ICE market: Raw sugar futures rose 2.6%, hitting a more than one-month high

Gold Ten Futures, June 14, according to foreign media reports, the Intercontinental Exchange (ICE) raw sugar futures closed higher on Thursday, hitting an intraday high of more than a month. ICE's July raw sugar futures contract ended up 0.49 cents, or 2.6%, and settled at 19.59 cents per pound. The intraday high was 19.64 cents, the highest since May 9. The October raw sugar contract rose 0.56 cents, and the settlement price was 19.64 cents per pound. The August white sugar futures contract rose 2.3% to $567.40 per ton. Brokers pointed out that despite the relatively dry weather conditions, some factories in Brazil did not perform well. However, overall, the fundamental situation of sugar still supports consolidation. The US government forecaster on Thursday said there was a 65 per cent chance of a La Niña weather pattern characterised by Pacific temperatures between July and September. Australia's largest sugar producer and a union official said the union had suspended strikes at its factories as negotiations over workers' wages resumed. There are reports that the Indian government is considering raising the minimum selling price (MSP) for sugar for the 2024-25 year, which begins on October 1.