The July world sugar No. 11 in New York (SBN24) closed higher yesterday, up by +0.44 (19.72; +2.32%), while the August London white sugar ICE No. 5 (SWQ24) closed with an increase of +11.90 (570.10; +2.13%), as reported by Barchart.
Yesterday's trading showed some increase in sugar prices: the sugar price in New York reached a one-week high, while in London, it reached a six-week high. This happened in light of the continued sugar export restrictions in India, after the country's government stated that they do not plan to lift or change these restrictions.
The lack of monsoon rains in India is also positively impacting sugar prices. Last Friday, the Indian Meteorological Department reported that 64.5 mm of rainfall had been recorded in the country during the first 18 days of June, which is below the long-term average of 80.6 mm.