Raw sugar futures traded firmly above 16 cents per lb in early May, remaining close to a near two-month high hit at the end of April, amid hopes of a global economic recovery and supply constraints on diminished crop prospects in the European Union and Centre-South Brazil. Meanwhile, persistent weak consumption in India, given the coronavirus-related restrictions in the wake of another wave of COVID-19, capped some upside momentum. Looking ahead, investors see a solid floor at 16 cents and a "fragile" ceiling at 18 cents, as the market has limitations to supply more sugar.
Historically, Sugar reached an all time high of 65.20 in November of 1974. Sugar - data, forecasts, historical chart - was last updated on May of 2021.
Sugar is expected to trade at 16.91 Cents/LB by the end of this quarter, according to Trading Economics global macro models and analysts expectations. Looking forward, we estimate it to trade at 15.05 in 12 months time.