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Sugar prices experienced significant declines on Friday, with October NY world sugar #11 dropping by 1.59% to close at -0.24, and August London ICE white sugar #5 falling by 2.40% to close down -11.50. These reductions come as London sugar hits a 1.5-week low, largely influenced by a 1% drop in crude oil prices, which could lead sugar mills to focus more on sugar production than ethanol, potentially increasing sugar supplies.
The recent improvement in India’s monsoon rains, which are now reported as only 15% below normal, up from 42% below normal in late June, has also contributed to the downward pressure on prices. Additionally, speculative trading has led to record long positions in ICE London white sugar, with funds increasing their net-long positions to 58,131, the highest level since 2011. Despite these declines, sugar prices rallied recently, driven by concerns over potential reductions in sugar yields and harvest due to weather conditions affected by an emerging El Niño pattern.
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