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ICE Raw Sugar Settle Moderately Higher On Position Roll-Over, Firm Crude Oil

25 Feb 2021 7:58 am
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Mumbai (Commodities Control) - Raw sugar futures were mixed, as some investors rolled positions out of the March contract into the May position before the expiry on Friday.

May raw sugar rose by 0.16 cent to 17.17 cents per lb, climbing towards a nearly four-year peak of 17.52 cents set on Tuesday. May white sugar rose by $2.10, or 0.5%, to $480.50 per tonne.

Sugar prices saw support from a rally in crude oil on Wednesday to a new 13-1/2 month high. Higher crude prices benefit ethanol prices and may prompt Brazil's sugar mills to divert more cane crushing to ethanol production rather than sugar production, thus reducing sugar supplies.

Concern about smaller global sugar supplies has fueled fund buying of sugar futures.

Dealers noted the March contract remained volatile ahead of its expiry on Friday, with its premium to May falling to 1.00 cent from a previous close of 1.31 cents.

A large delivery is generally expected with the open interest standing at 51,486 lots, as of Feb. 23, equating to about 2.6 million tonnes of sugar, although further liquidation of positions is expected in the run-up to Friday's expiry.

Support and resistance for Sugar #11 lies at 16.93 cents and 17.32 cents per lb, respectively.

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