ICE raw sugar futures rose nearly 4% on fires in Brazilian cane fields

Gold Ten Futures, August 26th, according to foreign media reports, ICE raw sugar futures prices rose sharply by nearly 4% on Monday, due to reports of fires in Brazilian sugar cane fields. Due to the holiday in the United Kingdom, the white sugar futures market was closed. Traders said that several reports of fires in Brazilian sugar fields in recent days have led investors to partially cover short positions in large-scale New York raw sugar futures. Late last week, a fire broke out in a sugar cane field in Ribeirao Preto, a major sugar-producing area, causing the closure of a large factory owned by Raizen, the world's largest sugar cane processor. The CFTC reported on Friday that speculators had increased their short positions in raw sugar by more than 20,000 lots as of August 20. Brazilian industry body Unica is expected to release production data for the first half of August this week. A survey by S & P Global showed that sugar production in the current period was 3.28 million tons, down 5% year-on-year.