Sugar prices set in different directions

On Thursday, sugar prices in New York and London closed with minimal changes. The weakening of the Brazilian Real and rising oil prices were influential factors in the market.

4 August 2023

Sugar prices on Thursday settled in different directions. New York sugar #11 (SBV23) closed at minus 0.18 (-0.74%) and London white sugar #5 (SWV23) closed at plus 1.80 (+0.26%).

Sugar prices were under pressure on Thursday due to weakness in the Brazilian real (^USDBRL), which fell to a 3-week low against the dollar. Weak real stimulates export sales of Brazilian sugar producers, writes Barchart.

Losses in sugar prices were contained on Thursday thanks to a +2% rally in oil prices. Higher oil prices have a positive effect on ethyl alcohol prices and may encourage the world's sugar mills to shift production from sugar cane to ethyl alcohol rather than sugar, increasing sugar supply.

Sugar was supported by an estimate from the Indian Sugar Mills Association (ISMA) that India's sugar production in 2023/24 will decline by 3.4% y/y to 31.68 million tons. India is the second largest sugar producer in the world.

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Source: Sugar.Ru

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Sugar prices set in different directions

On Thursday, sugar prices in New York and London closed with minimal changes. The weakening of the Brazilian Real and rising oil prices were influential factors in the market.

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