Price of raw sugar closes in positive terrain

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April 19, 2018, 4:30 p.m. New York, Apr 19 (Prensa Latina) The price of unrefined sugar, for delivery in July, advanced 0.04 cents in New York today and was set at 11.95 cents per pound. Operators attributed the rise in the price of the sweetener to news about cane milling in Brazil in 2018/19, which will be affected to a large extent by dry weather conditions between July and September 2017. According to the United States Department of Agriculture (USDA), for that reason the largest producer and exporter of sucrose, Brazil, will stop grinding some 11 million metric tons (MT) of this raw material in that campaign in relation to the cycle previous. Approximately 42.2 percent of the harvest will be converted to sugar in relation to the 2017/18 season, due also to the oversupply of that food in the world market, the USDA estimated. Meanwhile, in London, the price of refined or white sugar registered today gains of $ 2.10, or 0.6 percent, to $ 343.20 per MT. In the previous session, the quotes also closed in positive territory in both markets, favored by a technical rebound after a strong crash on Tuesday. mgt / rs

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