International sugar prices have gone up at a faster pace. The NY sugar, the world benchmark contract for raw-sugar-trading, is at a seven-month high.
Drought conditions in Brazil have reduced the country’s sugar production prospects and have pushed sugar prices up sharply over the past two weeks.
The dry conditions are expected to hit crop output and drive up prices of the sweet commodity. Economist and the SA Sugar Association Market and Trade Policy director Sifiso Mhlaba discusses this further.
