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ICE Sugar Up on USDA Report

9 Nov 2019 10:22 am
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MUMBAI (Commoditiescontrol) – Benchmark sugar prices on the Intercontinental Exchange recovered from intraday lows on Friday as USDA cut its U.S. 2019/20 sugar production estimate to 8.61 MMT from an Oct estimate of 9.18 MMT.During the day market touched one week low due sharp depreciation in Brazil Real.

The ICE Sugar March 2020 contract ended up by 18 points at 12.57 cents/lb. Volumes were up at 71,897 contracts compared with 64,453 contracts on Tuesday. The London December white sugar contract ended up by $3.1/MT to $335.2/MT. Volumes were at 12,626 compared with 9,908 a day ago.

Earlier in the day sugar prices touched one week low as Brazil Real depreciated by about 1.25% but recovered from lows after USDA revised its estimate for 2019/20 US production form 9.18MMt to 8.61MMT

Though there is huge stocks available globally but at the same time there is very little selling interest at lower levels. Only negative is deprecating Brazil Real. Once Brazil Real stabilizes we may see some improvement in Sugar prices.

Support and resistance for the March contract are seen at 12.24 cents and 12.74 cents respectively.

(Commoditiescontrol Bureau)


       
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