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ICE Raw Sugar Ends Marginally Down

14 Dec 2019 9:39 am
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MUMBAI (Commoditiescontrol) – Benchmark sugar prices on the Intercontinental Exchange closed marginally down after touching about 13 months high in intraday trade. Sugar prices moved up along with other commodities and financial market on the optimism of the US-China trade deal. But pared all the gains and closed in red as investor preferred to wait for more details about the deal.

The ICE Sugar March 2020 contract ended down by 2 points 13.50 cents/lb. Volumes were modestly up at 86,785 contracts compared with 60,830 contracts a day ago. The London March white sugar contract ended up by $ 1.00/MT to $355.30/MT. Volumes were up at 6,855 contracts compared with 5,428 contracts in the previous trading session.

Sugar has recovered from September lows on the concern of production deficit and short covering by the speculators. Yesterday the market rallied to high of about 10 months with the support of strong financial markets which were up on optimism of US-China trade deal. But later pared all the gains as other markets also gave up gains as trade deal lack clarity and rollback of tariff by the US was below market expectations. Brazil Real also corrected from 5 weeks high which was also negative for the market.

Technically market has become extremely overbought and at around 13.5 cents/lb export for India mills becomes viable this may add fresh supply in the market and lead the market to a correction.

For march contract Support at 13.00 and 12.90 and resistance at 13.55 and 13.90 cents/lb.

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

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