The rise in sugar prices is due to concerns about the weather and a ban on sugar exports in India.

World sugar prices have risen: by 3.09% in New York and by 2.18% in London. The increase is related to concerns over El Niño and India's decision to maintain a ban on sugar exports.

22 February 2024

At the close of Thursday, New York March world sugar No. 11 (SBH24) demonstrated an increase of +0.69 (+3.09%), while London March white sugar ICE No. 5 (SWH24) rose by +13.90 (+2.18%), according to information from Barchart. Sugar prices on Thursday reached their highest level in the last 1-1/4 months and sharply moved up. Support for sugar prices is fueled by concerns about current weather conditions, leading to the extreme El Niño phenomenon and its negative impact on global sugar production. Additionally, the rise in sugar prices is supported by evidence that India intends to maintain a ban on sugar exports, which will stimulate global supplies. This is related to India's introduction of a 50% export duty on molasses obtained from sugar processing. Such measures reduce the likelihood of India lifting sugar export restrictions in the near future.

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The rise in sugar prices is due to concerns about the weather and a ban on sugar exports in India.

World sugar prices have risen: by 3.09% in New York and by 2.18% in London. The increase is related to concerns over El Niño and India's decision to maintain a ban on sugar exports.

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