The October figure was a rise of 4 percent on the month.
Market expert Zafer Ergezen attributed the rally in part to energy prices. Oil prices remain high, he said, and that gives producers a reason to shift output.
Ethanol and transport costs
Brazil, one of the largest sugar producers, can redirect cane toward ethanol when oil prices are high, which reduces sugar output. Ergezen said the shift was one of the main reasons for the rise.
War has also raised transport and insurance costs, Ergezen said. Those costs add to the price of shipping sugar to buyers.
Weather and monthly moves
El Nino has weakened monsoon rainfall in India, a major sugar producer and exporter, the article reports. Lower rainfall also weighs on exports from the country.
Sugar’s monthly moves were volatile through the year. Prices rose 21.5 percent in August, the largest monthly gain listed, before rising 4.4 percent in September and 4 percent in October.
