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

20 Aug 2019 7:22 am
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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)


       
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