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ICE Raw Sugar Ends Weak on Demand Concerns; Prices Cushioned by Firm Real

8 Apr 2021 7:47 am
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Mumbai (Commodities Control) - Global sugar prices on Wednesday settled moderately lower. NY sugar on Wednesday initially rallied to a 1-1/2 week high on strength in the Brazilian real.

The Brazilian real climbed to a 2-week high Wednesday against the dollar, which reduces the incentive for export selling by Brazil's sugar producers. However, the real fell back from that 2-week high and slid 0.29%, which prompted long liquidation in sugar futures.

May raw sugar ​​settled down 0.02 cent, or 0.1%, at 15.14 cents per lb. May white sugar fell 1% to $423.90 a tonne.

Sugar prices continue to be undercut by the raging pandemic in Brazil, which may prompt the government to extend lockdowns that crimp fuel demand and encourage Brazil's sugar mills to divert more cane crushing toward sugar production rather than ethanol production, thus boosting sugar supplies. Brazil reported a record of 4,195 Covid deaths on Tuesday.

Having said so, dealers said the market remained underpinned, however, by the prospect of lower production in the key Center-South region of Brazil where dry weather while the cane was developing looks set to curb production.

They noted exports out of Brazil may also be slowed by congestion as sugar competes with soybeans for available capacity at ports.

Freezing temperatures across much of France this week may have caused severe damage to newly planted sugar beet.

Support and resistance for Sugar #11 lies 14.97 cents and 15.32 cents per lb, respectively

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