MUMBAI (Commoditiescontrol) – Benchmark sugar prices on the Intercontinental Exchange failed to sustain higher levels and gave up all the gains by close on Thursday mainly due to weak Brazilian Real.
The ICE Sugar March 2020 contract ended down 4 points 12.81 cents/lb. Volumes were down at 64,149 contracts compared with 63,068 contracts a day ago. The London March white sugar contract ended down by $1.2/MT to $340.5/MT. Volumes were down at 6107 compared with 12,593 a day ago.
Earlier in the day ICE raw sugar#11 most active March contract touched high of 12.92cents/lb on reports of production downgrades in India and United States but the market gave up all the gains and closed due to weak Brazilian Real .
The market is consolidating at current high prices sooner or later fundamentals should catch up and we may see a break out in prices in upward direction
Support and resistance for the March contract are seen at 12.47 cents and 12.95 cents respectively.
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