2023-08-29 16:27:08
India may limit exports; country is the second largest exporter of the commodity in the world
Sugar futures contracts operate with highs on the London Stock Exchange, but a slight drop in New York this late Tuesday morning (29). The market is still monitoring information on a possible ban on exports in the next harvest by India, in addition to financial information.
Around 11:23 am (Brasília time), the most traded month of raw sugar on the New York Stock Exchange had devalued by 0.43% on the day, quoted at 25.46 cents/lb. In London, the first contract was up 2.14%, at US$ 724.60 a tonne.
The sugar market remains attentive to information on India’s possible decision to ban exports of the sweetener in the next harvest, which supports prices. In addition, there is attention to mixed oscillations in the financial market.
The New York Stock Exchange is also feeling some pressure from a natural movement towards profit-taking after expressive increases in recent days. The London Stock Exchange resumed trading on Tuesday due to a bank holiday the day before.
In financial terms, the sugar market follows the slight declines in oil prices, which impacts on the mills’ production decision. On the other hand, the dollar has a slight drop against the real, which tends to discourage commodity exports and supports prices.
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Source:
Agricultural News
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