Sugar on the global exchanges is rising due to the strengthening of the Brazilian real, May futures closed in the positive territory.

At the closing of trading, the world sugar №11 in New York added 0.60%, reaching 21.77. The London white sugar ICE №5 rose by 1.44%, closing at 628.80. The increase in prices is associated with the strengthening of the Brazilian real, which contributed to the closing of short positions in sugar futures.

30 June 2024

At the close of trading on Wednesday, the May world sugar No. 11 in New York (SBK24) added 0.13 points (+0.60%), reaching a level of 21.77, while May London white sugar ICE No. 5 (SWK24) grew by 8.90 points (+1.44%), closing at 628.80, according to Barchart.

The price of sugar experienced a moderate increase on Wednesday, bouncing back from a week's low, as the strengthening of the Brazilian real stimulated the closing of short positions in sugar futures. The Brazilian real exchange rate (^USDBRL) increased by 0.67% on Wednesday, slightly recovering from Tuesday's 4.5-month low against the dollar. The appreciation of the real negatively affects the export sales of Brazilian sugar producers.

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