Brazil stirs up the global price of sugar and coffee-up 1.5% to $1.284 a pound
Sireen Harajili, foreign exchange strategist at Mizuho Bank Americas, told the Financial Times that the progress of the president's impeachment could put pressure on Lille. But we believe that this is necessary for the Brazilian economy to emerge from a deep recession.
Lille will continue to fluctuate in the coming days. On Wednesday, Brazil will hold a parliamentary vote on whether to put President Dilma Rousseff on trial. If the vote is passed, President Rousseff may temporarily leave the presidency.
Tracey Allen, a commodities analyst at Rabobank, told the Financial Times: "the volatile Brazilian real has had a significant impact on commodities. When the lire rose 1 per cent to the dollar on Tuesday, sugar rose 1 per cent to 16.06 cents per pound and Arabica coffee rose 1.5 per cent to $1.284 per pound. "
Brazil is the world's largest producer of sugar and coffee. The price of sugar and coffee went on the roller coaster with Lille. Lille's weakness is seen as bad for agricultural products such as coffee and sugar. These goods are traded in US dollars.
Affected by the unstable political situation, the exchange rate of the Brazilian real has continued to fluctuate recently. On Tuesday, the acting Speaker of the Brazilian House of Representatives, Maranhao, issued a statement annulling his decision to impeach Brazilian President Dilma Rousseff. Barrill immediately rose. The move comes a day after the Maranhao declared the House of Representatives' vote on impeachment of President Rousseff null and void. The unexpected news immediately sent Brazil's Lille down 4.6%.
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