Last week, trading of July raw sugar No. 11 in New York closed with a slight increase of +0.20 (19.48; +1.04%). August London white sugar ICE No. 5 (SWQ24) was not traded due to a holiday period in the UK.
Sugar prices rose slightly in Monday's market, driven by a reduction in sugar production in India. According to a report by the Indian Sugar Mills Association, sugar production decreased by -1.6% on an annual basis to 31.4 million tons for the period from October to April 2023/24. This is due to the closure of several sugar mills and the cessation of sugarcane processing. In the last year, 516 Indian sugar mills have closed, which is 56 more than the previous year when 460 mills were closed.