Cepea, February 2, 2021 – After fading in early January, crystal sugar prices reacted in the spot market of São Paulo State (SP) in the second fortnight, ending the month on the rise.
In the first half of January, agents from sugar mills in SP were more willing to lower asking prices, majorly when selling larger amounts. In the last week of the month, although some purchasers were working with inventories and/or were away from the market, those who needed the product for prompt delivery had to pay the prices asked by agents from mills, who were unwilling to lower asking prices. These sellers reported low supply for sales in the spot market due to needs of accomplishing contracts for both exports and the domestic market.
Thus, on January 29, the CEPEA/ESALQ Index for crystal sugar (São Paulo State) closed at 108.60 BRL (19.81 USD) per 50-kilo bag, 0.94% up in the month.