Sugar market has been thrilled since raw sugar and white sugar prices broke levels last week. High-quality sugar’s price increased due to the approaching expiration of white sugar, reaching an 11-year high of 706.3 USD/t at a considerable premium over the 10-year average. The supply of sugar in refineries, the rise in trading volume, the rise in speculative long positions, and advertisers’ participation in the trend all contributed to the price increase. Together with the damaged harvests in India, China, and Thailand, the Center-South of Brazil’s dropping harvest data for the 22/23 season has also contributed to an increase in the price of raw sugar.
Source: Canal Rural (*Translated by Ia Niani)