Crude sugar rises after Petrobras announces hike in fuel prices – Money Times

Açúcar, India
Raw sugar rose nearly 2% to 19.32 cents a pound on May 11:45 (Image: Reuters/Rajendra Jadhav)

forward contract Sugar Crude on ICE rose on Thursday petrobras ,PETR4) said it would increase the prices fuel From this Friday, as a global quote petroleum jumped in the wake of invasion of ukraine Through Russia,

Higher energy prices prompt sugarcane mills in Brazil to shift sugar production ethanol,

Raw sugar rose nearly 2% to 19.32 cents a pound in May at 11:45 a.m. ET.

Oil prices rose on Thursday after the UAE backtracked on statements OPEC And its allies may increase production to help fill the gap in Russia’s exports.

Indian sugar mills, on the other hand, have signed contracts to export 550,000 tonnes of sugar in recent days amid rising global prices and a weak rupee, four traders told Reuters.

Traders said sugar prices were driven by oil and other macroeconomic factors, but sugar would struggle to outperform as India is expected to send over 6 million tonnes of sugar this season.

May white sugar rose 1.3% to $533 a tonne.

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