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Weekly ICE Sugar: Prices Down Amid Lower Crude Oil Prices, Huge Deliveries In Futures

22 Jul 2019 8:41 am
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MUMBAI – Sugar prices on the Intercontinental Exchange ended mixed during the week led by a sharp fall in crude oil prices and the delivery of the London August contract .

The most tracked, Sugar no 11 or the October contract ended down 2.35% to 11.59 cents, while the London October white sugar ended down 2.32% to $315.70 a tonne.

Crude oil prices have been on a downtrend since the beginning of the week amid yo-yoing geo-political tensions and a bearish crude oil inventory data. The WTI August crude prices ended down 7.6% to $55.63 a barrel during the week.

The huge supply of sugar from Thailand against the August London contract’s delivery on Tuesday also pulled down prices.

The London August contract, which expired on Tuesday, ended at a discount of $19.30 and two trading houses are said to have taken delivery worth 14,500 lots equivalent to 793,500 tonnes.

India received 20% below-average rainfall in the week ended Wednesday, widening the overall deficit for the season that began on June 1 to 16%. The below-average rains have led to concerns over crop plantings as more than half of India’s agriculture depends on rainfall.

According to the CFTC data, managed money traders were net short 67,849 positions as on the week ended July 16, adding 34,385 net short positions on week. Open interest for the week stood at 1,009,347, up 16,115 on week.

This week, prices are likely to take cues from global crude oil prices. If geopolitical tensions ease, crude oil prices too may ease and sugar prices may follow suit.

If India continues to get below normal rains for another week, prices could get supported on concerns that the cane crop may get affected.

The October contract is likely to move in the 11.48-11.76 cents range in the near-term.

(Commoditiescontrol Bureau)

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