BRAZIL: Sugar prices remain high despite demand

Published: 03/13/2018, 2:48:17 PM

The price of crystal sugar in São Paulo's spot market remains high, despite the weak demand, according to the Centre for Advanced Studies on Applied Economics (CEPEA), reports Sugaronline.

Crystal sugar (Icumsa, 130-180) closed at BRL50.73 (US$15.59) per bag of 50 kilos on Monday (12). Last week, the average price was BRL51.31 (US$15.83), up 0.32% from the previous week.

But Cepea's analysts said researchers in the sugarcane market believe that the increase in prices should not be interpreted as a recovery, since sugar supply at the end of the offseason has been sufficient to meet demand.