Sugar Prices

Sugar prices averaged USD 20.94 cents per pound in October, up 2.6% from September. On 31 October, the commodity traded at USD 21.29 cents per pound, down 3.5% from 30 September.

Prices climbed for the second consecutive month due to supply woes. Following prior production disruptions in Brazil due to drought, heatwaves and massive fires, the country braced for heavy rains in October. Markets feared that the wet spell could disrupt the harvest and push global supply to a six-year low in the coming months. Prices received further support from increased ethanol output in India, which is set to restrict the country’s sugar exports.