During January, the market recovered nearly two-thirds of the price drop seen in December, as the end of harvesting in CS Brazil was confirmed and the liquidation of speculative positions came to an end. The participation of index funds in the sugar market reached a 16-year low.
The ISA Daily Price for raw sugar recovered to USD23.38 cents/lb at the end of January, in contrast to December which saw a USD5.10 cents/lb drop to USD20.50cents/lb on December 29th. The January average price stood atUSD22.06 cents/lb, up USD0.37 cents/lb from last month and up USD3.19 cents/lb from the same time last year. The ISO White Sugar Index tracked its NY counterpart to reach a closing value of USD659.25/tonne at month-end, and an average of USD634.32/tonne for the month. The December2023 average was USD625.17/tonne while the index stood at USD541.64/tonne a year ago.