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ICE Sugar Ends Off Lows As Brazilian Real Recovers To Two-Week High

23 Oct 2019 7:26 am
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MUMBAI (Commoditiescontrol) – Benchmark sugar prices on the Intercontinental Exchange ended off lows on Tuesday as the Brazilian real recovered to a two-week high against the US dollar after days of persistent weakness.

The ICE Sugar March 2020 contract ended down 0.7% at 12.18 cents, after declining to a one-month low of 12.10 cents intraday. Volumes were at 55,279 compared with 38,413 a day ago. The London December white sugar contract ended down 0.2% at $333.00 per tonne, after slipping to $331.20 per tonne intraday. Volumes fell to 3,355 compared with 5,323 a day ago.

The Brazilian real, which had touched a three-week low of 4.19 per dollar last week, today recovered to a two-week high of 4.06. The currency ended 1.2% up in overnight trade to end at 4.08 per dollar.

In addition to the real, the rise in crude oil prices also helped sugar prices recover.

The WTI November crude oil contract ended up 1.6% at $54.16 per barrel on expectations that the Organisation of Petroleum Exporting Countries and its allies may reduce its crude oil output.

A stronger real coupled with higher crude oil prices may prompt Brazilian millers to maintain higher ethanol production levels vis-à-vis sugar from their cane crushes.

Sugar prices had eased in early trades on technical-based selling, according to reports.

The support and the resistance for the March contract are seen at 12.09 cents and 12.27 cents respectively.

(Commoditiescontrol Bureau)

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