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Sugar futures rise on supply worries and demand strength
March sugar futures hit a contract high last week as weather disruptions in major producing countries tightened supplies.
Sugar prices are moving higher, with March sugar futures (SBH27) showing an upward trend after last week’s contract high, according to coverage on Yahoo Finance.
The article points to weather problems in major sugar-producing countries as a key fundamental driver, saying reduced supplies are being met by rising demand.
It also cites concerns around a potential “Super El Nino” in coming months, along with rising global inflation, as factors supporting buying interest in sugar futures.
On the technical side, the piece says a move above chart resistance at 19.50 cents would be viewed as a buying opportunity, while it places nearby technical support at 18.50 cents and an upside objective around 21.75 cents or higher.
Latest closeSugar $19.35 ▲6.9%