Login ID:
Partner Login
Contact Us : 7066511911

Higher Indian Sugar Output, Weaker Real Weighs on ICE Raw Sugar

4 Mar 2021 5:47 am
 Comments 0 Comments  |  Comments Post Comment  |  Font Size A A A 

Mumbai (Commodities Control) - Sugar prices on Wednesday posted moderate losses. A surge in sugar production in India weighed on prices along with weakness in the Brazilian real.

May raw sugar fell 1.8% to 16.14 cents per lb.May white sugar fell 1.6% to $458.00 a tonne.

Data on Wednesday from India's Sugar Mills Association showed that India's Oct-Feb sugar production rose 20% y/y to 23.38 MMT. Weakness in the Brazilian real on Wednesday was another negative factor for sugar prices as the real fell 1.45% to a 4-month low against the dollar. The weaker real provides incentive for export selling by Brazil's sugar producers.

Sugar prices are correcting lower from last Tuesday's contract and 4-year nearest-futures high. Concern about smaller global sugar supplies has fueled recent fund buying of sugar futures.

Traders, however, eye the current shipping delays in soybean exports which 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.

Support and resistance for Sugar #11 lies at 15.96 cents and 16.42 cents per lb

  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
Spot Coriander Tumbles Under the Weight of Pandemic-Aff...
Spot Turmeric Registers Mixed Price Trend, Futures End ...
Red Chilli Prices Head Southward amid Pandemic-Hit Dema...
Chilli prices slip in Guntur, Warangal due to weak dema...
Mixed trend prevails in turmeric amid limited trade
Top 5 News
Madhya Pradesh Sugar Mill Prices – 21 APRIL 2021
Gujarat Sugar Mill Prices –21 april 2021
MAHARASHTRA Sugar Mill Prices – 21 APRIL 2021
Tamil Nadu Sugar Mill Prices –21 APRIL 2021
Uttar Pradesh Sugar Mill Prices -21 APRIL2021
Top 5 Special Reports
Weekly: Most Pulses Extend Gains This Week, Urad Report...
Weekly: NY Cotton Extends Northward Rally amid Improvin...
Weekly: NY Sugar Posts Second Consecutive Weekly Gain o...
Crisis in Mozambique Could Mean Trouble for India's Foo...
Cotton Yarn Prices to Resume Northward Rally; Expanding...
Copyright © CC Commodity Info Services LLP. All rights reserved.