Sugar Surges to Four-Year High as Global Supply Concerns Mount
- Futures trading jumps; Brazil’s crush seen hurt after frost
- Rally in 2016 tops commodities in index; bullish options jump
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Sugar futures jumped to the highest in more than four years as concern mounted that a global supply deficit will increase partly because of adverse weather in Brazil, the world’s top producer and exporter.
On ICE Futures U.S. in New York, raw sugar for March delivery surged 6.2 percent to settle at 22.47 cents a pound. Earlier, the price reached 22.86 cents, the highest for a most-active contract since July 31, 2012. Estimated aggregate trading rose to 324,785 contracts, the most since Feb. 24, 2014. The commodity has soared 47 percent this year as the world market headed for a second straight shortfall.