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Sugar futures fall on India's duty-free imports
The prices of crude sugar futures contracts on the U.S. ICE exchange declined by 0.8% to reach 17.38 cents per pound, after hitting their highest level in over a year on Thursday at 18.26 cents. This followed an announcement by India, the world's second-largest sugar producer, permitting the import of one million metric tons of raw sugar duty-free until October 31, in an effort to curb rising domestic prices. The market is currently affected by a supply shortage due to drought in Europe and reduced production in Brazil caused by heavy rains, along with concerns about the impact of the El Niño phenomenon on the dry season in Asia. Additionally, white sugar contracts fell by 0.5% to $537.70 per ton, after reaching their highest level since March 2025 at $566.80 on Thursday, as traders awaited the weekly Commitments of Traders report.
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