Login ID:
Partner Login
Contact Us : 7066511911

ICE Raw Sugar Extends Slide from 3.5 Year High

26 Jan 2021 7:59 am
 Comments 0 Comments  |  Comments Post Comment  |  Font Size A A A 

Mumbai (Commodities Control) – Raw sugar futures on ICE closed down on Monday, extending a slide from a 3-1/2 year high hit in mid-January, as the market consolidates at a lower level amid a lack of fresh news on fundamentals.

March raw sugar closed 0.13 cent down, or 0.6%, to 15.74 cents per lb, the lowest price in 10 days.March white sugar rose 0.1% to $445.20 a tonne.

Sugar prices saw downward pressure from a slump in the Brazilian real to a 2-1/2 month low against the dollar, which encourages export selling by Brazil's sugar producers.

Dealers said sugar was likely to consolidate at current levels, with funds unlikely to cut much more of their longs and the risk, on balance, being that they reinstate their longs if macroeconomic factors turn positive again.

Broker Marex Spectron said the market needs answers to some key issues, such as Chinese import appetite, size of Indian exports and the status of the Thai and the Brazilian crops.

Brazil's center-south sugar growing region will crush an estimated 590.4 million tonnes of cane in the 2021/2022 season, stable from a prior forecast, broker StoneX said.

A Syrian state agency has issued an international tender to purchase and import about 85,000 tonnes of refined white sugar, European traders said.

Having said so, Sugar prices saw underlying support on Monday from reduced sugar output from Thailand, the world's second-largest sugar exporter. The Thailand Office of the Cane & Sugar Board reported Monday that Thailand's 2020/21 sugar production from Dec 10-Jan 21 fell 35% y/y to 3 MMT.

Support and resistance for Sugar #11 lies at 15.47 cents and 16.23 cents per lb, respectively.

  Rate this story 1 out of 52 out of 53 out of 54 out of 55 out of 5 Rated

   Post comment
Comment :

Note : This forum is moderated. We reserve the right to not publish and/or edit the comment on the site, if the comment is offensive, contains inappropriate data or violates our editorial policy.
Name :  
Email :  

Top | Post Comment  

Latest Market Commentary
Sugar (LIFFE) – Pullback Underway / Testing Support Nea...
Sugar (ICE) – Counter-trend Decline / Trading Near Supp...
Madhya Pradesh Sugar Mill Prices – 06 MARCH 2021
Gujarat Sugar Mill Prices –06 MARCH 2021
MAHARASHTRA Sugar Mill Prices – 06 MARCH 2021
Top 5 News
Branded Processed Pulses At Mumbai APMC Market- 8th Mar...
Sluggish Trend Prevails In Wheat Prices In Rajasthan An...
Citi Raises Q2 2021 Copper Price Forecast To $10,000/T...
China's Zinc Social Inventories Rose 2,100 MT over Week...
China’s Primary Aluminium Output Rose to 3.02 Mn MT in ...
Top 5 Special Reports
Weekly: Prices of Most Pulses Slip, Barring Chana-Kabul...
Weekly: ICE Raw Sugar Ends Flat amid Mixed Fundamentals...
Weekly: NY Cotton Posts Second Weekly Decline amid Lack...
Weekly: Chana-Masoor Prices Gain Most This Week, Urad-...
Weekly: ICE Cotton Suffers First Weekly Drop in Februar...
Copyright © CC Commodity Info Services LLP. All rights reserved.