May NY world sugar #11 (SBK25) Monday closed down -0.16 (-0.85%), and May London ICE white sugar #5 (SWK25) closed down -4.40 (-0.82%).
Sugar prices on Monday settled moderately lower, with NY sugar falling to a 4-week low. Global trade war fears have prompted a rout in equity markets and sparked risk-off sentiment in asset markets, undercutting sugar prices. Also, Monday's fall in WTI crude oil (CLK25) to a 4-year low is bearish for sugar prices. Weakness in crude oil undercuts ethanol prices, which may prompt the world's sugar mills to divert more cane crushing to sugar production rather than ethanol, thus boosting sugar supplies.
