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ICE Raw Sugar Erases Early Rally to Close Lower On Weak Real

24 Nov 2020 8:44 am
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Mumbai Commodities Control - Sugar prices on Monday gave up an early advance and closed lower. Sugar prices on Monday initially opened higher on continued dry conditions in Brazil.


Sugar gave up its gains and turned lower on weakness in the Brazilian real, which fell 0.91% to a 1-week low against the dollar on Monday. The weaker real encourages export selling by Brazil's sugar producers.


March raw sugar settled down 0.06 cents, or 0.5%, at 15.15 cents per lb, having hit 15.66 cents last week for its highest since mid-February. March white sugar fell $1.80, or 0.6%, to $411.50 a tonne.

However, sugar remains underpinned by damage to Central America cane fields and a low Indian exports as the market awaits news from Delhi on export subsidies for this season.

Support and resistance lies at 14.83 cents and 15.65 cents per lb, respectively.

Commodities Control Bureau




       
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