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Sugar prices on recovery as the BRLUSD strengthens
Sugar prices on recovery as the BRLUSD strengthens
January 26, 2021
Sugar prices are up by about 0.51% to $15.82 after being on a downward trend for close to two weeks.
The BRLUSD pair is up by 0.99% following a two-week downward trend.
Sugar supply could tighten further if Brazil s truckers go ahead with the strike scheduled for 1st February
Sugar prices were on recovery on Tuesday. The prices found support in the probable truckers’ strike in Brazil. The protests, which are likely to begin on 1
st February, have raised concerns over the possible disruptions of sugar supply. This would worsen the supply shortage caused by low production in Thailand and the EU. Similarly, the Brazilian real strengthened against the US dollar after being on a downward trend for close to two weeks. As at 15.18 GMT, sugar prices were at $15.82, up by 0.51%.