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ICE Sugar Ends Down As Global Crude Oil Prices Slip

12 Jul 2019 8:17 am
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MUMBAI (Commoditiescontrol) – Benchmark sugar prices on the Intercontinental Exchange ended down on Thursday tracking the fall in crude oil prices.

The ICE Sugar October contract ended down 1.0% at 12.38 cents. Volumes stood at 48,833 compared with 50,031 a day ago. The London August white sugar ended down 0.6% at $325.00 per tonne. Volumes slumped to 7,514 compared with 13,898 the previous day.

The WTI August crude oil prices slipped 0.4% on Thursday to end at $60.20 a barrel after touching an over two-month high of $60.53 the previous day. Crude oil prices fell after the Organisation of Petroleum Exporting Countries said it will be producing around 560,000 barrels per day more than the demand in 2020 because rising US shale oil production lifts global crude supplies.

Meanwhile, the Brazilian real gave up it's over four-month gains of 3.75 and ended marginally weaker on Thursday at 3.76 per dollar.

While there was some bearishness after the above-normal monsoons India received during the week to July 10, the downside was limited. Thursday, an Indian Meteorological Department official told the media that the country, which is the second-largest cane producer, may receive below-average rainfall in the next two weeks in the central and western regions.

India received above-normal in the week to July 10 for the first time since the season began on June 1. The above-average rains cut the rainfall deficit in the country to 14% compared with 28% deficit a week ago.

The October contract is seen moving in the range of 12.29-12.55 cents range in the near–term.

(Commoditiescontrol Bureau)

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