#SugarMarket #CommodityTrading #FuturesMarket #SugarPrices #FinancialMarkets #CurrencyTrends #CommodityFutures #MarketAnalysis
On Tuesday, futures for both world sugar #11 (SBH24) in New York and white sugar #5 (SWH24) in London bounced back from earlier setbacks to close in a positive territory. The March NY world sugar #11 closed with an increase of +0.38 (+1.61%), while March London ICE white sugar #5 saw an uptick of +0.60 (+0.09%), despite initial losses at the start of the trading day. The rebound in sugar prices was largely attributed to the weakening dollar, which triggered a surge in short covering in sugar futures.
This marked a reversal from a three-day downward trend in sugar futures. The weaker dollar provided an advantageous foreign exchange environment, prompting investors to capitalize on the opportunity, leading to the rise in sugar prices. The slight surge in sugar futures indicates a dynamic and responsive market. This instance reiterates the interdependency of commodity markets and currency trends, underscoring the need for investors to maintain a vigilant eye on international market indicators.
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