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ICE Sugar Down; Brazilian Real’s Sharp Recovery Supports

24 Oct 2019 7:23 am
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MUMBAI (Commoditiescontrol) – Benchmark sugar prices on the Intercontinental Exchange ended down on Wednesday despite the sharp recovery of the Brazilian real due to technical-based selling and expectations of a strong output from India.

The ICE Sugar March 2020 contract ended down 0.3% at 12.15 cents. Volumes stood at 52,326 compared with 55,279 a day ago. The London December white sugar contract ended down 0.5% at $331.20 per tonne. Volumes were at 3,442 compared with 3,355 a day ago.

The Brazilian real has sharply reversed its fall from last week’s three-week low of 4.19 per dollar to touch an over six-week high of 4.03 per dollar on Wednesday. It gained over 1% for the second consecutive day on Wednesday.

Despite the real’s strength, sugar prices remained subdued on rising expectations that India’s output in 2020-21 will be strong given the higher-than-expected rainfall in the country. Last week, Rabobank had forecasted significant exports from India on the back of a a bumper crop in 2019-20.

Prices also fell on technical-based selling, according to some media reports.

The rise in crude oil prices and the real’s recovery lent some support to sugar prices.

The WTI December crude oil contract ended up 2.7% at $55.97 per barrel as the weekly energy report showed US crude oil inventories fell 1.7 million barrels contrary to expectations of a 3.0 million-barrel rise.

The March contract is likely to receive strong support around 11.95-12.05 cent levels.

(Commoditiescontrol Bureau)

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