Sugar Futures Up But Hover Near 2021-Lows

Sugar futures edged up to around 16.3 cents per pound, but remained close to their lowest since April 2021, as the market remains attentive to the progress of global harvests.

Brazil, India and Thailand have reported strong productivity, which maintains pressure on international prices of the sweetener.

Meanwhile, dealers said that sugar production in Center-South Brazil was a stronger-than-expected 2.95 million metric tons in the second half of May, up 8.9% from the same period last year.

In the meantime, two weather officials said that India's moonsoon has revived after stalling for more than a fortnight, and rains are set to cover central parts of the country this week, bringing relief from the heatwave in the grain-growing northern regions.