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Raw Sugar Hits 9-Months High; Funds Cover Shorts Amid Squeezing Supplies

30 Nov 2019 6:57 am
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MUMBAI (Commoditiesontrol) – Raw sugar prices hit their highest in nine months on Friday as funds covered short positions amid tightening supplies and producers scaled back selling.

March raw sugar settled up 0.15 cent, or 1.2%, at 12.94 cents per lb, having touched its highest since late February at 13.01. The contract was up 0.8% on the week. While, March white sugar settled up $1.7, or 0.5%, at $344.9 per tonne. The contract was up 1.7% on the week.

Sucden Financial said in its note, that a large amount of producer selling has been done at current price levels, adding market sentiment was cautiously bullish.

Producer selling of excess stocks had been keeping sugar range bound over the past few weeks, offsetting fund short covering amid forecasts for a widening market deficit.

The weak Brazilian real has also weighed, but Sucden expects the currency to recover as Brazil's central bank has pledged to defend it.

A stronger real lowers the value of dollar-priced sugar in local currency terms, discouraging producer selling.

French sugar group Tereos SA expects to report improved results in the second half of 2019/20, driven by higher prices for both sugar and ethanol.

Support for ICE sugar #11 March contract is 12.57 cents/lb and resistance is 13 cents/lb

(By Commoditiescontrol Bureau)


       
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