Vietnam: With a global supply shortage, sugar prices will continue to fluctuate

Published 2024년 8월 7일

Tridge summary

The article provides an overview of the fluctuating global and domestic sugar markets throughout the year, with a focus on the significant price fluctuations in raw and white sugar. It highlights the factors contributing to these fluctuations, such as improvements in crop situations in major producing countries like Brazil and India, which have led to a more stable global supply and a downward trend in prices. Despite the efforts of trade defense measures in Vietnam to protect local sugar prices, the domestic market has seen competition with unofficial Thai sugar. Looking ahead, the article suggests that global sugar prices are expected to continue fluctuating in the third quarter of 2024, driven by the overall tight global supply and specific factors like Brazil's gasoline price increase, which may temporarily reduce sugar output.

Disclaimer:The above summary was generated by Tridge's proprietary AI model for informational purposes.

Original content

Source: xobaotaichinhvietnam.vn Currently, domestic sugar prices are quite stable and fluctuate between 20,500 - 22,200 VND/kg. File photo: Reporter: How do you evaluate the domestic and world sugar markets from the beginning of the year until now? Mr. Nguyen Duc Dung: I think that from the beginning of the year until now, world sugar prices, including raw sugar and white sugar, have fluctuated relatively widely. In particular, according to records of the Vietnam Commodity Exchange (MXV), in the first two months of this year, the price of raw sugar (line 11) on the US Intercontinental Exchange (ICE-US) increased by 17% but then decreased continuously for 3 months, reaching the lowest level in nearly two years, at 396.83 USD/ton. Last June, raw sugar prices began to return to a recovery trend. As of July 8, the price of this commodity increased to 414.91 USD/ton, up 15% from the bottom in mid-May, back to the price at the beginning of the year but still 16% lower than the same ...

Source: AgroInfo.vn