Login ID:
Password:
Partner Login
Contact Us : 7066511911

ICE Sugar Ends At Over 1-Week Lows As Brazilian Real Extends Fall

20 Aug 2019 7:22 am
 Comments 0 Comments  |  Comments Post Comment  |  Font Size A A A 

MUMBAI (Commoditiescontrol) – Benchmark sugar prices on the Intercontinental Exchange ended at an over one-week low on Monday noting the Brazilian real’s persistent fall against the US dollar.

The ICE Sugar October contract ended down 1.5% at 11.47 cents, levels last seen on August 8. Volumes jumped to 47,703 compared with 23,275 on Friday. The London October white sugar ended down 1.2% at an over one-week low of $310.40 per tonne. Volumes in the contract spiked to 4,000 compared with 2,787 on Friday.

Monday, the Brazilian real slipped 1.7% against the US dollar to hit a three-month low of 4.08 per dollar. A weak real prompts Brazilian millers to divert their cane crushes towards sugar production to avail of the attractive exchange rate.

A news report also cited ample short-term supplies for the fall in sugar prices.

The overnight rise in crude oil prices, however, supported prices. The WTI September contract rose 2.4% to $56.21 a barrel on Monday after an attack on a Saudi Arabian oil field.

The support and the resistance for the October contract are seen at 11.38 cents and 11.58 cents respectively.

(Commoditiescontrol Bureau)


       
  Rate this story 1 out of 52 out of 53 out of 54 out of 55 out of 5 Rated
0.0

   Post comment
Comment :

Note : This forum is moderated. We reserve the right to not publish and/or edit the comment on the site, if the comment is offensive, contains inappropriate data or violates our editorial policy.
Name :  
Email :  
   

Top | Post Comment  

Latest Market Commentary
Pulses Mark Steady Close On Friday In Mumbai
Imported Urad Ends Lower In Chennai, Steady In Mumbai O...
Delhi Pulses Market Witnesses Muted Trade
Matar Trades Weak; Down In Mumbai, Flat In Kolkata
Lower Crop Output Gives Floor To Urad Prices; Steady St...
more
Top 5 News
Crude Oil Dips Below $61; Brent Down Over 6% On Week
Pulses Mark Steady Close On Friday In Mumbai
Imported Urad Ends Lower In Chennai, Steady In Mumbai O...
Spot Mentha Gains On Low-Level Buying
US Soybean Net Export Sales For Jan 10-16 Up 23% W/W At...
Top 5 Special Reports
Canada's 2020-21 Pea Production May Rise Rise Marginall...
USD/INR (Jan. 20) Testing Short-term Resistance near...
USD/INR (Jan. 20) Testing a Resistance Zone Near 71....
Urad Spot(Chennai INR): Bullish Breakout from a Base/ P...
Urad Spot(Burma USD): Appears Poised for More Strength/...
Copyright © CC Commodity Info Services LLP. All rights reserved.