Sugar Price Formation at Global Sugar Markets in Relation to World Sugar Price Development
2019
Smutka, Lubos | Rumankova, Lenka | Pulkrabek, Josef et al.
The world sugar market is currently undergoing a very dynamic development. Sugar prices are oscillating as a result of a number of factors and tend to drop sharply. However, due to the regulation of individual world markets, there is a very significant difference in the price of sugar among the individual regions. The aim of the article is to identify the relationship between the International sugar organization price (ISO/ISA) and the prices of sugar on selected stocks in the world. The data used for the analysis itself come from the F.O.Licht database. The analysis covers daily sugar prices recorded in regional sugar markets: New York (USA); London (UK); New Delhi (India); Sao Paulo (Brazil); Mexico City (Mexico); Beijing (China); Moscow (Russia). The analysis was based on sugar price time series containing daily data from August 2012 to August 2017. Correlation and regression analyses were applied to reach the aim of the paper. The analysis proved the importance of the world price of sugar for the price formation on the individual markets except for Russia. However, its crucial influence was only demonstrated in the US and the UK. Consequently, these two markets can be considered dominant in terms of global sugar price formation.
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