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Sugar prices surged on Wednesday, reaching two-month highs in global markets due to supply concerns in India caused by a severe drought. According to Reuters, the drought has led to the closure of several sugar mills in India, potentially reducing exports to just 700,000 tons this season—far below the usual quota of one million tons.
Additionally, meteorological agencies predict that drought conditions in northern and eastern Brazil will negatively impact sugar production this season. In trading, raw sugar futures for March rose 1.12% to 20.7 cents per pound at 16:45 GMT, nearing the record high of 20.72 cents. White sugar futures for March also climbed 0.9% to $546.3 per ton.
Link: https://www.economies.com/forex/news/sugar-prices-surge-to-two-month-highs-45897 Other Articles
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