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ICE Sugar Rallies On Technical Buying And Supply Concerns

11 Dec 2019 9:14 am
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MUMBAI (Commoditiescontrol) – Benchmark sugar prices on the Intercontinental Exchange ended up for the sixth consecutive day as funds were short covering their position anticipating supply concern in the near term.

The ICE Sugar March 2020 contract ended up by 8 points 13.46 cents/lb. Volumes were down at 64,274 contracts compared with 78,237 contracts a day ago. The London March white sugar contract ended up by $0.9/MT to $352.50/MT. Volumes were down at 6,266 compared with 7,347 in the previous trading session.

ICE sugar continued its upward momentum with the support of short covering by the funds.

Tuesday's data from Unica showed Brazil Center-South sugar production in the second half of Nov tumbled -36.7% y/y to 337,000 MT as ethanol output the second-half of Nov rose +2.9% y/y to 770 million liters. However, total Brazil Center-South 2019/20 sugar output through Nov was mildly higher by +2.22% y/y at 26.409 MMT.

Technically markets are overbought but analyst expect rally to continue as speculators have large short position to cover and this rally has the potential to touch 13.7 cents/lb.

For march contract Support at 13.00 and 12.90 and resistance at 13.50 and 13.70 cents/lb.

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


       
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