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ICE Raw Sugar Ends Firm; Consolidating Below Four-Year Highs

3 Mar 2021 7:27 am
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Mumbai (Commodities Control) - Sugar prices on Tuesday recovered from early losses settled with moderate gains. Prices are consolidating modestly below last week's 4-year high. Weakness in the Brazilian real on Tuesday was a negative factor for sugar prices as the real fell 0.78% and posted a 3-3/4 month low against the dollar.

May raw sugar rose 0.22 cent to 16.43 cents per lb, the first price increase in the last six sessions, as the market consolidates.May white sugar rose by $7.70, or 1.7%, to $465.80 a tonne.

Dealers noted that the whites premium had rebounded this week after recent weakness.

Concern about smaller global sugar supplies has fueled recent fund buying of sugar futures. Brazil reported last Monday that current shipping delays for its soybean exports might curb global sugar supplies because the queue of vessels waiting at Brazilian ports is so large that bottlenecks will likely continue until May when sugar is normally the biggest crop for export.

A positive for sugar was last Thursday's forecast by the European Commission that EU 2021/22 sugar production will fall 12% y/y to 15.4 MMT.

Support and resistance for Sugar #11 lies at 16.12 and 16.63 cents per lb, respectively.




       
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