The sugar price profited only briefly from the figures released by the Brazilian Sugarcane Industry Association (UNICA) yesterday and then shed its interim gains again in the later course of trading because the Brazilian real depreciated against the US dollar. The price closed trading at 11.8 US cents per pound, which is 1.4% lower than the day before, notes Commerzbank.
According to UNICA, only 1.97 million tons of sugar were produced in the key Center-South growing region in the first half of June, putting sugar production 15% below the year-on-year figure, added Commerzbank.
