October NY world sugar #11 (SBV26) is up +0.53 (+3.14%) today, and October London ICE white sugar #5 (SWV26) is up +15.20 (+2.91%).
Sugar prices extended this month’s sharp rally today, with NY sugar posting a 15-month high and London sugar posting a 16-month high. Today’s leg-up in sugar prices came after 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 last imported sugar in substantial volumes during the 2017-18 season.
