Sugar prices opened Thursday (02) with slight increases on the New York and London stock exchanges. As a result, the sweetener is starting the year at 19 cents/lbp on the March/25 ICE/US contract and 17 cents/lbp on the other futures this year.

In New York, at around 9:30 a.m. (Brasília time), the March/25 contract was trading at 19.32 cents/lbp, up 0.06 cent. May/25 was up 0.08 cent at 17.93 cents/lbp. July/25 was up 0.07 cents at 17.57 cents/lbp, while October/25 was up 0.07 cents at 17.54 cents/lbp.

On the London Stock Exchange (ICE Europe), contracts also rose at the start of the day. March/25 was quoted at US$ 510.10 per ton, up US$ 3.10. May/25 advanced US$ 2.20, trading at US$ 509.20 per ton. August/25 was up US$1.70 at US$498.10 per ton, while October/25 was up US$1.40 at US$491.90 per ton.

According to Barchart, this week prices have found support from gains in crude oil. “The strength of crude oil benefits ethanol prices, which may encourage global sugar mills to divert more cane crushing to ethanol production instead of sugar, thus restricting sugar supplies,” explains the portal.

Source: Notícias Agrícolas