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Cepea, February 5, 2024 – White crystal sugar prices in the spot market of São Paulo oscillated from BRL 143 to 146 per 50-kg bag in the second fortnight of January. Between December 28, 2023, and January 31, 2024, the CEPEA/ESALQ Index for sugar (Icumsa 130-180) dropped 2.54%, averaging BRL 146.07 per 50-kg bag on Jan. 31.
In spite of increases for international demerara sugar prices, crystal sugar quotations decreased in the domestic market due to the low demand for prompt-delivery purchases. However, liquidity increased a little at the end of the month.
Between January 22 and 26, Cepea calculations show that the weekly average of the CEPEA/ESALQ Index for white crystal sugar (Icumsa 130-180) closed at BRL 144.26 per 50-kilo bag, while the average of the March/24 contract at ICE Futures closed at 156.81 BRL per bag. Thus, exports remunerated 8.7% more than sales in the spot market of SP did. This figure considered weekly averages at USD 68.08 per ton of freight and charges, USD 131.29 per ton for quality premium and dollar at BRL 4.9424.
In the international scenario, demerara sugar prices rose at ICE Futures due to the decrease in the Asian production. According to data from Isma (Indian Sugar Mills Association), mills from India produced 14.95 million tons of sugar from October (beginning of the season) to January 15, downing 5.28% compared to the same period last crop.
However, data about sugar production in the Central-Southern Brazil limited price rises. According to Unica, the region produced 48 thousand tons of the product in the first 15 days of January/24, for an increase of 148.63% in relation to the same period last year.
(Cepea-Brazil)
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Fonte: Cepea