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ICE Raw Sugar Down On Profit Booking

12 Dec 2019 8:34 am
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MUMBAI (Commoditiescontrol) – Benchmark sugar prices on the Intercontinental Exchange ended down on profit-booking after a sharp rally for six consecutive trading sessions. However strength in Brazilian real limited losses.

The ICE Sugar March 2020 contract ended down by 4 points 13.42 cents/lb. Volumes were down at 81,050 contracts compared with 64,724 contracts a day ago. The London March white sugar contract ended down by $0.6/MT to $351.90/MT. Volumes were down at 5,324 compared with 6,266 contracts in the previous trading session.

Strength in the Brazilian real is supportive for sugar prices as the Brazilian real rose 0.40% Wednesday to a 1-month high against the dollar. A stronger real discourages export selling from Brazil's sugar producers.

The U.S. Department of Agriculture (USDA) put its forecast for the stocks-to-use sugar ratio in 2018/19 at 14.5% on Tuesday, unchanged from last month, and lifted its 2019/20 ratio forecast to 13.5% versus 10.5% last month.

Marketmen see current down move as a correction to sharp rally after a brief correction market is likely to move up again as fundamentals remain strong and speculators have large short position to cover which will support the market.

For march contract Support at 13.00 and 12.90 and resistance at 13.50 and 13.70 cents/lb.

(By Commoditiescontrol Bureau; +91-22-40015502)


       
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