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ICE Raw Sugar Recovers On Strength In Crude Oil

30 May 2020 8:27 am
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Mumbai (Commodities Control) – Raw sugar futures closed up, recovering from earlier losses. July raw sugar ​​settled up 11 cents, or 1%, at 10.91 cents per lb, recovering later in the session. August white sugar ​​settled up $0.70, or 0.2%, at $362.20 a tonne.

Sugar prices on Friday settled higher as they followed crude prices higher. Higher crude prices benefit ethanol prices and may prompt Brazil's sugar mills to divert more cane crushing toward ethanol production, thus reducing sugar supplies.

Sugar closed up despite a further weakening of the Brazilian currency on Friday, which dealers say can lead to increasing selling from the country in New York raw sugar futures.

They say there is good demand in the market in a period when supplies from some exporters such as Thailand seem to be limited.

Support and Resistance for sugar #11 lies at 10.56 cents and 11.14 cents per lb respectively.

(Commodities Control Bureau)


       
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