Hot Commodities: Global Sugar futures hit five-week high on worries over monsoon rainfall

Global Sugar prices are edging higher as markets are eying weak rainfall trends in India. July NY world sugar futures are up marginally today after soaring around 2% yesterday to approach 15 cents per pound mark. The counter has hit around five-week high amid concerns that weak monsoon rains in India will lower sugar yields and reduce the country?s sugarcane harvest, the world?s second largest. India?s Meteorological Department reported on Monday that India?s cumulative monsoon rainfall was 42% below normal as of June 29. Sugar prices are up 5.50% this month.

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