Sugar prices were already beyond 30-year highs. As Valentine’s Day approaches, the sweet stuff may get another rush, along with the related exchange traded note (ETN).
Around the globe, many sweethearts struck by Cupid will be celebrating the day of love.
To demonstrate their affections, they’ll be plying their sweets with sweets. Sugar prices are already showing solid gains, and add the spike in chocolate sales and it may get another rush. Global candy sales on Valentine’s Day often soar into the billions of dollars, so don’t be shocked to see a jump.
Jack Farchy for The Financial Times reports that the commodity will also get help from The European Commission’s agriculture committee, who proposed suspending import duties on feed wheat and barley – as well as allowing additional sugar imports at lower tariffs than usual.
If that goes through, gains in funds like iPath Dow Jones UBS Sugar TR sub-Index (NYSEArca: SGG) could keep on keepin’ on.
Tisha Guerrero contributed to this article.