Sugar opens this Monday (06) with increases in New York and London

Sugar futures prices saw slight increases on Monday in both New York and London stock exchanges, with gains attributed to speculative movements. Despite potential harvesting and processing issues due to heavy rains in Brazil, the trend remains downward daily and weekly. A recent 15.5% drop in sugar production in India, caused by monsoon delays, has also impacted the market. However, Maurício Muruci suggests that this condition could positively affect the Indian harvest. The trading of various sugar contracts in New York and London showed minor increases in price on the opening bell.

Sugar futures prices opened with slight increases this Monday (06) in New York and London. The gains in the morning were around 0.5% on the ICE US and around 0.2% on the European stock exchange. According to Jack Scoville, an analyst at Price Futures Group, the gains are due to a speculative movement, because even if the rains in Brazil keep harvesting and processing low, they can boost production. For him, the trend is downward on the daily and weekly charts. Last week, on Thursday (02), prices that had been under pressure recovered, after a 15.5% drop in sugar production in India was announced between October 1 and December 31, compared to the same period last year. However, as explained by Maurício Muruci, an analyst at Safras & Mercado, this reduction was due to a delay in the monsoon rains, but, ultimately, this condition ends up being beneficial for the development of the Indian harvest. At around 10 am (Brasília time), on the New York Stock Exchange, the March/25 contract ...