Sugar Prices Soar as Energy Crisis Boosts Ethanol Output
- Brazil and India to divert more cane to ethanol production
- Sugar rose to four-year high in London, New York last month
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The global energy crunch is putting pressure on the sugar market as the world’s top exporters convert more cane into ethanol.
Sugar hit a four-year high in October as energy supply shortages roiled commodity markets from magnesium to tomatoes. Facing rampant fuel inflation, Brazil and India are set to produce more ethanol from sugar cane, ensuring supply of sweetener remains tight.