Raw Sugar Futures Close Lower on 13th as Market Focuses on El Niño Conditions

Deep News07-14

Intercontinental Exchange (ICE) raw sugar futures closed lower, with the market continuing to monitor the potential impacts of El Niño weather patterns.

The most actively traded October raw sugar contract on ICE fell by 0.13 cents, or 0.87%, settling at 14.75 cents per pound.

London October white sugar futures declined by $9.30, or 2%, settling at $457.80 per tonne.

Export data released on Monday by Brazil's Secretariat of Foreign Trade (Secex) showed the country exported 912,057.26 tonnes of sugar in the first two weeks of July. The average daily export volume was 114,007.16 tonnes, representing a 27% decrease compared to the daily average of 156,050.63 tonnes for the entire month of July last year. Total exports for July last year were 3,589,164.47 tonnes.

Egypt's Minister of Supply and Internal Trade, Sherif Farouk, chaired an expanded meeting to follow up on the latest developments in sugar production and industry development plans. The meeting also discussed mechanisms to enhance production and distribution efficiency to promote market stability and achieve a balance between production and consumption.

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