USA: With support from oil and the exchange rate, sugar advances more than 1% on the New York and London stock exchanges
Sugar
United States
United Kingdom
Published Feb 24, 2023
Tridge summary
Sugar futures prices advanced more than 1% on the New York and London stock exchanges this Thursday afternoon (23). The market is supported by oil and the exchange rate, in addition to concerns about the Indian crop. There are also adjustments before the eve. Around 2:16 pm (Brasília time), raw sugar was up 1.96% in the main contract on the New York Stock Exchange (ICE Futures US), quoted at 20.30 cents/lb. At the London terminal, the jump was 1.75%, at US$ 576.90 a tonne.
Original content
In the previous session, the sugar market followed a drop in oil amid fears about the global economy. Today, however, technical adjustments started to be seen in the sweetener terminal and this afternoon there were new support factors. The oil market rises more than 1% following information from Russia and impacts on the sweetener. Oil oscillations impact the mills' decision on sugar and ethanol, based on what is most profitable at the moment. Still on the financial side, exchange rate fluctuations are ...
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