Linked In
News In
Linked In

You are viewing 1 of your 2 complimentary articles.

Register now to receive full access.

Already registered?

Login | Join us now

Worsening India drought lifts sugar to fresh high

Twitter Linkedin

Sugar prices leapt to a fresh 28-year high on Monday, despite evidence that the strong market was deterring some buyers, as prospects for India's cane crop remained bleak.

Monsoon rains between June 1 and August 27 were 24% below average, with the shortfall even worse in the cane growing state of Uttar Pradesh, official figures showed.

Drought has been declared in further 26 of India's more-than 600 districts since 252 were announced as affected last week.

'Prices too high'

The data, coupled with plans by India's Simbhaoli Sugars to import an extra 80,000 tonnes of raw sugar between November and March, helped the market overcome concerns prompted by an Egyptian tender cancellation.

Cairo's state-owned Sugar and Integrated Industries ditched plans to buy 50,000 tonnes of raw sugar, with an official telling Reuters that "the prices were too high".

October raw sugar jumped 4.1% to 24.48 cents a pound, the highest since February 1981, before losing some ground to close at 24.30 cents a pound, up 3.7% on the day.

London's futures market, which trades white sugar, was closed for a public holiday.


Twitter Linkedin
Related Stories

Evening markets: South American double whammy brings ags back down to earth

Ags lose early gains, undermined by a tumble in Brazil’s real, and falling rain in Argentina. Still, wheat futures remain in positive territory

Can cotton prices extend their rally?

History suggests futures will not stay long in the 70s cents a pound. So which way will they trend?

Morning markets: Hard wheat regains premium over soft, amid US dryness worries

Kansas City wheat outperforms, as Plains precipitation worries extend to a dearth of snow cover. But Kuala Lumpur palm oil hits a 16-month low

Evening markets: Ags gain, as funds begin to get that year-end festive mood

Ag prices recover, helped by the likes of more positive comment on US export competitiveness, and some more negative talk on Argentine rains
Home | About | RSS | Commodities | Companies | Markets | Legal disclaimer | Privacy policy | Contact

Our Brands: Comtell | Feedinfo | FGInsight

© 2017 and Agrimoney are trademarks of Agrimoney Ltd
Agrimoney is part of the Briefing Media group
Agrimoney Ltd is registered in England & Wales. Registered number: 09239069