sweetener's main maturity rose 0.53%, to US$627.80 a ton. After starting the day close to stability, sugar prices began to fluctuate more significantly late this Tuesday morning. The rise in oil, which impacts the decision on the mix, is one of the supports for prices. Furthermore, the dollar was falling against the real, which tends to discourage exports and supports prices. Earlier, the Sugarcane and Bioenergy Industry Union (Unica) reported ...
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