Sugar Prices man

Sugar prices averaged USD 15.01 cents per pound in March, up 7.8% from February. On 31 March, the commodity traded at USD 15.83 cents per pound, up 12.9% from 27 February.

In March, sugar prices shot up after declining for two consecutive months, averaging their highest since October last year. The war in Iran pushed up oil prices, increasing demand prospects for ethanol, a cane-derived biofuel, and likely nudging key producers to divert sugarcane to biofuel production. Moreover, the war-induced closure of the Strait of Hormuz has halted about 6% of global sugar trade, lifting prices further. That said, higher Brazilian production kept a lid on the price increase.