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ICE Sugar Edges Higher on Short Covering

12 Jan 2019 9:49 am
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MUMBAI (Commoditiescontrol) - March NY world raw sugar #11 ) on Friday closed up +0.11 and March ICE London white sugar closed up +0.80 .

Sugar futures moved higher on the news that Research firm Marex 
Spectron has cut India’s 2018-19 sugar export target from 3MMT to 2.8MMT.

India government is trying to reduce the record cane payment arrear Rs 7500 crore by increasing MSP to Rs32  thereby increasing the cash flow of sugar mills in order to clear the arrears. But as per market sources, this would not be sufficient for clearing the arrears further it would reduce the export viability. As of now out of the export target of 3MMT on 1MMT sugar is committed for export and if MSP is increased then it will difficult to meet the target of 3MMT. This may give a boost to international sugar prices.

Further weather concerns in Brazil will also support sugar prices in the near term.

(By Commoditiescontrol Bureau)

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