Sugar prices are rising due to weather conditions and export ban: global sugar No. 11 and London white sugar ICE No. 5 have reached their peaks.

Sugar prices in New York and London rose on Friday. The increase is caused by adverse weather conditions due to El Niño and the continued ban on sugar exports from India. Global supplies may decrease, leading to higher prices.

22 February 2024

Prices for March world sugar No. 11 in New York (SBH24) closed higher by +0.53 (+2.30%) on Friday, while March London white sugar ICE No. 5 (SWH24) closed up by +12.30 (+1.89%).

The cost of sugar continues to rise and reaches six-week highs. The price increase is driven by several factors, including potential negative consequences of current weather conditions related to the El Niño phenomenon, which could lead to a reduction in global sugar production. Price growth is also influenced by the maintenance of the export ban by India, which may restrict global supplies. Recently, India announced the introduction of a 50% export duty on molasses obtained during sugar processing, which increased the likelihood of maintaining export restrictions in the near future.

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Sugar prices are rising due to weather conditions and export ban: global sugar No. 11 and London white sugar ICE No. 5 have reached their peaks.

Sugar prices in New York and London rose on Friday. The increase is caused by adverse weather conditions due to El Niño and the continued ban on sugar exports from India. Global supplies may decrease, leading to higher prices.

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