Sugar, oil and fuels to increase, highest rise in one and a half years
Raw sugar prices have climbed to a five-month high and are set for their biggest weekly increase in 18 months, according to Reuters. The surge is driven by rising oil, gas, and fuel prices following supply disruptions in the Persian Gulf after U.S. and Israeli actions against Iran. Higher energy costs are increasing production expenses and limiting expected sugar output. At the same time, expensive fuel is boosting demand for bioethanol, diverting raw materials away from sugar production.
Raw sugar reached 15.50 cents per pound, up nearly 8% this week, while refined sugar has gained about 9%, with only natural gas rising more among commodities.
(pb.pl)
