World sugar prices reach highest level since 2010

News Image

MG News | October 06, 2023 at 04:36 PM GMT+05:00

0:00

October 06, 2023 (MLN): Global sugar prices soared to their highest level in almost 13 years in September as the El Nino weather phenomenon hit production in India and Thailand, the Food and Agriculture Organization said Friday, as APP reported.

While world food prices steadied as a whole last month, the FAO's Sugar Price Index jumped by 9.8% compared to August, the highest point since November 2010, the UN agency said.

El Nino, a climate pattern that occurs on average every two to seven years, is typically associated with warming ocean surface temperatures in the central and eastern tropical Pacific Ocean.

The phenomenon, which can last between nine to 12 months, started in July, according to the UN's World Meteorological Organization.

The FAO's Sugar Price Index has now risen for two consecutive months due to increasing concerns over a tighter global supply outlook in the 2023-2024 season.

"This mainly reflects early forecasts pointing to production declines in key sugar producers, Thailand and India, due to drier-than-normal weather conditions associated with the prevailing El Nino event," the FAO said.

"Higher international crude oil prices also contributed to the increase in world sugar prices," it added.

Copyright Mettis Link News

Related News

Name Price/Vol %Chg/NChg
KSE100 133,782.35
325.79M
0.91%
1205.36
ALLSHR 83,615.82
940.14M
0.76%
632.14
KSE30 40,681.77
65.23M
0.80%
322.98
KMI30 191,640.88
61.56M
0.48%
913.56
KMIALLSHR 55,891.51
405.64M
0.35%
193.03
BKTi 36,988.68
20.05M
2.06%
746.62
OGTi 28,181.50
5.52M
-0.50%
-141.92
Symbol Bid/Ask High/Low
Name Last High/Low Chg/%Chg
BITCOIN FUTURES 111,145.00 112,170.00
110,880.00
-1100.00
-0.98%
BRENT CRUDE 68.95 70.48
68.67
-1.24
-1.77%
RICHARDS BAY COAL MONTHLY 97.50 0.00
0.00
1.00
1.04%
ROTTERDAM COAL MONTHLY 109.00 110.00
109.00
1.25
1.16%
USD RBD PALM OLEIN 998.50 998.50
998.50
0.00
0.00%
CRUDE OIL - WTI 66.93 68.65
66.63
-1.45
-2.12%
SUGAR #11 WORLD 16.40 16.56
16.27
-0.16
-0.97%

Chart of the Day


Latest News
July 10, 2025 at 05:14 PM GMT+05:00

Car sales rise 64% in June 2025


July 10, 2025 at 05:01 PM GMT+05:00

Gold price in Pakistan rises Rs3,200 per tola


July 10, 2025 at 04:33 PM GMT+05:00

PSX Closing Bell: El Toro


July 10, 2025 at 04:33 PM GMT+05:00

PKR weakens by 10 paisa against USD



Top 5 things to watch in this week

Pakistan Stock Movers
Name Last Chg/%Chg
Name Last Chg/%Chg