While commodity markets followed an upward trend last month, sugar enjoyed the best performance. Investors’ demand for commodities rose thanks to growing expectations for major central banks to end interest rate hikes and lower demand for the greenback.Sugar stood out as one of the most profitable commodities for its investors last month.
Sugar, which saw its highest level since October 2011 with $0.2683 in April on the Intercontinental Exchange (ICE), ended the month up 18.4%.
The increase was led by limited exports from India and prospects of weak supplies from other countries, including Pakistan and Thailand.
Prices were affected by changing weather conditions along with concerns about lower sugar production in India and the Brazilian government’s move to change the biofuel tax.