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ICE Raw Sugar Leaves the Week on Sweeter Note; Hits 9-Month High

7 Dec 2019 8:17 am
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Mumbai (Commodities Control) - March raw sugar was up 0.07 cents, or 0.5%, at 13.15 cents per lb after rising to a peak of 13.19 cents, the highest since late February.

March white sugar rose $2.00, or 0.6%, to $347.30 a tonne.According to the dealers, funds continue to cover net short positions amid tightening supplies, adding that momentum remained to the upside even if producer-selling of excess stocks would slow the advance.
Producer-selling currently sits above 13.18 cents.

A global sugar deficit is widely forecast for the current 2019/20 season and there are some signs there could also be a deficit in 2020/21.

The Indian Sugar Mills Association reported that all India sugar production up to 30th November 2019 was 1.94M MT WV, -55% lower year on year compared to the 3.97M MT WV of sugar production at the same time a year ago. While According to the Australian Sugar Milling Council (“ASMC”), during the week ending 4th December 2019, Australia sugar mills crushed only 0.25M MT of cane, taking the cumulative sugarcane crush for the season to 29.9M MT, or -7% lower year on year.

Support March20 raw sugar #11 is at 12.75 and Resistance at 13.25 and 13.7 cents/lb.

(By Commoditiescontrol Bureau: +91-22-40015502)

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