The price of sugar on the London Stock Exchange (LSE) rose to the highest level since 2011, press service of the stock exchange informs "Daryo".
The price of sugar reached $705 per ton during trading on April 12.
As of 15:35 Tashkent time, sugar was being sold at $701.7 per ton on the LSE.
According to Bloomberg, the reason for the unprecedented increase in prices may be the decrease in sugar exports from India, as well as the expected reduced supplies from Pakistan and Thailand.
In addition, the recent rise in oil prices may encourage mills in Brazil and India to divert more sugarcane to ethanol production, as the fuel may now be more profitable to produce.
Brazil's global supply of sugar is reportedly falling due to the increase in gasoline prices in the country. This has also forced some consumers to switch to biofuels and ethanol.
As a result, a significant part of sugarcane goes to the production of these products, and the supply for the food industry falls.
From March 27 to April 2, daily average prices for all categories of sugar on the UZEX went down from about $1,163 to around $1,058 (8.7% difference) per ton of the product.
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