Sugar prices are rising against the backdrop of reduced sugar production in India.

Sugar prices in New York and London continue to rise due to the reduction of sugar production in India. India is imposing a 50% duty on sugar, which reduces the probability of export restrictions being lifted.

21 February 2024

The world March sugar No. 11 in New York (SBH24) closed on Wednesday at +0.71 (24.46; +2.99%), while the London March white sugar ICE No. 5 (SWH24) closed at +15.50 (685.30; +2.31%), as reported by Barchart.

Sugar prices continued to rise on Wednesday from Tuesday and reached a 7-week high. Sugar prices were supported since Tuesday when the Indian Sugar Mills Association (ISMA) reported that sugar production in India for 2023/24 between October and January 15 fell by -5.3% year over year to 14.95 million tonnes.

Sugar prices are also supported by signs that India's sugar export ban will remain in place and global supplies will be restricted after India announced a 50% export duty on molasses obtained during sugar processing. This reduces the likelihood of India lifting sugar export restrictions in the near future.

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Sugar prices are rising against the backdrop of reduced sugar production in India.

Sugar prices in New York and London continue to rise due to the reduction of sugar production in India. India is imposing a 50% duty on sugar, which reduces the probability of export restrictions being lifted.

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