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ICE Raw Sugar Ends Moderately Higher; Cushioned by Gains in Crude Oil

6 Mar 2021 8:36 am
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Mumbai (Commodities Control) - Sugar prices on Friday settled moderately higher on strength in crude oil prices. Crude prices on Friday rallied by more than 3% to a 1-3/4 year high.

Sugar prices on Thursday fell to a 2-week low on a surge in sugar production in India. 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 to a 4-month low against the dollar on Wednesday. The weaker real provides incentive for export selling by Brazil's sugar producers.

May raw sugar rose by 0.14 cent to 16.40 cents per lb, boosted partly by a rise in crude oil prices to the highest level in almost 14 months. May white sugar rose by $1.50 to $463.50 a tonne.

Trader Sucden said in a note on Friday that it expects a small global sugar deficit in 2020/21, as higher production in the Northern hemisphere will be offset by a lower output in Brazil.

Sucden estimates total sucrose production in Brazil's center-south to fall about 10% in the new season due to a smaller cane crop seen at 575-580 million tonnes and a lower sugar content in the cane.

Support and resistance for Sugar #11 lies at 16.30 and 16.61 cents per lb, respectively.

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