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ICE Raw Sugar Closes At 2-Week Low On Robust Brazil Sugar Output

26 Nov 2020 6:09 am
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Mumbai Commodities Control - Sugar prices on Wednesday tumbled to a 2-week low on larger Brazil sugar output.

Sugar-cane industry association UNICA reported on Wednesday that Brazil's Center-South sugar production in the first half of November rose 57% y/y to 1.242 MMT, above expectations of 1.120 MMT. The percentage of cane used for sugar rose to 41.74% in 2020/21 from 28.42% in 2019/20.

March raw sugar fell 0.27 cents, or 1.8%, to settle at 14.77 cents per lb as the market awaited news from India about potential export subsidies for the 2020/21 season. March white sugar fell $7.90, or 2.3%, to $400.70 a tonne.

According to the Sources, Indian sugar mills have for the first time in three years agreed to export the sweetener without the support of government subsidies as they scramble to pay dues owing to farmers.

"News and market chatter continues to focus on India’s possible exports and the required subsidies," said Commonwealth Bank of Australia analyst Tobin Gorey.

Sugar prices were already on the defensive on the outlook for more sugar supplies from India. Meir Commodities India Pvt on Tuesday projected that India would export 1.5-2.0 MMT of sugar in 2020/21 without any government subsidy since neighboring countries can be expected to purchase Indian sugar rather than Brazilian sugar because of cheaper freight costs.

Support and Resistance for Sugar #11 lies at 14.37 cents and 15.35 cents per lb, respectively.

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