Login ID:
Partner Login
Contact Us : 7066511911

ICE Raw Sugar Settles Higher As Strength In Brazilian Real Sparks Short-Covering

16 Sep 2020 8:02 am
 Comments 0 Comments  |  Comments Post Comment  |  Font Size A A A 

Mumbai (Commodities Control) - Sugar prices on Tuesday moved higher as they consolidated above Monday's 7-week lows. A rally in the Brazilian real to a 6-week high Tuesday against the dollar sparked short-covering in sugar futures. 


October raw sugar ​​settled up 0.32 cent, or 2.7%, at 12.08 cents per lb, recovering from a 1-1/2 month low on Monday. October white sugar ​​settled up $1.20, or 0.3%, at $351.00 a tonne at the contract's expiration.


Dealers said the market continues rangebound amid estimates of a sizable global surplus in 2020/21.


Deliveries against the expiration were seen around 346,000 tonnes, a relatively high amount.


Sugar prices on Monday tumbled to a 7-week low on the outlook for abundant global sugar production. India's Meteorological Department last Friday said India's monsoon rain so far this year is 7% above normal as of Sep 6, which will benefit India's sugarcane yields. 


Czarnikow Group estimates that India 2020/21 sugar production will climb 20% y/y to 32.5 MMT. India is the world's second-largest sugar producer.


Another bearish factor for sugar was last Thursday's forecast from Czarnikow for global 2020/21 sugar production to climb by 8.8% y/y to 176.7 MMT with a global 2020/21 sugar surplus of 5.0 MMT.


Sugar #11 March 2021 support and resistance lies at 12.38 cents and 12.90 cents per lb, respectively.

(Commodities Control Bureau)


  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
Sugar Markets Looks For Decision On MSP Hike, Prices Re...
Punjab Sugar Mill Prices – 26 SEPTEMBER 2020
Madhya Pradesh Sugar Mill Prices – 26 SEPTEMBER 2020
Gujarat Sugar Mill Prices – 26 SEPTEMBER 2020
Tamil Nadu Sugar Mill Prices – 26 SEPTEMBER 2020
Top 5 News
Mustard Seed Gains Further In Jaipur, Sold In Smaller M...
Heavy Rain Can Cause Discolour To Guar Seed, New Arriva...
Sugar Markets Looks For Decision On MSP Hike, Prices Re...
Cotton Prices Steady in Karnataka amid Zero Arrivals Du...
Cotton Prices Steady in Andhra Pradesh, Telangana as Ar...
Top 5 Special Reports
India’s kharif sowing rose 50 lakh ha. But climate cruc...
USD/INR (Sep ‘20) – Needs a Breakout Above Resistance a...
Yellow Mozaic Damages Moong in Rajasthan; Prices Head N...
USD/INR (Sep ‘20) – Needs a Breakout Above Resistance a...
USD/INR (Sep ‘20) – Needs a Breakout Above Resistance a...
Copyright © CC Commodity Info Services LLP. All rights reserved.