World sugar prices hit record high Russian News EN

White sugar futures on the London Stock Exchange hit a ten-year high of $705.5

The cost of white sugar futures on the London Stock Exchange grown up 4.7% to $705.5 per tonne. This is the highest level since 2011.

Prices for this commodity have posted a record increase in more than a decade due to declining supplies from India, Brazil, Pakistan And Thailand. Due to rising oil prices, Indian factories can send more raw materials from cane to ethanol production, informed Bloomberg. Also due to rising domestic prices New Delhi may go limit exports this season.

Deliveries from Brazil are falling due to a spike in gasoline prices in the country, which is also strength consumers to switch to biofuels and ethanol. As a result, a significant portion of the cane is destined for the production of these particular products and the supply to the food industry is reduced.

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According to Francois Tori, an analyst at Agriturismo consultancy Francois Tory, rising sugar prices are pushing up the costs of confectionery and baked goods, the prices of which have already risen due to rising energy costs. fuel and labor. Yes, in Britain have already experienced an increase in the price of sweets and drinks.

IN Russia for 2022 the average cost of sugar increase by 27 percent. Since the beginning of 2023, prices have steadily increased, despite increased beet production and overseas supply restrictions. Federal Antimonopoly Service (fas) even begin check the sugar supply chain in stores to understand unjustified price increases and the creation of artificial shortages.

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