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Raw sugar fell to its lowest in almost two years due to a sell-off in global markets, while strong Brazilian supplies and the prospect of more production in India are improving its supply outlook. This was reported by ukrinform.ua with reference to Bloomberg.
How prices have changed
The cost of contracts fell by 2.5% to 17.64 dollar cents per 0.45 kg, which is the lowest figure since October 2022.
According to leading analyst at Covrig Analytics Claudio Covrig, the world's largest sugar producer, Brazil, exported about 20 million tonnes of sugar from the beginning of the year to July, which is 40% more than in the previous year.
He added that the pace of exports may slow down from November to December, or even earlier if the rainy season starts on time in October.
The monsoon season in India, the second-largest producer of raw sugar, is expected to will help increase its production.
According to the India Meteorological Department, the amount of rainfall during the summer is currently 6% above normal.