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ICE Sugar Ends Firm; Brazil’ September H1 Output Data Eyed

21 Sep 2019 8:03 am
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MUMBAI (Commoditiescontrol) – Benchmark sugar prices on the Intercontinental Exchange ended firm on Friday on expectations that the fortnightly sugar output data from Brazil’s centre-south region may register a fall.

The ICE Sugar October contract ended up 0.6% at 12.07 cents. Volumes fell to 70,617 compared with 81,777 a day ago. The London December white sugar contract rose 1.2% at $325.70 per tonne. Volumes were at 7,333 compared with 6,629 a day ago.

The Brazilian sugarcane association UNICA is likely to detail the sugar production numbers for the first half of September next week. According to some reports, output for the period is seen falling 4% to 2.1 million tonnes.

In the second half of August, UNICA data showed sugar production increased by 5.5% on year to 2.5 million tonnes. However, cumulative sugar production until August for the season was down 4.8% to around 18.0 million tonnes.

Last month, UNICA said it expects Brazil’s centre-south sugar production in 2019-20 to fall by 5.7% to a 14-year low of 25 million tonnes on increased ethanol output in Brazil.

Meanwhile, the Brazilian real’s fall to a new two-week low of 4.18 on Friday checked a sharp rise in sugar prices. The real has weakened since Thursday when the central bank slashed the benchmark Selic rate by 50 basis points to an all-time low of 5.50%.

The looming month-end expiry of the October contract also provided some resistance to sugar prices.

Resistance for the October contract continues to remain strong at around 12.12-12.17 cent levels, while it remains supported at around 11.90-11.99 cent levels.

(Commoditiescontrol Bureau)


       
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