Sugar #11 Jul '24 (SBN24)
Sugar #11 Futures Market News and Commentary
October NY world sugar #11 (SBV26) closed up +0.09 (+0.51%) on Friday, and October London ICE white sugar #5 (SWV26) closed down -0.60 (-0.11%).
Sugar prices settled mixed on Friday, as prices consolidated recent sharp gains. Concerns that the global sugar market will soon be in deficit are underpinning prices.
On Thursday, NY sugar posted a 15-month high, and London sugar posted a 17-month high on the prospects of tighter global supplies. The Indian government said on Thursday that it will cut import duties on sugar to boost supplies and lower prices ahead of an expected surge in demand during festival season. India’s Directorate General of Foreign Trade said it will allow up to 1 MMT of raw sugar imports into the country free of any taxes until October 31. The move is a further sign of the supply strain facing the global sugar market, as India is usually a sugar exporter and last imported sugar in substantial volumes during the 2017-18 season.
Sugar prices hav... Read more
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