October NY world sugar #11 (SBV26) closed up +0.08 (+0.46%) on Wednesday, and October London ICE white sugar #5 (SWV26) closed up +2.70 (+0.50%).
Sugar prices extended this week’s rally on Wednesday, with NY sugar posting a 15-month high and London sugar posting a 16-month high. The prospects of tighter global supplies are underpinning sugar prices. On Tuesday, Bloomberg reported that India is considering cutting import duties on sugar to boost supplies and lower prices ahead of an expected surge in demand during festival season. The move is a further sign of the supply strain facing the global sugar market, as India is usually a sugar exporter and last imported sugar in substantial volumes during the 2017-18 season.
