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

16 Sep 2020 8:02 am
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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)

 




       
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