Sugar prices spiked to a near 12-year high in April. Prices averaged USD 24.1 cents per pound in April, which was 17.4% higher than March’s price and was up 22.5% from the same month last year. In addition, on 28 April, sugar traded at USD 26.5 cents per pound, which was up 21.1% from the same day of the previous month.
Sugar prices hit new multi-year highs in the past month on tight supply and high demand. Lower output in India for the October 2022–September 2023 marketing year amid unseasonal rainfall stoked supply fears, compounding already bleak projections from China, Europe and Thailand. The delayed start of the harvest in Brazil further dampened market expectations. On the demand side, China’s reopening further supported prices.
Sugar ISA (prices in US¢/lb, aop)
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