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 was trading at 19.77 cents/lbp, up 0.12 cents from the previous close. The May/25 contract rose 0.10 cents, quoted at 18.37 cents/lbp. The July/25 contract recorded a gain of 0.09 cents, trading at 17.92 cents/lbp, while the October/25 contract advanced 0.08 cents, to 17.89 cents/lbp.

In London, the March/25 contract was trading at US$516.30 per ton, up US$2.10 from the last close. The May/25 contract rose US$2.40, quoted at US$516.40 per ton. August/25 recorded an increase of US$ 1.90, being traded at US$ 505.90 per ton, while October/25 showed a slight increase of US$ 0.30, to US$ 497.70 per ton.

Source: Notícias Agrícolas